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DLYohn Notes & Quotes From Asi Action Sports & Apparel Innovator Panel
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DLYohn Notes & Quotes From Asi Action Sports & Apparel Innovator Panel

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notes from the ASI Action Sports & Apparel Innovator Panel

notes from the ASI Action Sports & Apparel Innovator Panel

Published in Business , News & Politics
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Transcript

  • 1. the entrepreneurs behind four of the most exciting brands in action sports shared their business-building advice with students – here’s what they said…
  • 2. Panelists:
    • Brian Enge, CEO of ZootSports
    • 3. Andy Laats, Co-Founder and President of Nixon
    • 4. Todd Richards, Olympic Snowboarder, Co-Founder OmaticSnowboards
    • 5. Beaver Theodosakis, Founder & CEO of prAna
    Moderator:
    • Michael Brower, CFO, Triple 7 Group, Inc.
    2
  • 6. on starting small and focused:
    3
  • 7. “find your niche
    and then exploit the heck out of it”
    4
  • 8. “try to be a big fish in a small pond”
    5
  • 9. “make a little bush fire
    and then let it catch on from there”
    6
  • 10. “start by building a leadership position in a small market – then partner with someone who can help you get bigger”
    7
  • 11. on fundraising and working with investors:
    8
  • 12. “fundraising is a living business plan”
    (ask rejecters for advice on how to make your business plan better)
    9
  • 13. “choosing your investors is the most important business decision you will make”
    10
  • 14. “fundraising is when you find out what kind of entrepreneur you are”
    (you learn what your risk profile is)
    11
  • 15. “don’t surprise your investors”
    12
  • 16. “take care of the people who were with you in the beginning…they will be your biggest advocates”
    13
  • 17. on marketing:
    14
  • 18. “we are leaving a trail of bread crumbs for people to follow as they learn about us…we let people discover things like easter eggs…we don’t tell everything at once”
    15
  • 19. how to differentiate?
    “it’s all marketing. kids want to associate with a name and feel they are part of a movement.”
    16
  • 20. “don’t talk down to your customers”
    17
  • 21. “we were in Big 5 every Saturday talking to every skateboarder about whatever they wanted to talk about”
    (be willing to do the work to
    build relationships with target)
    18
  • 22. “throw anchors in the opposite direction”
    (as you get bigger,
    go deeper with your core customers)
    19
  • 23. on strategy:
    20
  • 24. “there is no such thing as a defensible strategy. product innovation is our lifeblood but it isn’t defensible…it can be copied. what works is a good strategy well executed.”
    21
  • 25. “you may be a consumer brand but for the 1st 18 months, it’s about B2B” (getting distribution)
    22
  • 26. “take your core [target] on a journey with your product innovation”
    23
  • 27. final thoughts:
    24
  • 28. start-ups are evaluated on four P’s:
    product
    people
    potential
    predictability
    25
  • 29. “an entrepreneur is someone who makes money off of someone else’s money”
    26
  • 30. compiled by denise lee yohn
    mail@deniseleeyohn.com