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In this video, I explore the characteristics that make a team successful and high-performing and discuss how your team can be one, too.

In a 2-year study by Google, the company discovered that there are 5 key attributes present in high-performing teams:

  1. Psychological safety: As a member of this team, can I take risks without feeling insecure or embarrassed?
  2. Dependability: Can my team members count on each other to deliver high quality work on time?
  3. Structure & quality: Do all of my team members know and understand goals, roles, and execution plans?
  4. Meaning of work: Are we working on something that is personally important for each of us?
  5. Impact of work: Do we fundamentally believe that the work we’re doing matters?

Why do these attributes matter?

Let’s imagine what happens when these attributes are absent in the team we work with. Imagine that in your team, there’s no psychological safety. You can’t depend on anyone to take up the slack, whether you control it or not. You are unclear about the team’s goals and everyone’s roles, and you’re uncertain if there is even a definite execution plan. And because you’re unsure if what you are doing is important or even makes an impact, you don’t find meaning in your work.

How do you think you’ll perform? You’ll be likely to only do as you’re told and most likely won’t initiate or offer suggestions out of what you believe is normal. You’ll likely think and act within the box. You certainly won’t take unnecessary risks—or any risk for that matter.

It becomes stifling, but we would rather be stifled rather than have others perceive our competence or attitudes negatively. This is a natural survival strategy—but this also is extremely harmful to a team and its performance. Team members take less initiative, and they become less creative. That’s because when things are uncertain, we would rather wait to be told about what is acceptable and what isn’t. Rather than blaze the trail and then risk failing and possibly be blamed by the entire team, we are likely to just ‘play it safe’.

So how do we build a high-performing team?

The way I see it is that we need three things:

  1. we need the right people,
  2. they need the right tools and systems to work with, and
  3. they need to work in the right environment.

The right people, the right tools and systems, and the right environment will be different for each business—so there isn’t going to be the fixed formula for each team.

But we need to start somewhere, so here are a few things we, as business owners, might consider if we are going to build and nurture a high-performing team.

Let’s start with the people: hire the right ones. And the common hiring guideline is to hire for attitude and train for aptitude. You want to work with people who have the capacity and disposition to deal with the kind of personalities and situations that your business deals with daily.

Don’t try to get the best people at the lowest possible hourly rate. People who are good will command a higher rate—and even if they agree to come in at a low rate, they are not likely to stay for a long time. Find a good and fair rate to attract the kind of person you want to work in your business.

Once you find the right people, set them up for success by providing them with the right tools and systems to work with. This means making roles and objectives clear, and execution plans concrete. Provide further training if their roles or objectives call for it. The absence of any one of these makes people guess and leads them to improvise, which may not always result in what is ideal.

Encourage communication. A clear indication of psychological safety is found in the quality of team communication. That everyone feels that they are heard, or everyone feels confident that they can freely but reasonably express themselves means that there is a high level of psychological safety in the team.

While communication cannot guarantee that teams will not run into conflict, a culture that encourages open communication can help team members work through problems. Open communication nurtures an environment where team members will feel psychologically safe.

Google’s Head of Industry, Paul Santagata, who was involved in the 2-year study, has this advice: To build and nurture high-performing teams—and nurture the environment of trust, everyone must learn to approach conflict as a collaborator, not an adversary. The goal in resolving conflict is not to win an argument, but to find a mutually beneficial solution—and one that works to everyone’s best interest.

Santagata also advices to learn how to replace blame with curiosity. When exploring the problem as a team, focus on finding solutions, not blame. But when you do find that one member might be the source of the problem, try to ask this person for the solution. The people who are responsible for creating a problem often (but not all the time) hold the keys to solving them.

If you are interested to know more about what a business has to go through when facing exponential growth, you can download the first chapter of the book, ”$20K to $20 Million in 2 Years” absolutely free here. The chapter talks about the differences between a good and a great business and puts out questions that make you consider how you can turn your business from good to great.

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The age-old saying is “honesty is the best policy.” Does it make business sense to be honest and transparent with your customers? Will honesty bring business success?

In this video, I explore two companies and how differently they manage the issues of honesty and transparency in business, and how this divergence led to two distinctly different outcomes.

Does it make sense to be honest and transparent with your customers? The more important question to ask, perhaps, is why is important to be transparent and honest in business? Why should businesses tell the truth all of the time?

Allow me to answer this with one example: Volkswagen.

Why is it bad business to lie to your customers?

In 2015, Volkswagen became the center of world attention when they were caught lying about what they claimed was the world’s most environmentally safe diesel engine. The media called it “Dieselgate.”

From 2008 to 2015, Volkswagen claimed that it manufactured and sold vehicles that ran on “groundbreaking clean diesel” engines. These engines supposedly met the USA’s “stringent tailpipe emissions standards.” The company marketed it as the safest diesel engine in the world.

The problem is that this is not entirely true. In fact, it was a complete lie.

The company intentionally programmed their turbocharged direct injection (TDI) diesel engines to activate their emissions controls only during laboratory emissions testing, which allowed them to mask true emissions scores to meet the safety standards. In 2015, reports confirmed that some five million Volkswagen-branded cars, 2.1 million Audi vehicles, 1.2 million Skoda automobiles and 700,000 Seat cars, as well as 1.8 million VW commercial vehicles were fitted with a defeat device in their engines.

What has Volkswagen lost by cheating?

Dieselgate was ruinous for the company. Volkswagen paid close to an estimated US$30 billion in penalties and fines. In 2015 alone, the company suffered a US$4.6 billion loss. Its share prices lost 40% immediately after the scandal.

Volkswagen lost its reputation. There was widespread distrust—from customers to car dealers. Their workforce felt demoralised. In 2017, 2 high-ranking employees were sentenced to prison.

The cost of lying is that its reputation as a trusted and reliable brand was tarnished in the mind of consumers and businesses alike. It will take a lot of marketing dollars and resources to bring the brand back to where it was before Dieselgate began.

The Volkswagen story is an extreme example of what could happen when a company is caught cheating; it provides a good lesson on why businesses should NOT lie and cheat.

What Volkswagen teaches us is that getting caught lying can be very costly to a business. They lied about the emissions and initially did not get caught. This, in turn, emboldened them to continue lying about it.

This seems part of human nature—to continue lying when one is not caught. That does not mean that one should lie in the first place. If lying is bad, does it necessarily mean that being honest is good for business?

What do companies gain when they are deliberate in being honest and transparent with their customers? Does it make good business sense to be transparent?

Let’s take a look at Patagonia.

Why does it pay to be honest?

Patagonia, a global outdoor sports brand, is an example of how being honest and transparent can have a significant and positive impact on the bottom line and brand equity. Patagonia had established itself as an ethical company that advocates environmental sustainability, workplace safety, and employee well-being long before the 2013 Bangladesh building disaster that exposed the problems of those who work in the global clothing industry.

In the 1980s, they discovered that the materials used in their clothing caused some of their retail staff to fall ill. They immediately made efforts to improve workplace conditions and to source for safer materials.

In 1996, Patagonia decided to use organic clothing in all of their clothing lines, even when it initially ate into their profits. In 2014, Patagonia partnered with Fair Trade USA. To date, the company continues to work on making every item in their clothing line fair trade.

To help customers understand where the materials of their clothing comes from, Patagonia launched an interactive website that allows consumers to trace the footprint of every product they have—essentially providing transparency to Patagonia’s supply chain.

What has Patagonia gained from this strategy?

In 2017, Patagonia was said to have earned over US$1 billion in revenue. In the same year, Patagonia was recognised at the Annual Meeting of the World Economic Forum for producing quality clothing that doesn’t contribute to waste or the depletion of natural resources. In 2018, Patagonia was ranked No. 1 in the Social Good sector of Fast Company’s World’s Most Innovative Companies list.

Most importantly, because of its transparency strategy, Patagonia has nurtured consumer trust. In 2011, Patagonia ran their famous “Don’t Buy This Jacket” campaign, urging consumers to buy less and keep their old clothing off of landfills. Surprisingly, this campaign generated a 30% increase in their sales. Patagonia believes that this is a result of consumer trust. Their consumers trust that Patagonia jackets are well-made, ethically sourced, and made of environmentally-safe material—so they would rather buy one good jacket from Patagonia that they can keep for years to come instead of buying a new jacket every year.

Patagonia CEO Rose Marcario has this to say about the company’s philosophy:

You can serve the interests of your employees and do what’s right for the planet and still make great margins.”

What does this all mean for small businesses?

Let’s consider what consumers have to say about honesty and trust. According to the Edelman Trust Barometer, only 52 percent of global respondents trust businesses today. In Australia, that number goes down to 48 percent, which means that many Australians don’t trust businesses in general.

Sprout Social, a US-based social media marketing company, calls it an era of distrust. What this means is that consumers do not believe that businesses genuinely care about their customers—and that they’re merely in it for the money. Consumers, these days, have been increasingly calling for businesses to work on transparency. In fact, Sprout Social’s study shows that almost nine out of 10 Americans believe transparency from businesses is more important than ever before.

So, to answer my initial question at the beginning of this video: does it make business sense, to be honest and transparent with your customers?

If we look at Volkswagen and Patagonia, it seems that it does pay to be honest and transparent—and that lying is a bad strategy.

Being honest and transparent nurtures trust.

In Patagonia’s case, the company communicated its strategy and followed through with their actions. To be truly honest and transparent requires words and actions to match. It’s not enough to tell customers that “We are honest!”—we, as business owners, need to show them how honest and transparent we can be.

Redeem yourself by admitting fault and rectifying mistakes.

We all make mistakes. For brands and companies, what is important is to admit fault and to communicate the steps that will be undertaken to rectify these mistakes. Many brand strategists even propose that mistakes and blunders can be opportunities to gain loyalty. Sprout Social’s study supports this: 89% of respondents said business can regain their trust if it admits to making a mistake and is transparent about the steps it will take to resolve the issue.

Transparency takes effort—but it also pays.

Communicating closely with your customers may require more effort, but think of it as investing in your relationship with them.

When your company suffers a service outage and which consumers suffer from, for example, take this as an opportunity to develop a better relationship with your customers. Closely communicate with them. Explain what caused the outage. Describe the steps that you intend to take. Frequently update them about where you are in the repair progress. Service outages cause a lot of inconvenience to customers—but their irritation intensifies further when you fail to communicate about what they can expect from you.

If you are interested to know more about what a business has to go through when facing exponential growth, you can download the first chapter of the book, ”$20K to $20 Million in 2 Years” absolutely free here. The chapter talks about the differences between a good and a great business and puts out questions that make you consider how you can turn your business from good to great.

Read more >

Do you know of Purplebricks? If you have been in the market for a house or looking to sell a house, you might have encountered Purplebricks Australia—the Australian arm of the British real estate startup.

In this video, I discuss one of Britain’s business success stories: Purplebricks. More particularly, I share with you reasons why it could not replicate its success in Britain.

What is Purplebricks?

Purplebricks is a real estate agency that has a different model of selling homes; it claimed to be a disruptor in the United Kingdom real estate market. Launched in 2014, the online agency set out to disrupt the real estate market by implementing a fixed-fee structure, rather than commission, to make the process of buying and selling real estate more transparent and cost-effective.

Purplebricks rode on its successes in the UK and launched in Australia in September 2016. It promised to save Australians an average of $11,500 under this new model. However, in May 2019, it announced that it was quitting the Australian market, two and half years after entering it with a promise to shake things up.

Why didn’t it work out in Australia?

A press release from the company claimed that market conditions in the Australian real estate market have become increasingly challenging. But some real estate experts believe that problems began even before the real estate market became a challenge.

Purplebricks spent more on marketing than they made in revenue. They spent about AU$20 million to create buzz and attract the market in the hopes of growing the company rapidly. It is difficult to sustain this kind of spending.

They put most of their marketing spend on expensive TV ads instead of focusing their efforts on targeted digital marketing. Not everybody who watches TV will be selling their property at that point in time. Not only is this expensive, but it is also wasteful given their budget and the geographical reach that the company was trying to achieve. Digital marketing, on the other hand, could be executed with specific targets in mind—those who are looking to sell their property or to buy one. And when used properly, digital marketing can be effective in nurturing customers.

In my video, Small business, big problems, I discuss why managing cash flow effectively is important for any business.

They didn’t nurture customer relationships. When you spend AU$20 million in marketing, you should at least aim to nurture long-term relationships with your customers—potential, current, or past. But customers felt that their relationship with Purplebricks remained purely transactional.

They didn’t provide value to customers. Property sellers were required to pay the full fee whether their property sold or not, which left no incentive for Purplebricks agents to sell the properties. The fixed fee model typically works in booming seller's markets, when buyers would gladly snap up whatever is available. But when the market slows down, agents will tend to prioritise properties that they can immediately sell because each property owner pays a fixed fee.

They didn’t listen to their front lines. Purplebricks did not want to change the model to suit the Australian market. There is a difference in the markets. For example, most UK home sellers would gladly handle their own open homes. In Australia, home sellers expect that agents will do this for them. Purplebricks was not transparent about charging property sellers for doing open homes, which surprised many. Their agents communicated this with the company, but the company refused to budge until October 2018, when it became too late for any changes to save the failing company.

The business model itself seems to be the issue. In the outset, a supposedly low-cost, fixed-fee model seems to benefit the customer—AU$11,500 in savings is very substantial. But it only makes sense if the customer gets the service it promises—in this case, if the property gets sold. But it turns out, paying the fixed fee does not guarantee that the property gets sold. The fixed-fee model also does not provide the traditional incentive model that spurs agents to push to sell a property. In the end, it feels as if Purplebricks is the only one gaining from this because it receives a fee whether the property gets sold or not.

What lessons can be learned?

What happened to Purplebricks Australia is similar to what happened to Bunnings UK. In my video, The Bunnings Lesson – What we can learn from it, I discuss how business arrogance can lead to costly mistakes. Business arrogance is when you think that what happens to other businesses could not possibly happen to yours. In reality, it can. It happened to Bunnings. It happened to Purplebricks.

Understand the market. In the case of Purplebricks, failing to address customer concerns despite being raised by the front lines proved to be disastrous for the company. Just because it works in the UK does not guarantee that the model will work in Australia. A product or service is only as successful as its effectivity in solving a problem. Australian property owners face different problems and issues compared to their counterparts in the UK.

The goal should have been to develop a product that suited the needs of the Australian market. In this case, Australian property owners put a lot of value in open houses that are organised by agents. It makes sense to build a model that accommodates this.

Another way it could have prevented this pitfall was to inform or educate customers about services that the fixed fee didn’t include. This is important when you introduce a low-cost model. Customers need to know in advance which features and functions will be pared down and which ones you will be offering.

Customer expectations matter. And when you choose which features to take out or offer as a paid feature, you still need to take into account what the customer values. Again, it boils down to understanding what the market needs, what it wants, and what it values.

Rationalise spending. It is unwise to spend more than what you make. And when you spend on something, make sure that you make the most out of it. Make every dollar in marketing spend work—and it works best when you work to develop a relationship with your customers. This starts when you make an effort in solving their problems.

As a new player, the odds are already stacked against Purplebricks. They are already at a disadvantage at having to educate the market about their service. And because they operated a fixed-fee model, Purplebricks does not have the same revenue-generating capacity as their competitors operating on the traditional commissions-based model. To overcome these disadvantages, they needed to attract market share immediately. To do so, they needed to make huge investments in marketing resources. Unfortunately, they didn’t maximise their marketing spending and focused on mass market channels such as TV ads. They were too focused on generating awareness that they didn’t prioritise nurturing customer relationships.

So what could Purplebricks have done differently? They were correct in focusing on marketing and educating their market. But they could have done so more systematically. They could have targeted their marketing dollars in digital marketing or utilised unconventional marketing practices that their competition weren’t fully utilising. Most importantly, listening to people working in the front lines from the start could’ve prevented some of the problems that they encountered.

I’m sure Purplebricks entered the Australian market expecting to make a profit and did not expect to make mistakes discussed above. However, no business has ever expected to make such fundamental mistakes—and it doesn’t mean that business won’t make them. Just make sure that you don’t.

If you are interested to know more about what a business has to go through when facing exponential growth, you can download the first chapter of the book, ”$20K to $20 Million in 2 Years” absolutely free here. The chapter talks about the differences between a good and a great business and puts out questions that make you consider how you can turn your business from good to great.

Read more >

Small businesses can do big things. In this new series of videos, I would like to explore success stories of small businesses in Australia and what we can learn from them.

In this video, I share with you the story of Over The Moo ice cream.

The backstory

Over The Moo is a dairy-free ice cream business and the brainchild of entrepreneur Alex Houseman. Houseman created his business out of his own personal need. He loves ice cream but is sadly lactose intolerant. While dairy-free ice cream is available in the market, he felt that there wasn’t any product that could deliver indulgent and delicious flavor at an affordable price. This led him to develop his own dairy-free ice cream made from coconut milk.

Over The Moo is Houseman’s first business. He quickly recognised that he needed money, advice, and exposure to make it a success. He decided to seek funding in Australia’s version of Shark Tank. In the show, he received three offers but eventually walked away without a deal.

One of the concerns of the judges in Shark Tank during the Over The Moo pitch was that Houseman had not yet trademarked his recipe. Seeing the wisdom in the judges’ advice about owning his ice cream recipe, he immediately worked on fixing this intellectual property issue after the filming wrapped.

However, Houseman’s main concern with the judges’ offers were that they were lower than what he was willing to accept. It was unfortunate that the show was filmed before Over The Moo began appearing on Woolworths’ shelves. Since the judges didn’t take into consideration this particularly important business milestone, their valuation for Over The Moo was lower than Houseman’s own valuation for his business.

As of 2018, Over The Moo was available in 2200 stores, that include Cole’s, Woolworths, and IGA supermarkets. Despite a wide distribution, it maintains a lean business model of just three full-time staff.

What we can learn

1. Hard work and strategic planning pays

Houseman is a former marketing consultant, but it proved to be a difficult sell in the beginning. Houseman approached every supermarket and tried hard to convince them to carry his brand on their shelves. He started with independent supermarkets and eventually made strides toward large chains. His hard work, strategy, and very good ice cream proved to be a recipe for his current success.

Houseman said in an interview, “As I have learnt, a successful business is only one per cent good idea, and 99 per cent hard work and commitment.” This rings true for any business, but moreso for a business operating in a very competitive industry.

The ice cream business in Australia is a AU$1.1 billion industry dominated by major players such as Unilever and Baskin-Robbins. While Over The Moo is considered vegan ice cream, Houseman does not consider it as a health product as it contains the same amount of fat and sugar as a Ben and Jerry’s ice cream. This is to deliver the same indulgent flavor as regular ice cream to those with special dietary needs. Its product caters to a very specific niche: those who are lactose-intolerant or who follow a plant-based diet looking for a sweet, indulgent treat.

2. Check your cash flow

After Shark Tank, Over The Moo earned a gross profit of $1 million, but its net profit was zero. Houseman’s initial spending went to growing and expanding distribution.

Houseman confessed that he was lax with cash flow in the beginning. When he felt that this became an issue, he sought advice from other people and created an advisory board. He also took short courses on financial management. His efforts paid off.

Houseman consistenly advises having a tight watch on cash flow in his interviews. He says of his early experience with the business,

“I wish I’d known earlier how to forecast cash flow better. It’s terrible when you put all that effort into growing and promoting the business, then don’t have the cash flow to keep up.”

“At our worst, we had literally $45 in our bank account. All the while we have thousands of dollars in wages and product expenses every month. Being able to balance growth versus cash in the bank is the most important thing I have learnt regarding starting Over The Moo.'”

In my video, Allow Sales to Trump Everything, I share why cash flow management is important and how a fast growing business experiencing record sales could get into trouble if it does not manage its cash flow problems.

3. Fine-tune your product, and make sure you own it

It took Houseman 4 to 5 months of research and product development to get his ice cream recipe right. But despite doing all of the work developing the recipe, he initially shared the intellectual property of the recipes with the manufacturer he worked with. After failing to get a deal on the show and seeing that the ambiguity in the IP could become a costly issue, he immediately took the necessary steps to ensure that he had full ownership of his ice cream.

Houseman also knew how much his business was worth in his mind.  He was willing to listen to other people (i.e the Judges in Shark Tank) and was able to make an educated decision on the business value and decided not to take up their offer.  He probably knew that his product was going to go into the shelves of the major supermarkets, but could not yet reveal it to the judges at that time due to confidentiality issues.

Having said that, I have also met business owners who have inflated values of their business that were not based on market valuations. You need to be aware about the difference between your valuation of the business and how the market values your product—and you need to learn how NOT to get emotional in the process.

If you are interested to know more about what a business has to go through when facing exponential growth, you can download the first chapter of the book, ”$20K to $20 Million in 2 Years” absolutely free here. The chapter talks about the differences between a good and a great business and puts out questions that make you consider how you can turn your business from good to great.

Read more >

While reality shows seem to feature fantasy over reality, I find it very interesting when motivated and hardworking entrepreneurs become the subject of a long-running reality show like Shark Tank. Running for 10 years already, the Shark Tank in the United States has produced many successful ventures that turns over millions of dollars annually.

In this video, I explore what small business owners like you and me can learn from successful entrepreneurs of Shark Tank.

In two previous videos, we discussed certain prominent judges of the US version of Shark Tank and the lessons we can learn from them (link forthcoming).

This time, I explore lessons from two of the most successful business ventures to come out of that series—and one venture that failed to seal a deal with a Shark but became one of the most successful companies to come out of Shark Tank, and was later bought by Amazon for more than US$1 billion in 2018.

Lesson from Scrub Daddy: Provide a solution to a pain point

Aaron Krause is the founder and inventor of Scrub Daddy, a non-scratching reusable sponge that made cleaning very easy, thanks to the scrub’s characteristics. He developed his first scrub in 2006, but failed to secure any sales, and so sold most of his sponges to the 3M Company as scraps. In 2011, in need of sponges to clean off his own lawn furniture, he discovered that his special sponges got the job done without scratching any surface.

In 2012, he went into the Shark Tank and secured a deal with Lori Greiner. To date, Scrub Daddy has made more than US$50 million since its pitch.

Scrub Daddy provides a simple solution to an everyday problem. It makes cleaning easy. But that’s not all—the product has also been lab tested to rinse clear of debris and resist odors for up to two months. Krause and Greiner, both inventors, have said it again and again—successful products are ones that provide easy solutions to your customer’s pain points.

It all boils down to your customers. How can you help them? How do your products and services minimise or even eliminate their pain points? How can you improve the products and services you offer today to make sure that you provide a better solution to your customers’ pain points?

Lesson from Tipsy Elves: Identify risks and diversify

Founded by college friends Evan Mendelsohn and Nicklaus Morton, Tipsy Elves started out as a company that designed and sold ugly Christmas sweaters. The company differentiated themselves from other ugly sweater creators by using higher quality materials and also by teaming up with Save the Children, an American non-profit organisation, in dedicating a portion of their profits to providing underprivileged American children with winter clothing. After their pitch, they partnered with Robert Herjavec.

One of the risks that Herjavec and the founders of Tipsy Elves identified from the very beginning is the seasonality of the product—it only came out during a few months in the year. So one of the things that they immediately worked on was diversifying their product line so that the company has business the entire year. They have since expanded to over twenty clothing categories, including Hawaiian shirts and swim trunks, patriotic clothing, and Halloween costumes. Since their pitch in 2014, the company has seen more than US$50 million in revenue.

Most, if not all businesses experience business cycles—and throughout the year, there will be lean months and there will be months when we see a lot of business.

The question you should ask yourself is, how can you diversify so that you can have more business during the lean months? What can you do so that you can extend your busy months?

Lesson from Ring: Have a focused vision

In 2013, Jamie Siminoff pitched his product, then called Doorbot, a doorbell with a camera that sent video to users' smartphones. Despite having made solid sales for Doorbot, Siminoff walked away without a deal. His appearance in Shark Tank only increased interest for his doorbell camera, but this is a story of overcoming many challenges.

The first set of Doorbots he launched into the market produced poor video quality and had spotty WiFi capabilities. Siminoff had to spend 9 months responding to customer complaints. Funding also continued to be a challenge.

But Siminoff was motivated by his purpose: to make neighborhoods safer for everyone. He designed his smart doorbell because his wife had difficulty hearing when someone rang the doorbell and also because of his own concerns for home security. While there were smart doorbells in the market, it did not provide the benefits that he wanted from one.

So he pushed forward. Eventually, he was able to work with a manufacturer who could improve the quality of his doorbells. He also found partners to work with, one of whom suggested to change the name from Doorbot to a simpler name, Ring, that had a better recall.

He was also introduced to Richard Branson who lead the last round of funding for the company. In case you did not know, Branson sometimes appears as a guest judge on the Shark Tank. You could say that Siminoff eventually walked away with a deal from a Shark.

In 2018, Ring was bought by Amazon for US$1 billion.

When things became difficult, Siminoff held on to his purpose and his vision for the company. He was specifically motivated by his desire to provide a solution for an important pain point: home security—much like how Scrub Daddy offers a solution for a pain point in home cleaning. And Ring itself has diversified, offering other complementary home security products—much like how Tipsy Elves diversified their product lines.

If you are interested to know more about what a business has to go through when facing exponential growth, you can download the first chapter of the book, ”$20K to $20 Million in 2 Years” absolutely free here. The chapter talks about the differences between a good and a great business and puts out questions that make you consider how you can turn your business from good to great.

Read more >