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Mike Tecku first appeared on this podcast in 2019 as an Amazon market vendor. Shortly afterward, he bought that enterprise, a maker of floormats. He retired, turned bored, and in 2022 launched Momentum, a direct-to-consumer dietary shake producer. He and I mentioned that enterprise final yr in his second appearance.
He’s again. Momentum Shake is flourishing, as is Tecku. He’s advanced from the nuts and bolts of being profitable to reaching a function, constructing a crew, and self-improvement. “If I’m not rising, I’m dying,” he informed me.
Our whole audio dialog is embedded under. The transcript is edited for size and readability.
Eric Bandholz: Your entrepreneurial journey is spectacular.
Mike Tecku: Progress offers me that means and a way of being alive. If I’m not rising, I’m dying. The American dream of not having to do something runs counter to human nature. When I retired, I acquired good at golf. I learn many books however couldn’t shake the urge to resolve issues. I’d be in a retailer and assume, “That is an fascinating product. I ponder if I might make this.”
I acquired depressed once I wasn’t engaged on something. I might really feel myself shrinking. A few yr into that, I made a decision I wanted to re-embrace being an entrepreneur. That’s simply who I’m. These are my items. I needed to make use of my items and strengths, and now I had the privilege of utilizing them in a approach that I needed, not simply to outlive or earn a living.
The world is consistently altering. To make one thing excellent is unimaginable, however you may pursue it by regularly adjusting. The farther you get alongside, the extra exact the vacation spot is, and the extra attuned you might be to your objective. You acquire data and make higher choices. Whenever you’re actually into one thing, you’re regularly rising and perfecting your artwork.
Bandholz: How does an organization try for perfection?
Tecku: It’s essential to develop belief along with your prospects in order that they know you’ve got their finest curiosity at coronary heart. If we modify the flavoring of our shakes, prospects fear we’re making it cheaper when the truth is the other. You have to be clear with prospects and talk that you just wish to add extra worth with out growing their prices. It’s important to zoom out past provide and demand. What benefit are you able to convey to the market in addition to making more cash?
I wish to produce a product 10 occasions higher than everyone for a similar value. Most companies are simply media and advertising and marketing platforms. They don’t contact the product. In the event that they’re doing something in any respect, they’re promoting commodities. I wish to make one thing that may be a masterpiece and stacks a lot worth into it.
That wasn’t taking place with our outsourced producer. I like these folks, however they’ll’t innovate on the velocity I need. I can lower prices by 30% once I take over manufacturing. I can shrink money movement, enhance amount, cut back prices, and enhance high quality. The one approach to try this is thru owning the manufacturing process.
Bandholz: What are the pitfalls of in-house manufacturing?
Tecku: Step one is believing it’s doable. I spent 10 years considering manufacturing was complicated and past my experience. However I needed to begin questioning myself. Why can’t I assemble a crew of clever, hardworking people? Why can’t I resolve these issues?
The objective is to make manufacturing simple. If I can construct one thing easy and scalable, it is going to be safer and dependable. I wish to forecast 5 to seven years down the highway. What are my targets? I wish to scale to 100 million {dollars}. What does that appear like within the variety of items I must make a day and the machines able to that?
I’m shopping for machines to simplify and cut back the possibility of error. We are able to’t remove errors, however we will streamline processes, steps, and inputs. The machines I’m shopping for ought to be capable to make a thousand luggage an hour with one worker. That’s a scalable system.
Bandholz: You might have a single SKU incomes hundreds of {dollars} month-to-month. You’re not touching it. There’s magnificence in that.
Tecku: It’s lovely as a result of it frees me for development and enchancment. Recall the outdated phrase, “Work on your enterprise, not in it.” That may’t change. You must be on prime wanting on the items. My job is decision-making. I need two hours of hyper-focused considering day by day.
Consistently executing shouldn’t be the most effective use of my abilities. Some individuals are approach higher at it. I contemplate all elements of the enterprise to be belongings. The manufacturing facility I’ve been constructing for the final six months is an asset. I need it to run completely with out me. That includes the machines, the area, the crew — each resolution.
Bandholz: I battle with shifting from the execution function into technique and decision-making.
Tecku: I attempt to examine with my crew to see in the event that they want one thing from me. I’ve to remind myself that is what they’re good at and that they admire my belief in them. If you wish to create unbiased individuals who assume for themselves, it’s important to allow them to fail. My job is to find out the subsequent step. There’s no proper path. It requires lots of strolling round, studying books, speaking to people, and paying consideration.
Bandholz: The place can people comply with you?
Tecku: Our web site is MomentumShake.com. I’m on LinkedIn.
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