Summary:
Don't let sunk cost keep you attached to something that's not working. Embrace failure as a learning opportunity and be willing to pivot or let go of ventures that aren't successful.
Celebrate the work over the results. Find joy in the day-to-day grind and encourage your team to take risks, knowing that failure is part of the process.
Identify your north star as a brand and double down on it. Focus on what you do best and define your differentiators to guide your product development and brand strategy.
From Water Treatment to Sunglasses: How Stephen Lease Built Goodr - A Success Story
Stephen Lease, CEO and co-founder of the successful sunglasses brand Goodr, shares his entrepreneurial journey, revealing valuable lessons learned along the way.
Don't Be Afraid to Let Go: Embrace Failure as a Learning Opportunity
Lease's path to success wasn't linear. He launched five businesses before finding success with Goodr, learning to quickly identify and let go of ventures that weren't working. He realized that clinging to failing businesses out of sunk cost fallacy was not a viable strategy. Instead, he learned to start companies cheaply and make quick decisions about their potential for success.
Celebrate the Work, Not Just the Results: Finding Joy in the Grind
Starting Goodr as a side hustle, Lease worked tirelessly for years before dedicating himself to the company full-time. He attributes his motivation to the joy he found in the daily work, even in the face of challenges and failures. He encourages his team to take risks and embrace failure, emphasizing the importance of celebrating the effort put into a project, regardless of the outcome.
Find Your North Star: Focusing on What You Do Best
When Goodr was launched, its focus wasn't clear. It took time for Lease and his team to realize that eyewear was their core strength. This realization allowed them to define their brand differentiators: function, fun, fashion, and affordability. These differentiators serve as a compass for product development, ensuring Goodr continues to create products that their customers love.
Key Takeaways from Stephen Lease's Success Story:
- Embrace failure as a learning opportunity and don't let sunk costs hold you back.
- Find joy in the work and celebrate the effort, even in the face of setbacks.
- Identify your brand's core strengths and double down on what you do best.
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