Despite never having money as a child, the 65-year-old CEO is now worth $11 billion.

Despite never caring much about money, Jay Chaudhry became a billionaire.

According to Chaudhry, who grew up in a farming village in rural India, they don't have a strong attachment to money since they never had much of it in their early childhood and there was no pressure to buy specific items.

Zscaler's founder and CEO, Chaudhry, who is 65 years old, has an estimated net worth of over $11 billion. He attributes his entrepreneurial mindset to his decision to quit his job and invest $500,000 of his life savings into a cybersecurity startup called SecureIT in 1997, along with his wife Jyoti.

During the early internet boom, they seized an opportunity to establish a presence in an emerging industry, despite the risk of losing their savings. Their frugal lifestyle, characterized by minimal spending, gave them the confidence to take the leap, and they were optimistic about securing new employment if SecureIT didn't succeed.

"Chaudhry believes that his family's influence is likely the reason for his behavior. He is unsure of the specific cause but admits that his upbringing never changed. Some individuals accumulate wealth and feel the need to purchase multiple homes, boats, and planes, which Chaudhry finds overwhelming."

In the early stages, Jay served as CEO and Jyoti oversaw the finance, systems, and human resources departments.

In 2007, Chaudhry used some of the money from selling SecureIT, which they had launched less than two years earlier, to fund the launch of Zscaler.

The company, valued at roughly $29 billion, went public in 2018.

The value of putting in 'your own money'

He claims that his attitude towards wealth aided him in making shrewd, long-term business decisions.

"In Silicon Valley, people often raise a lot of money and acquire extravagant buildings and mahogany desks. However, according to him, if individuals invest their own money, they approach the situation differently. He believes it is beneficial to do so."

Chaudhry advises owning 100% of your company early on to control your own business decisions. He notes that it can take a few years to gain traction in the market, and VCs may dismiss you if they don't see immediate financial returns.

After launching Zscaler five years ago, Chaudhry eventually raised more than $148 million in total funding before going public. Despite outside investors owning only about 16% of the company, Chaudhry remained the chief decision-maker due to the control he retained.

By retaining more control, founders can benefit employees by providing them with more equity in the company, which can increase their stake in the business's success. This, according to Chaudhry, is beneficial because employees are the ones who make the difference and work tirelessly day and night.

The debate among entrepreneurs frequently centers on the advantages and disadvantages of starting a business with limited resources versus obtaining external financing, particularly in the early stages.

While raising capital can aid in accelerated growth, seasoned VC investors can provide valuable advice and support. However, as billionaire Mark Cuban contends, external investors may seize control from founders, subsequently using that power to compel them to prioritize short-term expansion over long-term stability.

The biggest mistake new founders can make, according to Cuban, is thinking they need to secure outside funding to grow their business. Cuban stated in a 2019 interview with Ryan Seacrest that "raising money is not an achievement, it's an obligation" because "now you're accountable to the person you raised money from."

A money mindset that encourages big risks

Chaudhry says that Zscaler's business model posed a "greater risk" compared to his previous ventures.

The $50 million financial investment was a significant part of the gamble, representing just a "fraction" of his net worth but 50 times the median amount startups typically spend on seed funding, according to nonprofit Angel Resource Institute. This was 100 times what Chaudhry put into his first startup, he notes.

At the time, the cloud security market was not yet fully mature, but Chaudhry was willing to take a risk because he believed in the company's potential to make a difference in the ever-changing world of cybersecurity. He correctly predicted that companies would need to move away from outdated firewalls and adopt more modern security measures.

"His mindset about wealth allowed him to make a bet and say: 'Let's spend and do this venture,'" he says.

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