380: Blake Mycoskie | Made for Entrepreneurship

Early Challenges

Blake Mycoskie faced numerous challenges in the early days of TOMS Shoes, primarily related to manufacturing and cash flow. He recalls the stress of close calls, such as when a factory failed to send an order, impacting payments from major retailers like Nordstrom. Blake emphasizes the importance of knowing and trusting your manufacturing partners, likening it to trusting someone with your children 1. Despite these hurdles, TOMS experienced explosive growth, fueled by a successful PR campaign and online sales, which allowed the company to scale without external investors 2.

   

Capital Strategy

Blake Mycoskie advocates for bootstrapping over raising capital, highlighting the pitfalls of early investment. He compares raising money to taking out a high-interest loan, stressing that it often comes with restrictions that can limit an entrepreneur's vision 3. Blake's experience with TOMS taught him that maintaining equity and control is crucial, as media often glorifies fundraising over profitability. He believes that true entrepreneurial success lies in building a profitable business without diluting ownership 4.

   

Entrepreneurial Spirit

Blake Mycoskie's journey with TOMS is marked by resilience and a passion for entrepreneurship. Despite past failures, such as a reality TV venture that required him to lay off employees, he found renewed motivation by starting new projects, likening it to a "rebound business" 5. Blake's love for the "art of the start" drives him to continually innovate, viewing business as a canvas for creativity and impact. His experiences with TOMS and Madefor reflect his commitment to creating meaningful change through entrepreneurship 6.