My father trusted people who he should not have. These were people my father had known since he was in business school in his early thirties and had not been criminals. I guess the temptation was too much. We were not left penniless but, after this my dad had a breakdown and has not been the same since. What he was left with lasted about 3 years. He also was kind enough to stake me to go out on my own about three years ago. Be very careful who you trust.
From CEO to pizza delivery driver
- Thread starter Roman Candle
- Start date
My father trusted people who he should not have. These were people my father had known since he was in business school in his early thirties and had not been criminals. I guess the temptation was too much. We were not left penniless but, after this my dad had a breakdown and has not been the same since. What he was left with lasted about 3 years. He also was kind enough to stake me to go out on my own about three years ago. Be very careful who you trust.
sounds like another income-rich, equity-poor guy with poor budgeting skills. going off to start your own business is something i respect, but hell you should only do it if you have a 2nd income or enough money saved to survive 6 years of no income as the business is being built. it's clear he had neither, therefore it was a dumb idea.
GREAT POST!
Hindsight is 20/20. Ill decision making and stupidity is always so obvious after the fact isn't it? This guy thought he had a great idea, stuck his neck out and put his money where his mouth is. FYI there is a risk in venture capital. A risk that most people don't have the balls to take. Just about every successful business started out as an idea, took lots of money and only stood a chance at maybe breaking even. Most businesses fail its a fact. The problem is people who end up failing are cry babies (ie bailout). This is a good example of a man taking responsibility for his outcome and willing to do what ever it takes to make it.
"It is not the critic who counts, not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man in the arena, whose face is marred by dust and sweat and blood, who strives valiantlyâ¦who knows the great enthusiasms, the great devotions, who spends himself in a worthy cause, who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who know neither victory nor defeat." -Theodore Roosevelt
Roosevelts quote is apt in this thread, however, in this case, it does not apply to this fellow....
He simply did not have a business plan nor the skill to operate.
Now, let's see how the wife will contribute in the future....I don't like the odds.
He simply did not have a business plan nor the skill to operate.
Now, let's see how the wife will contribute in the future....I don't like the odds.
The guy simply got unlucky with his timing. He ventured out in a business that was beginning to top out. Of course that is easy to see now. Not so much in real time.
Regardless of the outcome, you can only have respect for a guy like this and then some for taking on a pizza delivery job.
He could have just as easily struck it rich and I'm sure the theme of the replies here would be about what a genius he was for going after what he believed in.
Regardless of the outcome, you can only have respect for a guy like this and then some for taking on a pizza delivery job.
He could have just as easily struck it rich and I'm sure the theme of the replies here would be about what a genius he was for going after what he believed in.
If anything can be learned from this story, it is that one must remain humble and not let the money make the person. Something still does not add up here. 2 years without paying a mortgage and they still live in the house ? Deep 6 figure salary and a trader for 20 years but only had 500k in savings ? Who starts a business without seeking legal advice to set it up in a manner that protects your personal assets ? A failed hedgefund ? What kind of overhead does a start up hedgefund have ? There is a big difference between taking a risk with money you can afford to lose and risking your family's home and basic needs.
