Average millionaire fails 9 times first
Adam Schafer recalled reading that the average millionaire experiences 9 business failures before achieving their first million dollars.
Snapshot · Mind Pump: Raw Fitness Truth
2888: The 6 Best Lifts for Athletic Fitness (That Actually Transfer to Real Life)
Explore episode
Jun 26, 2026
Where this was said
Worst business failures
At 41:58 · chapter starts 21:15
A nostalgic glance at Sal's original studio, ABS Fitness in Los Gatos, opens a rich entrepreneur conversation. Sal recounts opening a group fitness space two doors down — yoga, mobility, group classes — only to find he couldn't operate both simultaneously. Breaking the lease cost him $75,000. [1] — Sal Di Stefano "Sal opened a group fitness studio two doors down from his thriving personal training gym, thinking it would be a natural upsell. It failed …" 26:04 The industry context is sobering: Doug surfaces data showing 20–40% of small box gyms close within their first year. Sal's early partnership story follows — he funded everything, outperformed his partner, then engineered the partner's exit without a formal firing by simply 'running fast' and letting his partner decide whether to keep up. Adam's car detailing business, bought for $4–5K from a staff member, is a textbook case of brilliant premise, flawed execution: too few clients to justify hiring anyone, so a six-figure manager ends up scrubbing Corvettes at night. He sold it for double what he paid. Justin's app build consumed $50K and years of his life, culminating in a live pitch to Apple executives with a frozen iPad — improvised and surprisingly compelling. [2] — Justin Andrews "Justin Andrews pitched an original invention to Apple leadership with no working computer — just raw charisma and a hand demo. An Apple exe…" 38:14 Sal threads these stories with a mentor quote: 'ask me how many times I failed' — and Adam adds the data point that the average millionaire fails 9 times before making their million.
20–40% of studios close in year 1
Industry surveys indicate that 20 to 40 percent of small box gyms and studios close within their first year of operation.
Sal's $75K Mistake: The Second Location Trap
Sal opened a group fitness studio two doors down from his thriving personal training gym, thinking it would be a natural upsell. It failed because he couldn't be in two places at once — and breaking the lease cost him $75,000. The lesson: you can't duplicate culture without duplicating yourself.
Sal's second location cost $75K to exit
Sal Di Stefano paid approximately $75,000 to break the lease on a second studio location he opened two doors down from his original gym.
Adam lost $75K on an app build
Adam Schafer took approximately a $75,000 financial hit on a mobile app he built with Justin Andrews before AI made such projects trivial.
Adam's Car Detailing Hustle: Working 10-Hour Days, Then Washing Corvettes
Adam bought a mobile car detailing business for $4–5K thinking busy, high-earning co-workers would love the convenience. The problem: with only 3–4 jobs a week, he couldn't justify hiring anyone, so he spent his evenings scrubbing cars after 10-hour workdays. He sold it for double what he paid.
Justin Pitched His Invention to Apple — With a Frozen iPad
Justin Andrews pitched an original invention to Apple leadership with no working computer — just raw charisma and a hand demo. An Apple executive told him it reminded him of David Weck's Bosu ball story: great product, zero public awareness. The message hit hard: a product without an educated market is nothing.
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