Everybody knows that company culture is important, but that’s a lot different from actually building a culture that sticks, makes your business better, and gives your employees a sense of mission. How can you build a meaningful and deep-rooted company culture that will also make your business stronger and more successful? Mike Beckham, the co-founder, and CEO of Simple Modern has created one of the most successful drinkware companies on the planet while also fostering a mission-based culture. In this episode of Let’s Talk Business, Meny asks Mike about the secrets of his success, the ways we can all inculcate a positive and productive culture in our companies, what entrepreneurs need to look at when trying to start a company, and much more. Listen and enjoy!
Mike Beckham is the co-founder and CEO of Simple Modern, one of the largest and most successful drinkware companies in the world. He also helped found several e-commerce businesses which have together generated over a billion dollars in revenue and has been involved both in the for-profit and nonprofit sectors.
Key Highlights:
[00:01 - 14:45] Opening Segment
• Mike shares his backstory and career path leading up to founding the company - Simple Modern
• The importance of a company's mission is something that is often overlooked but is essential in order for it to be successful
Mission-driven companies are more beneficial to society than those without a sense of purpose• It is the leader's responsibility to create an environment in which their team can thrive and achieve their goals
[14:46 - 29:44] How to Create a Culture that's Idealistic & Practical
• Diversity is good when it comes to having different perspectives and skill sets, but can be unhelpful when values are different
• A company with shared values and a shared mission will be stronger than one with diverse values or no values at all
Having core values and focusing on a mission helps to create a culture that is self-fulfilling and attracts employees who share those values• Why a company's culture cannot be created without deep convictions from the leader about what they believe in
• How Simple Modern uses transparency to attract and retain ton talent
[29:45 - 44:32] Transparent Leaders Build Trust
• Transparency is the exercise of allowing other people to see what you're thinking
• When you build a culture where both relationally and organizationally, people are transparent, trust is fostered
Leaders should be transparent about their weaknesses and get feedback from team members to improve• The mindset for a startup entering a new market is to look at the best players in the space
See where players may be white space that they can enter[44:33 - 1:00:48] Closing Segment
• How to create a long-term sustainable competitive advantage
• Mike on the rapid-four questions
• Q&A: How can I figure out the best way to use the money to maximize its effect on growing my business?
Key Quotes:
"The world doesn't need another water ball company, but the world definitely needs more mission-driven companies." - Mike Beckham
"I want to be in environments that add to my quality of life, where I am working with other people who are trying to be about the same things and are trying to accomplish the same mission." - Mike Beckham
"Great founders and great cultures, start with deep convictions." - Mike Beckham
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