Page 22 - Midas Touch

Story #4: A Desperate Glimmer

With all the money gone, John, Stanley, and I were desperate. This is
where the idea for the nylon-and-Velcro surfer wallets came into being.
Since we were surfers and sailors, we already used nylon wallets. We
sewed the wallets ourselves out of old sails from yachts.

John thought these wallets would be hot sellers. He was certain nylon
wallets were going to be the product that saved his company. Although I
was not as certain as John, we began working on our business plan and

soon we were the first in the nylon-wallet business.

The benefit of this whole experience was that I was learning to design,
package, manufacture, and market a completely new product. The lesson
was expensive but, in hindsight, priceless. Even though I would not want
to relive any of it, this horrible experience is what led to the creation of
my CASHFLOW board games, which continue to generate passive income
today.

Story #5: Stress and Fear
John was wrong. The nylon-wallet business was not hot. We were now in
more debt than before, and we were going broke faster.

Out of total desperation, I showed John and Stanley an idea for another
new nylon product, this time a product I had designed. John and Stanley

were surfers and sailors. I liked running. Runners had a problem: Where
do they put their key, an ID card, and some money while they’re running?
Running shorts had no pockets and sticking all that stuff in your shoe or
sock wasn’t an option either. So I came up with an idea for a small mini-
wallet that attached to the shoelaces of a runner’s shoe.

Now completely broke with maxed-out credit cards, we launched our
“Rippers Shoe Pocket” for runners at the New York sporting-goods show.

Believe it or not, that product became one of the “Hot New Products of the
Year” in the sporting-goods industry. The Rippers Shoe Pocket even made
news in Runner’s World, Playboy, and Gentlemen’s Quarterly magazines.

Entrepreneurs must learn how to handle stress and fear. Stress and fear
must motivate entrepreneurs to become more creative, learn faster, and
increase their knowledge about people and business.