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In this ongoing series, we share advice, tips, and insights from real entrepreneurs who fight business battles every day. (Answers have been edited and condensed for clarity.)
Who are you and what is your business?
My name is Jesper Thomsen. Based in Scandinavia, he is the co-founder and CEO of Bluetooth speaker company SOUNDBOKS (pronounced “sound box”). Our speakers are portable, durable, and loud.
What inspired you to start this business? What was your “aha” moment?
SOUNDBOKS began with the desire of three high school friends to create the best party and campsite at Roskilde Festival, Scandinavia’s oldest and largest music and art festival. Think of Burning Her Man meets Coachella, complete with DIY campgrounds, all-night parties, and a diverse mix of world-class bands and musicians. Long story short, I started handcrafting speakers for Roskilde in his 2011 year. (My first speaker lasted about 20 minutes until someone spilled beer on it.) From there, I teamed up with classmates (some of whom would eventually become co-founders of his SOUNDBOKS) ). I decided to spend the summer building the loudest and most durable speaker possible. Let’s just say people started paying attention. In 2014, over 200 people were willing to pay $800 for our handcrafted speakers. That’s when we knew we were onto something special. We officially launched in his 2015 and have been on a roller coaster ever since. Our company has sold over 300,000 speakers around the world.
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What was your biggest challenge and how did you pivot to overcome it?
I think our biggest challenge is to grow into adulthood and grow to be the leaders that businesses need. It’s hard to understand who you are as a leader when you don’t yet understand who you are as a person. Surrounding ourselves with supportive board members, strong leadership coaches, and employees who are smarter than we are has helped us tremendously through this.
What advice would you give to entrepreneurs looking for funding?
There’s an old Y-Combinator adage: “If you want advice, ask for money.” If you want money, ask for advice. ” I truly believe that to be true when it comes to early stage funding. Our first funding came from investors who initially contacted us for advice. They wanted to invest in continuously applying their advice to improve their business.
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What does the word “entrepreneur” mean to you?
In short, I think I’m someone who solves problems and needs. And if you’re a good person, you’ll be relentless and resourceful in solving problems.
What do many aspiring business owners think they need, but don’t actually need?
Venture funding. During the venture capital boom of the past 15 years, many companies raised venture capital that were never founded with the purpose of producing the growth necessary to support the venture capital economy. It ultimately diluted the company’s value and forced the company to grow faster than it was good for it. After all, while it may have chased the big upside and ended up in bankruptcy, it might have been much better to grow the business a little more slowly and then deal with the downside.
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Is there a particular quote or saying that you use as personal motivation?
Leonard Cohen once said, “If you act the way you want to be, you’ll soon become that way.” I think this is a very nice and reductive way to defeat self-improvement. He once said this too. I think this is a healthy take on his life as a hardware founder during a recession.
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