My first million: Tim Leatherman, Leatherman Tool Group

The story of the eight years Tim Leatherman spent trying to get his invention onto the market is a must-read for any budding entrepreneur.

As a lesson in staying power, the story of the eight years Tim Leatherman spent trying to get his invention onto the market is a must-read for any budding entrepreneur. Rejected by the army and every knife and tool company along the US west coast, it's hard to believe the Leatherman pocket survival tool, which he dreamt up in a Tehran hotel in 1975, ever made it to market. The idea stemmed from a 20-country budget trip across Europe that he and his wife undertook in a 1969 Fiat 600. Constantly breaking down, his scouting knife wasn't up to the job of fixing it. "I often needed pliers, so the idea was to add a pair of pliers to a pocket knife."

Back in Oregon, he told his wife it would take a month to make. "She said OK, and went to work to support us", while he went to the garage to "build what was in my mind". It took a little longer than Leatherman expected. "Three years later I had something I thought was pretty good." And he reckoned the hard work was over when he received the patent in 1981. He banked on showing his invention to a knife company, and for them to "fall head over heels in love with it, give me one million dollars and I'd sit back and live happily ever after".

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Jody Clarke

Jody studied at the University of Limerick and was a senior writer for MoneyWeek. Jody is experienced in interviewing, for example digging into the lives of an ex-M15 agent and quirky business owners who have made millions. Jody’s other areas of expertise include advice on funds, stocks and house prices.