This week How does success happen?I recently spoke with Steven Rees, CEO and co-founder of sunglasses brand Goodr. He’s had an impressive career, but I wanted to know what inspired him to become an entrepreneur, how selling industrial water treatment systems to golf courses helped him understand what his core customer base really cares about, and how he applied the lessons he learned while working in corporate America to starting Goodr.
You can listen to our full conversation above, and here are three key takeaways:
Don’t hang on to something that isn’t working because of sunk costs.
Once you start a business and you’re convinced it’s a great idea, your loved ones will be rooting for you no matter what. Reese started five businesses before his success with Goodr, and despite his initial confidence in each one, it eventually became clear that hope isn’t a foolproof strategy when things aren’t going well. At the beginning of his entrepreneurial journey, it was painful to accept that a company he’d poured his energy into would close, but he eventually got good at starting companies at a low cost and quickly figuring out whether they would be successful.
Timestamp — 8:50-10:30
When you change your mindset to celebrate the work itself rather than the outcome, the ups and downs of your daily struggles become gifts.
Rees started Goodr as a side hustle, so he worked nonstop for a few years before running the company full time. He’s often asked how he found the motivation to put in all that time, and the only answer he can think of is that he found joy in everyday life. As a leader, he wants to push his team to take on big challenges. Sometimes that means putting in a lot of effort that will fail. But he assures his team that it’s okay to fail, as long as they celebrate the effort rather than the outcome.
Timestamp — 19:40-20:50
You can’t be a master of everything, so identify your north star as a brand and focus on that.
When Rees and his co-founders launched Goodr, they weren’t sure if it would be a lifestyle brand or an eyewear brand, but after a few years, they took a serious look at the business and realized that eyewear was where they excelled. This opened up a world of possibilities, but they also needed to identify their differentiators as a brand: function, fun, fashion, and “affordable.” Focusing on that gave the brand a clear decision-making matrix for expanding their product lineup. With these differentiators in mind, Rees is confident that Goodr will continue to create products that customers love.
Timestamp — 21:28-23:35
