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The Foundr Podcast with Nathan Chan

37: How Justin Gold Turned His Kitchen Hobby Into a Multi-Million Dollar Peanut Butter Powerhouse

The Foundr Podcast with Nathan Chan

Nathan Chan

Marketing, Business, Entrepreneurship

4.8 • 662 Ratings

🗓️ 2 April 2015

⏱️ 48 minutes

🧾️ Download transcript

Summary

Some people thought entrepreneur Justin Gold was nuts for trying to disrupt the peanut butter market. A decade later, he’s been recognized by Inc. and Ernst & Young as one of the food and beverage sector’s rising stars. Originally from Pennsylvania, Gold is one of the Boulder, Colorado startup community’s big success stories, having moved to the mountain town after becoming disillusioned with his original career plan to become a lawyer. The keen outdoorsman made the most of the biking and skiing lifestyle while waiting tables to support himself, and found himself frequently chowing down on peanut and almond butter for the protein benefits. Gold decided to start making his own at home, experimenting by adding everything from maple syrup to berries in his concoctions. They proved a big hit with his roommates, who ate everything he whipped up, so Gold started labeling the jars “Justin’s,” at first just to keep them away. “At that point it changed from a kitchen experiment to a project,” he says. Being completely new to business, he had a million questions about how to start a company, from company structure through to labeling, packaging, and food regulations. Leaning on the Colorado University business library as a resource, Gold came up with a business plan. And since Boulder is home to a number of other companies in the natural foods space, from Celestial Seasonings to Rudi’s Organic Bakery, he started reaching out to their founders for advice. Having raised about $30,000 from friends and family, Justin’s launched in 2004, selling to local stores, but a few years in, wasn’t growing as Gold had hoped. He knew overnight success was unlikely — his own mentor Steve Demos, the creator of milk alternative Silk, struggled for nearly 30 years selling tofu first. Being a “little naive and a little stubborn” kept him going, he says, with the idea that they would figure it out eventually.   In this interview you will learn:   - When, and how to know how much equity of your business you should give you - The importanance of starting your business idea - Why curiosity can be an amazing trait as an entrepreneur - How Justin turned his idea peanut butter idea into a multi-million dollar empire - Key leadership skills to build a solid team - How to scale a business when you recieve rapid growth - When, and how to know how much equity of your business you should give up - A key concept to keep your employees super motivated

Transcript

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0:00.0

This is episode number 37 with Justin Gold of the Founder Podcast.

0:06.7

What you need is thirst.

0:08.4

You need to be a thirsty human who is intent on learning.

0:12.5

It's a really fascinating exploration of human potential.

0:16.3

Now.

0:18.7

The Founder Podcast.

0:21.3

Even the greatest entrepreneurs had help.

0:24.3

If you want to learn from the most successful founders on the planet, you are in the right place.

0:29.9

Branson, Mark Cuban, Tony Robbins, Jim Ferris, Arianna Huffington, SETCO, Steve Case, Gary V, Sophia Amoroso, Barbara Corcoran, Damon John.

0:37.0

Learn from the greatest minds in

0:38.6

business today with interviews hosted by Nathan Chan. This is not your average entrepreneur podcast.

0:45.2

The Founder Podcast.

0:52.3

Hey guys, thank you so much for tuning in. Before we start today's episode, I just want to let

0:58.4

you know that our goal at founder is to help entrepreneurs succeed however we can by giving

1:04.0

away high quality content in the form of interviews, blog posts, podcasts, YouTube videos,

1:10.2

you name it. We put out so much content to help you.

1:13.4

And another interesting project that we're working on right now is partnering with

1:17.4

world-class founders like Damon John, Alexa von Tobel, Greta Van Riel, and so many more to

1:23.4

teach crucial skills like negotiation, finance, e-commerce, and so much more. So if you'd like to get

1:31.8

access to these free trainings with founders like this, which is 100% free, just go to founder.com

1:38.9

forward slash free. Okay, so now let's talk about today's episode. Hey guys, welcome to the founder podcast.

1:46.7

My name is Nathan Chan and I'm your host coming to you from Melbourne, Australia.

...

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