Key Lessons to Learn from the Stories of Entrepreneurs
It's not uncommon to hear about entrepreneurs who used the wealth they made from a previous endeavor...
...to build a thriving new startup or about seasoned business owners who took over a decades-old franchise and transformed it into something new.
These stories are inspiring in their own way but to me, it's even more inspiring to hear about people who started with nothing.
Related: Kevin Plank is an example of entrepreneurs who started their journey with no capital no funding and sometimes no education or experience yet despite the odds were still able to build massive successes.
Kevin Plank, the CEO of the fitness apparel company Under Armour, was pretty much broke when he started selling signature clothing under the Under Armour brand.
He took all the cash he had saved, about $20,000, and racked up an additional $40,000 of credit card debt to fund the company. Soon after, he made a landmark sale of $17,000 to Georgia Tech University, and in a wave of momentum, made sales to two dozen NFL teams.
From there, he went on, in just a few years, to cultivate millions in sales and hire hundreds of employees. Today, Under Armour does nearly $2 billion in retail sales and has 5,900 employees.
New enrollments are strong, sales are very good and we are building momentum in the first month of the year. WE have a lot of Pearl Partners who are right on the verge of moving on to the next rank
So what can we learn from entrepreneurial stories?
Debt is a viable option - Debt is scary to take on, especially when your idea isn't a sure bet, but almost everyone on this list got a loan at some point to establish early momentum. As long as you have a plan to pay it back, debt can be a valuable tool.
Invest in yourself - You need to invest in yourself before you invest in anything else, by focusing on improving your skills, education and experience. Without self-investment, you won't be able to build a business, let alone sustain one.
Look to the future - These savvy entrepreneurs didn't enter a market that already existed; they created new ones, or made bets on how current markets would evolve. Future-focused strategies always win out over present-focused ones.