Naturally, I appreciate any entrepreneur whose story starts with selling things from a car!
Plank’s company began with a need: his cotton shirts didn’t wick away his sweat well enough to keep him comfortable during football practice. After he graduated from college, he started looking for a material that could handle an athlete’s perspiration better.
Using all his savings and a small business loan, he manufactured his first products. When he started selling them, he tried to convince people over the phone that his company was bigger than it really was. That sounds familiar, too!
Eventually, he made a few key sales, and his company was off. Now, Under Armour has an annual revenue of over $5 billion.
Plank was so successful, he was able to retire from Under Armour before he was 50 years old!
Now, Plank uses his money to help others and pursue his passions. His donations have benefited educational efforts, work to restore Baltimore’s Inner Harbor, and the environment. He’s also politically active, which I admire.
Under Armour’s success proves, once again, that if you’re bold enough to see a need and address it, you can have business success despite modest beginnings.
Jack Fallon
