594 - How to Develop a Company that Gives Back with Blake Mycoskie, founder of TOMS and MadeFor

The James Altucher Show

James Altucher

Society & Culture, Talk Radio, Writer, Philosophy, Comedy, Chess, How To, Entrepreneurship, Jay, James, The James Altucher Show, Altucher, Author, Jay Yow, Education, Jay The Engineer, Business, James Altucher

4.6 • 2.7K Ratings

🗓️ 1 June 2020

⏱️ 58 minutes

🔗️ Recording | iTunes | RSS

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Summary

Blake Mycoskie is the founder of TOMS shoes, known for its "buy a pair, give a pair" model. But when Blake started he knew nothing about shoes. Or building a company. “It was just a project,” he said. And yet it became a massively successful and has donated tens of millions of shoes to people in need. I asked Blake how he got the courage to start a company he knew nothing about. I also asked him about the business model, selling the company and building his new company, MadeFor, which is new wellness company that helps you learn how to have agency over your own health. Here's a list of all the things we talk about: The origin story of TOMS, their business model and how they took off How to develop a company that gives back How to find a cause you want to help Blake's new company, MadeFor and how to have agency over your health (and what to focus on) Healthy habits you can develop NOW Hallucinogenics Blake's advice for building a business during and after the pandemic And if you go to getmadefor.com and type in MFJAMESALTUCHER then you get 20% off. I write about all my podcasts! Check out the full post and learn what I learned at jamesaltucher.com/podcast. Thanks so much for listening! If you like this episode, please subscribe to “The James Altucher Show” and rate and review wherever you get your podcasts: Apple Podcasts Stitcher iHeart Radio Spotify Follow me on Social Media: YouTube Twitter Facebook

Transcript

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0:00.0	This isn't your average business podcast and he's not your average host.
0:06.4	This is the James Altiger Show.
0:09.4	Today on the James Altiger Show.
0:15.7	When something is dire enough, we as a human race can change quite rapidly.
0:21.7	And what I say to people oftentimes is if you're passionate about something that could
0:25.1	become a business, then rather than getting so overwhelmed with the business plan and
0:29.8	raising money and getting the perfect logo and all these things, just start doing it
0:35.0	and see if people respond.
0:37.4	And that's exactly what happened to Tom's.
0:40.0	What really caused Tom's to be what Tom became was the giving model because that was totally
0:44.7	radical.
0:45.7	No one had ever done that.
0:47.2	The fact that we gave a pair, we told him we sold a pair, we really resonated with people
0:51.2	in 2006 when we started.
0:53.3	And that's what caused it to have the phenomenal growth that it did.
0:57.6	Do you think that model works as a business model in general or was it unique to Tom's?
1:07.9	This is a great episode with the founder of Tom's shoes.
1:12.5	That's the company that if you buy a shoe, they give one shoe for charity.
1:15.9	I'm wearing my special Marvel Comics edition of Tom's shoes right now.
1:22.0	We also talk about Blake's new company.
1:24.6	Blake was very successful with Tom's shoes, made a lot of money.
1:27.0	He talks about entrepreneurship, how he started a shoe company with no money and no experience
	...

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