Keeping the “Power of Broke” Mindset
Daymond: Absolutely. When people have reached a certain level of success, a lot of people get complacent and start losing sight of that hustle and creativity, and exercising the “power of broke”. I know you're not on cruise control now, but things are coming along quite well. Can you tell me if it's been hard for you to keep that hustle or “power of broke” mindset? Let's say four years from now you're an eighty million or a hundred-million-dollar company. How are you going to keep practicing the “power of broke”? Keep that hustle, keep that scrappiness?
Randy: I think for us, it's impossible to imagine a scenario where we wouldn't keep that mindset. As we pick up momentum and success, we're thinking about the next level, about the impact that we could have on the community. We know there's more we can do on that end and that really keeps us motivated to continue to grow the business and continue to keep things going. Continue to approach things a certain way. We know there's nothing good that's going to come from resting on our laurels, seeing a certain level of growth and success. For us, we appreciate where we are, where we've come from. It's surely more about where we're going, and the more impact that we can have. That really keeps us thinking about it, from the “power of broke”. That's where that always and continually comes into play for us.
Daymond: Got It.
David: I think, to build on that, when I meet with entrepreneurs all the time, you hear about it especially with early stage seed investors. They're not necessarily investing in the idea; they're investing in the entrepreneur. What I have found, maybe Randy feels the same way, what separates the launchpreneur from the entrepreneur is the entrepreneurs will never stop trying to be better. They're always trying to. Like, we thought that we were going to a million dollars our first year, two million dollars our second year, three million dollars our third year. We did one point eight our first year, four point six last year, we're on track to do over ten million this year. We're not sitting there going like, "oh...". Even as we talk about beating our projects for this year, a third year in a row, we're like, "Okay, great. Our new projection is ten, how do we get to twelve?" It's just that drive that continues to go forward and knowing what that translates into: building a bigger team, being able to help more people, being able to touch more lives, influence more customers. To dive into the “be better” mindset. I think what happens with every great brand, or every great company, is it's backed by really great leaders. These are people that inspire other people to want to be like them, and have that drive, have that never take no as an answer mentality, which I think is hard for some people. It's certainly something I think you can develop, but to a certain degree, you kind of have to get out of that comfort zone and understanding that no one's going to make this for you. You're the only one who's going to be able to drive this further.
Bombas Means Bumblebee?
Daymond: One last question, which is just from my own personal knowledge, the word 'Bombas'. Can you explain that? What is Bombas?
Randy: Bombas comes from the Latin word for bumblebee. Bees are altruistic animals. They live in a hive and they work together. They work together to make the world a better place. Obviously that's a big inspiration for us. They're also small, but have a big impact on the world. We really liked the idea of something small, like a bee, or even a pair of socks, could make a big difference in somebody's life.
Daymond: That’s great.
Randy: We liked the idea of working together to make the world a better place. Our tagline is “Bee Better”; we try to live by that. That can mean a lot to a lot of people, the motivational drive, something to push yourself a little harder in your athletic feats, do more in your community. For us, build a better product. Just be a little bit better. It's stitched into every pair of socks that we make. That's sort of the essence of Bombas, and why there’s bees on all of our socks, and the tagline “Bee Better”. They're our inspiration.
Daymond: I love that. You guys are great, thank you for your time and sharing your story
David and Randy: Thank you, Daymond