The co-founders of an incredibly successful socks company that also gives back to the community one pair of socks at a time opened up about the best advice they have ever received and shared their top tips for entrepreneurs with "Good Morning America."
"Back in 2011, I came across a quote on Facebook that said ... that socks were the No. 1 most requested clothing item in homeless shelters," David Heath, the co-founder of Bombas, a company that skyrocketed to success after appearing on the show "Shark Tank" in 2014, told ABC News.
Randy Goldberg, Bombas' other co-founder, added that when they started planning their business, "Our idea was to try and donate as many socks as we possibly could."
Heath explained, "We thought that there might be a real opportunity to help solve this problem, at real scale, through business."
The two founded Bombas in 2013 with the mission to donate one pair of socks to those in need for every pair of socks sold, and the duo pitched their business plan to the popular show "Shark Tank" a year later.
"In our first year, we had done about $800,000 in sales. In the two months that followed 'Shark Tank,' we did over $1.2 million in sales, ended up selling out of all of our product within two months," Heath said. "And this year we're projecting, you know, over $50 million in sales."
Goldberg said they are "about to cross the 4 million pairs donated mark as well. So it's an amazing milestone."
"And we feel every day that the impact that we're having on the community," Goldberg added, "is more and more real."
The entrepreneurs sat down for a Q&A with "GMA" and gave the following business tips:
Q: What is the best advice you’ve ever received?
R.G.: Make yourself indispensable. Provide value they can't live without. I like that this is about understanding what you do in relation to the team, how you fit together with your partners and employees. Everyone has something they're great at, and usually when people come together the value of the sum total is greater than the sum of the individual contributions.
D.H.: Focus. While there are so many things you can do with a new business, and it’s easy to get distracted or move in many different directions at once, focus is imperative. If you try to do too much at once, you won’t do any of it well. Instead, identify the most important things to drive your business, make them priority and focus on those before moving on to the next.
Q: What is the worst advice you’ve ever received?R.G.: Don't start a sock company.
D.H.: Raise as much money as possible. When you have cash, you'll spend it. When you don't, you'll be thoughtful about how you spend what little cash you have. This forces you to learn to be efficient, strategic and really consider your every move.
Q: What are three career tips you’d go back and give yourself today?