Shaan (@ShaanVP) talks to entrepreneur Moiz Ali (@moizali) on today's episode. Have you ever looked at the back of your deodorant stick and read the ingredients? Aluminum zirconium trichlorohydrex? PPG-14 Butyl Ether? Well, Moiz saw that and created Native, a natural deodorant without all the chemical junk. He built the company from his brother's dining table - doing sales, marketing, operations & customer service as a one-man-show. His hard work paid off, as he sold the company for $100M to Proctor & Gamble just 2.5 years after it launched. Listen in to hear the backstory of how he started using just $1k, how the company almost died (twice), and how he negotiated a $100M sale of the business! --------- * Want to be featured in a future episode? Drop your question/comment/criticism/love here: https://www.mfmpod.com/p/hotline/ * Support the pod by spreading the word, become a referrer here: https://refer.fm/million * Have you joined our private Facebook group yet? Go to https://www.facebook.com/groups/ourfirstmillion and join thousands of other entrepreneurs and founders scheming up ideas. --------- Show notes: * 12:40 - How Moiz got his first product made and first few sales * 21:00 - The highs and lows of entrepreneurship * 27:40 - How to iterate quickly with a physical product * 32:55 - Shaan rapid fires questions at Moiz to understand his mindset and business at the time * 46:33 - How Moiz sold Native * 58:30 - Moiz talks about his doubters and how it fueled him
In this episode of My First Million Greatest Hits, Sam Parr talks with his younger brother who sold his company for $100 million. The company was an automation tool that helps businesses keep track of contact information, deals, and more, making it easier to serve customers and reach goals.
The founder of a company built his success after struggling for a few weeks with ads, until he finally made $100 a day and scaled the company to a $30 million run rate and eventually sold it for $100 million in cash.
Despite initial skepticism from investors, a deodorant company was successfully built over two and a half years with very little funding, becoming a leader in the natural deodorant industry.
The founders of a new deodorant brand were inspired to create a product made from natural ingredients as an alternative to antiperspirants formulated with unknown chemicals that few people can pronounce. The result was a deodorant that doesn't block sweat but instead uses plant-based ingredients that are not harmful to the environment.
The story of how the founders of Native Deodorant turned a homemade recipe into a successful business by testing their product and using social media to market it.
The speaker discusses moving to California, living out of their brother's apartment, and starting a business by packing 100 units on a dining table, running Google ads, and fundraising.
The speaker shares how they sourced manufacturing for their startup by calling the deodorant manufacturer and gradually scaling up production. They also talk about discussing Facebook ads with executives at the company's headquarters.
An entrepreneur shares his experience of customer feedback on the mediocre formula of his deodorant product, which led to months of developing a more effective formula.
A contract manufacturer aided in resolving customer complaints for deodorant product, by diagnosing the problem and balancing the amount of powder and oil for a better solution.
The guest speaker discusses how a small, subtle change in a product formula can lead to better repeat purchase rates. By monitoring cohorts and reviews, businesses can understand the impact of slight formula changes on the product's success.
Two law school classmates share their experience of leaving their jobs in 2012 to start an e-commerce business, and the comfort level they had in taking the risk to do so.
The speaker discusses the importance of customer service and how they have a dedicated team to handle it due to its never-ending nature.
The natural deodorant industry is small, but there is room for growth and innovation with new products that consumers want and need.
The speaker shares a story of a business acquisition in February of 2017 where someone approached them wanting to purchase the business.
The speaker discusses how businesses may have reservations or doubts about investing, and the importance of presenting data to potential investors.
Learning how to sell into big companies can generate millions of dollars each month, but it can be difficult to get started without any prior knowledge. Some entrepreneurs struggle to obtain references and leads for these larger companies.
The speaker recounts the intense scrutiny that board members give to emails and the unpredictability of running a business, reflected in the roller coaster-like ups and downs of the market.
The speaker mentions a 15 million dollar settlement, where a banker was liable for wrongdoing. The speaker also talks about the banker's retribution streak and how he would be devastated if someone interfered with his investments.
The speaker shares about the genuine, honest attitudes of Midwestern people as well as some life lessons, including not feeling obligated to finish a deodorant stick or a diet coke and being okay with relying on one's own intelligence instead of external advice.
Despite the financial windfall from selling his million dollar business, the speaker continues to rent and maintain his relationships with the employees who helped build it.
The speaker shares insights on the challenges of connecting with customers when selling consumer packaged goods (CPG) products online, as well as his experience with e-commerce and fundraising. He invites those interested in e-commerce to reach out to him for advice and collaboration.
In this podcast episode, the guest speaker shares tips for scaling a business from $100K to a million dollars, emphasizing the importance of personal financial situation, age, and energy. He also offers to answer any questions about e-commerce on LinkedIn or Twitter.