The more I learn about this guy, the more impressed I am.
And if you've been reading my emails, you've heard me talk about him. In fact, he's mentioned in Growthink's Definitive Guide to Creative & Alternative Financing Sources
because he initially financed his business via credit cards (in the Guide, I present the best way to do this in addition to 27 other overlooked funding sources).
I'll tell you who he is in a second. But first, let me tell you why I thought of him again. Well, next week, we are celebrating Growthink's 10 year anniversary with a party at the Los Angeles Sheraton. And at the anniversary event, I will be giving a presentation on the key entrepreneurial lessons that we've learned over the past 10 years.
In putting together this presentation, I started assembling a timeline of interesting business events that have occurred over the past decade; like the formation of Napster in 1999 and the founding of Facebook in 2004.
And in doing this research, I thought it would be interesting to see how this guy's company has fared since Growthink launched in 1999.
Well, the guy's company, which he founded in 1996, reached the $1 million sales mark for the first time in 1999. And, when I searched to find his company's revenues today, I learned that last year (they haven't reported revenues to date in 2009 yet) their revenues reached $725 million.
That's right -- $725 MILLION!
Now, that's not even what got me so pumped up. What got me excited was that in 2008, the company's founder's goal was to reach revenues of $775 million.
And, when he didn't achieve that, he cut his $500,000 annual salary to just $26,000.
Yes, even though he generated $725 million in revenues, since it didn't meet his expectations, he cut his salary to a mere $26,000.
The "guy" that I'm talking about is Kevin Plank, founder and CEO of sports apparel company Under Armour.
This is a guy who maxed out his credit cards when he was starting a company in his mid-20s. Not to mention that he was launching a company in a very crowded space with massive competitors. Not many other people I know would have the nerve to compete head-to-head with Nike, Adidas and Reebok to name just a few.
Kevin Plank is the true entrepreneur. He had undying faith in his vision and put his money (and his credit) in his belief. And when he didn't meet his goals (like generating $725 million instead of $775 million in revenues) he accepted the blame himself. He didn't blame others. No, he took a massive pay cut to improve the company's financial performance in challenging economic conditions.
I hope that Kevin Plank inspires you like he does me. I'm sure he has many faults like the rest of us, but his faith in his business seems unparalleled. This happens when you truly love your company and truly believe in it.
I am fortunate that I truly love Growthink and truly believe in our mission. The result has been 10 years of success and ambitious plans to grow in the future. I hope that each of you are as passionate about your own businesses. For this passion is essential to your success.