After donating blood to raise money (“which I don’t recommend as a way to get capital”), Tim Fargo founded Omega Insurance Services, a firm that, after almost seven years, he sold in 2003 for $20 million. But that’s the too-short version of the story: as Fargo discusses in his interview, this success required a series of mistakes and missteps in his previous entrepreneurial attempts—including a bankruptcy—before he had the requisite knowledge and experience to do well. Here, he discusses the value—even the necessity—of failure and self-reflection for entrepreneurs.
He also discusses:
- Celebrating victories as your business starts to be successful, but also “keep[ing] them in proportion to what’s occurred.”
- Finding and driving home your niche: “Don’t try to push what’s not working—focus on what is.”
- Why it’s not the idea that will lead to success, but the ability to execute that idea.
- How the rules and values of social media are not different from those of other social contexts: “medium is irrelevant.”
Fargo is the author of Alphabet Success – Keeping It Simple, My Rules of Success. He is currently bootstrapping tech start-up Tweet Jukebox, which manages content for Twitter users, and he is an angel investor. He also spoke about Meddle (meddle.it) during his interview, as a startup that plans to re-frame internet comments into opinion pieces that won’t get lost in comments sections.