Catch of the Decade: How to Launch, Build and Sell a Digital Business (Gabby Leibovich and Hezi Leibovich, 2020)

The team spirit

• If a container landed from China, we all unloaded it together.
• If the warehouse had more orders than we could handle, someone would stop what they were doing and help out.
• If there were lots of emails, we all stayed as late as required to clear the mailbox.
• If a customer stepped into the store, any one of us would serve them.

Learning from experience

• Don't put all your trust (or eggs) in one platform.
• Own your own platform (if you can).

Mazal (MZL), in Hebrew

• Makom: location
• Zman: timing
• Limood: learning

How to build better relationships

• Meet in person
• Don't leave voicemail
• Be funny
• Don't get angry over email
• Never, ever close a door

Making the sales attractive

• 'Surprise and delight' our customers
• Appeal to a wide range of people
• Sell in large numbers
• Be super profitable so we could pay the bills of this fast-growing business
• Some ideas
• $10-day where everything is less than $10
• $28-day where all products selling for $28 including the best ones
• Mega baby box where 10 items for your baby for just $30
• Jewellery mega box where 25 pieces of jewellery selling for $25
• The school essential mega box where 15 items for kids going back to school
• The box of real crap with total random items

Public relation tips

• Be relevant and targeted
• Build relationships
• Be brave
• Build the story for the reporter
• Tell stories with data
• Preparation
• Be consistent

Basics of selling

• Capital-light model
• Scalable model
• Compelling offer
• Destination website

Key elements to grow brand

1. Become famous for all the right reasons.
2. Be memorable and recognisable by codifying all of your brand assets.
3. Define what you stand for.
4. Decide what is your customer value proposition.
5. Nominate the problem you will solve.
6. Identify the customer need you will meet, and then communicate it consistently and relentlessly.

Commandments of the Catch culture

1. Out-think the competition and execute faster!
2. Create ongoing win-win relationships with out suppliers.
3. Look for new ways to delight our customers.
4. Work hard, but have lots of fun as well.
5. Grow through positive word of mouth.
6. Listen to everyone and value everyone's opinion.
7. Coach rather than criticise.
8. Don't wear suits.
9. Don't over-spend.
10. Think outside the box. Think differently.
11. Are kind and humble.

Catches

1. Nowhere to go is no way to grow.
2. Turning trash into treasure.
3. Ready for something mind-blowing? Being nice extends to your competitors, too.
4. If you haven't succeeded yet, don't give yo. Success can come at any time, at any age.
5. If the front door and back door are closed, try the 'third' door.
6. Don't hold your cards too close to your chest. Talk about your ideas, let others know what you're doing and the idea will progress much faster.
7. People aren't out to steal your ideas. The winner will be the one with the best execution.
8. Don't let your passion for a product cloud your commercial judgement. Give the customers what they want, not what you want.
9. Fail fast. Learn your lessons early, and get on with it.
10. Don't take 'no' for an answer.
11. Ask questions, and if you don't get the answer you want, ask again, ask another person or ask at a different time.
12. When you're presented with an opportunity, just say 'yes' and work the rest out later.
13. Be first to market if you can. If you can't be first, be second. If you're not in the top three, it will be a lot harder.
14. When you're standing out and funds are tight, hire allrounders willing to do a bit of everything.
15. Be frugal with spending, especially in the early days, and especially with investor money.
16. Don't spend money you don't have.
17. Don't spend on things that don't make a material difference to your business.
18. Own your own platform, if you can.
19. Don't rely on one product, business arm or sales channel. Spread the risk.
20. Take responsibility for growing your own database because whoever owns the customer owns the gold.
21. Your idea does not need to be original in order to be successful.
22. Choose a business name that will stand the test of time. Try no to name your business after a person, street or suburb.
23. Don't wait for perfection before you launch ideas, logos, websites, products or businesses.
24. Every minute you procrastinate costs you money.
25. Focus on releasing the features that make the product work, and release quickly. All the 'nice-to-haves' can come later.
26. You're only as good as your last deal.
27. To niche or not to niche? At some point, you'll need to decide. Whichever way you go, there'll be risk.
28. The best way to make a person want something is to tell them you can't have it.
29. A 'Sold Out' sign is the best word-of-mouth recommendation you can get.
30. For FOMO to work, you need to have a high-quality product. People may queue for crap once, but not twice.
31. You can't please all of the people all of the time. Choose the people you want to please, and work hard to 'surprise and delight' them.
32. You don't get lucky sitting on the sofa with your arms crossed. Get out there and make it happen.
33. Timing is everything.
34. To build a business, you need to be out and about. Socialise, attend events, travel. Circulating increases your chances of being in the right place at the right time.
35. Knowledge is power. Read, watch and listen to everything related to your industry.
36. Immerse yourself in your niche. Knowing your category allows you to spot an opportunity the moment it comes your way.
37. Know what problem you solve.
38. Great buyers are born, not made, but you can learn how to be a better one.
39. If you're not good at something, hire someone who is.
40. Curiosity powers creativity. Great entrepreneurs always ask 'why'?
41. Be an honest person, and do the right thing. It's the quickest way to build trust.
42. If you're a jerk, the word will quickly get around.
43. Build a relationship with your supplier. Everyone prefers to deal with a friend rather than just a faceless executive.
44. Pay your supplier on time. Even better, pay them ahead of time.
45. Leave money on the table.
46. Business should not be transaction driven but relationship driven.
47. Business is not just about the first deal. It's about all the deals that come after, and the lifelong relationship that is build up over time.
48. In business, everyone has to win: the supplier, the retailer and the customer.
49. A relationship can only continue and thrive if both parties are happy over the long term.
50. Don't screw your suppliers over. Ever.
51. People do business with people they like.
52. Don't get down to business too quickly. Start your meetings with five minutes of random chit chat.
53. You can't fall in love unless you go on a date. Relationships are best built face to face. Meet in person.
54. Don't deal with conflict over email or the phone. It's too easy to misconstrue feelings. Make the effort to meet over a coffee, or go for a walk.
55. Don't get angry over email. Count to 100 and then respond. You will almost always be thankful you didn't act in haste.
56. Don't leave voicemails. No-one listens to them anymore. If you don't get the person, hang up and ring back.
57. Be funny. Crack jokes. It relaxes people. 'Funny is money'.
58. Never close a door. Once closed, they're very hard to open. Work hard to keep them open.
59. Say 'thank you' to those who helped you get where you are.
60. Turn challenges and setbacks into opportunities. The best ideas arise from solving 'unsolvable' problems.
61. Necessity is the mother of invention.
62. Create a hard-copy, one-page flyer that summarises your business and take it with you to meetings. You never know when you might need it.
63. If you can, commit to and pay for goods at the time of purchase and you'll always get the best deal.
64. Nothing beats a word-of-mouth recommendation from a friend of a workmate.
65. Get a whiteboard. Online tools are great but when everyone can see the bigger picture at once, you'll get better results.
66. Try new ideas. Even if they don't work, you'll know what not to do next time.
67. Not all recessions are bad.
68. Even with the best business idea in the world, if no-one knowns about you, you've got nothing.
69. Invest in PR. Learn how to do it yourself, of pay a professional to do it for you.
70. PR builds credibility. Credibility build trust. Trust is everything.
71. When the media come calling, make yourself available.
72. Work hard to get on TV. The effort is worth it.
73. Be excited when a journalist calls. If you're not excited about your business story, why should the journalist be?
74. Provide the journalist with a package of data, images and stories. If will help them write a better story about you.
75. If you are going on TV, wear a branded T-shirt so people are visually reminded of who you represent.
76. Preparation is everything. Rehearse your script well before the cameras start rolling.
77. Be consistent with your PR efforts. Successful PR is a marriage, not a one-off date.
78. Be accessible to journalists. Give them your mobile and let them know they can contact you at short notice.
79. To take big risks you need to start by taking little risks. Risk-taking gets easier with repetition.
80. Being an entrepreneur means you need to get comfortable being uncomfortable.
81. You need to spend money to make money.
82. If you want something done, give it to a busy person.
83. Don't be rigid with setting margins. Buy the product for as little as possible, and sell if for as much as you can.
84. Making a nice profit margin and offering attractive deals are not mutually exclusive.
85. You make the money when you buy the goods, not when you sell the goods.
86. Speed of execution is everything. If you have a great idea at midnight, execute it by midday.
87. Create an MVP so you can show people when you're doing. A flyer, slide deck, mock-up, white paper - have something to show prospective buyers.
88. Don't take rejection personally.
89. Develop a high tolerance for humiliation.
90. If your sales pitch isn'y working, try another one. If that doesn't work, find a new one. Keep trying until it works.
91. Don't waste too much money on a new idea before testing it. Why build the chimney before you build the house?
92. Hire smart people with the right characteristics and attitude.
93. If your customers and suppliers don't understand your business model, it's too complicated.
94. Focus on scale. If you can't you'll be overtaken by those who can.
95. Clap for yourself, and the others will join in the applause.
96. Shout from the rooftops how successful you are. If you don't tell the world how good you are, who will?
97. Use your blogs and email newsletter to tell your customers about your successes.
98. If you're going to send out email newsletters, be consistent about when you send them.
99. Apply for awards. Everyone loves a winner, and everyone wants to be associated with one.
100. If you don't win the award, don't worry. If at first you don't succeed, try again.
101. Applying for awards takes time and effort, but it's worth it. Make the time.
102. When you do win an award, tell everyone. Display the icon on your email signatures, social media and website. Put it everywhere.
103. If the business does well, reward those who helped you get there.
104. Act and appear bigger than you really are.
105. Travel while you're young. Take a year off after school or university and explore the world. We didn't and we regret it.
106. Have the guts to clearly state what you stand for. Be grandiose and let the world know you exist.
107. If you're search for investment, be clear about why you want it and what you're prepared to give up for it.
108. Don't take the first investment offer that comes your way.
109. If you don't have the answers, or even the questions, ask for advice. People are often very happy to give you help if you have the courage to ask for it.
110. Don't test your product concept on friends. They'll always say, 'it's a great idea!'. Test it on your target market and ask them to pay for it.
111. If you get asked difficult questions, answer them honestly. People will appreciate your candour.
112. Venture capital comes with extra pressure. Be prepared for scrutiny.
113. Growth is great, but it creates problems. You may need to pivot.
114. Product selection is everything. Sell what you know and understand.
115. If you need to shut down a business, do it quickly.
116. Knowing to keep or kill an idea is critical to success.
117. If you have 10 great ideas, 9 of them will be the enemy of the best one.
118. New ventures need love and care. Be sure someone is around to provide it.
119. You don't need to be tech savvy to launch a tech start-up. Find out what you are good at and do more of that. Hire experts to take care of everything else.
120. You need to kiss a few frogs to find your princess.
121. Failing is part of the entrepreneurial journey. It's the only way to learn.
122. If you make a mistake, act on it quickly, stem the losses and keep moving forward.
123. Not every idea succeeds.
124. Be open to hearing start-up pitches. If could be the next Afterpay.
125. Keep your friends close but your enemies closer. Your competitor could be your next collaborator.
126. Create and maintain a communication channel with your competitors. Your may one day be on the same side.
127. When the shit hits the fan and your customers are impacted, do the right thing by them.
128. Time your innovations or new initiatives so they don't interfere with your major sales peaks.
129. Have a 'big head' mentality. Step out of line, challenge conventional thinking and have the courage to speak up.
130. If you can't solve a problem, it's because you are playing by the rules.
131. Create a workplace culture that excites you and your team.
132. A great culture will attract the best and the brightest talent, no matter where your office is located.
133. Make work fun. People will stay longer.
134. If doesn't cost a lot to create a fun workplace culture.
135. If you're the boss, you make the rules. Don't sentence yourself to another shitty job.
136. The who must go on(line). Digital is the future. Get used to it.
137. Happy staff will do your recruitment for you.
138. Hire for attitude, train for skill. You can teach skills. You can't teach attitude.
139. Be a mensch. That's Yiddish for a nice guy.
140. When leaders behave with integrity and respect, the teams will do the same.
141. Nice guy don't finish last.
142. Being nice extends to your competitors, too. It's the right thing to do, and it pays off.
143. If you can't handle challenges from within your team, you're not ready to handle the challenges from your competitors.
144. If you want people to watch your back, you have to watch theirs.
145. Loyalty is a two-way street. Be kind and flexible to staff and they'll return the favour.
146. Be the first to get stuck into something and don't be afraid to do the menial tasks.
147. Culture is what happens when the leader isn't looking.
148. Don't hire arseholes. If you do, get rid of them, quickly. They're toxic.
149. Think big. If you aim for the stars and you hit the moon, you'll still come out ahead.
150. Sometimes it's wise to be content with a smaller part of the bigger pie.
151. Train your leaders to be leaders. They may not stay with you forever, but they'll remember you forever.
152. 1 + 1 = . The sum of the whole is bigger than the parts. You will be much stronger by collaborating with others than by doing it all on your own.
153. If there are 2 founders and they always think alike, one of them is not necessary.
154. 2 co-founders is better than one.
155. 2 co-founders enable you to get a lot more done.
156. A solo founder will, by definition, always be the smartest person in the room.
157. 2 people with contrasting opinions debating the merits of a decision almost always yields a better result.
158. A great partner is invigorated by your strengths, and compensates for your weaknesses.
159. You can build a start-up on your own, but it's easier and more fun doing it with someone else.
160. No one person has all the answers, but by collaborating with others, you have a better chance of finding the right one.
161. If you don't have a point of difference, you will struggle to beat the dominate player.
162. If your business is up for sale, lay low, keep an even keel and don't make any bombastic moves.
163. For every action (or inaction) there is an opposite reaction.
164. When you are absent from the minutia of running the business, you can lose control over the things that made it successful.
165. When you need to make change, do it quickly.
166. Document your corporate procedures so when staff leave, the knowledge doesn't leave with them.
167. No-one is irreplaceable.
168. Culture eats strategy for breakfast.
169. Strategy is important, but without a strong culture and a strong team, even the best strategy will fail.
170. The first thing a new CEO will do is bring change.
171. If you ask the people who work in the trenches what's wrong with the business, they will generally tell you. They'll also tell you how to fix it.
172. 'Build the clock' so your team can make decisions independently of you.
173. Don't be afraid to change your mind. It's a sign you're flexible and open to new ideas.
174. If changing your mind is a sign of intelligence, be an Einstein.
175. When decisions get made on the basis of merit, rather than seniority, everyone wins.
176. If you want customers to be loyal, you need to give them a good reason to be loyal.
177. Don't underestimate the power of giving the team good coffee.
178. Retain a start-up mindset, even when you're not a start-up.
179. When in doubt, rely on your instinct.
180. If you want to grow, you'll need to take a gamble.
181. If you can't join them, beat them.
182. The solutions to problems are often close to home.
183. Marketplaces are eating the world.
184. 80% of entrepreneurial decisions are often made with 20% visibility.
185. To secure your culture, you need to document your culture. Write it down and circulate it so everyone can see it. Enshrine it as part of your corporate DNA.
186. Don't make people wear suits to work. Stiff clothes crush creativity.
187. It's better to be in the game than watch from the sidelines.
188. If you're creating new logos or names, invite your staff to participate. They'll feel ownership over the process and be more willing to support the change.
189. Don't be elitist about where you sell your product. Be where the customer is.
190. New entrants to the sector can be a positive. A rising ride floats all boats.
191. Don't be afraid to be number 2.
192. Don't chase a rabbit down a hole.
193. Focus on what you know.
194. Failing isn't great, but lack of initiative is worse.
195. Don't be content to sit back and relax. Always strive for more. Challenge yourself.
196. Being David is more fun than being Goliath.
197. If you want to outsmart the big players, you need to think differently and be agile.
198. Pay attention to the metrics. They matter.
199. Get the best lawyer you can afford.
200. Don't take advice from people who haven't seen success or don't understand your business. Choose your advisers wisely.
201. Hire people with an intrapreneurially nature, empower them to take risks and get out of their way.
202. For intrapreneurs to flourish, remove the hierarchy, create a 'flat' organisation and give them the space to act like entrepreneurs.
203. No-one can do everything on their own, so surround yourself with people who treat your business as if it were their own.
204. It's. All. About. The. People.