James Altucher: In Order To Be Successful You Must Do This | Lewis Howes

Early Ventures

James Altucher's journey into the business world began unexpectedly while working at HBO. He was introduced to the World Wide Web by his brother-in-law and quickly realized its potential. James started building websites for major companies like American Express and Time Warner, which led to the creation of his own web development company 1. Despite his initial success, James admits he lacked understanding of key business concepts like scalability versus profitability, which impacted his long-term growth 2.

I didn't understand the difference between scalability and profitability. I thought, oh, of course it's good to be profitable. I don't care about scalability. I just want to make money.

--- James Altucher

This realization came after selling his company for $15 million and experiencing significant financial ups and downs.

   

Investing in Skills

James Altucher emphasizes the importance of investing in oneself, especially for young people with limited funds. He advises against investing in the stock market initially and instead recommends acquiring new skills that can provide immediate returns 3. James shares his own experience of turning a small investment into a profitable venture by leveraging his web development skills.

Skills are fun to learn. You might as well learn a lot of skills.

--- James Altucher

Additionally, James discusses one of his most successful investments in a company that developed innovative restraint technology for law enforcement, highlighting the value of unique and impactful ideas 4.