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In this episode, host Sohin Shah speaks with David Hemmat, founder and sole shareholder of Blue Coding, a 150-person software development company based in the Dominican Republic.

He shares the story of his first failed venture funded partly by selling his father’s car and using student loans. Weak sales and operational challenges forced them to sell at a loss, teaching him early lessons about failure. David explains how Blue Coding began almost accidentally: needing more income, he took on a contract job at night, then left his day job to consult full-time. He grew the company organically.

He also describes how his risk tolerance evolved: taking bold swings early when stakes were low, becoming more cautious as the business scaled. Inspired partly by the Owner/President Management (OPM) program at Harvard Business School, he is now considering raising capital for more aggressive growth.

Beyond business, David founded the Radiant Hearts Foundation, supporting small, grassroots community projects. David emphasizes principle-driven leadership, patience, long-term thinking.

Here are the Top 10 Takeaways from the conversation:

1. Failure Can Be Your First Investor

David’s first business failed, but it gave him the confidence, skills, and resilience that later made Blue Coding possible. He treats failure as tuition - paid upfront, wisdom delivered later.

2. Your First Believer Matters More Than Capital

Selling his father’s car to fund his college venture wasn’t just money, it was validation. Every entrepreneur needs one person who says “go for it.”

3. Start Small, But Think Longer Than You Think You Should

His original goal? Just $2,000/month. Yet the journey became far bigger. Start tiny, but expect the compounding to surprise you.

4. Pick Principles Before You Pick Strategies

David runs his business with “fairness” and “honesty” as non-negotiables even when it costs money. Principles are cheaper than repairing broken trust.

5. Delegation Is a Growth Engine, Not a Luxury

The company doubled while he was riding a motorcycle from Denver to Argentina.

6. Growth Requires Occasional Reinvention

Every 5 years, David re-evaluates his life and business. He treats ambition like software, constantly updated, never finished.

7. Get Comfortable With Being Uncomfortable Again

The motorcycle trip reminded him that comfort breeds stagnation. Discomfort is a multiplier - for creativity, ambition, and humility.

8. Patience Beats Genius for Early Entrepreneurs

It took him 11 years to reach 150 employees. Most founders fail because they want results in 12 months, not 12 years.

9. Protect Yourself From Your Own Risk Aversion

His CFO forced him to take money out of the business so he would stop being overly cautious and begin thinking bigger. Sometimes someone else has to unlock your next level.

10. Purpose Evolves — Let It

He began with a need for income, but built Radiant Hearts when he no longer needed the money. Profit started the journey; purpose continues it.

Books: Traction, The E-Myth, Rich Dad Poor Dad & The Richest Man in Babylon