Hated His Job at 40, Bought A Business, Now Nearly A Billionaire

[DeletedUser0287]

Perfect example of why it’s a good idea to not just JUMP into something but to work in the market (even if that means buying the company) and identify the new opportunities or needs (areas to create value) from that previous experience - which is how he launched his mixer business.

What? That is exactly what this guy did. He just jumped in with no knowledge and taught himself. Probably would have been better to read up first before purchasing.

 

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[MJ DeMarco]

Would you have read it without that title?

Yes, unfortunately Marketwatch uses ALL click-baity titles. When someone goes from job to near-billionaire, I know instantly a Fastlane was involved, not "invest in an indexed-fund" nonsense.

 

[DeletedUser0287]

Most successful startups are run by people older than 30, even in 40s and 50s. We love to hear the Mark Zug 22 yo genius story, but truth is there are more successful people in the later years.

Because older people have more resources.

 

[MoneyHacker]

Where did you get 500,000 Pounds to just buy it outright?

Edit: I could easily do the same thing this guy could if I had money like that.

Could be his savings. Also this guy is no ordinary guy. He was a mining engineer, once launched an exercise bike business and then became a consultant.

You could buy the same business but turn it into a 28 million pound from a nearly broke 500,000 pound business, i don't think it's easy.

 

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[GIlman]

Where did you get 500,000 Pounds to just buy it outright?

Edit: I could easily do the same thing this guy could if I had money like that.

well, if you have the skills to take a 500,000 pound business and grow that, why can’t you buy a $5000 business and grow that as well.

The scale of the purchase should not dictate your ability to transform an underperforming business into an out performing business. The principle is identical for both.

I see all the time, people use not having large amounts of capital as an excuse to not start a business, or in this case buy a business.

Work at whatever scale you are capable of working from right now. Find something that is within your reach, work within that, gain skills, parlay that into something bigger.

In fact, I have found quite the opposite. It is almost more impairing to have too much capital when starting a business, because people do not learn how to be lean and efficient. They try to solve all of their problems by spending money, not by developing systems and processes that often would cost little or no money to begin with.

Starting lean and mean is probably the single-handed greatest benefit that A start up has compared to a larger company. You can actually get profitable faster because your revenue isn’t consumed by needless expense. Of course a large Corp can run negative on a side project for years, but the hungry startup has the drive and passion of urgency behind it.

 

[MoneyHacker]

This reminds me of an article i read recently, this guy has most of the things mentioned in that article: Land of the “Super Founders“— A Data-Driven Approach to Uncover the Secrets of Billion Dollar Startups.

Some key takeaways:
1. The “Super Founders” of Yesterday Create the Billion Dollar Companies of Today: One that founded a successful business in the past has more chance to create a Billion Dollar Company later in life.

2. More than Half of the Founding CEOs Are Over 35 Years Old: Yeah, It's true.

3. 50% Have Over 10 Years of Work Experience: General work experience, not the specific domain one.

 

[ZeroTo100]

What? That is exactly what this guy did. He just jumped in with no knowledge and taught himself. Probably would have been better to read up first before purchasing.

Catch 22 I guess. Once he was in the market, he was able to identify other opportunities such as the mixer business. But he no doubt took that first leap knowing nothing. Pretty inspiring, and ballsy.

 

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[MπR]

I’ve thought one has to be <35y to have a chance at being successful. I was wrong!

/s

Think of Colonel Sanders story.

 

[ahartley]

I'll be 42 in 3 days... age has never been something that has bothered me, but it DOES make me wish I had started earlier (not that I can't be "successful" due to my age, but that I could be SO. MUCH. FURTHER. if I had started at a younger age).

Thanks for the link, @MJ DeMarco !

 

[liero1]

I am one of his best customers that's for sure

 

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