Like so many young entrepreneurs, my brother and I made plenty of mistakes. But I can say with a high degree of certainty, we would not have become as successful as we did had we not made those mistakes and learned from them.
For instance, my brother and I asked our great aunt for a gift of $50,000 to start our venture. She ended up doing us a favor -- she turned us down. Instead, she gave us a loan for $5,000. Had she given us $50,000, we would have failed in a big way. We would have hired a staff to implement a business plan that we later learned was flawed. Without much capital at the beginning, we were forced to start small and, fortunately, to fail small.
My brother and I struggled for eight years before we became successful. We learned a tremendous amount in those years, and I wouldn’t trade those years for anything.
Tuesday, March 18, 2014
Tax preparation pioneer Henry Bloch on the value of starting small
Henry Bloch, founder and former CEO of H&R Block, on an early entrepreneurial lesson (from an interview in Entrepreneur Magazine):
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment