Join us as we sit down with Mike Beckham, the co-founder and CEO of Simple Modern, a company that has gone from challenger to incumbent in the drinkware industry with a unique blend of style, quality, and philanthropy. Mike shares his journey from the nonprofit world to building a $250M+ profitable business, emphasizing the importance of mission-driven entrepreneurship. Discover how Simple Modern's commitment to giving away 10% of their profits has not only shaped their company culture but also fueled their remarkable success. This episode is packed with insights on scaling, maintaining a strong organizational ethos, and the real meaning behind business excellence. Don’t miss out on this inspiring conversation that goes beyond business to explore deeper questions of purpose and impact.
Sponsors:
Chapters:
00:00:00 - Scaling and Overstimulation
00:00:25 - Welcome to Eating Glass
00:02:45 - Introduction to Mike Beckham
00:03:45 - Nonprofit World Insights
00:05:45 - Business with Dual Purposes
00:07:45 - Impact of Previous Experiences
00:09:00 - Quality of Life Insights
00:11:00 - Money and Contentment
00:12:00 - Responsibility and Trade-offs
00:13:45 - Rapid Company Growth
00:16:00 - Working with Family
00:17:45 - Business Partnerships
00:19:00 - Product Longevity Surprises
00:21:15 - Breaking Growth Barriers
00:22:30 - Sales Channels Expansion
00:23:00 - Drinkware Market Fragmentation
00:24:45 - Fashion and Trends
00:25:45 - Domestic Manufacturing
00:26:15 - Oreo Principle
00:27:45 - Challenges of Growth
00:29:45 - Entrepreneurship Motivations
00:31:00 - Market Opportunities
00:33:45 - Customer Satisfaction
00:34:45 - Amazon Strategy
00:36:15 - Product Excellence
00:38:00 - Digital Tools Advantage
00:40:00 - Brand Evolution
00:42:00 - Pricing Strategy
00:43:00 - Operational Excellence
00:45:15 - Competitive Advantages
00:47:00 - Challenger Brand Strategies
00:49:00 - Value and Quality
00:51:00 - Growth and Inventory
00:53:00 - Product Trends
00:55:00 - Licensing and Customization
00:57:15 - Focus vs. Variety
00:58:45 - Scaling and Distribution
01:00:15 - Strategic Insights
01:02:15 - Direct Response Marketing
01:04:00 - Business Model and Philanthropy
01:07:00 - Motivating the Team
01:10:00 - Building Organizational Values
01:12:45 - Financial Discipline
01:15:00 - Banking Relationships
01:18:00 - Forecasting and Growth
01:20:00 - Collateral and Credit
01:22:45 - Rapid Fire Questions
01:24:15 - Entrepreneurial Truths
01:25:45 - Startup Myths
01:27:15 - Personal Value Proposition
01:28:45 - Biggest Mistakes
01:30:00 - Personal Life Impact
01:32:45 - Long-Term Impact
01:35:00 - External Validation
01:36:15 - Hiring Strategy
01:37:30 - Cultural and Character Moats
01:39:00 - Wrapping Up
ABOUT THE HOSTS:
Will Nitze is the Founder & CEO at IQBAR - America's leading "brain + body" nutrition startup. With minimal funding, Will has taken IQBAR from zero locations and zero in revenue in 2018 to 10,000+ doors and a projected $50 million in sales in 2024.
Joe Lemay founded Rocketbook with business partner Jake Epstein. After being featured on “Shark Tank”, where the sharks passed on a chance to invest – Joe would go on to grow Rocketbook and sell it to BIC for 40 million dollars just three years later.
Connect with Mike:
Website: https://www.mikebeckhamblog.com/
X: https://x.com/mikebeckhamsm
Instagram: https://www.instagram.com/mikebeckham/
LinkedIn: https://www.linkedin.com/in/mikebeckhamsm/