Manage 2 Win

Carey Smith grew Big Ass Fans from zero to $300 million over 18 years without outside investors.  He shares key parts of his story on this podcast. It’s interesting to note that when he sold Big Ass Fans for $500 million, the company’s stock appreciation rights program paid out $50 million to more than 100 loyal employees who shared Carey’s work ethic with 15 becoming overnight millionaires. Every year, American entrepreneurs start more than 500,000 companies, but only 200 will ever reach $100 million in revenue.  Even many that succeed will later fail. One valuable tip from Carey is that he personally called each new customer to hear first-hand what they liked about their Big Ass Fan, and more importantly, learn what they thought could be improved.  Why did he do that? Because Carey believes in a “fail-fast” approach to drive revenue quickly.  He learned a valuable lesson that you can usually tell within a short time if an idea’s going to work.  If it doesn't, then make the conscious decision to fail fast.