How did Blake Mycoskie's mother influence his entrepreneurial career?

Blake's mother self-published 'Butter Busters,' a cookbook that became a bestseller. Seeing her act on an idea that could help people, and learning that significant success could come from humble beginnings, deeply impacted Blake at a young age and shaped his entrepreneurial mindset.

What was Blake Mycoskie's first business venture?

Blake's first business was 'Easy Laundry,' a college laundry pickup and delivery service. He conceptualized it after a sports injury left him unable to do his own laundry, highlighting how necessity can be a powerful driver for entrepreneurial ideas.

What major business failure did Blake Mycoskie experience before TOMS?

Before TOMS, Blake Mycoskie co-founded a reality television network. The venture failed primarily due to the difficulty of securing distribution deals with major cable providers, teaching him a critical lesson about the importance of controlling distribution or having key partners onboard.

What is the 'One for One' model of TOMS?

The 'One for One' model, the core of TOMS's business, means that for every pair of shoes purchased by a customer, the company gives a pair of new shoes to a child in need. This model expanded to include providing sight-restoring surgeries and clean water.

What was the biggest challenge TOMS faced with its initial packaging?

TOMS initially tried to eliminate cardboard boxes by using reusable linen bags to reduce waste. However, this proved impractical for retailers like Nordstrom, whose stockroom associates struggled to manage the bags, leading to lost sales and TOMS being temporarily removed from Nordstrom stores.

What is Blake Mycoskie's personal mantra and its origin?

Blake's lifelong mantra is 'Carpe Diem' (Seize the Day). He adopted it at age 19 after the tragic death of a close friend in a plane crash, realizing the fragility of life and the importance of living each day to its fullest.

How does Blake Mycoskie balance his business aspirations with family life?

He emphasizes the critical role of the calendar for maintaining balance. Blake and his wife schedule monthly 'date nights' and specific times for family activities, like dedicated mornings or afternoons with their son, treating these commitments with the same importance as business meetings.

Key Moments

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Key Moments

TL;DR

Blake Mycoskie, founder of TOMS, shares his journey of building a purpose-driven business through a 'buy one, give one' model, emphasizing resilience, learning from failure, and living without regret.

Key Insights

TOMS' 'buy one, give one' model was born from a personal experience in Argentina, highlighting the need for sustainable solutions over charity.

Entrepreneurial drive can stem from personal experiences, family influence, and a desire to solve problems, as seen in Mycoskie's mother's cookbook success and his own 'Easy Laundry' venture.

Failure is a critical learning opportunity, as demonstrated by the struggles with the reality TV network and the initial challenges with TOMS' packaging, leading to crucial business adjustments.

The importance of intentionality and scheduling is highlighted for balancing business, personal life, and relationships, particularly in parenting and maintaining friendships.

Overcoming fear is often achieved by using it as a motivator, especially when the stakes involve disappointing those who are most vulnerable.

Living by the mantra 'Carpe Diem' (Seize the Day) is essential for honoring life, especially after experiencing profound loss, and applies to all aspects of living and working.

THE ORIGINS OF PURPOSE-DRIVEN BUSINESS

Blake Mycoskie's entrepreneurial journey began not with a grand business plan, but with a desire to solve problems and help others. His mother's self-published cookbook, which became a bestseller, offered an early lesson in creating value from an idea and reaching people directly. This experience instilled in him the understanding that impactful ventures can emerge from personal insights and a dedicated approach, laying the groundwork for his future endeavors in combining business with social good.

EDUCATION, ATHLETICS, AND EARLY VENTURES

Mycoskie's academic path, initially aiming for archaeology inspired by Indiana Jones, evolved to philosophy, reflecting a deep curiosity about human thought and the world. This period, interspersed with his pursuit of a professional tennis career, taught him discipline and the drive to understand complex ideas. His first significant business, 'Easy Laundry,' arose from a personal necessity during an injury, demonstrating how entrepreneurial ideas often stem from solving immediate problems and identifying unmet needs in a specific market, like college students.

LEARNING FROM FAILURE: THE REALITY TV NETWORK

A foray into the nascent reality television industry with a dedicated cable network proved to be a significant, albeit painful, learning experience. Despite having a product (content) that resonated with end-consumers, the venture failed due to an over-reliance on a few powerful distributors who lacked a business incentive to carry it. This failure led to financial losses, the necessity of laying off employees, and a period of depression, but underscored the critical lesson of ensuring alignment with key gateholders in any business model.

THE BIRTH OF TOMS: A PHILANTHROPIC BUSINESS MODEL

During a trip to Argentina in 2006, Mycoskie witnessed widespread poverty and the urgent need for shoes among children attending school. This direct experience, coupled with a poignant question about the sustainability of aid, sparked the innovative 'buy one, give one' model for TOMS. The core idea was simple: sell shoes to those who wanted them, and give a pair to a child in need for every pair sold, creating a business that directly addressed a social issue without relying solely on charity.

NAVIGATING EARLY GROWTH AND SETBACKS

The initial launch of TOMS encountered significant hurdles, from securing retail partnerships to managing inventory and packaging. A crucial early success came from a feature in the Los Angeles Times, which drove massive online sales, overwhelming the small operation. A major challenge emerged with Nordstrom, who insisted on traditional shoe boxes, conflicting with Mycoskie's vision for eco-friendly packaging. This led to a temporary expulsion from the retail giant, emphasizing the need to balance innovative ideals with practical business realities.

THE POWER OF PERSISTENCE AND CORE VALUES

Mycoskie's journey is marked by resilience, using fear as a motivator rather than a paralyzer, particularly when facing the prospect of disappointing vulnerable communities. He emphasizes that true wealth lies in experiences, memories, and relationships, not material possessions. His personal mantra, 'Carpe Diem,' adopted after a friend's death, guides him to live each day fully and intentionally. This philosophy underpins his approach to business, parenting, and maintaining meaningful connections, highlighting that consistent effort and core values are paramount to a fulfilling life.

Mentioned in This Episode

●Software & Apps

●Companies

●Organizations

●Books

●Concepts

●People Referenced

Entrepreneuial Lessons from Blake Mycoskie

Practical takeaways from this episode

Do This

Act on your ideas, even if you're not an expert.

Start from nothing; a fortune can be made from a simple idea.

Use journaling for progress tracking, therapy, and goal setting.

Identify a solution to a problem or a service you want but can't get.

Leverage marketing and PR to create buzz around your product/service.

Be adaptable - know which rules to break and which to follow.

Prioritize experiences, memories, friends, and family over material wealth.

Schedule important personal commitments and hobbies like business meetings.

Embrace fear as a motivator, especially when it involves disappointing others.

Live each day with purpose ('Carpe Diem').

Avoid This

Don't be afraid to self-publish your work if the traditional route isn't working.

Don't just think about building a business; identify a dissatisfaction to solve.

Don't underestimate the power of 'fake it till you make it' in initial marketing.

Don't rely on a few gatekeepers for your business success; ensure a broad customer base.

Don't be afraid to take breaks to gain new perspectives and avoid burnout.

Don't get stuck on a single packaging or business model if it hinders sales.

Don't let fear paralyze you; use it as a catalyst for success.

Don't neglect your relationships, especially friendships, as you get older.

Common Questions

During a trip to Argentina in 2006, Blake Mycoskie witnessed children in poverty who couldn't go to school because they lacked basic footwear. This experience, combined with a conversation with his polo teacher about the sustainability of charity, inspired him to create a business with a 'One for One' model: sell a pair of shoes, give a pair to a child in need.

Topics

Business & Entrepreneurship Mindset & Self-Improvement Society & Philosophy Social Entrepreneurship Business Strategy Personal Growth Overcoming Fear Philosophical Thought Startup Lessons Mindfulness

Mentioned in this video

Companies

Driver's Ed Direct

A driving school business founded by Blake Mycoskie that eliminated classrooms, offered online courses, and hired attractive models and actors as instructors to engage teenagers.

LA Times

Newspaper that published a feature story on TOMS shoes, which led to a massive surge in online sales.

Easy Laundry

Blake Mycoskie's first real business, a pickup and delivery laundry service for college students, founded after he injured his Achilles tendon.

MySpace

A social networking website that Blake Mycoskie leveraged for marketing his 'Driver's Ed Direct' business, which became very popular among teenagers.

Nordstrom

A major U.S. department store that Blake Mycoskie aimed to get as a retailer for TOMS shoes. They initially demanded conventional shoe boxes, which clashed with TOMS's eco-friendly packaging.

Abercrombie & Fitch

A retail brand whose models Blake Mycoskie hired as driving instructors for his 'Driver's Ed Direct' business to appeal to teenage students.

TOMS

A company founded by Blake Mycoskie, known for its 'One for One' model, giving away shoes to children in need for every pair sold. It has since expanded to provide eyesight restoration and safe drinking water.

Patagonia

An outdoor clothing company founded by Yvon Chouinard, whose business practices and handling of tough times provided lessons for Blake Mycoskie.

People

Howard Schultz

Former CEO of Starbucks. Blake Mycoskie recommends his books, 'Pour Your Heart Into It' and 'Onward', for entrepreneurs.

Blake Mycoskie

Founder of TOMS, entrepreneur, and guest on the show. He shares his journey from early business ventures to the creation and impact of TOMS.

Marcus Aurelius

Roman Emperor and Stoic philosopher, author of 'Meditations'.

Benjamin Franklin

An American Founding Father, printer, and inventor, cited as an example of early marketing tactics by displaying himself as busy to attract customers.

Thich Nhat Hanh

Vietnamese Buddhist monk, author, and peace activist. His book 'The Art of Power' influenced Blake Mycoskie.

Yvon Chouinard

Founder of Patagonia. Blake Mycoskie learned from his book 'Let My People Go Surfing' and his approach to company culture.

Booth Moore

The leading fashion writer at the LA Times who wrote the article about TOMS shoes that significantly boosted their initial sales.

Richard Branson

Founder of the Virgin Group, whose approach to business and books like 'Losing My Virginity' inspired Blake Mycoskie during a difficult period.

Media

Indiana Jones

A fictional character whose adventures inspired Blake Mycoskie to initially pursue archaeology at SMU.

The Amazing Race

A reality competition television show on which Blake Mycoskie and his sister participated in 2001, leading to his interest in creating a reality TV network.

Onward

Howard Schultz's second book, which discusses the struggles Starbucks faced and how they rebuilt their company culture, offering insights to Blake Mycoskie.

Books

The Da Vinci Code

A novel mentioned on the LA Times cover alongside the TOMS article, indicating the scale of attention the article received.

Losing My Virginity

An autobiography by Richard Branson that influenced Blake Mycoskie during a period of depression and business failure.

Butter Busters

A cookbook written by Blake Mycoskie's mother, which sold millions of copies and taught him about entrepreneurship, self-publishing, and the ability to create something from nothing to help others.

Meditations

A personal journal by Roman Emperor Marcus Aurelius, offering wisdom on living a virtuous, successful, and adventurous life. It's considered one of Blake Mycoskie's favorite books.

Pour Your Heart Into It

The first book by Howard Schultz, detailing the early story of Starbucks and offering lessons for entrepreneurs.

Pieces Every Step

A book by Thich Nhat Hanh, originally intended as a guide for new monks and visitors to his center.

Let My People Go Surfing

A book by Patagonia founder Yvon Chouinard about company culture and business challenges, which influenced Blake Mycoskie.

Concepts

Stoic philosophers

Ancient Greek and Roman philosophers whose teachings on virtue, resilience, and living a rational life Blake Mycoskie is obsessed with.

Carpe Diem

Latin for 'Seize the Day', this mantra has been Blake Mycoskie's guiding principle since he was 19, inspired by the death of a close friend, urging him to live each day fully.

Locations

Argentina

The country Blake Mycoskie visited in January 2006, where he witnessed poverty and the need for shoes among children, leading to the inspiration for TOMS.