Brendan Synnott is the founder and former CEO of Bear Naked Granola, the #1 Granola company in the country. He has been featured in the news multiple times and also was a participant on the show Survivor. He is currently the Chief Marketing Officer for the brand EVOL burritos. Here is my interview with him:
-What was your childhood like? Were you always interested in business?
i started selling candy on the side of the street when i was about 10 years old. from there i sold candy from locker in middle school, then made gear for my high school sports teams and started a car washing business in high school. i've always had that entrepreneurial bug. not so much about making money, but making money my way.
-What was your greatest business idea and what inspired it?
since bear naked was my greatest success, i've have to say starting a granola company. what inspired it was my own experience. i had been exposed to healthy eating by my grandfather who had heart problems. rather than have surgury, he opted to eat better. i learned from him the importance of what you eat. because of that awareness in food, i never understood why someone would put artificial substances in their body. i looked up and down that giant cereal aisle in the grocery store and saw nothing but processed and artificial offerings. i believed, and still believe, that consumers are now just beginning to take control of their health... and their first avenue to wellness will be natural and organic food products. they are better for the planet and the people.
-What jobs have you held before and do you believe they prepared you for your current career?
everyone job prepares for your career for two main reasons.
1. you learn skills... and all skills are valuable to someone.
2. you learn about people... you realize who and what you want to for.
i worked at a laundry mat, video rental store, bond brokerage, digital media company, Saturday Night Live, Trilogy Software.
-How would you describe your personality/habits and how would you say they have contributed to your business success?
i am a perfectionist when it comes to projects that create value. I notice everything. I try to listen and watch details so I can learn. I am extremely competitive. I hate losing and love winning. Not to say I'm a sore loser, but I never forget a loss.
-Are there any books/movies/experiences that influenced your outlook on life/business and if so, how?
Richard Branson is a personal hero. I loved his book "Losing My Virginity"
-What would you say is the best piece of advice you ever got?
Do what you love.
-What do you enjoy doing when you’re not working?
Playing. Anything outside and preferable solar powered.
-What do you want to be remembered for?
Breaking rules that unlock value.
Monday, June 28, 2010
Wednesday, June 9, 2010
Interview with Chris Baker, Entrepreneur and CEO of MailCode
In this post, I present an article with Chris Baker, the entrepreneur of MailCode, a mail sorting company. Chris is also the president of Group 1 Software, a subsidiary of the mailing company Pitney Bowes Inc. Chris specializes in technology and has a number of patents to his name in addition to the businesses he has started. Here is the interview:
-What was your childhood like? Were you always interested in business?
As one of 11 children, there certainly was competition for our family’s’ limited resources. There is no question the size of our family taught me to be more self-sufficient than my friends. It is interesting to look at my siblings. Of the 11 children, 15 years ago, 4 of the 11 were entrepreneurs in some form (two were carpenters, two in technology startups). Today 6 of the 11 are entrepreneurs and everyone else (except one) work for a family member who is an entrepreneur or married to an entrepreneur. I personally was driven to achieve progress in some form from a very early age. I once dug a 3’ x 4’ hole in the backyard and filled it with water to try out my new inflatable boat (the boat exactly fit the hole leaving no room for the boat to move in any direction) because I couldn’t wait for the weekend to go to a river or lake. I don’t have much patience when it comes to achieving things. As I grew up, this led naturally to business.
-What was your greatest business idea and what inspired it?
It’s hard to distinguish between great ideas and great strategy in business. I’m proud of Differential Weighing for which I received one of my patents (#5,001,648) and lots of royalties. But I’m also proud of the way I thought about developing my career, developing a unique combination of skills and experiences to afford me greater and new experiences.
-What jobs have you held before and do you believe they prepared you for your current career?
Before starting my first real company MailCode which was acquired by Pitney Bowes, during high school, I worked at Radio Shack, as the TRS-80s and PCs entered the marketplace. This gave me access to current technology and knowledge of a new and large industry. With this access, I started writing business software as an entrepreneur for local businesses. I continued this during college which lead to having a fairly secure entrepreneurial opportunity upon graduating – something I needed to pay off student loans/etc. Without access to the technology and relationships with local businesses (developed through Radio Shack), I surely would not have had the same experiences I have today.
-How would you describe your personality/habits and how would you say they have contributed to your business success?
Refusing to give up on anything. A good entrepreneur doesn’t give up, he/she just morphs the business/business model or market until something fits.
-Are there any books/movies/experiences that influenced your outlook on life/business and if so, how?
Crossing the Chasm was my introduction to hearing that other people were having/had the same experiences I was having. It (and other business books like it) taught me to think much more strategically while fighting the day to day battles of getting and keeping a business profitable.
-What would you say is the best piece of advice you ever got?
Many mentors have given me great advice. The one I think about most often is that I’m standing on the shoulders of all those that came before me – listen to them, learn from them, as without their knowledge, you aren’t standing on their shoulders – you are going to spend your time re-learning their lessons instead of advancing from it.
-What do you enjoy doing when you’re not working?
I find that balance is crucial to long-term success. For me, that involves, exercise (this is essential for me), spending time with my two boys, friends, cooking, carpentry, etc. I believe balance is the key to happiness and often overlooked.
-What do you want to be remembered for?
It’s a good question, but I’m still trying to decide if thinking about a legacy is a good use of my time.
-What was your childhood like? Were you always interested in business?
As one of 11 children, there certainly was competition for our family’s’ limited resources. There is no question the size of our family taught me to be more self-sufficient than my friends. It is interesting to look at my siblings. Of the 11 children, 15 years ago, 4 of the 11 were entrepreneurs in some form (two were carpenters, two in technology startups). Today 6 of the 11 are entrepreneurs and everyone else (except one) work for a family member who is an entrepreneur or married to an entrepreneur. I personally was driven to achieve progress in some form from a very early age. I once dug a 3’ x 4’ hole in the backyard and filled it with water to try out my new inflatable boat (the boat exactly fit the hole leaving no room for the boat to move in any direction) because I couldn’t wait for the weekend to go to a river or lake. I don’t have much patience when it comes to achieving things. As I grew up, this led naturally to business.
-What was your greatest business idea and what inspired it?
It’s hard to distinguish between great ideas and great strategy in business. I’m proud of Differential Weighing for which I received one of my patents (#5,001,648) and lots of royalties. But I’m also proud of the way I thought about developing my career, developing a unique combination of skills and experiences to afford me greater and new experiences.
-What jobs have you held before and do you believe they prepared you for your current career?
Before starting my first real company MailCode which was acquired by Pitney Bowes, during high school, I worked at Radio Shack, as the TRS-80s and PCs entered the marketplace. This gave me access to current technology and knowledge of a new and large industry. With this access, I started writing business software as an entrepreneur for local businesses. I continued this during college which lead to having a fairly secure entrepreneurial opportunity upon graduating – something I needed to pay off student loans/etc. Without access to the technology and relationships with local businesses (developed through Radio Shack), I surely would not have had the same experiences I have today.
-How would you describe your personality/habits and how would you say they have contributed to your business success?
Refusing to give up on anything. A good entrepreneur doesn’t give up, he/she just morphs the business/business model or market until something fits.
-Are there any books/movies/experiences that influenced your outlook on life/business and if so, how?
Crossing the Chasm was my introduction to hearing that other people were having/had the same experiences I was having. It (and other business books like it) taught me to think much more strategically while fighting the day to day battles of getting and keeping a business profitable.
-What would you say is the best piece of advice you ever got?
Many mentors have given me great advice. The one I think about most often is that I’m standing on the shoulders of all those that came before me – listen to them, learn from them, as without their knowledge, you aren’t standing on their shoulders – you are going to spend your time re-learning their lessons instead of advancing from it.
-What do you enjoy doing when you’re not working?
I find that balance is crucial to long-term success. For me, that involves, exercise (this is essential for me), spending time with my two boys, friends, cooking, carpentry, etc. I believe balance is the key to happiness and often overlooked.
-What do you want to be remembered for?
It’s a good question, but I’m still trying to decide if thinking about a legacy is a good use of my time.
Saturday, June 5, 2010
Lending Club: A great way to maximize returns on your money
In this post, I present a review written by my friend Nick Joosten about a site known as Lending Club. While a normal bank may give you a 2-3% return on your money, Lending Club, which specializes in micro-loans, promises a return of over 9%. In this review, Nick analyzes the pros and cons of the site:
Lending Club Review
After earning .25% APY in a money market account, I realized it was time to look elsewhere to invest. I came across Lending Club, which at the time promised 9.81% returns. I quickly dismissed it, assuming it was a Ponzi Scheme, and kept searching for other places to invest. Not having much luck after several days of research, I decided to at least look into Lending Club. The idea made sense: to have investors micro-lend to borrowers, essentially getting rid of the bank. But after the Madoff Scandal, I was hesitant to invest in organizations that promised such high returns. After more research, I became more confident that Lending Club was a legitimate organization. It was featured in many media outlets such as ABC7, Fox Business, Nasdaq.com, CNN, Forbes, Bloomberg, Chicago Tribune, The New York Times, CBS News, The Wall Street Journal, NPR, Yahoo Finance, TIME, CNBC, USA Today, etc.
After recognizing Lending Club as a legitimate institution, my next biggest concern was risk. I learned that the average default rate on a loan is around 3%. If you invest all your money in one loan, you have a 3% chance of losing all your money. However, if you invest in two loans, you only have a .09% chance of losing all your money (assuming that different people defaulting on their loans are independent events). For 3 loans, you have a .0027% chance of losing all your money, and so on. The percentage becomes infinitesimal when investing in several hundred loans thereby making it a safe investment.
I’ve been investing in Lending Club for over a year now, and here’s my opinion of the pros and cons:
Pros:
• One of the best ways to earn a good return on your money - I currently earn around 13% APY.
• You can read borrower’s profiles to decide whom to lend to.
• Not risky – investing in hundreds of loans makes it essentially impossible to lose all your money.
• Can receive tax advantages by creating a retirement account
Cons:
• Money is not very liquid – if you have your money invested in loans, you have to wait either until the borrowers make payments or sell the loans on the secondary market (you might have to devalue the value of the loans to make a quick sell).
• After receiving payments from borrowers, it might take a while to reinvest your money in other loans. Loans on Lending Club receive funding for up to 13 days. Your money doesn’t earn any interest while it’s waiting to receive funding from other lenders. Also, a little less than half of the borrowers cancel their loan applications, which adds to the inconvenience of choosing loans to invest in.
Overall, Lending Club is a great way to receive a high percentage return at low risk.
-Nick Joosten
Lending Club Review
After earning .25% APY in a money market account, I realized it was time to look elsewhere to invest. I came across Lending Club, which at the time promised 9.81% returns. I quickly dismissed it, assuming it was a Ponzi Scheme, and kept searching for other places to invest. Not having much luck after several days of research, I decided to at least look into Lending Club. The idea made sense: to have investors micro-lend to borrowers, essentially getting rid of the bank. But after the Madoff Scandal, I was hesitant to invest in organizations that promised such high returns. After more research, I became more confident that Lending Club was a legitimate organization. It was featured in many media outlets such as ABC7, Fox Business, Nasdaq.com, CNN, Forbes, Bloomberg, Chicago Tribune, The New York Times, CBS News, The Wall Street Journal, NPR, Yahoo Finance, TIME, CNBC, USA Today, etc.
After recognizing Lending Club as a legitimate institution, my next biggest concern was risk. I learned that the average default rate on a loan is around 3%. If you invest all your money in one loan, you have a 3% chance of losing all your money. However, if you invest in two loans, you only have a .09% chance of losing all your money (assuming that different people defaulting on their loans are independent events). For 3 loans, you have a .0027% chance of losing all your money, and so on. The percentage becomes infinitesimal when investing in several hundred loans thereby making it a safe investment.
I’ve been investing in Lending Club for over a year now, and here’s my opinion of the pros and cons:
Pros:
• One of the best ways to earn a good return on your money - I currently earn around 13% APY.
• You can read borrower’s profiles to decide whom to lend to.
• Not risky – investing in hundreds of loans makes it essentially impossible to lose all your money.
• Can receive tax advantages by creating a retirement account
Cons:
• Money is not very liquid – if you have your money invested in loans, you have to wait either until the borrowers make payments or sell the loans on the secondary market (you might have to devalue the value of the loans to make a quick sell).
• After receiving payments from borrowers, it might take a while to reinvest your money in other loans. Loans on Lending Club receive funding for up to 13 days. Your money doesn’t earn any interest while it’s waiting to receive funding from other lenders. Also, a little less than half of the borrowers cancel their loan applications, which adds to the inconvenience of choosing loans to invest in.
Overall, Lending Club is a great way to receive a high percentage return at low risk.
-Nick Joosten
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