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My First Million

Greatest Hits #2 - How to Build a $100 Million Deodorant Business Starting With Only $1,000

My First Million

Hubspot

Entrepreneurship, Investing, Business

4.82.7K Ratings

🗓️ 10 May 2021

⏱️ 74 minutes

🧾️ Download transcript

Summary

Shaan (@ShaanVP) talks to entrepreneur Moiz Ali (@moizali) on today's episode. Have you ever looked at the back of your deodorant stick and read the ingredients? Aluminum zirconium trichlorohydrex? PPG-14 Butyl Ether? Well, Moiz saw that and created Native, a natural deodorant without all the chemical junk. He built the company from his brother's dining table - doing sales, marketing, operations & customer service as a one-man-show. His hard work paid off, as he sold the company for $100M to Proctor & Gamble just 2.5 years after it launched. Listen in to hear the backstory of how he started using just $1k, how the company almost died (twice), and how he negotiated a $100M sale of the business! --------- * Want to be featured in a future episode? Drop your question/comment/criticism/love here: https://www.mfmpod.com/p/hotline/ * Support the pod by spreading the word, become a referrer here: https://refer.fm/million * Have you joined our private Facebook group yet? Go to https://www.facebook.com/groups/ourfirstmillion and join thousands of other entrepreneurs and founders scheming up ideas. --------- Show notes: * 12:40 - How Moiz got his first product made and first few sales * 21:00 - The highs and lows of entrepreneurship * 27:40 - How to iterate quickly with a physical product * 32:55 - Shaan rapid fires questions at Moiz to understand his mindset and business at the time * 46:33 - How Moiz sold Native * 58:30 - Moiz talks about his doubters and how it fueled him

Transcript

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0:00.0

Alright, what's happening? This is another edition of my first million greatest hits where we look back at some of the past episodes and

0:08.5

Do some callouts of my favorite parts and explain to you why they're interesting and well

0:13.2

You'll you'll understand in a second, but this episode Sean actually said it's his favorite episode of all time

0:19.9

Last week we just did one with Suley Ali so Suley Ali if you go through your Spotify or iTunes feed

0:26.0

You'll see the Suley Ali one he started and sold this company for $100 million and it was really great awesome guy

0:31.9

I love him. I know him. I think it's great

0:34.0

But this episode is actually with his brother his younger brother probably three years younger and he sold his company for $100 million

0:40.3

Except this company

0:41.9

Sorry, Suley is more impressive and it's more impressive because he sold it for $100 million with zero money rate

0:49.3

So he

0:50.5

Well, they actually ended up they raised like $400,000 like weeks or months or something like that before they sold

0:56.7

But basically he started the company when he was in his early 30s for like a thousand dollars and in only two and a half years

1:05.0

He's scaled to a 30 million dollar run rate and then he sold the company for a hundred million dollars in cash to

1:10.7

Procter and Gamble and he did that all in two and a half years and I was actually with him

1:15.4

So boys and I we actually shared an office when we when he started the company. It was like a really small

1:22.2

Space called founders dojo and if you look up like Sam par founders dojo

1:26.6

You'll see an article in a video. I made on that spot

1:29.4

But it was basically like eight of us working out of a small office and boys

1:34.0

Was tinkering at first. He was like maybe I'll sell mattresses. Maybe I'll sell I forget all what he wanted to sell and somehow

1:39.7

He came across you know, maybe deodor would be cool

1:42.2

And so we started this company called native deodorant and he didn't know really much about anything in the podcast

1:48.8

He goes I don't know anything about deodorant and all the critics were like why are you launching this you nothing about deodorant

...

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