Coming up with an idea and raising capital to execute is often seen as a “chicken or the egg” situation. According to Stephanie Fox, COO of Thrasio, having a viable idea comes first. Thrasio, which acquires and grows brands on Amazon, began with no outside funding when it bought a milk frother brand on Amazon.
3 years later, with over 150 brands acquired and a billion dollars in funding, the original idea has proven itself. Stephanie joined hosts Scott and Andrei to share her learnings from previous endeavors and how they prepared her to excel in her current role.
Here are some quick takeaways:
- Though top-line growth is often celebrated, entrepreneurs need to refocus their priorities on profitability when the time is right.
- Building a company is a cycle of being on fire, struggling, and readjusting and overcoming. The third step is where many fail.
- Companies shouldn’t necessarily hit all their yearly goals- this suggests that the goals were too conservative.
- Culture is deeper than free coffee and a relaxed dress code- it should involve every employee feeling a personal connection to the success of the company.