Podcast Summary
Following passion and building successful businesses: Passion, hard work, and resources are essential for business success. Seek funding, build a brand, focus on culture, insurance, and HR, use business travel perks, and stay adaptable.
Building a successful business often requires a combination of passion, hard work, and the right resources. As heard in today's episode of "How I Built This," Angie and Dan Bastian of Bastian Industries followed their passion for kettle corn but faced challenges in securing funding and building their brand. Similarly, companies like Amica and Insparity offer solutions to help businesses thrive by focusing on culture, insurance, and HR services. For business travelers, having a card like the Delta Sky Miles Platinum Business American Express Card can make work trips more enjoyable and productive. And for those seeking career advice, following your passion is important, but it's also crucial to be adaptable and resourceful in achieving your goals. Whether it's through networking, seeking out mentors, or utilizing available resources, building a successful business or career is a journey that requires persistence and determination.
Seizing Opportunities Without Initial Passion: Determination and hard work can lead to great success, even without prior experience, connections, or a pre-existing passion.
Passion often comes after the initial pursuit of an idea or business. Angie and Dan Bastian, the founders of Angie's Kettle Corn, didn't have a particular love for popcorn when they started selling it to earn extra money. Instead, they saw an opportunity and seized it, eventually building a successful business that sold for a quarter of a billion dollars. Their story, like many others, defies the odds and shows that determination and hard work can lead to great success, even without prior experience, connections, or a pre-existing passion. Additionally, the founders' upbringings, with Dan growing up in a chaotic household in Mankato and Angie in a protected Mennonite community in Indiana, shaped their experiences and influenced their perspectives.
Determined to Pursue Passions Despite Challenges: Angie and Dan, despite facing learning difficulties and personal struggles, remained determined to pursue their passions and found support and connection in unexpected places, leading to a deep and lasting relationship.
Despite facing various challenges in their educational and personal journeys, both Angie and Dan were determined to pursue their passions and eventually found support and connection in unexpected places. Angie, who grew up with learning difficulties and went on to study nursing, met Dan in Gallup, New Mexico, while they were both working there. Dan, who also faced challenges in school but went on to become a teacher, had a chance encounter with Angie in Roger's kitchen when they both bonded over having broken jaws. Through their shared experiences and the support of their community in Gallup, they formed a deep connection and eventually got married, starting a family and moving together to different places throughout their lives.
A couple's pursuit of entrepreneurial dreams despite financial constraints: Persistence, adaptability, and the drive to create something meaningful led a couple to start a successful kettle corn business despite initial setbacks and unexpected challenges.
Despite having stable jobs and a young family, Dan and Angie felt the need to create something of their own to secure their children's future and pursue their entrepreneurial dreams. During their time in Florida, Dan started a golf business while Angie worked at a mental health clinic. However, they realized they weren't prepared to open a food business as planned and returned to Mankato, where Dan resumed teaching and Angie worked at the State Hospital. Seeking alternative ways to generate income, they turned to the internet and stumbled upon an opportunity to make significant money by selling kettle corn. This unexpected discovery led them to start their successful business, Kettle Corn, Inc. Their story highlights the importance of persistence, adaptability, and the drive to create something meaningful, even when faced with financial constraints and unexpected challenges.
Lesson from a failed kettle corn business: Investigate opportunities thoroughly and prepare for unexpected challenges before starting a business.
The excitement of potential profits can sometimes blind us to the reality of the situation. A couple, inspired by the promise of making thousands of dollars selling kettle corn, invested $10,000 into a business only to realize they had been scammed. The experience was chaotic, with unpacked equipment not fitting through their alley, burnt batches, and the need for permits and inspections. Despite these challenges, they persisted and eventually made it work. This story serves as a reminder to thoroughly research opportunities before investing and to be prepared for unexpected obstacles.
Starting a small business from scratch: Determination and a great product can lead to business success, even with a minimal investment and initial skepticism.
Starting a business, no matter how small or unconventional, can lead to significant success. In 2001, Dan and his partner set up a kettle corn stand in front of a supermarket on a beautiful fall day, selling $300 worth of popcorn. Despite initial skepticism from family and friends, they saw it as a way to get started and were thrilled by the positive response. They continued selling kettle corn at local events, even in the snow, and eventually expanded to selling at the Minnesota Vikings training camp. Starting with a minimal investment and using credit cards to finance their operations, they proved that determination and a great product can lead to success. Additionally, Dan showed that it's possible to balance multiple roles in life, as he continued to work as a nurse practitioner while running the kettle corn business.
Seizing an Opportunity at a Football Game: Persistence and offering free samples led to a business opportunity at a football game, which eventually became a successful venture despite initial struggles.
Persistence and seizing opportunities can lead to significant rewards. A group of entrepreneurs, looking to make some extra money, asked to set up a tent at a Minnesota Vikings training camp and were met with an opportunity to sell kettle corn. They sent some samples to the players for free, and when the players loved it, they were offered a contract to become the preferred kettle corn vendor for the team. Starting small, they sold kettle corn every football Sunday outside the stadium, eventually making a profit despite low costs. Though they initially struggled to afford the sponsorship fee, they became the official kettle corn of the Minnesota Vikings, turning a small opportunity into a successful business.
From outdoor events to grocery stores: Angie's Kettle Corn journey: Determination, teamwork, and continuous improvement led Angie's Kettle Corn from outdoor events to grocery stores despite initial setbacks and challenges.
The success of Angie's Kettle Corn didn't come overnight. After starting as an outdoor event company, the founders realized they wanted to reach more people and get their popcorn into grocery stores. However, they faced challenges such as getting proper packaging and licensing. They spent six months preparing and returned with a small kitchen and improved packaging. Despite initial setbacks, they eventually managed to get their popcorn into local stores, and eventually into larger chains like Trader Joe's. This story illustrates the importance of determination, teamwork, and continuous improvement in building a successful business. Atlassian, the sponsor of the podcast, shares a similar vision, using AI to empower human collaboration and make impossible tasks possible for teams.
Overcoming challenges with persistence and help: Persistence and support from others are essential to overcoming financial struggles and achieving success. Investing in personal growth requires commitment, but the rewards can be significant.
Persistence and the help of others are key to overcoming challenges and achieving success. As shared in the story of Dan and Angie's popcorn business, they faced significant financial struggles in the early years, but the help of dedicated employees and a loan from a family friend kept them going. Similarly, investing in personal growth through Masterclass can help individuals learn new skills and make bold decisions, but it requires a commitment to put in the effort and time. The story also highlights the importance of staying committed to one's goals, even when faced with setbacks and hardships. And, as Dan and Angie discovered, having a supportive partner can make all the difference. So whether it's starting a business or learning a new skill, remember that the journey may be chaotic and challenging, but with determination and the right support, you can overcome obstacles and reach your goals.
Persisting through financing challenges: Entrepreneurship requires persistence and resilience, even when securing funding for a popular product is difficult.
Starting and growing a business involves overcoming significant challenges, even when you have a popular product. The speaker recounted their experience of trying to secure a large loan to expand their business in the late 2000s. They visited numerous banks but were met with reluctance due to their lack of collateral and debt. Despite the frustration, they eventually found a partner bank that provided them with the necessary funding through a line of credit and personal guarantees. The process was difficult and required putting personal assets on the line, but their belief in their product and determination to succeed kept them going. The experience underscores the importance of persistence and resilience in entrepreneurship.
Identifying opportunities during economic uncertainty: Adaptability and seizing opportunities can lead to significant growth during economic uncertainty. Hiring staff and focusing on expanding a business can turn small orders into successful product lines.
During a time of economic uncertainty, identifying opportunities and being willing to invest can lead to significant growth. The popcorn company in our discussion faced challenges in securing funding and resources, but by hiring staff during a recession and focusing on expanding their business, they were able to turn a large order from Trader Joe's into a successful product line. Despite the founder's continued work as a nurse and the financial strain, they saw potential in the market and pursued it, ultimately leading to revenue of around $3-4 million by 2009. This story highlights the importance of adaptability and seizing opportunities in the face of adversity.
Partnering with a private equity firm propels business growth: A strategic partnership with a private equity firm brought new capital, expertise, and resources, enabling a kettle corn company to expand product lines, build a professional sales team, and enter new markets, leading to significant growth.
Partnerships can significantly contribute to a business's growth and success. In the case of this kettle corn company, bringing on a private equity firm, Sherbrooke Capital, allowed them to expand beyond their core product and enter new markets. Initially hesitant due to a lack of understanding of private equity, the founders ultimately saw the potential benefits, including access to capital, expertise, and resources. The partnership led to the introduction of new product lines, a professional sales team, and a marketing team, elevating the business to a whole new level. Additionally, the company identified a gap in the market for more appealing and diverse offerings in the natural and organic snacks section and capitalized on the gluten-free trend, further boosting their growth.
Taking calculated risks for business growth: Personal involvement in quality control, renaming the company, and selling to private equity firms led to significant growth for Angie's Boomchickapop
Being open to change and taking calculated risks can lead to significant growth for a business. The founder of Angie's Boomchickapop started by handling all customer complaints personally to ensure quality control. Later, they took a risk by changing the company name to Boomchickapop to appeal more to their target audience, despite initial internal and external resistance. This decision led to increased sales and brand recognition. Another significant risk was selling a large stake of the company to private equity firms, which resulted in millions of dollars in liquidity for employees and a later sale of the company for a quarter of a billion dollars to Conagra. While these risks came with challenges and emotions, they ultimately paid off for Angie's Boomchickapop.
Starting a business in a garage and achieving success: Hard work, perseverance, and a bit of luck can lead to business success. Focus on the next step, build strong relationships, and create a customer-focused environment.
The success of Angie's Boomchickapop came from a combination of hard work, perseverance, and a bit of luck. Dan and Angie started the business in their garage, and while they couldn't have imagined the company's eventual sale for over $200 million, they remained focused on the next step and continued to put in the effort. Their marriage and partnership also faced challenges, but they committed to each other and the business, allowing them to weather the ups and downs. Dan acknowledges the importance of creating a customer-focused environment and building strong relationships, which contributed to their success. Ultimately, their love and determination enabled them to overcome obstacles and achieve their goals.
Understanding individual talents and combining them effectively: Success often involves a combination of hard work, talent, and a bit of luck. Positive energy and hard work go hand in hand.
They emphasized the importance of understanding individual talents and combining them effectively. The duo acknowledged the role of fortunate timing and good decisions, but also acknowledged that they made a conscious effort to create positivity and goodwill. Despite seeing many hardworking individuals not experiencing the same success, they believe that positive energy and hard work go hand in hand. Unfortunately, they no longer own the original kettle they used to start their business, as it was acquired by Conagra when they bought the company in 2017. The episode of How I Built This, produced by Rachel Faulkner, serves as a reminder that success often involves a combination of hard work, talent, and a bit of luck.
