Daily Question for 12 November
Daily QuestionOne a day

Question

How did people start with almost no money and still build a million-dollar business?

Response

Several founders in these interviews started with very little money and reinvested everything they earned. Sarah Blakeley of Spanx started with $5,000 she had saved from selling fax machines door to door for seven years, and she self-funded the business rather than taking investors. Andy Frisella started his retail store with $12,000, and in its first 10 years he personally made only $58,380, living in the back of the store for the first couple of years. Michael Weistrach started with $15 in his bank account. The Anastasia Beverly Hills founder reinvested every dollar back into the business, skipping cars and spending to save for it. Jim Cook of Samuel Adams stripped his startup to the bare minimum, using pay phone booths and bars as his office, and contracting out production instead of building a brewery. A billionaire the host met also reportedly started his billion-dollar company with $4,000.

Sources & references

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