Starting a business is not easy, with success far from guaranteed. So much so, approximately 50 per cent of all start-ups fail within five years. That number increases to 65 per cent over ten years.
While entrepreneurs may overestimate the size of their target market or have a stroke of bad luck, the real reason most new businesses fail is the unbearable toll on the individuals tasked with turning a profit during those early years. In short, the pressure is immense, and the unpredictability of launching a business can overwhelm even the most determined individuals. Throwing in the towel is, in most cases, the easier option.
Rubin’s Early Years
This is something that American businessman Michael Rubin could have done when he opened his first ski shop aged just 14 after his father signed a lease on his behalf. However, by 16, Rubin had racked up £90,000 of debt and his creditors were aggressively knocking on the doors of the aptly named ‘Mike’s Ski Shop.’
Instead of folding, Rubin negotiated a deal with his father, who wrote him a cheque for £28,000—the amount his creditors were willing to settle for. The condition of the loan was that Rubin had to attend college but he could continue running his ski shops.
By the time he attended his first class at Villanova University, Rubin had opened five ski shops but was still battling against the tide of mounting debt.
The young entrepreneur’s big break came when he borrowed £12,000 from a friend to secure £150,000 worth of excess equipment at a significant discount, which he later sold for £56,000. This wasn’t Rubin’s grand plan and the opportunity only arose as the young entrepreneur was looking for ways to sell his own inventory to pay back creditors. Having done so, Rubin had the working capital to take his businesses to the next level.
Finally, Rubin’s good fortune allowed him to navigate away from the rocks with the wind in his sails after continuous storms.
Hitting the Jackpot
Ultimately, cutting his teeth in the business world at such a young age set the stage for Rubin’s future ventures, leading him to eventually establish Fanatics INC, a brand that has transformed the sports merchandise landscape and become a key player in online sports betting – a market that many thought was saturated.
However, Rubin’s arrival on the betting scene has seen some of the most unique opening offers to new customers which is designed to disrupt the industry. For example, the current Fanatics Sportsbook promo rewards users for betting on 10 separate days. Indeed, whether they win or lose, they get back what they wager in bonus bets. In other words, a £20 bet earns you a £20 bonus for the next day.
While this is one of the most creative signup bonuses out there, the wider point is that Rubin knows how to make headway when building new businesses.
The Benefits of Waiting for Your Ship to Come In
Indeed, three decades after Rubin’s dream could have sunk and the entrepreneur now has a net worth of worth £7.8 billion and an empire of some of the most established and fastest-growing businesses in the world.
The enduring lesson from Rubin’s journey—from struggling ski shop owner to billionaire entrepreneur—is the undeniable power of perseverance. Rubin’s resilience, even in the face of early storms, proves that sometimes it pays to sail perilously close to the wind if you’re certain of reaching your destination.
