How I Went from $500 to Half a Billion in 5 Years

Summary

Davie recounts his journey from a struggling, insecure teenager to a multi-millionaire entrepreneur. After years of failing at various business ventures, he launched a weighted blanket company with just $500. Through perseverance and skills gained from past failures, he grew it into a hugely successful brand. He stresses the importance of never giving up, constantly learning, and trying to enjoy the process of building something impactful.

Takeaways

• 😢 I was an insecure, struggling kid who was told I was stupid
• 👨‍🏫 My parents and teachers gave me an ultimatum that inspired me to work harder
• 🏋️‍♂️ I built confidence through small improvements at the gym and with a tutor
• 💡 I realized greatness comes from working hard and failing
• 💰 I made money on social media and with personal training
• 🍽️ My food business failed despite working 16 hour days
• 😔 I lost $40k and hit rock bottom before rebuilding with my family's support
• 🛏️ I found success selling weighted blankets I imported from China
• 💵 I earned $1.5 million profit in the first year and bought my dream car and house
• 🤗 My brand Oodie grew to make tens of millions by making people comfortable at home

Q & A

What was the turning point that motivated David to improve himself?

Watching old Nike commercials on YouTube and being inspired by their message that greatness comes from a willingness to work hard and fail. This gave David the realization he needed to create a plan to improve his grades, get a job, and go to university.

Why did David's first business ventures like selling supplements on Instagram and personal training fail?

David got distracted from running those businesses properly because he was overly passionate about constantly starting new business ideas. He took money he earned from personal training and invested it all into starting a failed Vietnamese roll shop franchise.

What major setback caused David to hit rock bottom?

David spent $40,000 to buy an Instagram account that turned out to be hacked. The account was returned to its original owner by Instagram, leaving David with nothing. This wiped out almost all of his money at the time.

How did David's family help him recover from his failures?

His dad taught him an important lesson - to learn from mistakes and move on instead of dwelling on them. His family's emotional and financial support lifted him out of a dark place and motivated him to keep pursuing his dreams.

What key skills did David gain from his job in Melbourne that allowed him to later succeed?

While working at 5TH Watches, David learned critical skills like Instagram and influencer management, photography, videography, and online advertising with Facebook and Google Ads. This gave him the expertise to later build his successful weighted blanket business from scratch.

Why did David decide that selling weighted blankets was a promising business idea?

He came across many positive reviews about how weighted blankets help people with sensory disorders and insomnia. There weren't many weighted blanket companies selling to the Australian market at the time, so he saw a great opportunity.

What obstacle almost destroyed David's weighted blanket business right as he was starting it?

The first shipment of inventory from China got held up in Australian customs and border control for 5 weeks, leaving his first 400 customers waiting extremely long to receive their orders. This could have permanently damaged his business's reputation.

How much profit did David's weighted blanket company make in its first full year of business?

$1.5 million profit in the first year by aggressively scaling up sales and marketing.

What lessons did David learn on his journey that he wants to pass on to others?

Never give up pursuing your goals no matter how many setbacks you face. Constantly keep learning and trying to enjoy the overall process of building a business. And don't think you are too incapable to make a positive difference in the world.

What was David's next hugely successful company after weighted blankets called?

David launched a company called Oodie that sells wearable blankets. It enabled him to grow his earnings from millions to tens of millions of dollars thanks to millions of happy customers.