1,000 Dollars and an Idea: Entrepreneur to Billionaire

Everyone starts with just about nothing. "1,000 Dollars & an Idea: Entrepreneur to Billionaire" tells Sam Wyly's story of risking his entire savings on a gamble of starting up a new business. Now one of the wealthiest people on the planet, this biographical account is helpful with tips and advice on how to establish one's own business when one doesn't have much to play with. Entering the mind of a financial genius, "1,000 Dollars & an Idea" is solid and highly recommended to aspiring business people.

"What I learned creating and building University Computing, Sterling Software, Maverick Capital, Bonanza Steakhouse, Michaels Stores, Green Mountain Energy." This guy is a good writer and a thoughtful researcher. I lived through the times he is talking about and the man is audaciuos to the nth degreee. I read this almost in one sitting last nite - it reads so easily and is also so compelling. Very good coast to coast airplane ride book. There is little for every type of businessman in this book. The man has strong ethics and character and he speaks the truth - loudly. Now if only I could figure out how and why his market timing is so good as he seems to sell his companies at the top of their markets.

1000 Dollars and an Idea has been a fabulous read. For one interested in leaving the rat race for a less traditional form of employment; thus generating income, this book provides great insight to achieving success in whatever sparks your creativity. From having no capital to having millions to capitalize his idea; from operating a start-up to creating a successful culture within an acquired venture; from doing what's good for people and our world to solely being consumed with the P & L sheet, Sam Wyly has captured his personal experience here and shares the pro's and con's so that you can avoid some of the pitfalls and make better decisions based on his shared account. This book also put's into perspective, the need to be knowledgeable about history and the current and past political scene. A firm spiritual foundation and a positive outlook on life is also key to one's success. Mr. Wyly quotes, "Perceive dead ends and you'll find what you perceive." As a young entrepreneur, this book will be kept on the shelf for continual reference for strategy and perspective as I take my 1,000 Dollars and an Idea and turn it into a life changing experience for me, my family and those who I look to serve. Enjoy! And thanks for the ride Mr. Wyly!

Unlike many other memoirs published by prominent CEOs that were probably ghost-written by someone else, this book seems to have been written by Sam Wyly who duly acknowledges dozens of people who were involved in his journey to success. As he explains, he wrote this book because, while "taking stock of his life," he was feeling "one overriding emotion: gratitude. The urge to tell my story hit me hard; more than just a distant hum on the background, it was a palpable force pulling at my concentration like a child tugging at your sleeve...I thought that my story, properly told, might inspire and help others, too. So the next day I started to write it." Here it is. Others will have their own reasons for admiring this book and the man who wrote it. Here are three of mine. First, Wyly had no choice but to examine the details of a number of his business successes such as founding University Computing Company (UCC) in 1963 with an initial investment of $1,000, acquiring and then substantially expanding the Bonanza Steakhouse (1967) and Michaels Stores (1982) chains, co-founding Sterling Software (19881), co-founding the Maverick Capital (1990) and Ranger Capital (2000) hedge funds, and founding Green Mountain Energy (1999) in order to document the evolution of his business career. Fair enough. However, I was much more interested, frankly, in the lessons he learned, especially from his bad decisions and their consequences. (I presume to insert African Proverb #1:"Trust but verify" and that is specially true of due diligence before hiring people, making investments, evaluating potential acquisitions or divestitures, etc.) Over a period of several decades, Wyly minces no words when recalling several mistakes he made. What were the most important lessons he learned from them? Here are three, in his own words: "By 1966, I understood that wherever computers took us, it would not happen until computers could talk to one another quickly, efficiently, and cheaply. We were moving into a digital world and my instincts moved me to lead the charge." (Page 96) Note that this was 30 years before the emergence of the Web. "To grow a business by acquisition, you need to do several things. First, you need to integrate quickly and smoothly. Second, you need to find a way to keep your new employees as passionate about their work as they were before you acquired their company. Third, you need to clarify your vision, which is central to the first and third things." (Pages 153-154) Over time, Wyly took the lead in negotiations as Sterling Software acquired 35 companies. Only one was hostile. "But that was the big one. Details are provided in the narrative that follows. "You can't spend your time obsessed with what others say about you. The world was littered with garbage gossip long before there were bloggers. I guess the reason the `wild man' tag seems particularly funny in regards to Michaels is that, while we were aggressive as all get-out in expanding as fast as we c

As a psychologist I was fascinated by how this book is much more than a business memoir. It provides lessons that are extremely useful and not solely for entrepreneurs, but are psychologically potent for anyone who has a dream, or a wish to change themselves or the world they live in. Our current understanding of the concept an entrepreneur is the type of personality that is willing to take on her or himself a new venture and accept full responsibility for the outcome. Each time we choose to change some aspect of ourselves or the world we live in, we need to have the entrepreneurial attitude. Wyly notes, "Too often, people seem willing to let other people or outside institutions place an identity on them. They don't, or won't simply stand up for themselves. Without passion... (they) will not find much personal fulfillment." As a psychologist, I understand how difficult it can be for some of us to do what Wyly suggests. What is interesting about the book is Wyly also understands how difficult it is. Throughout the book he describes how he struggles to be supportive of his ideas, dreams and desires. He reports losses as well as gains. Wyly points out that in pursuing a goal you have to expect obstacles. "Everybody faces frustration, obstacles, and failure differently ... there is no one right approach."..."When emotions creep into decisions, it is easy to confuse good decision-making with sweet dreams of being a hero, or alternately, bad dreams of being a quitter." "The thing is winning requires hard, clear thinking, and not losing requires the same; and neither had anything to do with becoming a hero or being a quitter. Wyly shows how personal growth comes from being your own best friend and supporter, a very powerful psychological lesson.