Alex Mandossian was $242,000 in debt after his first business failed in 1989, having convinced his mother to take a second mortgage on her home. Sitting broke in MacArthur Park in Los Angeles, that rock bottom became the moment that taught him marketing and changed everything that came after.
What moment did something happen that changed everything?
Well, I've never shared this before in this context, but it was a moment. It was the autumn of 1989 in Los Angeles, California. In— it was MacArthur Park, which is still there, and I was broke. It was a time when I was $242,000 in debt.
My goodness.
I just lost a ton of money from my first and only venture going out on my own. I had managed to convince my mom to put a second mortgage on her home and that home was in foreclosure.
Oh no.
I managed to convince my dad to lend me a bunch of money. I took my grandparents' money and all of it was gone. My girlfriend kicked me out and I'm on the way home to Pasadena where my mom lived. I stopped at MacArthur Park with my Volkswagen Jetta and I sat on a park bench and I can remember like it was yesterday because that 10-minute segment on that park bench, I learned how to do marketing.
Do You Actually Own AI Content? The Copyright Truth Every Entrepreneur Needs to Know (2025)
