The Successful Founder's Mindset
Lesson 5 from: Brand Strategy BootcampScott Lancaster
The Successful Founder's Mindset
Lesson 5 from: Brand Strategy BootcampScott Lancaster
Lesson Info
5. The Successful Founder's Mindset
Lessons
Welcome To Brand Strategy Bootcamp
01:32 2The Brand Building Framework
03:28 3Branding 101
05:17 4The 5 Laws of Brand Building
06:34 5The Successful Founder's Mindset
04:13 6The Scientific Reason Why Brands Grow
04:14 7Verifying Your Business Idea
03:05 8Understanding Brand Positioning
03:44Lesson Info
The Successful Founder's Mindset
1 (bright music) 2 Think about the founders 3 that have brought their vision to life. 4 People who we both know that have built brands 5 that are loved around the world. 6 Think Steve Jobs, Sarah Blakely, Elon Musk, 7 Ariana Huffington, and Howard Schultz, for example. 8 Now, these founders all had a very specific mindset 9 as they were building their companies, 10 and we all know that not everybody possesses 11 that type of mindset. 12 But the secret is that this mindset can be taught 13 and learned, and that is exactly 14 what we'll be learning in this very lesson. 15 And the person who we're gonna be studying 16 and learning it from in this very lesson is Bernard Arnault, 17 the owner of the LVMH Group 18 and one of the richest men in the entire world. 19 Now, over the past decade of working with thousands 20 of different founders, I've learned which common traits 21 are generally in the minds of the founders 22 that are most likely to succeed. 23 And these are the three common tr...
aits 24 that I found in the minds of founders that have went on 25 to have incredible successes with their brands. 26 And if you want to be successful 27 you are going to have to adopt 28 these three common traits too. 29 And the first of those traits is patience. 30 Now, Bernard's patience is something 31 that helps him tremendously when building luxury brands. 32 Now, when he tried to buy Tiffany & Co. in 2018, 33 he took a very patient and systematic approach, 34 which essentially ended up delaying the entire process 35 and causing an awful lot of pain to Tiffany & Co. 36 their employees and directors. 37 So even though he could have literally got the deal done 38 in no time at all, he delayed it and made things go 39 extremely slow so he could get the brand 40 for a cheaper price. 41 This caused Tiffany & Co. an awful amount of pain 42 and financial loss. 43 Now, it's said that negotiations are often won by the person 44 who cares least. 45 And even though Bernard all know really wanted Tiffany & Co. 46 as part of his strategy, 47 he never let them know how eager he really was. 48 He played a long patient game and let Tiffany & Co. 49 struggle and suffer until they were ready 50 to sell to him at the lower price. 51 Now, you could use this exact same approach with suppliers, 52 for example, on a slightly smaller scale obviously 53 by essentially playing two supplier of against each other 54 and letting them know 55 that you are not set on just using them, 56 which is ultimately going to allow you to negotiate 57 a better price per unit for your product 58 or whatever you're buying from them. 59 Which takes me onto the next commentary that I found 60 with founders that are extremely successful, 61 which is having a long-term vision. 62 Bernard knows that as he builds his portfolio of brands 63 for LVMH, he needs to think big. 64 He needs to diversify and select brands 65 that are not only located in different 66 geographical locations, but also brands that sell 67 different types of products. 68 Tiffany & Co. was the first brand that Bernard bought 69 that was based in the US 70 so they had a strong US customer base already, 71 and they were also the first brand 72 that he bought that was focused on high quality jewelry. 73 Now, this was something that none of the LVMH brands 74 were producing or selling at the time, 75 and slowly but surely, 76 he's essentially a diversified portfolio of brands 77 and products that he can sell at luxury profit margins 78 where he can basically just reap the rewards of knowing 79 that he owns the ultimate option in every single category 80 no matter what you are buying in the luxury sector. 81 And lastly, one of the things which I'm sure 82 you're already fully aware of, 83 which Bernard definitely does very well is to think 84 multiple steps ahead. 85 Now, the key to Bernard's success has always been 86 to have a really solid strategy, 87 which we're gonna be building for you 88 in this very course very, very soon. 89 But then one thing that Bernard does really well 90 and better than most is he actually 91 executes on that strategy perfectly. 92 And Bernard has stated many times that his job at LVMH 93 is to think 20 years into the future, unlike more CEOs, 94 he isn't worried about the public share price 95 or quarterly sales figures. 96 All he focuses on is creating the best quality 97 and creative products that he can sell 98 at luxury price points. 99 So it's really important to always think 100 multiple steps ahead. 101 Now, if you are looking to build a brand, 102 then you likely have an idea 103 which you want to bring to life. 104 And in the very next lesson, we are going to validate 105 that idea before we start building out your brand strategy. 106 Don't worry, it's super simple 107 and I'll be with you every step of the way. 108 So I'll see you very soon.
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