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Old April 24, 2011, 06:24 PM
Ankesh's Avatar
Ankesh Ankesh is offline
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Join Date: Sep 2006
Location: Mumbai, India
Posts: 689
Default How to obtain capital to start a business to get rich

So I just finished reading How to Get Rich by Felix Dennis. And it has this one story of how Felix starts his own comic magazine without much money - which is truly inspirational.

1. With his chutzpah, Felix convinces Bernie Simons - a young lawyer, to create a limited liability company for next to nothing. A grand sum of 20.

2. He then persuades his friend Dick Pountain to come on board as a co-director and production manager - for a very meager salary.

3. He then "liberates" 2 typewriters, some office furniture and a floor camera from the offices of OZ magazine - which was then winding down. He and Dick had met at the OZ magazine too.

4. Felix then sells one of the type writers to pay rent at a dump of a place for office space.

5. He then persuades his friend Richard Adams to design the letterheads for free - in the hopes that he would get more work if Felix succeeds.

6. A contact from OZ magazine agrees to print the letterheads for deferred payment.

7. Barclay's bank opens a company bank a/c for a deposit of 50.

8. Another contact from the OZ magazine - a distributor - Moore Harness - agrees to distribute the magazine - without even seeing it in print (how persuasive must Felix be to get them to agree to distribute without seeing the product?)

9. The content is not a problem as many comic illustrators don't expect to be paid right away - if at all.

10. The biggest stumbling block is who would print the comic magazines? Because Felix sure doesn't have the money to pay the printers a few thousand pounds. Here is where you can see Felix's creative genius at work. Felix persuades the distributor - Moore Harness - to write a letter to a particular printer. While the letter does not make an outright promise that the printers would be paid, it does promise that the printer would be the first one to be paid when the comic comes out. And Felix and his company would not see a dime until all of the printers dues are paid in full.

And that is how Felix Dennis hustled his way and published Cozmic Comics. Which led to creating a multi million dollar magazine empire.

The book review overall: its a good book. But the best part is his autobiographical stories. Lot of fun and truly inspirational. The how-to part is a bit long winded in some places. Good read over a weekend none-the-less. 7.5/10.
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