quote:The same skills it takes to be successful as a business owner would likely help you rise to the top of an organization. You just have to find an organization that is a true meritocracy rather than a behemoth that rewards years of experience or seniority. And it helps if you are willing to jump ship to a new company every 2-3 years to hop up the ladder quicker.
Just found out that a dude I knew my very first semester at A&M formed his own company and 6 years later sold it for $20M+. I only knew him that one semester because he flunked out of A&M and moved back to Oklahoma.
Working for the man is like standing in the corner in time out.
Anyone here ever start and sell a business?
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. The same skills it takes to be successful as a business owner would likely help you rise to the top of an organization.
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For every $20 MM success story there's 5,000 where the owners go broke, nuke their credit, strain their families, BK, depression, complete financial restart late in life, etc....
quote:We just started up a new biotech company and am in the funding stage. It's hard hard work starting up a company, especially when you still have to maintain your current company.
Just found out that a dude I knew my very first semester at A&M formed his own company and 6 years later sold it for $20M+. I only knew him that one semester because he flunked out of A&M and moved back to Oklahoma.
Working for the man is like standing in the corner in time out.
Anyone here ever start and sell a business?
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60% of statistics are made up
quote:80% of everyone knows that.
60% of statistics are made up
quote:Then it is hard to tease out causality.
Nothing he said is untrue. He didn't say that financial struggles were the only things that caused those things.
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Then it is hard to tease out causality.
Example, I am likely less stressed now that I own my business.
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depression that comes with a dead end job working for someone who try to pay you just enough to keep you
quote:Some type of VoIP hosting for business. Developed some kind of in-house software for delivery, billing, support, etc. I think the software was ultimately what the buyer was after. Apparently it was pretty robust.
What type of business was the company he sold?
quote:quote:Some type of VoIP hosting for business. Developed some kind of in-house software for delivery, billing, support, etc. I think the software was ultimately what the buyer was after. Apparently it was pretty robust.
What type of business was the company he sold?
quote:That must be a pretty humble wife if she wasn't out shopping and hitting up the spa everyday.
Met a guy teaching VoIP classes and it turns out he invented some sort of switching tech that he tried to sell to Cisco for $1M. The engineers he met with didn't get it and declined so he had to start a company and actually do all the work. Several years later Cisco buys his company for $420 million. He retires to Kiawah island, buys a big sailboat and takes family on a two year vacation around the world. We ask him why on earth he is teaching this week long class and he says his wife was going to kill him if he didn't get it out of the house and do something, at least part time. So a nine figure deal might not mean you are out.
The Cisco engineers were fired.
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For every $20 MM success story there's 5,000
quote:Your acquaintances aren't necessarily a random sample.
Yeah I agree. I was talking orders of magnitude. If you have a degree, smarts, drive, capital, and some luck your odds are better. *anecdote warning* I have 2 acquaintances that have started $10 mm companies and I don't have 5000 acquaintances.
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The Cisco engineers were fired.
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I'm just relaying his story about it. He told it in the third person until we realized he was referring to himself two or three days into the class. He said he even was willing to sell it to them for $500k and they rejected it. Getting something for $500k versus $420MM would make John Chambers probably pretty pissed, especially if you tell him after the check clears (this is just me speculating how I would do it).
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I'm just relaying his story about it. He told it in the third person until we realized he was referring to himself two or three days into the class. He said he even was willing to sell it to them for $500k and they rejected it. Getting something for $500k versus $420MM would make John Chambers probably pretty pissed, especially if you tell him after the check clears (this is just me speculating how I would do it)
