Question
How did people get their first million when they started with almost no money?
Response
The people in these videos mostly got their first money by starting small and funding the business themselves. Andy Frisella's company began with $12,000 and a store about the size of a flag, and he and his partners kept money coming in through bartending and other side hustles while the business grew slowly. Sarah Blakeley started Spanx with $5,000 she had saved from selling fax machines door to door for seven years, and she never took outside investors. Jim Cook, who created Samuel Adams, stripped his startup to the bare minimum: he contracted production at an existing brewery instead of building one, used bars as his office, and went without an office for a year. One billionaire in another video said he started his first business with $300, and Michael Weistrach said he had $15 in his bank account when he started his company and was $1 million in debt.
Sources & references
- 01Day in the Life of a Billionaire5:35(opens on YouTube in a new tab)
We started with $12,000.
- 02Day in the Life of a Billionaire6:02(opens on YouTube in a new tab)
And then we worked other jobs, bartending, side hustles, and things like that to really just keep things going.
- 03Asking Billionaire Women How They Got RICH!17:12(opens on YouTube in a new tab)
I had $5,000 that I had saved myself from selling fax machines doortodoor for seven years.
- 04Asking Billionaires How They Got RICH! (Boston)17:51(opens on YouTube in a new tab)
I stripped everything down. What do I really need? Not what I want, not what I'd like to have.
- 05Asking Billionaire Women How They Got Rich!4:44(opens on YouTube in a new tab)
I started my first business that made me who I am today with $300.
- 06Asking NY Billionaires If They Believe in God!7:19(opens on YouTube in a new tab)
I had $15 in my bank account when I started the business.