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I am SoCalScribe. This is my InkSpot.
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Blogocentric Formulations #1060130 added November 26, 2023 at 2:51am
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Undercover Billionaire
My wife and I just finished binge-watching a show called Undercover Billionaire (Season 1 was released in 2019). The basic premise is that Glenn Stearns, the show's eponymous "billionaire" ... although I put that term in quotes because it appears he might be just a multi-hundred millionaire  ... decides to test whether the American Dream is still possible by getting dropped off in a random city somewhere in the country with only $100, a cell phone with no contacts, and an old pickup truck. His challenge? To build a company worth $1,000,000 at the end of 90 days. The bet he made was that if he couldn't build a company valued at a million dollars, he'd invest a million dollars of his own money in to ensure it had stable funding to give it a fighting chance.
He's dropped off in Erie, Pennsylvania and the first ten days or so are more about survival: figuring out how to get more money so he can afford food and a place to live, trying to get a job, etc. This to me was interesting, but felt like it should have been for a different show (a how to build yourself up from rock bottom challenge, or something like that), but it detailed how he got his feet on the ground, basically investing all of his capital on ventures that would give him a positive return on investment, allowing him to invest more in the next thing.
That's the part of the show I found most interesting. Not how he went from $100 to $3,000 to afford to live, but how he went from only having living expenses to getting capital to start investing in the business. The show repeatedly highlighted the value of motivating good people with helpful skills and convincing them to invest their time and energy in growing the business to the point where they could all benefit in its success.
I don't want to give away too many more details about it because it really is a good show worth watching, but I had some thoughts in the whole thing.
First, I actually know the guy (well, know of the guy) who was featured in the show. Stearns Lending was a leading mortgage company coming out of the Great Recession, and I recognize the name because their headquarters is about five minutes from my house. I see the company's logo on their building as I drive by it almost every day.
Second, I learned a lot about local resources that entrepreneurs can use to help them with their businesses. There's actually Small Business Development Centers (SBDCs) that operate (though the United States Small Business Administration) in many cities around the country, and they can help you with market research, putting together a business plan, access to computers, and even offering up meeting and/or office space as needed. It's an amazing resource for people who are just starting out, and I had no idea such a thing even existed. There's an office less than ten minutes from me.
Third, I learned that there's a lot of risk and setbacks involved in pretty much every aspect of running a business. Not that I didn't already know that, but when you're watching someone actually try to build a business in realtime from scratch, it really highlights the unpredictability of the process. As much as I have a real issue with the income inequality in this country, I definitely think people who pull themselves up by their bootstraps and build a successful company from nothing deserve to enjoy the fruits of their labor after such a rollercoaster of a process.
Overall, I really enjoyed the show and it got that entrepreneurial part of my brain working again. I've always wondered if I'd be good at running a company. I have a really diverse skillset and I think I've got pretty good problem-solving abilities ... but I'm also really risk averse and have yet to really take a leap and put myself out there investing in something that might not make it (I've always preferred the security of jobs at established employers, and the few times I've gone to work for startups, they haven't panned out). At the moment, I'm on the board of my church's community development nonprofit corporation, and it definitely got me thinking about how to invest in that organization and take more risks to see if it can succeed.
I definitely recommend this show to anyone who likes SHARK TANK or any other business-type shows.
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