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Car Business Failure
- Chris Jaeb and his friend started a car import business at 23, importing German cars to Dallas.
- They appeared successful but mismanaged finances, ultimately owing the IRS a significant amount.
Street MBA
- Jaeb considers his two years in the car business more valuable than an MBA.
- He learned invaluable real-world skills like dealing with bankers, lawyers, and shady characters.
Bad Deals
- Jaeb learned that if a deal is bad, don't try to fix it, just let it go.
- This prevents wasted time and resources, allowing focus on more promising opportunities.