How to Generate 8 Figure Revenue at Age 21 Or Any Age | The Tim Ferriss Show (Podcast)

ℹ️ EPISODE INFO

Released

January 24, 2019

Duration

1h 59m

Channel

Tim Ferriss

Watch on YouTube

▶ Open ↗

📝 EPISODE DESCRIPTION

Benedict Dohmen and Santiago Nestares of Benitago Group, both 21, met as computer science students at Dartmouth College. Both worked very long hours in the library and suffered from back pain. They began collaborating on a prototype for a product that ended up being called the Supportiback, gathering feedback from members of the Dartmouth community, including a local hospital president and professors and students studying engineering and medicine. They launched the product on Amazon in the UK, and when it seemed their first small order was in danger of selling out quickly, they arranged financing from their supplier and were off and running. Since then, they’ve entered the US market on Amazon, and are on track for nine-figure revenue in 2019. They have introduced 120 consumer products, and are trying to become an alternative to big consumer products companies through a strategy of applying their successful scale-up strategies to brands they acquire. Also joining us in this special episode is Elaine Pofeldt (@elainepofeldt), an independent journalist and speaker who specializes in careers and entrepreneurship. She is the author of The Million-Dollar, One-Person Business: Make Great Money. Work the Way You Like. Have the Life You Want, in which she looks at how entrepreneurs are scaling to $1 million in revenue prior to hiring employees. Please enjoy! Intro [00:00] How did Benedict Dohmen and Santiago Nestares become a team? [09:24] From complaining about a common problem to creating a business to solve it [11:20] Manufacturing on a ~$2,000 budget [14:10] Entrepreneurship and copywriting preparations [16:09] Ben and Santi divide skills and labor to optimize. [20:27] Selling a quarter of their inventory on Day One [23:33] The pleasure and panic of selling out of inventory [25:05] Using the MVP (Minimum Viable Product) method to turn failure into feedback [27:38] Helpful third-party tools [30:59] Why did Ben and Santi choose Amazon as their first entrepreneurial platform? [34:13] How Ben and Santi generate actionable customer feedback [36:14] Comparing the European market to the US market [41:20] Santi talks about negotiating credit terms when it was time to place the bigger second order. [46:57] Where did Ben and Santi learn how to negotiate? [50:51] Important decisions post-success [51:34] Helpful lessons from Warren Buffett and Charlie Munger [54:41] Feedback from users informs three key products [59:36] How did Ben and Santi vet their manufacturer? [1:04:58] How did Ben and Santi find the time to do all of their research and development? [1:09:08] Does emotion ever intervene in Ben and Santi’s business decisions? [1:18:08] On coordinating efforts and getting help [1:19:41] The process of scaling up [1:31:23] Acquire profitable products or build new ones from scratch? [1:35:43] Ben and Santi’s entrepreneurial ambitions [1:38:22] Personal entrepreneurial heroes [1:42:58] Books and resources currently in rotation [1:44:56] What advice would Ben and Santi give listeners who want to follow their lead [1:49:17] Parting thoughts [1:50:57] SUBSCRIBE: http://bit.ly/1dSzTkW About Tim Ferriss: Tim Ferriss is one of Fast Company’s “Most Innovative Business People” and an early-stage tech investor/advisor in Uber, Facebook, Twitter, Shopify, Duolingo, Alibaba, and 50+ other companies. He is also the author of five #1 New York Times and Wall Street Journal bestsellers: The 4-Hour Workweek, The 4-Hour Body, The 4-Hour Chef, Tools of Titans and Tribe of Mentors. The Observer and other media have named him “the Oprah of audio” due to the influence of his podcast, The Tim Ferriss Show, which has exceeded 200 million downloads and been selected for “Best of iTunes” three years running. Connect with Tim Ferriss: Visit the Tim Ferriss PODCAST: https://bit.ly/2rYjUBr Visit the Tim Ferriss BLOG: http://bit.ly/17jDHw3 Like Tim Ferriss on FACEBOOK: http://on.fb.me/1avYUxq Follow Tim Ferriss on TWITTER: http://bit.ly/17d94TE Follow Tim Ferriss on INSTAGRAM: http://bit.ly/2IfH37J

🎤 SPEAKERS

• Tim Ferriss

  host

  Entrepreneur, author, and host of The Tim Ferriss Show podcast.

• Benedict Dohmen

  guest

  21-year-old German co-founder of an Amazon/FBA consumer-products business, focused on analytics, copywriting, and hiring systems.

• Elaine Pofeldt

  guest

  Journalist and author of The Million-Dollar, One-Person Business, covering solo and small “nonemployer” businesses.

• Santiago Nestares

  guest

  21-year-old co-founder of an Amazon/FBA consumer-products business, discussing product launch, PPC/keyword strategy, and operations.

🧾 EPISODE SUMMARY

In this episode of Tim Ferriss, featuring Tim Ferriss and Benedict Dohmen, How to Generate 8 Figure Revenue at Age 21 Or Any Age | The Tim Ferriss Show (Podcast) explores Case study: data-driven Amazon product launches, scaling, and supplier financing Two 21-year-old co-founders explain how they turned a personal back-pain problem into Supportiback, launching on Amazon and scaling rapidly through data-driven product iteration and marketing.

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