We recently launched the beta version of Choicepunch, a website that helps users make tough life choices. People often turn to the Internet for information about decisions, whether it's should I quit my job or what should I wear to prom. Users can post questions and then receive advice and feedback from the community.
We're a two-man operation. When we started the company in July 2012, we needed more than $80,000 to hire the developers and designer to build the website. We both put in half. The only things I had to draw on were my 401(k) and my silver 2005 Porsche 911.
My friends told me not to sell the Porsche. They said I'd never get the opportunity to own one again, but I think I will. I ended up getting $30,000 for it, which was more than I expected; I borrowed from my 401(k) to cover the rest.
I had bought my Porsche when I was 25, after I sold a business. It was my dream car. I envisioned that I would have it for years and then give it to my son. I'm married now, but we don't have kids yet.
The opportunity to build this business is more important than having a certain type of lifestyle. And I hate to sound corny, but when the first user logged on to ChoicePunch in February and gave us feedback, it made it all worth it.
These serial entrepreneurs have had their share of successes and failures.