13th
Being an entrepreneur
I saw the below post from David today. It brought back memories of a very brutal 2001.
I was very lucky to have fairly immediate success in my first venture which I started in 1999. The business quickly was profitable and doing millions in revenue per year. In early 2001 things got “tricky” and money went “missing”. All of a sudden I owed over $200,000 to vendors and my core business was to put it mildly destroyed. I was total f’d.
Somehow I was able to make payroll every month and rebuild the company to a point of stability. Looking back I do not know mathematically how I did it, I used every trick in the book, credit cards and ate a lot of humble pie taking a loan from D.A.D. bank.
In the end what I was able to resurrect I merged with Nobel which ended in a huge success and incredibly positive outcome for me.
I learned a lot from that time and I am glad that I learned it young, before a wife and kids. After that I have always made sure to plan for Armageddon and no matter what have enough reserve to make it through.
For the first time since November 2008, I’m getting a paycheck today. It’s not much ($930.46) and 1/5th of what I used to be paid, but I’ll take it. Needless to say, I have no money left and credit card bills to pay, so it’s coming at a good time.
Being an entrepreneur means sacrifice. I gave up my $3000/month beautiful Brooklyn loft for splitting a 2 bedroom with 3 people in Bayonne, NJ for $300/month. I was without health insurance for 15 months. And I can’t tell you just how much I appreciate J for putting up with living in Bayonne when I know she misses NYC and hates the commute.
Being an entrepreneur means being comfortable living on the edge. Last March, when I was still in Brooklyn, I had a $3000 rent check due in 2 weeks, and I didn’t have the money to pay it. And yet, you find a way. I was able to secure an investor and pay my rent on time.
Being an entrepreneur means riding a rollercoaster. One day in December, we’re celebrating because an angel investor told us he wanted to put in $200,000. Over the following weeks, we agree to a price and terms, and then he pulls out. From what Chris Dixon writes, this is more common than it should be. In the end, though, I think it was the best thing that could have happened to us.
Being an entrepreneur means compromise. Having no money means you can’t buy what you want, go out to eat whenever you want, travel wherever you want. But in return, you get to create something meaningful, be your own boss, and love what you do.
I wouldn’t have it any other way.
