Interesting, how did you acquire the first business and keep yourself afloat before it took off?
The first acquisition was funded by a loan from my parents for $44K. That was a large sum for them, but they believed they would see it again and they have always wanted to help my siblings and I in any way possible. It turned out to be one of their better investments as I did return that money and a percent of profits for years.
After the first one I was able to continue self funding.
Thanks for being honest. It might help to put this in the first comment though.
Most sellers are open to creative deals. No money down, seller financing (this applies to real estate and software).
Unless you mean community college, just by virtue of being in college you are exposed to a network of people who have money.
I'm not suggesting every deal can find a team. If it was already cashflowing and has assets, it is much easier to put a deal together. Software startups, conversely, often have neither and compete in a non-local market.
$44k is an excellent launchpad but the reality is that most people given opportunity to take $44k would quickly turn it into $0.
I personally love hearing success stories like this and give full credit to people that can pull it off.
That is, among college students without the baggage of full adulthood (debt, personal responsibilities, the mental and physical degradation that starts as early as your mid-twenties, and the risk aversion that comes with these things), and with the support of at least moderately wealthy parents and the affordances they bring: yes, there's not much here to show above-average performance. This individual received exceptional advantages which he certainly capitalized on, but there's no indication that he did so above the level of an average replacement.
We owe it to ourselves to be realistic about prospects.
> the mental and physical degradation that starts as early as your mid-twenties
Degrading in your twenties (in any meaningful sense) is _highly_ atypical.
>Degrading in your twenties (in any meaningful sense) is _highly_ atypical.
Nah. One's twenties are a common period for mental illness to develop, as well as the period when heretofore silent congenital defects become apparent. It is also generally the first time when injuries become much less likely to fully heal, and when they may become lifelong encumberances.
Someone who hasn't experienced some form of degradation by 30 - worsening eyesight, a sports injury, onset of depression, even balding - is someone who is privileged indeed.
Yes, because giving that much money to a kid and having it pay off also involves a lot of luck.
You can spend that one shot obsessing over what others have, how unfair things are, and whine away the decades.
The other option is to realize some may have it better than you, others worse, but that's life, so make the best of it.
"Get busy living, or get busy dying."
When I worked retail in college, a coworker was able to get $150k together to lease a 737 and crew for a couple of trips. He was then able to leverage his girlfriend’s boss (travel agent) to get some trips to Aruba and some other island. He netted enough to pay for his tuition, which was the goal.
If you have hustle and unearned confidence and an existing reliable network, sure.
How does it matter? Not meaning to challenge you in any way, just sincerely want to understand your thinking.
While interesting, most of us can't relate to this situation. Having half a year worth of "fun money" to spend bootstrapping a business idea, or investng in one, is skipping the first step.
It's like one of these "draw the rest of the fucking owl" jokes:
How to become rich:
1. Get 44k
2. ???
3. Pofit!
Was that "Profit!" or "Poof it!"? ;)
If you make $88K then you can have $44K to blow just by only spending $44K, like the people who only make $44K anyway.
(Yes, yes, ignoring taxes)
And if you are saving $44K per year, why can't you work for two years and then take one year off, having both $44K to live on and $44K to spend on a project?
And finally, didn't this start with a $44K loan, not a gift?
The comparison you made was inconsistent.
It doesn't much matter to me whether OP has "earned" their position of power, only that they had an enormous boost early in their career.
Just because $44k seems like pocket change to some people on this forum doesn't mean it's still an incredible amount of money that offers a fair amount of power on its own.
OP just explained what they did. Not to gloat but to explain their situation. What does it matter to you that they got help doing it?
I have 44k to invest if I really believed in something and I come from very modest means with no family help. If the stars align, it's a possibility. That's all you should take from their comment.
My original point was that acquisition entrepreneurship could be an option for someone with a broad skillset like the OP. How I funded the first one doesn't really impact that as everyone will have a different path and I simply took the one that was available to me at the time.
If an existing path can't be found then it will have to be made. That could mean working and saving for a while, starting a side project with the goal of it becoming a profitable business, partnering with a friend and earning equity through sweat, etc.