$10K Lifetime Earnings Deal

Jesse Itzler shares a story about almost selling 10% of his lifetime earnings for $10,000 early in his career, until a mentor intervened.

"I was writing theme songs for sports teams when I was 22-23 years old. My business model was to write a song on spec, cold call professional sports teams, try to get a meeting, and convince them they needed a theme song. I was bouncing around from couch to couch in New York, and I needed money to fund production.

A music manager said 'I'll give you $10K for 10% of anything you make for the rest of your life.' I was going to take it because I needed the money. I was living on my friend Melissa Katz's couch at the time. I met her at a bar - she gave me her number on a napkin after I told her I had nowhere to live.

I told Melissa about this opportunity and she said 'Why don't you go talk to my father before you give away 10% of your future earnings?' Turns out her father was a very successful entrepreneur - he owned Kinney Parking garages and was the 2nd largest shareholder of the New York Yankees.

I went to see him and explained my dilemma. He asked me 'Will you make this business work without the $10,000?' I said 'Lou, I'm onto something, I know I can make it work.' He threw his notebook on the ground and said 'I didn't ask you CAN you, I said WILL you. There's a big difference between can and will.'

I said 'Yes Lou, I will.' He said 'Well tell him to take the $10,000 and shove it up his ass - we'll make it work.' And I did. It was a really powerful lesson about the whole will versus can notion that's been a theme throughout my life."