Earlier quoted context omitted.
http://what-if.xkcd.com/58/ This xkcd explains this really well. At orbital height, Earth's gravity's pull is still a full 90% of what we experience on the surface. Orbiting objects "dodge" this fall by going really fucking fast . I think I saw a comparison once that it takes about 15~20X more energy to attain orbit speed as it does to attain orbital height.
Extremely simple sums tells you orbital kinetic energy is about 10 times gravitational potential energy. Orbital velocity is about 8 km/s [0], so KE/kg is 1/2 v^2 which is about 32 * 10^6. At 320 km altitude the PE/kg is about g.h = 10.320.1000 = 32 * 10^5. So getting up to the right height is about one tenth of the energy needed. [0] You can compute this using Pythagoras and the fact that the Earth's radius is about…
The total gravitational potential energy you start from, from Earth's surface, is far from zero, as you are already at over 6000 km height. The 300 km height is a small blip on top of that. A 5 % change.
The velocity you start with is only the spinning of the earth (lower velocity closer to poles, vector sum too because you must launch to an inclined orbit from there) which is about 0.4 km/s. So you need a 20x change. (Coincidentally reciprocal of 5%.)