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How I Built a Multi-Million Dollar Business by Scratching My Own Itch
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In 2000, Tim Ferriss was working for a startup that was about to implode. He was unsure of what to do next, but he knew he wanted to start his own business.
To explore business opportunities, Ferriss started by looking at his credit card statement. He asked himself, "What do I spend a silly amount of money on?"
The answer was sports supplements. Ferriss was spending $500 or more per month on supplements, and he knew that many of his friends were doing the same.
Ferriss realized that he could create a product that would scratch his own itch. He had enough science background to be dangerous, and he knew what he was looking for in a cognitive enhancer.
Ferriss called the product BrainQUICKEN. Before he got fired from his job, he begged his coworkers to prepay for a bottle. This gave him enough money to hire chemists, a regulatory consultant, and do a tiny manufacturing run.
BrainQUICKEN was a success. Ferriss sold $100,000 worth of product in his first month. He went on to sell over $20 million worth of BrainQUICKEN before selling the company in 2010.
In this video, Ferriss shares the story of how he built a multi-million dollar business by scratching his own itch. He also offers advice to other entrepreneurs who are looking to start their own businesses.
To explore business opportunities, Ferriss started by looking at his credit card statement. He asked himself, "What do I spend a silly amount of money on?"
The answer was sports supplements. Ferriss was spending $500 or more per month on supplements, and he knew that many of his friends were doing the same.
Ferriss realized that he could create a product that would scratch his own itch. He had enough science background to be dangerous, and he knew what he was looking for in a cognitive enhancer.
Ferriss called the product BrainQUICKEN. Before he got fired from his job, he begged his coworkers to prepay for a bottle. This gave him enough money to hire chemists, a regulatory consultant, and do a tiny manufacturing run.
BrainQUICKEN was a success. Ferriss sold $100,000 worth of product in his first month. He went on to sell over $20 million worth of BrainQUICKEN before selling the company in 2010.
In this video, Ferriss shares the story of how he built a multi-million dollar business by scratching his own itch. He also offers advice to other entrepreneurs who are looking to start their own businesses.