Elon Musk famously poured his entire PayPal fortune into his next ventures - SpaceX and Tesla - leaving himself nearly broke. In 2008, both companies were on the brink of collapse.
The lesson: Most entrepreneurs hedge their bets to avoid failure. Musk's story shows that sometimes, the only way to win big is to go all in.
Sara Blakely, the founder of Spanx, had zero experience in fashion or business. She took her entire life savings - $5,000 - and invested it into her crazy idea for footless pantyhose.
Blakely was rejected by every hosiery manufacturer she approached. Instead of giving up, she hand-sewed her first prototypes and hustled to get her product into Neiman Marcus.
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