"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." — Mike Moritz 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. Explore the episode notes. Search and down a transcript and find links to related books, interviews, lectures, and more: outlieracademy.com/173. Watch and listen. Watch this episode on YouTube Find this episode in your favorite podcast app Get new episodes delivered via email For more, explore my full profile of Steve Jobs. Who is Steve Jobs? Wisdom From The Man Who Built Apple, NeXT, and Pixar Brought to you by HVMN. With Ketone-IQ, fuel your best anytime with a boost of awesome-feeling energy and clarity. Unlock the power of nature's superfuel—no fasting or keto diet required. Advertise with Outliers and reach our global community