Entrepreneurship is often about ideas.
Good ideas that can make business sense.
So when two young entrepreneurs whose strong sense of curiosity got them running a business based on creating bracelets, a great idea just made great business sense. Today, a leading player bought a 75% stake in their company, yielding a value of$ 130 million to their brand, Pura Vida.
Griffin Thall and Paul Goodman have entrepreneurial experience in their DNA ; they clearly did not want to head into corporate jobs. While in college, they ‘hustled’ in tinkering with running a business, selling on e Bay.
In 2010, when they saw the bracelets that were being sold on a beach in Costa Rica, by bracelets artisans who were creating them. They call it their light bulb moment ; they initially only thought about bringing the bracelets to USA and selling them to a wider market.
When it comes to entrepreneurship, there are many lessons to be learnt in Pure Vida’s journey; from being a struggling start up to a venture powered by Vera Bradley Inc, a leading iconic lifestyle brand based in the US, their journey has been inspirational indeed. For the two young entrepreneurs, there are many business insights that can be shared with the world.
They made use of technology –
Pura Vida debuted on an e commerce website – they initially started on their own and then went on to showcase their brand on Shopify. If there’s anything entrepreneurship can benefit from, it is accessing technology from day one. Technology today comes with some incredible solutions that are ay to navigate, install and run for all start ups.
They managed their funds efficiently –
They never approached funding sources – they had a goal of turning the company profitable and were determined to run it as lean as possible. There were no frills and certainly no areas that burnt up capital. The two of them knew exactly where they were going in their entrepreneurship venture and they stuck to the route faithfully.
They were focused on building a brand rather than running a business –
Thall and Goodman needed no lessons in entrepreneurship ; they knew they had a powerhouse brand when they launched a signature Wave Ring on Instagram which drove their fans wild. Building a brand is what gets you the power in the market place ; running a business is not in the end what justifies the investment, the time, the money and the effort invested ; but building a brand that can connect with the customers.
They had clear cut ideas on how the roles functioned –
From the beginning the two of them knew their exact operational orbits. They did not step on each other’s toes; they knew which area suited them best and they stuck to it. This way, they also managed to avoid misunderstandings which can easily occur in a joint venture.
They waited till they hit big time to seek investors –
They did not put the cart before the horse ; they understood perfectly how investment at the right time is crucial for a start up to succeed. Instead of seeking funding right at the start, they chose to wait until the brand was built and their business was a vibrant entity before responding to investor queries ; in the end, bagging a great deal that made great sense.