Episode
Greatest Hits #2 - How to Build a $100 Million Deodorant Business Starting With Only $1,000
1:15:02
Published: Mon May 10 2021
Description
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
Chapters
In this episode of My First Million Greatest Hits, Sam Parr talks with his younger brother who sold his company for $100 million.
00:00 - 01:22 (01:22)
Summary
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.
EpisodeGreatest Hits #2 - How to Build a $100 Million Deodorant Business Starting With Only $1,000
PodcastMy First Million
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.
01:22 - 04:06 (02:43)
Summary
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.
EpisodeGreatest Hits #2 - How to Build a $100 Million Deodorant Business Starting With Only $1,000
PodcastMy First Million
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.
04:06 - 08:21 (04:14)
Summary
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.
EpisodeGreatest Hits #2 - How to Build a $100 Million Deodorant Business Starting With Only $1,000
PodcastMy First Million
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.
08:21 - 14:23 (06:02)
Summary
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.
EpisodeGreatest Hits #2 - How to Build a $100 Million Deodorant Business Starting With Only $1,000
PodcastMy First Million
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.
14:23 - 16:59 (02:35)
Summary
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.
EpisodeGreatest Hits #2 - How to Build a $100 Million Deodorant Business Starting With Only $1,000
PodcastMy First Million
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.
16:59 - 19:29 (02:30)
Summary
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.
EpisodeGreatest Hits #2 - How to Build a $100 Million Deodorant Business Starting With Only $1,000
PodcastMy First Million
The speaker shares how they sourced manufacturing for their startup by calling the deodorant manufacturer and gradually scaling up production.
19:30 - 21:54 (02:24)
Summary
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.
EpisodeGreatest Hits #2 - How to Build a $100 Million Deodorant Business Starting With Only $1,000
PodcastMy First Million
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.
21:54 - 26:01 (04:06)
Summary
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.
EpisodeGreatest Hits #2 - How to Build a $100 Million Deodorant Business Starting With Only $1,000
PodcastMy First Million
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.
26:01 - 30:11 (04:10)
Summary
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.
EpisodeGreatest Hits #2 - How to Build a $100 Million Deodorant Business Starting With Only $1,000
PodcastMy First Million
The guest speaker discusses how a small, subtle change in a product formula can lead to better repeat purchase rates.
30:11 - 34:18 (04:06)
Summary
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.
EpisodeGreatest Hits #2 - How to Build a $100 Million Deodorant Business Starting With Only $1,000
PodcastMy First Million
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.
34:18 - 36:54 (02:36)
Summary
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.
EpisodeGreatest Hits #2 - How to Build a $100 Million Deodorant Business Starting With Only $1,000
PodcastMy First Million
The speaker discusses the importance of customer service and how they have a dedicated team to handle it due to its never-ending nature.
36:55 - 41:16 (04:21)
Summary
The speaker discusses the importance of customer service and how they have a dedicated team to handle it due to its never-ending nature.
EpisodeGreatest Hits #2 - How to Build a $100 Million Deodorant Business Starting With Only $1,000
PodcastMy First Million
The natural deodorant industry is small, but there is room for growth and innovation with new products that consumers want and need.
41:16 - 45:20 (04:04)
Summary
The natural deodorant industry is small, but there is room for growth and innovation with new products that consumers want and need.
EpisodeGreatest Hits #2 - How to Build a $100 Million Deodorant Business Starting With Only $1,000
PodcastMy First Million
The speaker shares a story of a business acquisition in February of 2017 where someone approached them wanting to purchase the business.
45:20 - 48:35 (03:14)
Summary
The speaker shares a story of a business acquisition in February of 2017 where someone approached them wanting to purchase the business.
EpisodeGreatest Hits #2 - How to Build a $100 Million Deodorant Business Starting With Only $1,000
PodcastMy First Million
The speaker discusses how businesses may have reservations or doubts about investing, and the importance of presenting data to potential investors.
48:35 - 52:30 (03:55)
Summary
The speaker discusses how businesses may have reservations or doubts about investing, and the importance of presenting data to potential investors.
EpisodeGreatest Hits #2 - How to Build a $100 Million Deodorant Business Starting With Only $1,000
PodcastMy First Million
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.
52:30 - 54:30 (01:59)
Summary
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.
EpisodeGreatest Hits #2 - How to Build a $100 Million Deodorant Business Starting With Only $1,000
PodcastMy First Million
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.
54:30 - 57:21 (02:51)
Summary
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.
EpisodeGreatest Hits #2 - How to Build a $100 Million Deodorant Business Starting With Only $1,000
PodcastMy First Million
The speaker mentions a 15 million dollar settlement, where a banker was liable for wrongdoing.
57:21 - 1:01:24 (04:02)
Summary
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.
EpisodeGreatest Hits #2 - How to Build a $100 Million Deodorant Business Starting With Only $1,000
PodcastMy First Million
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.
1:01:24 - 1:05:49 (04:24)
Summary
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.
EpisodeGreatest Hits #2 - How to Build a $100 Million Deodorant Business Starting With Only $1,000
PodcastMy First Million
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.
1:05:49 - 1:09:39 (03:49)
Summary
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.
EpisodeGreatest Hits #2 - How to Build a $100 Million Deodorant Business Starting With Only $1,000
PodcastMy First Million
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.
1:09:39 - 1:13:17 (03:38)
Summary
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.
EpisodeGreatest Hits #2 - How to Build a $100 Million Deodorant Business Starting With Only $1,000
PodcastMy First Million
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.
1:13:18 - 1:14:11 (00:53)
Summary
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.