Building Your Own Brand - Doug Pick - Entrepreneur Intel - Episode # 5

Our guest this week is a CPG innovator who disrupted an entire industry. While he may have started out small, he quickly grew, selling over 500 Million units. Joining the show this week is Founder of Hearos and Founder and CEO of D.A.P Ventures, Doug Pick!

Wes sits down with Doug to dive into his 30 plus years of entrepreneurial experience. Listen in as Wes and Doug discuss entrepreneurship, the challenges of disrupting the marketplace, and the journey of an innovative business from concept to successful exit.

Takeaways:

• Entrepreneurs need to understand that in order to be successful, every aspect of their business must be executed with excellence. This level of commitment is crucial for driving customer satisfaction, and ensuring the overall success of the company.
• When faced with economic challenges, it is crucial for entrepreneurs to evaluate their business strategies and consider innovative approaches. This includes assessing opportunities for growth and differentiation in order to thrive in the market.
• It is important for entrepreneurs to recognize the value of adapting their business to meet customer needs. By discovering a niche market in the sleep space, Hearos found success by providing solutions for people's sleep-related issues.
• It is crucial to recognize the signs early on when someone is not the right fit for your business. Proper vetting and thorough communication with potential team members are essential to ensure success and avoid costly setbacks.
• The emergence of store brands in the retail marketplace led to a shift in profitability for brand owners, as retailers recognized the potential to control customer traffic and generate higher profits through their own affordable store-brand offerings.
• Retailers prioritize high sales and profitability by strategically selecting products that maximize revenue, such as gift cards. Entrepreneurs should aim to offer items that generate significant profits and efficiently utilize store space to ensure financial success.
• Perseverance and finding the right expertise can lead to remarkable success, even in the face of tough competition. One person's determination can result in significant business growth and opportunities.

Quote of the Show:

• “The more you learn about something, the more you scratch,  the more you find out, whoa. I'm on to something here.” - Doug Pick

Links:

• LinkedIn: https://www.linkedin.com/in/doug-pick-5037571/ 
• Website: https://dougpick.com/ 
• Website: https://www.hearos.com/ 

Ways to Tune In:

• Spotify: https://open.spotify.com/show/2I9O1Du2CFBfhGkvR1Oyem 
• Apple Podcasts: https://podcasts.apple.com/us/podcast/entrepreneur-intel/id1720785558 
• Amazon Music: https://music.amazon.com/podcasts/4d7fcd6e-e68f-4855-bb8a-8f872fc5b799 
• Podchaser: https://www.podchaser.com/podcasts/entrepreneur-intel-5556614