5: Will You Be Proud if Your Idea Fails? w/ Saint Midas’ Emilio D’Angelo

Build With Rob

Rob Dyrdek

Entrepreneurship, Business

5.0 • 636 Ratings

🗓️ 13 May 2021

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

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Summary

Emilio bought costume jewelry on Alibaba, set up a site, ran Facebook ads, and pulled in $300k in a month. This caught Rob’s attention, thinking, what if they could use this method and create a strong brand behind it. But by the time they got to market, the market had changed drastically. After several pivots, it was looking like The Machine’s first loss. But when they asked the question, “will I be proud if this fails?” everything changed. Saint Midas was born, intentional jewelry both were proud of, and now they split sizable dividend checks.

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Transcript

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0:00.0	Welcome to Build with Rob. I am Rob Deirdick CEO and founder of the Deirdick Machine, a one-of-a-kind venture creation studio.
0:11.3	We are a company that creates companies by systematically fusing art, science, and magic through a process we call the machine method.
0:24.5	The art is the creative vision and the constant shaping and refinement of an idea. The science is the proven methods and time-tested fundamentals
0:31.5	of business. The magic is the intangible, universal luck that provides an unexplainable push towards
0:39.1	success. Each guest on this show is one of my do-or-dire partners and co-founders. This show is an
0:46.2	inside look at all the companies that we've created and the lessons we have learned along the
0:51.7	journey. Today we've got Emilio DiAngelo, the CEO and designer of St. Midas, a
0:57.6	jewelry brand that creates products that are built with intention. St. Midas is a profitable
1:02.9	venture that is now poised for long-term growth, and this episode is about our journey that it
1:08.8	took to get there. When we initially decided to partner, it was because Emilio was selling hundreds of thousands of dollars of costume jewelry online.
1:18.6	And I thought to myself, man, we could take this base revenue and scale this into an incredible company.
1:25.6	The problem was we never got that chance to scale it into an incredible company. The problem was we never got that chance to scale it into
1:30.3	an incredible company because by the time we developed St. Midas, he was no longer able to
1:37.3	generate the same amount of revenue. Here we will explore the idea of pivoting to pride.
1:45.4	You know, when you're building a company, you've got to ask yourself, will I be proud if this fails?
1:51.0	And I know that's a little counterintuitive because nobody sets out to fail, but it's the difference between chasing money and pursuing something you can truly stand behind no matter what the outcome.
2:03.7	Emilio, welcome to build with Rob.
2:06.8	How does it feel, man?
2:07.6	How does it feel to be on the show?
2:09.4	Amazing.
2:10.0	It's like a manifested reality right now.
2:12.5	It's pretty sick.
	...

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