Solving the Secret of Selling Men Basics
If you aim at nothing, you’ll hit it every time. Sometimes the key to entrepreneurial success hinges on discovering a solution to a problem after months or even years of laborious trial and error. On the other hand, sometimes the answer is right under your nose. This was the case for Michael Dweck, who moved into a tiny Manhattan apartment with his now-wife Laura only to find his tattered, long-time accumulated sock and underwear drawer could barely shut.
When it came time to refresh and replenish his drawer, Michael found the shopping experience to be a pain. He was faced with the choice of expensive designer products or cheap, generic options, neither of which sounded appealing. Together, Michael and Laura recognized this opportunity and created Basic Outfitters, an e-commerce site that offers high quality and affordable men’s essentials via a convenient digital shopping experience that takes no more than two minutes to customize and complete.
Time Stamped Show Notes:
00:50 – What does is Basic Outfitters?
01:50 – What is the Basic Outfitters story?
06:57 – When did you know that you actually had a business on your hands?
09:01 – Your cofounder is your wife; do you find that you have complimentary skill sets?
10:38 – When did you know that you had something to scale as a business, did you take traditional route to find investors?
14:32 – How and why did you make the decision to go onto Shark Tank?
21:27 – It can be a crushing moment for an entrepreneur when a deal falls through, what did you do when the deal fell through on the show?
27:07 – How did you weather the storm with the sudden popularity?
29:13 – Let me get this straight, you literally mobilized a team and helped the warehouse fulfill orders?
29:56 – How have you kept up with demand?
32:33 – What’s next for Basic Outfitter?
3 Key Points:
- Over preparing can be a good thing. Sometimes over-preparing can be counterproductive but at times it can help uncover underlying issues or present new ideas. When you over-prepare for a speech or company launch, you may just uncover some interesting things in your business. As you analyze your business, you really start to envision how process works and how to make it better.
- Getting down and dirty is part of being an entrepreneur. Most entrepreneurs build a business up from its infancy. If you want to be successful, it is going to be key to get highly involved with the company even if you find it to be mundane work. As a company grows, the entrepreneur grows with the evolution of the business and can help get the team motivated.
- As an entrepreneur, you will have to accept failure. Deals can fall through or not even come close to what you may have envisioned. Learning to deal with failure as an entrepreneur is critical. Being prepared to continue the fight, even after a failed task or event, it is part of the job as an entrepreneur.
Want to hear more? When you finish this episode, check out other recent guests on the Driven & Co. podcast.
Meet Justin Gray
Justin is a serial entrepreneur and the CEO and founder of LeadMD, the world’s largest revenue operations agency having implemented over half of the Marketo user base. Justin has made a career of launching successful companies and scaling them, with successful exits of over 200MM+ in the last decade. Justin’s latest endeavor launched in 2016 when he co-founded Six Bricks an online learning startup designed to combat employee and customer churn through experience-based education. Over the past 10 years, Justin has emerged as a strong voice for entrepreneurship, marketing and culture. As a recognized speaker, Justin has been published over 350 times in industry publications and holds his own column, Tribal Knowledge in Inc., while writing for Entrepreneur, Tech Crunch and others. Justin and his wife Jennifer met over marketing and three years later welcomed their son, Grayson, into the world in April of 2017.