How we do business isn’t changing, it’s changed, and if you’re an entrepreneur you need to change with it or you run the risk of being left behind.
Do you watch the popular television show Shark Tank? I’ll bet in its over 11 years of airing, you’ve caught at least a few episodes. It gives you an amazing look into a previously somewhat secretive side of Venture Capital and how it all works. It allows you to see how deals are made and how business can get capital in exchange for equity of their budding businesses.
On Shark Tank we’ve seen everything from vegan food companies to intricate fake cadavers that run 40k each. But do you know what the most successful company to come out of the tank alive is? Bombas. A sock company. How is that even possible? Bombas perfectly intertwines social issues into their business strategy and they’ve given you the roadmap on how to do the same.
For those that missed that episode of Shark Tank or don’t know what they do, Bombas sells socks. Extremely comfortable socks at that, but what sets them apart is the fact that for every pair of socks they sell they donate a pair of socks to homeless shelters.
Your initial thought as an entrepreneur who thinks about their bottom line might be “that’s definitely not a sustainable business model.” Well, I’m here to tell you that you’re completely, utterly, and unequivocally wrong.
Investor Daymond John recognized how amazing of a business model this was when Bombas originally appeared on Shark Tank and it has paid off for him many, many times over. This sock company is now bringing in $100 million dollars a year.
Consumers love to buy from companies that have similar morals as they do, and they want to feel good about their purchase. How awesome is it to know because of the pair of socks you bought that someone, somewhere is receiving a free pair of socks?
When you find a way to integrate some sort of societal issue directly into your business strategy, with immaculate execution and a sustainable model then the sky is the limit.
If you’re a new entrepreneur or an experienced entrepreneur looking for a new venture, I challenge you to take all of this into account. The world’s changing. Business is changing and if we want to find success as entrepreneurs, our bottom line might just depend on how we can have a positive impact on our communities and beyond.