From 600+ conversations with the world’s leading thinkers.
I scaled the business from just me, to 10,000 people some 20 years later. Scaling and keeping control of that business was practically impossible- I failed many times, but managed to succeed overall through sheer determination, hard-work and having very, very good people.
80% of self-made billionaires we studied made their mark in mature, competitive markets. They weren't all 'exactly' new products that came out – they were maybe a variation of a business model or existing product that pleased the customer in a different way.
It taught me the difference between the two types of people in the world. Those that own the store, and those that scrape shit off the floor. You have to decide which one you want to be. I didn't want to scrape shit off the floor. I wanted to own the store.
Some of my greatest rewards have been when I jumped off the cliff and figured out how to fly on the way down.
For me, it wasn't about creating a traditional business plan but rather channelling my 1960s mindset—I aimed to amaze and captivate people. I wanted passersby to wonder, 'Have you seen that? What's going on there?' Ultimately, this desire to make an impression has been the connecting thread in everything I've undertaken.
Most people I would consider world-class, successful entrepreneurs never volunteered for the job. They were kicked out like the guy who offended the king and was kicked out of the city walls.
At the beginning I literally started a business out of passion. I loved fitness- it changed my life- it changed my schooling, education and taught me skills that changed my life for the better. I just wanted to be in fitness. When we started the business- whilst the first 6 months were difficult- it started to gain momentum and started to feel like a real opportunity. That's when I had to grab the business by the 'scruff of the neck' and drag it to where I thought it needed to be.
If you're aiming to compete for the same clientele as major banks like JP Morgan Chase, you're entering a highly competitive arena with slim profit margins. However, targeting a segment that such banks deem too risky or uninteresting presents a lucrative opportunity. We considered focusing on demographics or small-medium enterprises that were essentially deemed un-fundable by mainstream financial institutions. The idea was to make these groups profitable and easier for any entity, including banks, to underwrite.
Many entrepreneurs are deluded about their odds of success, that evidence is very clear. This creates problems… Should a government subsidise entrepreneurs who greatly over-estimate their chances of success?
If you want to have a great startup idea, don't try to think of a startup. If you focus on creating a startup, you'll be grounding yourself in the present, studying customers living in the present, their problems in the present, and their unmet needs in the present. You want to define a future market by living in the future.
You become an entrepreneur, not by intent, but by accident. Those for me are the true entrepreneurs- people that just start building, perhaps even without a plan, they just do it. Look at the most famous ones…. Jeff Bezos, Steve Jobs, they never went to shows or to training, they just got on with it.
You absolutely need some funding to get started. But ideally, that should come from remortgaging your house or borrowing a bit from friends, family, or parents—just enough to have a small amount of money, but not too much. That way, you can copy, pivot, test, learn, and prove out your model on a small scale.