The Fort #350 - Mike Beckham - Co-Founder & CEO @ Simple Modern - A Former Pastor Built One Of The Fastest Growing E-Commerce Businesses In The US
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Apr 30, 2024 Mike Beckham, Co-Founder & CEO of Simple Modern, talks about building the company during Yeti's domination, hypergrowth strategies, product licensing, disadvantages of online sales, and more. From starting Simple Modern to the power of AI and building moats, this podcast covers key insights into entrepreneurship.
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Prioritizing Qualitative Factors
- Prioritize qualitative factors like company culture and impact alongside financial goals when starting a company.
- Choose a mission and build a company culture that aligns with your personal values to increase enjoyment and satisfaction.
Choosing Drinkware
- Simple Modern's initial product ideas included terrible ideas and insulated drinkware.
- Despite the competitive landscape, they chose drinkware due to high market volume and the potential for it to become a fashion product.
Asymmetric Product Launches
- Consumer product companies are asymmetric; failed products cost thousands, successful ones millions or billions.
- Launching products frequently increases your chance of a hit, much like VC portfolio diversification.