Summary: Learning How to SUP with Stephen Aarstol of Tower PaddleBoards Stephan Aarstol had a bumpy ride in the Shark Tank as he pitched his Stand Up Paddleboard (Henceforth known as 'SUP') company "Tower PaddleBoards" During his presentation there was an "equipment failure" (better than a wardrobe malfunction right??) and it caused him to freeze up like every persons worst public speaking nightmare. Like a boss, Stephan pushed through the wall and let his numbers and business plan tell the story. (The gorgeous models he employs probably don't hurt) He got a deal with Mark Cuban, and is frequently referred to as one of Mark's most successful investments on the show. Not bad for a company that was only 9 months old at the time. Stand Up Paddleboarding (SUP) is taking off as an industry and Stephan is reaping the benefits. Whats more...its a great product in one of the sexiest industries in the market. Listening to Stephan tell his story is inspiring and my hope is that it will cause you take some positive action on your own entrepreneurial path. Make it happen. Enjoy! In this episode you will hear: Stephan claimed the corporate world was SUCKING the life out of him...find out what actions he took to change his reality. Stephan contributes his success to his ABILITY TO SEE TRENDS developing (which is very important when you have small/no cash reserves)...find out how he does it. Teaching a subject will force you to become the expert. Stephen was thrilled that he learned how to SUP after about 20 minutes. Anyone can do it. Why Stand Up Paddle Boarding is picking up so much steam (Hint: Easier than surfing, and less than 5% of the industry is being directed towards people who want to surf) Stephan tells the story about "The Incident" in glorious detail. It is one of the most awkward moments in Shark Tank history, BUT Stephan turned his lemons into some hard lemonade and that's when the party started. Why 'The Incident' is one of the best things that could have happened to Stephan and why entrepreneurs need to roll with the punches... Stephan believes only about 30% of deals made on the show actually survive the due-diligence process. A behind the scenes detailed look at what it takes to get on the show. ABC's automatic % take if your show is aired (and why its worth it if your company has small revenues) Stephan had not seen the show prior to going on and Mark was the only shark he was familiar with. Find out what he said about what Mark's partnership was worth to him relative to the others. How Stephan is navigating through the "PERFECT STORM" What happens if SUP is a fad? Find out why 4 million in revenues ISN'T ENOUGH TO GET A BANK LOAN even in MARK CUBAN is willing to CO-SIGN. (This will make your head explode) In addition, find out what it takes to go back to a shark when you need additional capital. Mark's deal included first right of refusal for any new ideas...Does Stephan have any in the works? And finally, why Tower has the best products on the market; Including an inflatable paddle board that rolls up like a sleeping bag. Plus a whole lot more... Advice from Travis for entrepreneurs who haven't made it over the hump just yet: There is no overnight success. Stephan has done multiple businesses that have failed which is why he was prepared for this opportunity. Success is like rust...If you are exposed to the elements for a long enough period of time...success (like rust) is inevitable. Books Stephan recommends for Entrepreneurs: Stephan's can't-live-without Tech: Outlook.com. "It's a massive increase in productivity while out of the office. Emails can be scanned from my iPhone in the morning and everything is synced up without thinking about it so if I open on the phone it's open when I'm at my desktop. I can jump computers and it's all synced. Can't believe I didn't do this 5 years ago." Useful Links From This Podcast:
