How Two Millionaire Rockstar Entrepreneurs get sacked from their own companies

steve-jobs-and-dom

So what do Dominic Carosa, founder of Destra Corporation worth $100m, and Steve Jobs, founder of Apple (priceless), have in common? Both are college dropouts, both began their business from their garage, both became rockstar entrepreneurs before 30, and both have been sacked from their own companies.

You’re probably asking the same question I am. How the hell did two of our coolest and hottest entrepreneurs get sacked from their own companies?

Here’s the scoop.

April 8, 1983: Steve Jobs lures John Sculley, President of Pepsi, to Apple by telling him “Do you want to spend the rest of your life selling sugared water or do you want to a chance to change the world?”

May 24, 1985: John Sculley fires Steve Jobs, founder of Apple.

May 2000: Dominic Carosa floats Destra on the Australian Stock Exchange minutes before the US market crashed

April 23, 2008, 12AM: Destra fires Dominic Carosa, founder of Destra

As Apple and Destra grew, Steve and Dom hired people who they thought were very talented to run the company with them. All went well for a while for both companies, but than visions diverged! Now the thing with public companies is that millions of dollars may pour in overnight, but the entrepreneur relinquishes their power and is forced to bow down to shareholders and a board of directors whose compulsory meetings can seriously screw things up. Richard Branson would also know.

1986 – Virgin goes Public, raises £30 million

1988 – Virgin goes back to Private

“Our year of being a public company, was Virgin’s least creative” – Richard Branson

Moral of the story?

We must take care not to make intellect our god. It has, of course, powerful muscles, but no personality. It cannot rule, only serve.
– Albert Einstein

Entrepreneurs thrive on creativity and creation. Dom, Steve and Richard are commercial gods of creation, whose world apocalypsed in the hands of people who hailed no such worth in creativity.  Choose the right people with the right visions and values, and they are your greatest asset. Choose the wrong people with different visions and values, and they are your most destructive liability.

All the best to every rockstar entrepreneur out there,

Little Miss Entrepreneur

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4 thoughts on “How Two Millionaire Rockstar Entrepreneurs get sacked from their own companies

  1. Destra sadly filed for administration not long after Dom left the firm earlier this year and the shares are no longer worth even 1 cent. Dom had a lot of shares in the company and I feel for him losing most of it.

  2. Actually I should reword – he lost most shares in Opes Prime. The rest when the company went under in 2008.

  3. That’s right John, Opes Prime has a major share holding in Destra, launched an aggressive take-over overnight and bought out the company, kicked Dom out, took everything worth taking and plundered the company. Ouch, I know, heartbreaking for him!!

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