‘Let someone else lose’: Under Armour founder pours scorn on start-up ‘fail fast’ mentality
Plank: “Let your competitors lose”
The founder of sportswear firm Under Armour has poured scorn on the culture of losing money condoned by so many start-ups saying “losing money is a habit that’s very hard to break”.
Kevin Plank, who founded the company 20 years ago and has steered it to revenues of $4bn last year, explained how he did not understand the laissez-faire attitude of start-up founders around losing money.
Asked what advice he had for entrepreneurs, he explained how at an event the previous week he had been frustrated with two start-up founders who were nonchalant about their cashflow situation.
*claps* amen.
Glad someone said it. A lot of start ups seem to be caught up in the image/lifestyle that a lot of people have of startups, without looking it as a business. If you’re in business to lose money, then you should look at your life choices a little more closely. It’s also very easy to spend someone elses money. When it’s coming out of your own bank account, the dynamic changes very quickly.
*end rant*
Well said FO.
I find it amazing as a small business owner I cant get any financial assistance from the banks to support growth having run lean and demonstrating a solid track record over the last 2 years, but investors are willing to throw money at a non-trapreneur with no plan, no business experience, only an idea.
I may have to pivot to fintech…