Chapter
The benefits of starting a small business without raising investor money
48:45 - 53:53 (05:07)
TOMS founder, Blake Mycoskie, shares his experience of running a successful enterprise that began small and raised bank loans to finance inventory, instead of having investors demand fast growth rates. Having a valuable company and leverage is more effective than immediately seeking financing, and focusing on addressing frustrations and needs can lead to a successful startup.
Clips
TOMS Shoes were originally called "Tomorrow's Shoes" because the company's pitch was to sell a pair today and give a pair tomorrow to a child in need.
48:45 - 50:21 (01:35)
Summary
TOMS Shoes were originally called "Tomorrow's Shoes" because the company's pitch was to sell a pair today and give a pair tomorrow to a child in need. However, the name was shortened to TOMS when the founder realized the original name wouldn't fit on the back of the shoe.
ChapterThe benefits of starting a small business without raising investor money
Episode#249: How to Make a Difference and Find Your Purpose -- Blake Mycoskie
PodcastThe Tim Ferriss Show
Tom's founder shares how starting small and not raising money from investors allowed the company to preserve their identity and maintain control over growth and demands.
50:21 - 53:53 (03:32)
Summary
Tom's founder shares how starting small and not raising money from investors allowed the company to preserve their identity and maintain control over growth and demands. He also recounts a humorous encounter where he had to prove he was the real Tom to sell his shoes.