Tubetotext

    Distinguished Speakers Series: David Heath, Bombas

    Being an Entrepreneur

    I didn't go through that process. Upon graduating, I was like, "I want to be an entrepreneur. I went to school for entrepreneurship. I know everything there is to know about entrepreneurship." I started a business, and not surprisingly, it was a pretty epic failure, I lost a lot of my savings.

    03:56

    Solving a Problem

    I was like, maybe this is a problem I want to solve. And then naturally, because of my entrepreneurial mindset, I was like, I want to solve this through business.

    07:00

    Direct-to-Consumer Model

    We said, alright, we're not going to go out and build a website first. How can we get a read on the digital marketplace for our product and our storytelling, a mission, product category without a huge investment?

    13:06

    Why Customer Segmentation is Important

    You have broadly speaking, paying customers and non-paying customers. And so how do you make decisions in terms of what you want to give to the non-paying customers where you may not have the market forces to tell you these socks are going to sell or not.

    20:53

    The Strategy for Giving

    It's really, so we have an in-house team. So I think another thing that's quite unique in the way that we do our giving is a lot of other, like for good companies, they'll pick one partner and they'll kind of outsource the giving to them, which makes a lot of sense, right?

    25:34

    Future Expansion

    I look at our five-year roadmap and we don't have any other product categories outside of continuing to expand within socks, tees, and underwear.

    32:45

    Customer Guarantees

    You offer these crazy customer guarantees, you guarantee their happiness and lifetime, I mean, socks don't last for a lifetime.

    34:37

    Importance of Touch and Human Connection

    So I think for us, this goes back to the DNA, like from day one, the model was built so that these two things are so inextricably linked that you can't undo them. And that if one is important, the other is naturally important because they're so tied together.

    53:08

    Stress and Uncertainty in Entrepreneurship

    And then with that, how did you handle the stress that comes with all of the uncertainty of starting a new business?

    53:45

    Preparation for Entrepreneurship

    I did not go into the business saying I know everything, I use the analogy of starting a business from a preparedness standpoint the way that you would, like if you were to approach climbing Mount Everest.

    53:50

    Breaking down goals into steps

    And they think about, oh, we could be this big and we have, you know, think about the logo and the website. And it's like, well, you think of, have you thought about building a financial model? Have you thought about building a minimum viable product? Test it with customers, get feedback, like, try to break these things down into steps and focus on what do you need to do first before step three, four, and five? 'Cause like, you're not going to get to the other steps unless you get to step one.

    55:24

    Importance of meditation

    And so I picked up a meditation practice almost from immediately when I started. I always made sure I prioritize sleep. I get typically eight hours of sleep every night 'cause I know that if I'm not at my highest level then I can't deliver and expect everybody else to be.

    56:50

    Setting a good example

    And then throughout the years, I realized same thing. Like I prioritized exercise and I just prioritized taking vacation and downtime and letting myself fully recharge before I could, you know, and by setting that right example, then everybody else did too.

    57:08

    Balancing work and life

    So you got to try to kind of find that balance. And if you are going to work 100 hours a week, like kind of do it quietly, don't tell everybody, 'Oh, I worked on Saturday' 'cause then they think that they have to work on Saturday.

    57:42