Entrepreneurship is often romanticized as a path of innovation and freedom, but the reality can involve devastating setbacks. Mike and Kass Lazerow, a couple from New York, learned this the hard way when their first startup collapsed and wiped out their entire savings. Six years later, they sold the same venture for $24 million (around Rs 209 crore), proving that a comeback is possible even after near-total financial ruin.
According to CNBC Make It, the couple launched Golf.com in 1999, a platform for recreational golfers. Within a year, it was acquired by e-commerce company Chipshot in a cash-and-stock deal. But when Chipshot failed to secure further funding, it went bankrupt, taking Golf.com down with it.
The Lazerows lost about Rs 21 lakh of their savings and also the money entrusted by family and friends. They admitted that the financial hit was tough, but the emotional strain of telling loved ones their money was gone was even harder.
Despite the blow, within three months they raised fresh funds, bought back Golf.com for about Rs 4.3 crore, and kept it afloat with a lean team. For two years, progress was slow, but momentum picked up as Tiger Woods’ wins in the early 2000s revived interest in golf. In 2006, Time Inc. acquired Golf.com for $24 million, marking the couple’s dramatic turnaround.
Lesson 1: Build Tolerance for Setbacks
Reflecting on their journey with CNBC, Mike said that surviving entrepreneurship requires the ability to endure uncertainty and discomfort. He described success as less about avoiding problems and more about learning to persist despite them.
In a conversation on Tom Wheelwright’s YouTube channel, Kass added that setbacks often build resilience, and the decision to start over after their initial failure gave her a strength she hadn’t realized she had.
Lesson 2: Focus Creates Progress
The couple stressed while speaking to Wheelwrigh that many entrepreneurs work hard but lack direction. They emphasized that success depends on clear priorities and the discipline to focus on the actions that matter most. Without this, businesses risk burning energy without achieving meaningful results.
Lesson 3: Culture Drives Growth
Another key takeaway they shared is the importance of building the right team culture from the beginning. Kass explained that aligning people with shared values early on prevents bigger conflicts later. For them, culture was not an afterthought but a foundation for scaling.
Lesson 4: Money Is Fuel, Not Comfort
On the financial front, the Lazerows pointed out that survival in business often comes down to one rule: don’t run out of money. They advised entrepreneurs to either aim for profitability from day one or become comfortable with fundraising as a process. Kass acknowledged that asking friends and family for investments can be emotionally risky, but she also stressed that the willingness to face those uncomfortable moments is part of entrepreneurial growth.
According to CNBC Make It, the couple launched Golf.com in 1999, a platform for recreational golfers. Within a year, it was acquired by e-commerce company Chipshot in a cash-and-stock deal. But when Chipshot failed to secure further funding, it went bankrupt, taking Golf.com down with it.
The Lazerows lost about Rs 21 lakh of their savings and also the money entrusted by family and friends. They admitted that the financial hit was tough, but the emotional strain of telling loved ones their money was gone was even harder.
Despite the blow, within three months they raised fresh funds, bought back Golf.com for about Rs 4.3 crore, and kept it afloat with a lean team. For two years, progress was slow, but momentum picked up as Tiger Woods’ wins in the early 2000s revived interest in golf. In 2006, Time Inc. acquired Golf.com for $24 million, marking the couple’s dramatic turnaround.
Lesson 1: Build Tolerance for Setbacks
Reflecting on their journey with CNBC, Mike said that surviving entrepreneurship requires the ability to endure uncertainty and discomfort. He described success as less about avoiding problems and more about learning to persist despite them.
In a conversation on Tom Wheelwright’s YouTube channel, Kass added that setbacks often build resilience, and the decision to start over after their initial failure gave her a strength she hadn’t realized she had.
Lesson 2: Focus Creates Progress
The couple stressed while speaking to Wheelwrigh that many entrepreneurs work hard but lack direction. They emphasized that success depends on clear priorities and the discipline to focus on the actions that matter most. Without this, businesses risk burning energy without achieving meaningful results.
Lesson 3: Culture Drives Growth
Another key takeaway they shared is the importance of building the right team culture from the beginning. Kass explained that aligning people with shared values early on prevents bigger conflicts later. For them, culture was not an afterthought but a foundation for scaling.
Lesson 4: Money Is Fuel, Not Comfort
On the financial front, the Lazerows pointed out that survival in business often comes down to one rule: don’t run out of money. They advised entrepreneurs to either aim for profitability from day one or become comfortable with fundraising as a process. Kass acknowledged that asking friends and family for investments can be emotionally risky, but she also stressed that the willingness to face those uncomfortable moments is part of entrepreneurial growth.
You may also like
2 Samvida Shikshaks Posted In Remote Villages Of MP Picked For National Teachers' Award
Jack Draper cleans up his own vomit as he makes winning start at US Open
Collegium picks Chief Justices of Bombay & Patna HCs as judges of SC
Meghan Markle blushes at TV star's cheeky 9-word joke in Netflix teaser
Nashik: Forest Department Rescues Leopard From Farm In Pimpalgaon Khamb
