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This week on How Success Happens, I spoke with Stephen Lease, CEO and co-founder of sunglasses brand Goodr. He's had an amazing career and I was curious to hear what inspired him to become an entrepreneur, how he learned from selling industrial water treatment systems to golf courses, discovering what his core customers really care about, and how he applied the lessons he learned from his time in corporate America to starting Goodr.
You can listen to our entire conversation above. I've highlighted three key takeaways below.
Don't let sunk costs tie you to something that doesn't work
If you start a business and are convinced it's a great idea, your loved ones will definitely support you. Lease started five companies before finding success with Goodr, and while he was initially confident in all of them, he eventually realized that hope was not a solid strategy when a business just wasn't working. Early on in his entrepreneurial journey, it was painful to come to terms with the closure of a business he had invested energy in, but eventually he became good at starting businesses inexpensively and quickly recognizing whether or not they would be successful.
Timestamp — 8:50-10:30
When you change your mindset and put work above results, the ups and downs of everyday life become a gift
Lease started Goodr as a side job, which meant he worked around the clock for several years before running the company full-time. He's often asked where he got the motivation to put in so much time, and the only answer he can think of is that he found joy in the day-to-day. As a leader, he wants to inspire his team to take big steps, and sometimes that means putting a lot of effort into something that fails. However, he assures them that failure is OK, as long as you celebrate the work more than the results.
Timestamp — 19:40-20:50
You can’t be a master of everything – identify your North Star as a brand and double it
When Lease and his co-founders started Goodr, they weren't sure if it would be a lifestyle brand or an eyewear brand. After a few years, however, they took a hard look at the business and realized that eyewear was what the company did best. This opened up a world of opportunity, but they also needed to figure out what their differentiators were as a brand – those differentiators are function, fun, fashion and “affordability.” Focusing on these points has given the brand a clear decision matrix for expanding its product offerings, and Lease is confident that with these differentiators in mind, Goodr will continue to create products that its customers love.
Timestamp — 21:28-23:35
Create your very own Auto Publish News/Blog Site and Earn Passive Income in Just 4 Easy Steps
