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Gymshark CEO: How I Built A $1.5 Billion Business At 19! Ben Francis

The Diary Of A CEO・106 minutes read

Ben Francis founded Gymshark as a global brand with a focus on strength and perseverance, leveraging practical learning experiences to lead the company to success and transition into a CEO role. The company aims to inspire others, maintain a niche focus on gym wear, expand internationally, and prioritize adaptability and culture in its strategic initiatives.

Insights

  • Ben Francis focused on his strengths, learned from his family, and emphasized perseverance and hard work in building Gymshark into a global brand.
  • Transitioning from hiring ambitious individuals to experienced specialists as Gymshark grew, Ben valued surrounding himself with great people and adapting to challenges.
  • Ben's journey from identifying weaknesses to focusing on strengths, inspired by GaryVee, led him to embrace the CEO role, emphasizing self-awareness and personal growth.
  • Gymshark's vision as a leading fitness brand with global inspiration, emphasizing culture, agility, and niche focus on gym wear, showcases the importance of vision, culture, and readiness for change in success.

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Recent questions

  • How did Gymshark start and grow?

    Gymshark began with Ben Francis's vision to create an iconic brand that inspires people globally. He focused on his strengths, emphasizing perseverance and learning from failures. Starting in his early 20s, Gymshark now has 900 employees and is a global brand. Ben's practical learning experiences and surrounding himself with great people were crucial for Gymshark's growth. Challenges like limited resources and evolving business demands required adaptability and strategic hiring decisions. The company's success is attributed to a dedicated team, clear roles, and a focus on strengths rather than weaknesses.

  • What personal challenges did Ben Francis face?

    Ben Francis faced personal challenges like self-awareness, public speaking, and people management. He learned to focus on strengths, transition into roles that leverage them, and embrace the CEO position despite difficulties. Ben struggled with maintaining focus on uninteresting tasks, but his partner's support and public speaking lessons helped him improve. Recognizing weaknesses like public speaking led him to seek professional help and prepare thoroughly to become comfortable with it. Ben's journey highlights the importance of self-improvement, embracing challenges, and personal growth.

  • What advice does Ben Francis give to aspiring entrepreneurs?

    Ben Francis advises aspiring entrepreneurs to find their true passion before starting a business. He emphasizes personal discipline, the transformative power of fitness, and the normalization of failure in the entrepreneurial journey. Ben encourages individuals not to fear failure, lean into their passions, and keep trying despite setbacks. He cautions against hastily quitting a job to pursue a business idea, advocating for stability through employment while investing profits into the business. Ben stresses the importance of hard work, working smart, and leveraging strategic approaches for business growth.

  • How does Gymshark plan to expand its reach?

    Gymshark plans to expand its reach by focusing on international markets like North America and Europe. The company aims to become a global brand that inspires people physically and mentally, leading in culture and global inspiration. Gymshark's strategy involves maintaining its niche focus on gym wear to preserve its brand uniqueness. With around 900 employees, Gymshark primarily operates as an online business, emphasizing direct-to-consumer sales. The company is preparing to open its first offline store in London as a community hub, aligning with its vision for strategic growth and brand expansion.

  • What values and principles guide Gymshark's success?

    Gymshark's success is guided by values like vision, culture, perseverance, and adaptability. The company emphasizes the importance of finding one's true passion before entrepreneurship, focusing on strengths, and surrounding oneself with great people. Gymshark's agility, focus on change, and readiness for challenges create a culture of growth and innovation. The founder acknowledges the irreplaceable role of vision and culture in the company's success, highlighting the significance of maintaining brand uniqueness and strategic initiatives. Gymshark's commitment to inspiring people globally through fitness and mental well-being drives its mission to be a leader in culture and a global inspiration.

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Summary

00:00

Ben Francis: Gymshark's Billionaire Visionary Leader

  • Ben Francis had a vision to create Gymshark as an iconic brand that inspires people globally.
  • He reflected on his strengths and weaknesses, choosing to focus on his strengths.
  • Ben emphasized the importance of perseverance and not being afraid of failure.
  • Gymshark, founded by Ben in his early 20s, is now a global brand with 900 employees.
  • Ben's net worth is estimated to be close to or over a billion dollars.
  • Ben learned the value of hard work from his granddad and his mom, who worked in the NHS.
  • Ben's practical learning experience with his granddad during work experience taught him about business risks and hard work.
  • Ben's practical learning continued with a BTEC in IT, where he learned software skills crucial for Gymshark.
  • Ben realized the need to surround himself with great people as Gymshark grew, leading to significant growth.
  • Ben's insatiable curiosity and willingness to learn from experts have been key to Gymshark's success, akin to his approach in World of Warcraft where teamwork and diverse skills were essential for success.

12:50

Navigating Growth: Challenges and Strategies for Success

  • At the company's inception, a group of ambitious individuals who believed in the vision and were willing to do whatever necessary to achieve it were crucial.
  • In the early days, when resources were limited, problem-solving skills were essential, such as finding ways to advertise with a small budget.
  • Challenges arose as the business evolved, requiring the ability to adapt and manage individuals who struggled to transition to the future vision.
  • Hiring ambitious individuals without experience initially was beneficial, but as the business grew, experienced specialists became necessary to lead key departments.
  • The departure of a co-founder in 2014 or 2015 due to differing visions and interests in other ventures led to a restructuring of roles within the business.
  • The importance of clear roles and responsibilities became evident as the business became more organized, preventing vision misalignment.
  • Self-awareness and the ability to have difficult conversations with loyal team members about their roles in the evolving business were crucial.
  • A period of self-reflection led to identifying strengths and weaknesses, then focusing on improving weaknesses like public speaking and people management.
  • Conducting a 360 feedback assessment with anonymous input from those around you can be a powerful tool for self-awareness and personal growth.
  • Partner feedback can be particularly impactful in recognizing personal traits and behaviors that need improvement, leading to significant personal development.

25:01

"From Brand Chief to CEO: Embracing Success"

  • Success validates one's abilities and decisions, leading to a sense of overall validation.
  • Facing the challenge of self-improvement after a moment of realization.
  • Recognizing personal strengths in creativity, product, brand, marketing, and industry understanding.
  • Deciding to focus on strengths rather than weaknesses, inspired by a GaryVee video.
  • Transitioning into roles that leverage strengths at Gymshark, such as brand, product, and marketing.
  • Accepting the need to step back from weaker areas and focus on strengths.
  • Embracing the decision to move into a CEO role, despite personal challenges and heartbreak.
  • Learning from successors like Steve, acknowledging their strengths and areas for improvement.
  • Progressing from brand chief to CEO, navigating various roles within Gymshark.
  • Embracing the challenge of being a CEO, driven by personal ambition and dedication to the business's growth.

37:23

Overcoming weaknesses through public speaking practice.

  • People describe the individual as a perfectionist with a high attention to detail.
  • The individual does not consider themselves a perfectionist and struggles with maintaining focus on uninteresting tasks.
  • They prefer simplicity in their daily outfit choices for speed and efficiency.
  • The individual's partner, a YouTuber, helped them learn to work in front of a camera.
  • They received public speaking lessons, which were life-changing, and gradually improved their skills.
  • Making a list of weaknesses, such as public speaking, led them to seek professional help.
  • Preparation and comfort were key in improving public speaking skills.
  • The individual recommends preparing impromptu remarks and over-preparing to become comfortable with public speaking.
  • They emphasize the importance of public speaking and its power in various contexts.
  • The individual started vlogging inside their company to share stories and inspire others to start their own businesses.

49:19

"CEO Transparency: Navigating Challenges and Growth"

  • The shift from the traditional "black box CEO" model to a more transparent approach is highlighted, where personal narratives and authenticity are valued.
  • Examples like Mark Zuckerberg's transition from a hidden figure to a more public persona through interviews are discussed.
  • The importance of personal branding and narrative control for CEOs is emphasized, with reference to current UK corporate challenges.
  • The impact of the pandemic on CEOs and businesses is detailed, with insights into managing remote work and supporting staff through uncertainty.
  • The significance of physical office spaces in fostering community, culture, and learning opportunities is explored.
  • The challenges faced by CEOs, including dealing with chaos, managing growth, and ensuring staff alignment with the brand, are discussed.
  • The privilege of pressure in the context of Gymshark is acknowledged, highlighting the unique and special nature of the company.
  • Reflections on early business days reveal the importance of investing in foundational elements like operations and finance for accelerated growth.
  • The value of hiring great talent and learning from successful entrepreneurs like Zuckerberg and Musk is underscored.
  • The transformative impact of surrounding oneself with exceptional individuals, as seen in interactions with top entrepreneurs, is highlighted as a key to personal growth and success.

01:01:50

"Importance of Talent and Resilience in Business"

  • Emphasizes the importance of great people in every community and business, highlighting the significance of talent, culture, and vision in decision-making.
  • Defines a company as a group of people, akin to a football team with key players crucial for success in competitive industries.
  • Stresses the necessity of being the best talent scout, as per Steve Jobs, to increase the likelihood of success in business.
  • Acknowledges the inevitability of failure in business endeavors and the need to minimize its impact by striving for self-improvement and resilience.
  • Recounts a challenging experience where social media backlash led to threats and anxiety, underscoring the importance of resilience in facing adversity.
  • Discusses the impact of cancel culture and the importance of learning from mistakes, advocating for progress and growth within a business.
  • Describes the supportive role of partners in times of distress, highlighting the need for open communication and emotional expression.
  • Reflects on the generational cycle of emotional expression and the importance of breaking patterns for future generations.
  • Considers the balance between work and personal life, expressing concerns about being present for family while managing business responsibilities.
  • Outlines future ambitions for Gymshark to become the leading British fitness brand, aiming to rival established global brands like Lululemon, Nike, and Adidas.

01:14:50

Gymshark: Global brand inspiring culture and change.

  • Gymshark aims to become a global brand, with a focus on international markets like North America and Europe.
  • The vision for Gymshark is to be an iconic brand that inspires people physically and mentally.
  • The goal is for Gymshark to be a leader in culture and a global inspiration.
  • The company plans to expand its reach through strategic initiatives and brand guidelines.
  • Gymshark emphasizes the inevitability of change and prepares its team for adaptation.
  • The company's agility and focus on change create a culture ready to handle future challenges.
  • Gymshark, with around 900 employees, is primarily an online business, focusing on direct-to-consumer sales.
  • The company is planning to open its first offline store in London as a community hub.
  • Gymshark's strategy involves maintaining its niche focus on gym wear to preserve its brand uniqueness.
  • The founder acknowledges the irreplaceable role of vision and culture in the business's success, even in his potential absence.

01:27:33

"Passion, Discipline, and Persistence in Entrepreneurship"

  • The speaker emphasizes the importance of finding one's true passion before embarking on entrepreneurship, citing personal experiences with failed fitness apps and the success of Gymshark.
  • Personal discipline and the transformative power of fitness are highlighted as key factors that drove the speaker's success in the industry.
  • The speaker advises aspiring entrepreneurs to lean into their passions, such as boxing, golf, videography, or other interests, as opportunities abound in the current social media landscape.
  • Failure is normalized as a crucial part of the entrepreneurial journey, with the speaker encouraging individuals not to fear failure and to keep trying despite setbacks.
  • The speaker cautions against hastily quitting one's job to pursue a business idea, advocating for maintaining stability through employment while investing profits into the business.
  • Hard work is deemed essential for success, but working smart is also emphasized, with examples of strategic approaches to business growth provided.
  • The importance of time as a valuable gift from others is acknowledged by the speaker, who reflects on the support and mentorship received throughout their journey.
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