It Doesn't Take Money To Make Money | Brandon Leibel | TEDxSDSU

Summary

In this motivational speech, the speaker challenges the notion that money is required to start a business. Sharing their personal journey, they demonstrate how a lack of financial resources can fuel creativity, resourcefulness, and determination. By leveraging free tools like social media and learning new skills on the go, they grew their brand from scratch, gaining press coverage, sales, and eventually securing a deal on Shark Tank. The speaker emphasizes that true success lies in drive, perseverance, and the ability to seize opportunities, not financial backing.

Takeaways

• 😀 It’s a misconception that money is needed to start a business. Lack of funds can push you to be more creative and resourceful.
• 😀 The journey to success is driven by determination, passion, and resourcefulness, not just external funding.
• 😀 Personal experiences of struggling without money forced the founders to innovate and do things they never imagined.
• 😀 Starting with no money can drive you to make unconventional choices, like using your own creativity to build a brand.
• 😀 Social media was key to building the business from the ground up, even when they didn’t have the funds to pay for professional help.
• 😀 Hitting the streets and engaging with people directly can yield impressive results, as shown by the founders walking beaches and gaining followers.
• 😀 Resourcefulness was key when building their website, using free tools and self-learning through YouTube and online resources.
• 😀 The founders quickly learned that hustle, persistence, and a DIY attitude are powerful tools when resources are limited.
• 😀 Public Relations (PR) doesn’t always require hiring agencies. The founders created their own PR strategy using the resources they had.
• 😀 Seizing unexpected opportunities, like the Uber ride with a reporter, led to press coverage and immediate sales.
• 😀 Success isn’t defined by immediate financial gain but by the drive and persistence to keep pushing forward despite hardships.

Q & A

What is the main message of the speaker in the transcript?

The main message is that not having money can be an advantage when starting a business. The speaker emphasizes that resourcefulness, determination, and creativity are key to success, and that these qualities cannot be bought with money.

How did the speaker initially feel about starting a business without money?

The speaker initially believed that money was necessary to start a business, feeling that without financial support from family or wealth, it would be impossible to succeed.

What motivated the speaker to leave their job and start a business?

The speaker was motivated by dissatisfaction with their job in a big insurance company and a desire for more meaningful work. They felt that settling into a typical corporate job was not an acceptable long-term plan.

How did the speaker and their co-founders manage to fund their business without money?

They sold personal belongings, cashed out their 401(k)s, took out multiple credit cards, and even worked as Uber drivers to pay the bills. One co-founder also cashed out his Apple stock to pay for their first batch of products.

What unique strategy did the team use to grow their social media following?

The team walked the beaches of San Diego for three months, personally approaching people and asking them to follow the company on Instagram. This helped them grow their following without spending any money.

What did the team learn about social media during their early stages?

They learned that while money could buy followers, likes, and comments, it could not buy genuine first impressions. The team focused on building real engagement and connections through creative, hands-on efforts.

How did the team manage to build their website without prior experience?

One co-founder, Bruno, taught himself how to build a website through YouTube tutorials and by reaching out to friends and family for help. Although the website was basic, it provided them with a crucial online presence.

How did the team leverage PR strategies without a budget?

The team learned to act as their own PR agency by using available resources, such as online guides and contact databases. They proactively reached out to media contacts, which resulted in them being featured in over 100 blogs, magazines, and podcasts.

What was the turning point when the business started gaining traction?

The turning point came when the speaker gave a ride to a young couple, one of whom was a reporter. After building rapport, the reporter featured the business on local news, leading to several sales and further media attention.

What lessons does the speaker hope others will learn from their story?

The speaker wants others to understand that money isn't the only resource needed for success. They emphasize that resourcefulness, hard work, and the ability to seize opportunities are more important and often more impactful than financial capital.