The Millionaire With Cold Feet

Over 100 years ago, a young boy grew up in western Maine. Orphaned at the age of 12, Leon L. Bean still managed to live what he described as an “uneventful” life until he was 40 years old. At that point, tired of his feet being cold and wet during deer-hunting season, he decided to create a solution. He invented a unique boot design that provided strength, warmth, and dryness all in one boot. Solving this single predicament led to a multi-million dollar payoff. But notice something else about the invention: it wasn’t designed to cater to everybody. People in cities didn’t need these boots at all. Instead, they were specifically designed for the hunter and outdoorsman (or woman), a relatively narrow niche. Gradually, he developed a wide range of outdoor products which he offered in the L.L. Bean Catalog. Leon’s business leaped ahead by adding new clothing and outdoors products each year, but it all started with that rubber-covered boot. Leon credited his success to the fact that he personally tried every product and ensured that it worked well. Today, half a decade after Leon’s death, the company is still thriving. So, if you’re in your 30s or 40s (or older) and feel like it’s too late to start building your empire, take hope! In today’s episode, I’ll also talk about a wide range of other people who achieved their fame and success after turning 40. And I’ll dig into three key insights that will help you along your way to creating your own success story: Why problem solving is not enough to sell something; you need to tell the story. Why serving a narrow niche has less uncertainty than selling to the masses. Why being famous for one product leads to a multi-product demand. In This Episode: [04:08] - We hear about the three key insights that Alex will explore throughout today’s episode. [05:31] - Today’s entrepreneur is L.L. Bean. Alex shares his story, and explains what led Leon to create his noteworthy boots. [08:45] - We learn more about Leon’s decision to solve his problem and create boots to help. [09:41] - Alex points out that the problem that Leon’s boots solved wasn’t an issue for city-dwellers; it was for the hunter or outdoorsman specifically. [10:56] - Alex takes a moment to talk about the L.L. Bean Catalog, and explains why Leon achieved such success. [14:17] - By testing his products, L.L. Bean developed a relationship with his customers, Alex explains. [15:38] - Alex has put together a list of famous people who became famous after the age of 40, which he shares with listeners. [18:25] - We hear about the value of starting a one-room operation selling a single product. [20:47] - Here’s today’s Alexism: “There are three things entrepreneurs can never take back: a broken promise, a neglected opportunity, and a wasted day.” [21:59] - Alex offers a quick recap of the insights and information that he has covered in today’s episode. [24:09] - Please take a moment to leave a review on iTunes! Instead of reviewing the podcast as a whole, leave your biggest specific takeaway from this particular episode as your review at this link. [26:00] - Alex gives listeners one final gift: complimentary access to his four-part video e-course, which normally costs $197. Get started for free by going to this link. Links and Resources: Alex Mandossian Alex Mandossian Fan on Facebook Alex’s Friday Live events MarketingOnline.com Marketing Online 4-Part Video Training Series Alex Mandossian on YouTube Alexisms by Alex Mandossian All Selling Aside on iTunes Alex Mandossian’s free live Friday show L.L. Bean All Selling Aside Episode 1: Confessions of a Serial Entrepreneur