The Alpha M. Podcast
Building A 7 Figure Business With Under $100 with Eric Bandholz
Jul 28, 2020
In this engaging discussion, Eric Bandholz, founder of Beardbrand and Shark Tank alumnus, shares his entrepreneurial wisdom. He reveals how he started his business with under $100 and addresses why taking on investors can sometimes be counterproductive. Eric recounts his experiences with both successful and failed ventures, shedding light on hiring strategies and the unique corporate culture at Beardbrand. He also dives into retail partnerships with major brands like Nordstrom and Target, and emphasizes the importance of intrinsic values in motivating employees.
41:05
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Quick takeaways
- Effective money management and a frugal lifestyle were crucial for sustaining Eric during the early growth of Beardbrand.
- Building a strong team and cultivating a culture of trust and autonomy proved essential for enhancing the company's capabilities and innovation.
Deep dives
Balancing Finances and Entrepreneurship
Effective money management and a frugal lifestyle helped sustain the entrepreneur during the initial stages of his business. Despite initial fears of financial instability, he relied on savings and a modest lifestyle, which included simple meals to stretch their budget. His previous experience as a financial advisor contributed to his ability to manage funds effectively. The support from his wife's steady income further alleviated financial pressures, allowing him to focus on building his business without depleting savings.
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