Yes Jessica Alba is an actress you may have seen her in films such as Fantastic Four and Little Fockers, but did you know she’s also the founder of a BILLION DOLLAR EMPIRE!? Pretty impressive. Let’s take a look at how she managed to make it happen.
Jessica wasn’t born with a silver spoon in her mouth. Her father was in the Air Force. The family hopped around a few states before settling in Inland Empire, C.A. Her mother held various positions including waitress, bartender and movie theater manager.
One day while hand washing the clothes she received from her baby shower, Jessica began to break out in hives. Her mind started to fill with panic with the thoughts of her unborn child possibly having a similar reaction or worse! As Jessica puts it, this began her journey to “develop safe and effective consumer products that were beautifully designed, accessibly priced and easy to get.” The beginning of The Honest Company.
- Alba hired Christopher Gavigan, author of the book “Healthy Child, Healthy World” to consult on the products she wanted to create. Chris’ book addressed the toxins children are exposed to on a daily basis in everyday household products. He was just the expert needed for this endeavor.
- In 2011 the two pitched the idea to investor friend Brian Lee (co-founder of Legal Zoom, which sold for $200m in 2014). He let her down softly (thanks but no thanks). Brian just didn’t “get it” and passed on the idea. Two other investors that were pitched the idea for the Honest Company (or “Honor and Love” as it was known then) passed as well.
- Chris Gavigan and Jessica Alba continue developing the company.
- Almost 2 years after initially passing on the idea, Lee and his wife had a baby and he noticed how obsessed his wife was over the products used on and around their newborn. It was at this point that Brian finally “got it.” He agrees to invest Jessica’s company. Brian brings on Sean Kane from pricegrabber.com to be the president and co-founder of the company. (Alba, Gavigan, Lee and Kane become the founders of The Honest Company)
- In the company’s first year (2012), they do $10m in sales. In 2015 sales topped $150m! In a Series D financing round the company raised $100 million, valuing the comp at over $1.7 billion.
Jessica saw a gap in the market, filled it with The Honest Company and was handsomely rewarded for the effort. Most importantly she took action and didn’t let initial rejection keep her down.
Contrary to what many tend to believe, when we find ourselves in one of life’s jams there is no knight in shining armor coming to the rescue. The sooner we come to terms with this the better off we’ll be. So you know what this means right? We have to be our own knights, cavalry, Seal Team 6, you name it. When life’s inevitable curve ball is thrown your way, here are a few things to keep in mind that will help you get at least a base hit.
- Acknowledge – Acknowledge what is causing you stress. The first step in any recovery is to recognize the problem. This is your “As-Is” state.
- Asses – Identify your goal. What is your desired outcome. This is your “To-Be” state.
- Action- So you’ve identified where you are and where it is you’d like to be. This is your “Gap Analysis.” The next step is to bridge this gap by creating a tactical plan equipped with time-bound milestones. Set goals with specific dates. Now for the most important step of all. Once you’ve developed the plan you must take ACTION! When you take action good things start to happen. The universe smiles upon action. Things begin to open up if you are paying close attention to the signs and opportunities.
When you start getting that tenseness in your gut and you feel the stress building up. Take a moment to breathe look at where you are, what you want to accomplish and develop an action plan complete with milestones and dates. This, I promise will rescue you more times than that “knight in shining armor” will my friends.
Cheers and good luck!
Do you have some pointers that get you through those tough seasons? Share below in the comments.
My musical taste spans a wide spectrum from alternative rock, pop, jazz, r&b and even classical music, but at the end of the day I’m a hip hop junkie. Not so much the newer stuff but the golden era of hip hop, the 90’s. Recently Jay Z and DJ Khaled released a track called “I Got the Keys” which has a few gems I think the entrepreneurial community can appreciate. Let’s peel back some of the layers of this onion shall we?
- “People always asking me the key… Until you own your own you can’t be free.” Jay Z
- Wow. What a way to start the show. Very powerful statement there and it’s the truth. Those of us blessed to have employment appreciate the stable check but can’t somehow help feeling like we’re slaving away on the 9 to 5 grind, while the folks at the top of the pyramid seem to be reaping the major rewards from our labor. How does one rectify this? Well as Jay suggests “you have to own your own.” That’s what we’re about here at MogulGrind launching and growing successful businesses.
- “The key to life is to keep a bag coming” Jay Z
- “Bag coming” is a reference to keeping the money bags coming. In other words developing multiple streams of income (MSI). The Oracle of Omaha, Warren Buffett once said “Never depend on a single source of income.” If it’s good enough for a man worth over $60 Billion I think it’s great enough advice for us MogulGrinders. Develop Multiple sources of income i.e. Real Estate, Equities, Business Venture(s), etc.
- “I aint been asleep since 96′, I aint see the back of my eyelids.” Jay Z
- This is in reference to working hard and perfecting your craft, taking advantage of the opportunities that present themselves, and creating your own opportunities through hard work. Nothing is going to magically appear for us. Any worthwhile endeavor is going to take a lot of discipline and hard work.
- “I got the keys.”
- You have the power to determine where you go in life. You have the keys to the future, to success, or even to failure. Regardless of the circumstances you are born into, if you can read and are of sound mind you can improve your life significantly by making smart choices and learning from mistakes. No one is holding you down.
Do you have your “I Got The Keys” tee yet?
“Whatever you can do or dream you can do, begin it. Boldness has genius, power and magic in it.” Goethe
Plan your work and then take that leap of faith. A wise person once said “You can’t steal second base while keeping one foot on first.” Progress requires a bit of risk taking. Like Goethe mention’s in the quote, the very act of beginning is empowering and has genius. You’ll be surprised at how quickly you learn by doing and the progress that can be made by adapting from the lessons learned. The phenomenon that ensues from taking the first steps manifest in many ways, including new opportunities that seem to magically appear as people get wind of your endeavors.
4 Benefits of Risk Taking:
- Taking Risks Helps You Grow – It’s a universal law that in order to grow in personal and professional development you need to step out of your comfort zone. How can one grow if you don’t challenge yourself? Reaching for new heights involves stretching for goals just outside of our reach.
- Taking Risks Makes You More Creative – With the experience of having taken a risk you broaden your base of knowledge, which enables you to apply the experiences toward creating solutions for other problems.
- Taking Risks May Lead to Failure – Whoa! Did I just say failure is a benefit? Yes, failing can be a benefit. By failing and I mean failing fast you quickly evolve and move on to discover approaches that bring you closer to your desired outcome. The reward can be significantly greater than maintaining the status quo and besides there’s plenty of risk in just maintaining the status quo believe it or not, just ask Blackberry…
- Taking Risks Will Get You More Comfortable With Taking Additional Risks – Taking risks can lead to additional calculated risks which in turn helps you get more comfortable with stepping out of the comfort zone and leads to more growth and opportunity.
Anyone can come up with a great idea but the challenge is in bringing that idea to market. How many times have you had a killer concept only to have that idea for a product or business fizzle out because you didn’t know what to do next? Well have no fear MogulGrind is here! Here are 5 steps to help you come closer to realizing your dream.
- Create a prototype – So you don’t know how to create a website, mobile app, or have a clue of where to source products for your store? Below are a list of sites that can get you started. You can develop a prototype for less money than you think. Some of the sites below allow you to post your budget and have vendors bid on your project (you’ll be able to see what you can get for the price that you set. Pretty cool).
- Rent-a-Coder – Need an App or Website built? Here you can post your project and have developers bid on it.
- Fiverr – Graphic design, Virtual Personal Assistant, etc. This is a large market for all types of business services. Jobs start at $5.
- Alibaba – Marketplace to source goods and manufacture products from vendors from across the globe.
- Shopify – Easy to use templates to create your online store. The MogulGrind shop is powered by shopify check it out. (Pardon the shameless plug.)
2. Now that you have a product, you can conduct a soft launch. Run the concept/prototype by a 100 or so people gather their feedback and refine the product or service based on the market’s response.
3. Create your business entity (LLC, S-Corp, Corp, etc)
- LegalZoom – Facilitates the creation and registration of your business with Uncle Sam.
4. Seek investors or partners/co-founders if necessary
- AngelList – Startups can submit their pitch to a community of investors (who knows you might get lucky!).
- GoFundMe – Website that facilitates the raising of capital for ventures
- Fundable – Another valuable fund raising platform
5. Launch – Let the world know about your product.
- Social Media – Pick the appropriate channel and see if you can gain interest in your product through your posts.
- Facebook/Instagram Ads – Allows you to set your own budget.
- Adwords online advertising – Also gives you the ability to set your own budget.
6. Analyze the results, refine your product and marketing.
- Google Analytics – This enables you to analyze traffic to your website. You can use this information to better tailor your message and engage with your audience.
These are just a few tactics and tools that you can employ to move your product from the idea phase to the launch phase. Hope you found this helpful. What are some of the products, tools, services you’ve used to bring your ideas to the market?
Great infographic via Anna Vital
Cheers to greater success!