8 key takeaways from a bootstrapping start-up watch brand.

Season 01 - Episode 04 - The management skills needed when you're alone.

While in the #corporate world, I had the privilege and the opportunity to manage fantastic people and be managed by great people who became mentors. While it was not always easy, the “manager-subordinate” relationship within a company has relatively clear-cut #rules and Modus Operandi. Managing many #suppliers and #freelancers who do not work with you daily, who do not know each other, who do not consider you as their #manager or their boss is a whole new ballgame. Yes, you are their #client, but in my case, their smallest one, since #Magana is a #startup #brand with limited means in an industry where EVERYONE else has more #budget than we do. You learn how to manage #frustrations and disappointments. You learn #patience and you learn how to interpret what you hear: “Next week” often means “In about a month”, “Can’t be done” frequently means “it will be #expensive”. Lastly, if a standard #CEO in a company is to his employees what the Orchestra conductor is to the musicians. The #entrepreneur I have become with Magana working exclusively with freelancers and independent suppliers feels like having my musicians on a #Zoom call. They’re not in the same place, not in the same time zone, they ignore each other’s existence, they don’t have the same #qualitative output and they certainly don’t have the same #rhythm. Sticking with this analogy, I will say this: To make it work, I must record each Zoom session, edit it, speed it up or slow it down, cut away the ambient noise, and stitch everything back together, and only then will I have something that could be a good start for a nice piece of music. Now if we want to move from a “Nice” piece of music to a “Masterpiece”, the post-production work is like trying to take a team from the second league to the Champion’s #League final four in less than two seasons: not impossible, but certainly extremely #challenging.

Here are my top 8 takeaways from this ongoing experiment:

1. Embracing the #Unexpected: #Navigating #Challenges

Building a watch brand from scratch is no walk in the park. Challenges lurk around every corner—from unforeseen hiccups in #production to navigating the #complexities of supplier management. The real lesson? Embrace the unexpected, adapt, and grow through the hurdles.

2. People Power: The #Strength of Unexpected #Allies

It's true what they say: your network is your net worth. The support I've received from unexpected sources has been a game-changer. Whether it's family, friends, or newfound allies, the lesson here is clear - success is a collective effort.

3. Multitasking Mastery: Juggling Priorities

Running a watch brand involves juggling numerous hats—branding, communication, product development, logistics, and more. The key takeaway? Mastering the art of #multitasking is not just a skill; it's a #survival tactic. Embrace this learning curve as it just is unavoidable, so you might as well!

4. Quality Trumps All: A Commitment to Excellence

In the world of #watches, quality is non-negotiable. From the intricate design to the durability of materials, every detail matters. The lesson learned: In a sea of options, a commitment to #excellence sets you apart. Ultimately, nobody needs a new watch. But if the product you develop offers excellence for its price, then you should make it! The biggest compliment I ever got from customers was “Your watches are not expensive enough”. If perceived #quality is above expectations, you certainly have a solid foundation to carry on!

5. Strategic Evolution: Confidence in Vision

Magana isn't just about telling time; it's a vision coming to life. Confidence in this vision has been my guiding light through uncertainty. As 2024 has started, the lesson is clear – stick to the #vision, keep working, keep improving, and hopefully, someday soon, the watch #community will notice!

6. Sustainability as a North Star: Walking the Talk

For me, one of the key reasons to develop Magana was to have a vehicle for my legacy, something that my children and family can look at and see what I stand for as a human being. #is certainly up there amongst my values. The #commitment to sustainability is more than a trend—it's a responsibility. Being a completely sustainable watch brand from the get-go is unfortunately prohibitively #expensive. Nonetheless, Magana’s commitment to supporting “Trees for the Future” and planting over 200 #trees for every watch sold is a very real, real-world action that I draw a lot of pride from.

7. Gratitude: A Heartfelt Acknowledgment

None of this would be possible without the incredible support from my wife, kids, family, friends, and the entire "Magana" community. The lesson? Success is sweeter when shared, and gratitude is the currency of true wealth.

8. Finances: Optimization and Prioritization go a long way

Any #start-up #entrepreneur will agree that #money is easy to spend and hard to make. Being self-financed, and without any #investors (for the time being), every cent spent on Magana is carefully planned and is expected to bring some sort of Return on investment. Limited #resources in our case are an opportunity to understand and learn how to optimize the exercise of prioritizing. So far, so good.

Thank you for reading, and as always, please share, comment, and interact. I'll be happy and honored to engage with every person who's been reading this series.

#Entrepreneurship #Challenges #FinancialWisdom #Bootstrapping #Networking #Teamwork #Multitasking #EntrepreneurLife #QualityMatters #Excellence #Visionary #StrategicThinking #Sustainability #CorporateResponsibility #Gratitude #Thankful

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