He Had $75 When He Immigrated to the U.S. as a Refugee. Then He Started a Business — and Grew It to $1.2 Billion.

In the 1980s, Payam Zamani was increasing up successful Iran arsenic a personnel of the Baha'i Faith — a group persecuted by the Iranian government, which killed hundreds of Baha'is successful the aftermath of the 1979 Iranian Revolution. Life for Baha'is successful the state had been reliable moreover earlier the uprising, but it became progressively truthful aft the fact, Zamani tells Entrepreneur.

Image Credit: Courtesy of One Planet Group. Founder, president and CEO of One Planet Group Payam Zamani.

When Zamani was 10, a mob incited by schoolhouse officials chased him disconnected field and attempted to termination him. He survived, and by property 16, was yet capable to fly the country. Zamani recounts the 1987 flight successful his book Crossing the Desert: The Power of Embracing Life's Difficult Journeys, which was published earlier this year. Ultimately, Zamani would make a life for himself successful the U.S., but his first extremity was Pakistan, wherever he became a stateless refugee.

"I retrieve the time that I was admitted to participate the U. S. Embassy successful Pakistan because the U.S. knew what [I was] dealing pinch arsenic a Baha'i from Iran," Zamani says. "That was the first clip successful my life, astatine the property of 16, I knowledgeable quality rights. There was a state halfway astir the world that weighted my life much than my ain state did. And that is thing that ever stuck pinch me."

Image Credit: Courtesy of One Planet Group

Related: How to Start Your Own Business arsenic an Immigrant successful the United States

Zamani stayed successful Pakistan for a twelvemonth earlier he and his relative Frank Zamani arrived successful San Francisco, California successful 1988. The brothers had $75 betwixt them and worked immoderate jobs they could to make ends meet. Zamani vanished his past twelvemonth of precocious schoolhouse and attended UC Davis while his relative enrolled astatine Chico State. Zamani studied biology toxicology pinch the thought of going into medicine; his relative majored successful computer science.

However, by the clip he graduated, Zamani had a different master goal: He wanted to start a business successful the biology space. "I knew very little," Zamani says. "I was only 23 years old. I had conscionable travel to the U.S. I had conscionable learned English. I was speaking the connection pinch a heavy accent."

"I had owned 16 cars already, inexpensive cars. I would bargain and waste them to acquisition different cars."

But Zamani would recognize different entrepreneurial opportunity. In 1994, his relative landed a occupation astatine Microsoft and was connected the marketplace for a caller Honda. He called Zamani to pass him of a discovery: Honda didn't person a website. Zamani didn't cognize overmuch astir the net astatine the clip (few group did), truthful he wasn't needfully amazed that the car shaper didn't person an online presence.

Still, erstwhile his relative suggested they start a website devoted to cars, Zamani was intrigued — because cars were his passion. "I had nary money," Zamani says, "but I had owned 16 cars already, inexpensive cars. I would bargain and waste them to acquisition different cars. And I loved the thought of arming consumers pinch much accusation than the car dealers and salesmen had."

Related: Immigrant Business Owners Are the Key to Supercharging America's Economy

Zamani describes a communal scenario: You negotiate the value of a car, acquisition it, past travel home, and a friend aliases family personnel who knows cars tells you it was a bad deal. Zamani wanted to return each of the guesswork and regret retired of the equation; he wanted group to person the specifications they needed to navigate the transaction effectively. They would telephone their business AutoWeb.

"We were the first institution ever to supply invoice prices of cars to consumers," Zamani says. "Dealers did not for illustration it, but our position was, 'Look, if the consumers show up, the manufacture will inevitably show up. So, it is our occupation to make it charismatic to consumers, and past the dealers will compete for the consumers' transactions. And that turned retired to beryllium the case."

"It was against each likelihood that we were capable to build that business and turn it to what it became."

In the 1990s, Zamani says he and his relative were "the oddballs successful Silicon Valley." They knew thing astir starting a business. They had nary network successful the U.S., truthful they had nary mentors. They didn't cognize the word "venture capital" until a VC reached retired to them. Yet nary situation seemed insurmountable aft what they'd already overcome, Zamani recalls.

"It was perseverance and being astatine the correct spot astatine the correct clip and gathering immoderate phenomenal group on the measurement that ended up helping us," Zamani explains. "But it was against each likelihood that we were capable to build that business and turn it to what it became."

Fundraising proved a important hurdle. In those days, if you weren't a achromatic man from an Ivy League university, you wouldn't get funded, Zamani says. So, moreover though AutoWeb continued to turn and spot success, it wasn't attracting investors. "Today we spot that that's commonplace, of course, for women successful Silicon Valley, that they person a very difficult clip getting funding," Zamani notes. "And backmost then, that situation was extended to moreover men if they did not fresh the mold."

Related: The 5 Advantages You Have If You're an Immigrant Entrepreneur

The Zamani brothers had to spell each the measurement to Fort Lee, New Jersey to raise money — and "at a overmuch little valuation than immoderate institution successful our business would person raised." What's more, it wasn't until the information earlier AutoWeb's IPO that task superior successful Silicon Valley was consenting to backmost it, albeit still astatine a importantly little valuation than adjacent companies would receive, according to Zamani.

AutoWeb went nationalist successful 1999 and reached a $1.2 cardinal valuation, pinch shares peaking astatine $50.

"Our pockets are full, but we consciousness empty. There's thing fundamentally missing."

Zamani was successful New York connected the time of the IPO. "I'm embarrassed to opportunity this today, but what went done my mind astatine that infinitesimal erstwhile the institution was going nationalist for $1.2 cardinal was, Now I've sewage to do thing bigger," Zamani recalls. At conscionable 28 years old, Zamani wasn't prepared for that level of financial success, he admits.

The institution besides wanted a caller CEO. "Silicon Valley loved hiring gray-haired group for CEO roles, and I did not get that mold either," Zamani says. "So we hired a CEO who I did not deliberation was the correct feline for the job, and he proved that very soon after. So I decided it was clip to move connected and do thing other successful my life."

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Zamani was disappointed pinch his acquisition connected Wall Street. He says that while founders strive to build companies, VCs and Wall Street want to maximize the stock price, moreover if it intends manipulating it earlier they're "able to dump it astatine the correct clip and move on."

"That shape of capitalism is what has near america all, moreover the entrepreneurs, founders and executives, emotion that we're quiet astatine the extremity of it: Our pockets are full, but we consciousness empty," Zamani says. "There's thing fundamentally missing."

"I wanted to make judge that immoderate I build considers the existent principle of who we are arsenic humans."

So Zamani decided to thin into his belief upbringing for his early business endeavors. In 2015, he founded One Planet Group, a backstage equity patient that invests successful early-stage companies focusing connected the early of mobility, acquisition improvements, wellness exertion and biology solutions.

Zamani says the group's sanction evokes the thought that we're each citizens of 1 country: Planet Earth.

"I wanted that conception of unity to beryllium an important portion of immoderate I was building," he explains, "and I wanted to make judge that immoderate I build considers the existent principle of who we are arsenic humans, arsenic the belief beings that we are. I don't want to look astatine you aliases anyone other I'm going to activity pinch arsenic a consumer, arsenic a competitor, arsenic an employee, arsenic a token of economical value, but alternatively thing overmuch greater than that."

Related: It Worked for Steve Jobs: Here's Why Spirituality is Critical for Entrepreneurial Success

"If you're making that travel thing that's worthy living, you will ever consciousness fulfilled."

Zamani says he couldn't understand why nonprofit organizations had to guidelines for the group and businesses for greed, truthful he's doing what he tin to span the gap.

In 2022, Zamani and One Planet Group knowledgeable a afloat circle moment: the acquisiton of AutoWeb. The deal, weighted astatine just nether $5.5 million, was not only a compelling financial opportunity, but besides 1 pinch individual significance, Zamani says. "It was a chance to bring closure to a section that had remained unwritten for years," he explains. "Returning to wherever it each began and guiding it guardant was some meaningful and fulfilling."

According to Zamani, aspiring entrepreneurs who want to make an effect pinch a business of their ain should find a mentor, first and foremost — not a family member, but personification who will show you the truth.

Related: You Need a Mentor. Here's Where to Find One for Free.

Then crushed yourself successful values that fulfill your needs arsenic a quality and elevate your business to thief different people.

"At the extremity of the day, that will make your travel acold much fulfilling," Zamani says. "The truth is the overwhelming mostly of businesses don't survive. So you want to make that travel worthy experiencing, and not conscionable seeking an exit, seeking an IPO that whitethorn ne'er happen. Then you consciousness like, 'Ah, that was a failure.' But if you're making that travel thing that's worthy living, you will ever consciousness fulfilled whether aliases not that climax comes astir successful your business."