3/8/2021 Tip: Under Armour (& Webclass Invitation) | Growthink

3/8/2021 Tip: Under Armour (& Webclass Invitation)

Today’s Quote

“There are no secrets to success. It is the result of preparation, hard work and learning from failure.”
~ Colin Powell

 

Today’s Tip

When Kevin Plank was a college student, he started a small business that sold roses for Valentine’s Day. While he only made a few thousand dollars from that business, he used that money to initially start Under Armour.

And when he soon burned through those dollars, he got $40,000 from credit cards (he got five credit cards in order to do this) to fund further growth.

And as the company grew, Plank raised more and more money from various funding sources, eventually reaching the promised land of entrepreneurship: going public and raising over $100 million.

Kevin Plank’s story is critical to entrepreneurs that need to raise money. Among other things, it should teach you that you can’t simply post your idea or business plan online and expect investors to throw money at you. That’s just not how funding works.

Rather, you need to figure out the right forms of funding for you based on your stage of development. And you most likely will raise multiple forms of funding as your company grows.

 

Today’s Resource

Live Webclass: $50,000 – $250,000 in Unsecured Funding

Join me tomorrow/Tuesday for a LIVE web class.

You’ll learn from the experts who raised over $600 million in unsecured funding since 2007.

Claim Your Spot <–

How would $50,000 – $250,000 of unsecured credit affect your business?

If it would help you, register here <–

 

Trivia

Today’s Question: More than 1 million children have built their first tool boxes through free Kids Workshops offered by which chain of stores?

Previous Question: Which now-famous company was first discussed in a student’s college term paper, was panned by the professor, and didn’t launch until many years later?

Answer: FedEx

FedEx founder Frederick W. Smith wrote a term paper at Yale in 1965 discussing the economic inadequacies of the passenger route systems used by most air freight shippers at the time and the need for shippers to develop a system for time-sensitive air freight.

His professor found the premise improbable, and gave Smith a “C” on the paper.

After graduation, Smith enlisted in the Marine Corps and served two tours of duty in Vietnam. After that, he revisited his initial idea, and raised $80 million to launch the company. FedEx is now one of the world’s most successful companies.
 

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