Give me a founder who isn’t wealthy, and I’ll show you a man who is likely to succeed. Wealth can be a distinct disadvantage in a startup because the tendency in there to make money do the work of inspiration. Nothing beats pure inspiration. If money itself were important a certain hotel heiress wouldn’t be going to jail.
In a startup situation being poor puts you into a state of mind where you can’t tolerate failure. In its greatest essence the hungrier you are the harder you will work. You’ll make every dollar you have do the work of ten dollars.
Most of this work is accomplished by leveraging what few dollars you have. I can’t but help to think of what a flaming disaster my first venture was. I had plenty of money available to finance this venture. The problem was that I thought that having this money that it would do my work. That isn’t what happened! Murphy’s Law took effect, and all I will say is Mrs. Murphy is a mother. I lost every cent I put into the venture, and then some. So you learn by your mistakes; so what!
My next venture started with a can and a flashlight. What was I doing I was picking nightcrawlers. In case you don’t know what these are; they are large worms that come out on a warm, wet night. What did I do with them? I hung up a sign on the side of the road that said bait. I sold them!
It wasn’t too long before I was making so much money from bait that I felt like I was paying more taxes then Donald Trump. I started with nightcrawlers, and before I was dealing in all kinds of bait, but fishing tackle as well. I finally sold the business for a handsome profit. But, not before I had started another venture.
This nest venture was another that I got into with a total expense of $499.98 and my wit. I have stayed with the new venture ever sense. The only thing is that the original business expense allowed me to have a fleet of airplanes and helicopters.
Not bad for not being wealthy!