Mission in a Bottle — Seth Goldman and Barry Nalebuff

Notes

· Seth worked in the non-profit because he wanted to change the model. He then realized that business is a more powerful tool.

· Best marketing was word of mouth. Their customers became their ambassadors.

· Lessons from Seth:

o Built something you believe in right from the start.

o Think ahead about what you want to accomplish.

o It doesn’t matter how good it is for you, if it doesn’t taste good.

o Don’t delegate at the beginning.

· Their board of advisors: Experts in whole foods, in beverage and how to build a brand.

· When relying on free marketing, remember Louis Pasteur words: Chance favors the prepared mind.

· Distributors not only delivers your product, it helps stay in shalves with the best space. Quaker wanted to distribute itself to save money, but after 27 months, they had to sell the brand because where doing bad.

· There is always a was of doing things. They made Moroccan mint (beverage) organic by switching the mint oil with organic peppermint. It costs more, but the result was what they wanted.

· In 2003 two bottles has glass inside. They remove all their products from their shelves. Lost a lot of money, but survived. A competitor had the same issue, did nothing and where out of business soon after.

· Sales are not done behind a computer. Every employee goes on a sales call.

· Seth’s Red Sox lessons:

o Manufacture runs: Beverage distributors are not the only distributors. They used cheese and beef distributors to deliver the product.

o There is always April. As a Red Sox fan, you understand “No” really means “Not yet”.

o You got to win in New York. To be a national brand they had to develop a presence in New York, even if it meant losing money.

· Until you’ve got the business figured out, more money just means costly mistakes.

· As a Start-Up you need to be comfortable being the underdog. We knew things wouldn’t happen overnight, and we knew there where going to be setbacks. But we also knew there would always be “Next April”

· Key Lessons: Pigs fat, Hogs get slaughtered. Don’t be a Hog.

· If people truly care about what you are doing, they will be more forgiving.

· If you’ve built a reputation, it can buy you a second chance. Invest and be patient to build your reputation. Be honest

· A great brand has to stand for something. A brand has to guided everything you do and how people will see you.

· 10 rules:

o Build something you believe in.

o Don’t aim for 10% improvement. Make it radically better and different.

o Prepare to be copied. Don’t start unless you’ll survive imitation.

o Build up reserves of money and energy for bad luck and mistakes.

o Never, ever give up control until you sell.

o Don’t compromise on the big things. Compromise on everything else.

o Figure out how to achieve your goals on a tiny budget — then cut that number in half.

o It’s a marathon, not a sprinter.

o Take care of your family, personal and spiritual health. If you aren’t laughing on a regular basis, recalibrate.

o Build the enterprise and brand as if you’ll own them forever.

o Don’t pay too much attention to the rules — as long as you are not breaking the law.