"It is easy to forget that, when he was a student, the man who brought us the Macintosh, iPhone and iPad (and, with his little finger, Pixar) collected bottle caps to make ends meet. The need to stretch every nickel informed the way Apple was run during the early days." In 2015, Mike Moritz wrote an opinion piece for The Financial Times called "Imitators take note — Steve Jobs was more than a showman." It's a great reminder that the best businesses — including Apple — are the most capital efficient businesses. That what matters isn't how much you raise, but the business you build with what you raise. And that even Apple, started out life being incredibly cheap and capital efficient. Being frugal and stretching every nickel ensures that your business is as durable as possible. While revenue will always ebb and flow, expenses are typically subject to inertia. Expenses tend to build up invisibly, almost imperceptibly, and can require heroic acts to shrink. While is why it's so important to build a culture of frugality from Day One — ensuring that as many dollars spent as possible go toward strategic expenses that sustain and grow your business. Watch on YouTube: https://youtu.be/aoDwtbLW71I Show notes: https://www.outlieracademy.com/episode/173 Read the newsletter for this episode: https://newsletter.outlieracademy.com/p/essay-breakdown-imitators-take-note Subscribe to newsletter: https://newsletter.outlieracademy.com Subscribe to podcast: https://pod.link/outlieracademy Learn more about Steve Jobs: https://www.danielscrivner.com/articles/who-was-steve-jobs-wisdom-from-the-man-who-built-apple-and-pixar Learn more about your ad choices. Visit megaphone.fm/adchoices