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  • This Entrepreneur was Penniless at 65...and Then His “Big Idea” Turned Him into a Multi-Millionaire

This Entrepreneur was Penniless at 65...and Then His “Big Idea” Turned Him into a Multi-Millionaire

Go to be inspired (and then steal this strategy tomorrow!)

Wow. Talk about a tale that would be unbelievable, if it weren’t true!

Here is a man who seemed destined for a quiet, unremarkable life.

Born in 1890 in a small Indiana town, his early years were a string of hardships. His father passed away when he was just six, leaving him to help raise his siblings.

He dropped out of school in the seventh grade and drifted from job to job, struggling to find his place in the world. Over the years, he worked as a farmhand, streetcar conductor, railroad fireman, insurance salesman, and even a ferry operator.

Nothing fit.

By his forties, he had finally settled into running a small roadside restaurant attached to a gas station.

A Star is Born

It was here, in all places, that his genius finally began to break out. At this tiny little ramshackle restaurant, he tinkered and toiled and tested and tasted and, eventually, he perfected a recipe for, of all things, chicken.

But he believed – sincerely believed! – it was something special.

And it was. His unique blend of flavorings and a creative pressure-cooking process created chicken that was indeed plump, flavorful, juicy and tasty.

Customers loved it, and for a while, life was finally good.

But the winds of fortune were rarely kind to this man.

A new highway was designated for his area and, once built, diverted traffic away from his dinky restaurant, forcing him out of business.

Down, But Not Out

So here he was. 62 years old, broke again, jobless, and living off nothing but a small Social Security check.

Most people would have resigned themselves to retirement at this point.

But he was not most people.

Instead, he packed up his pressure cooker, his special spice mix, and his dream. He hit the road in his old jalopy of a car, traveling from town to town, restaurant to restaurant, offering his chicken recipe on a handshake deal.

He proposed this: He would teach restaurant owners how to make his chicken, and in return, they would pay him a small royalty for every piece sold.

He was rejected. And rejected again. And again. Though likely an exaggeration, legend has it he was rejected more than 1,000 times.

But, intrepid entrepreneur at heart that he was, he kept on.

Yes, Yes, Yes

Eventually, one restaurant owner finally said yes, the results were spectacular, and so and then another said yes, and then another. Things snowballed in the other direction, the way they do when you are all in.

Within a couple of years, there were so many restaurants selling his delicious fried chicken that the man was actually able to franchise the concept.

He was 65 years old at this point.

Despite his age, it turned out he knew a thing or two about business, and, well, yes, chicken. His chicken and his secret recipe grew so popular, that it in fact begat a franchise empire.

His name? Yep, you are right, it was Colonel Harland Sanders. And his creation? Yep, that’s right too: Kentucky Fried Chicken, better known today as KFC.

The Takeaway: Entrepreneurship is rarely a straight line, and you never know when inspiration will strike. But when it does, you have to listen (even, maybe, if you are 62.)

Yes, “big ideas” are a dime a dozen. But they are also a Gift from the Gods. When you get a big idea, don’t ignore it. But don’t bank on it either. The idea really is the easy part. Execution is the second part, the harder part. But when you match them - genius idea and bold execution - you are usually on the road to something big.

Steal This Strategy

Website: Franzy: If you want to buy a franchise, this great, new website makes learning about, and choosing, the right franchise super easy.

Book: "How I Built This" by Guy Raz - Learn how other entrepreneurs, like Colonel Sanders, turned setbacks into breakthroughs.

Site: MindTools: Developing Resiliency. Offers practical guides and exercises to strengthen resilience in the face of challenges.

Overnight Challenge

Take your "big idea" on a test drive!

Identify one skill, inspiration, or kooky idea that you are passionate about and take the first teensy, tiny little step to move it forward. Reach out to three people—your partner, friends, colleagues, or even potential customers. Pitch your idea and get some honest feedback. Then use their feedback to refine your idea and discover your next logical little step.

Baby steps lead to giant leaps!

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“Be bold! For boldness has genius, magic, and power in it.”

- Goethe