Some people are born to be successful in business. When an opportunity comes, they jump into action and move on. That's definitely the case with Blake Mycoskie. The founder of Toms Shoes and a former Shark Tank guest has amassed a net worth of over $300 million during his entrepreneurial career.
If you like success stories, Mycoskie should definitely be one of your top picks, so let’s follow his journey and see how he makes millions while maintaining a social conscience.
Early stage
Mycoskie was born in Arlington, Texas, in 1976 to a writer mother and a plastic surgeon father. He attended Southern Methodist University on a partial tennis scholarship, but an Achilles tendon injury ended any thoughts of an athletic career.
Mycoskie studied philosophy and business as a double major at SMU, and choosing to focus on business was a wise choice. His first venture was laundry, and he quickly showed his talent, reaching $1 million in sales before selling it to his partner in 1999.
Plan business path
After finding success in the laundry business, McCoskey moved to Nashville and opened an outdoor billboard to promote country music. The company also became profitable, and Mycoskie sold it again to Clear Channel.
His next endeavor, however, was not in business. McCoskey and his sister Paige applied to be cast members of the reality TV show “The Amazing Race.” In 2001, they participated in the second season and won $1 million.
Subsequent business ventures involved co-founding the cable television network Reality Central. The network had some success until Rupert Murdoch established a competing channel and began outbidding would-be advertisers. Undeterred, McCosky launched a driver's education company and a marketing firm to promote it.
Mycoskey finally made money in the startup when he was on vacation in Argentina, where he met a woman from a volunteer organization whose mission was to provide shoes to children in need.
That proved to be his eureka moment, when Mycoskie returned to work and founded the business that would define his success – Shoes for Tomorrow, eventually shortened to Toms.
Mycoskie's entrepreneurial instincts were tempered by his generosity, and he donated approximately 10 million pairs of shoes to those in need. He expanded into eyewear and began bringing the product to those in need.
By 2011, Mycoskie figured out his business model, and he's been a pioneer in the emerging field of social entrepreneurship ever since. The businesses he founded also offer products that fill niche markets in countries where poverty or harsh circumstances create an urgent need for the products.
Mycoskie's model also included selling the company for a huge profit once it became successful. He did the same with his shoe company, selling 50% of his shares to Bain Capital while retaining his role as “chief shoe delivery man.”
His latest venture is a wellness company called Madefor, which he founded in early 2020, apparently coinciding with the start of the pandemic.
The company is selling kits designed to increase awareness of behaviors and mindsets, but it seems safe to say the pandemic has had a serious impact on its short-term growth.
personal life
Relatively speaking, McCosky's personal life was not as smooth as his business success. His first marriage ended in divorce after he had two children with his now ex-wife, Heather Lang. He now lives in Wyoming and is associated with Molly Holm. Molly Holm is a model and former fund manager whose strong Christian leanings seemed a natural fit for the entrepreneur. .
Categories: Shark Tank
Source: svlsf.edu.vn