Take Risks When You Are Young and They Might Payoff Big Time

by on July 5, 2010

There are many young aspirants who wish to start their business at an early age, from their college days. Rich Aberman and Bill Clerico, who after completing their senior year at college went to start up their business but at the end to be on safer side Rich decided to go for law school at New York University, whereas investment banker was the job that Bill went in for at Jefferies.

But soon was the time when they realized that job was not their cup of tea and they felt just like wasting their life in the jobs. Soon after that, Rich left the law school while Bill also had quit his job.

Rich stated that he didn’t want to be stuck in the fixed job timings and work under someone and find comfort under certain lifestyle with fixed salary.

Whereas Bill stated that he was caught in a dumb useless fear that if he failed at carrying out the business properly, with no relevant job experience he would be out of school for six months.

Web application to collect and manage money.

As they left their courses, they formed a group online system to manage their funds known as WePay. And so as to keep their system running properly they did different jobs at the same time, while Rich thought LSAT courses, Bill worked as technology consultant.

They said that they took up these jobs to pay their rents every month and also as they were doable they didn’t have to fear about not having any money.

And this proved to be a really smart decision as within a year of formation of their company with the help of bid and high-profile internet investors like Max Levchin, Eric Dunn and Ron Conway they raised $2 million.

WePay is a service site which not only allows an individual but the groups all over to collect money from pay checks and credit cards and then even spend the money by using debit cards by creating their accounts.

It has all outgoing transactions for free whereas it charges 50 cents 3.5% for each credit card payment received to for the payments from bank accounts.

It has users in thousands which vary from sports teams to fraternities and even roommates who manage rents and utilities.

After, overcoming the fear of failure and some distractions to job, Rich and Bill could successfully carry out their business. They even say that taking a risk is never a bad idea because even if you fail you will have a unique experience for a lifetime and use it as an impressive factor on a job interview.

{ 1 comment… read it below or add one }

James February 15, 2012 at 12:15 am

Probably some of the best advice going, if you ask me. The fact is this: there’s more chance of making a success by doing your own thing than there is from retiring rich by investing in retirement funds. In fact, I’d rather be rich young that old and wealthy when there’s less time to enjoy the fruits of my labour!
James recently posted..Start Planning Your New Money Spinning BusinessMy Profile

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