David Sung, President of Nicola Wealth, launches a new segment on the podcast: “Why I Built It” to look beyond the “how." He will be diving deep into the behind-the-scenes of successful entrepreneurship — particularly, the motivations and inspirations that help them succeed.

Today he is joined by special guest and good friend, Chip Wilson. Chip is an entrepreneur, philanthropist, loving husband, and father of 5 boys. He’s the founder of Westbeach Snowboard and Lululemon Athletica. He’s a globally recognized innovator in the field of technical apparel and is widely credited with creating the “athleisure wear” retail category, which is now a $100 billion/year global business.

 

In this episode, Chip and David talk about the keys to building a successful business, why he focused on building athletic wear businesses, the essential core values he placed within his companies that aided them in their success, what kept him inspired and motivated at every stage of the business as he progressed, how he built up his staff and those around him through quality leadership, and the key players that helped influence Chip’s career.

Chip also gives his advice on to entrepreneurs and new business owners on how they can be successful in both launching and running their business, how wealthy families can handle their finances with their children, the trends he sees on the horizon, and where he’s looking to invest currently.

 

You won’t want to miss this incredibly insightful episode and all of the nuggets of wisdom that Chip provides!

 

Key Takeaways:

[:29] About The Wealth Exchange’s new segment: Why Built it.

[:49] About today’s episode and featured guest.

[1:36] David welcomes Chip to the podcast!

[1:46] Chip elaborates on the “why” to why he started building his athletic wear businesses.

[4:25] Chip shares the essential core values he placed within his companies that he thinks aided to their success.

[7:21] What inspired and motivated Chip as he progressed through building his business? And were they different at every stage?

[8:30] What is it for Chip that drives him towards quality within his business?

[11:20] Building leadership within his organization: How did Chip work to build his staff and those around him through his leadership?

[13:37] Who were the key players that influenced Chip’s career?

[14:50] The key moments in Chip’s life that had a serious influence over his future.

[17:40] How Chip handles the challenges the come his way in regards to his business.

[19:39] Chip’s advice for entrepreneurs running their own business.

[21:10] Chip’s advice for how new business owners can be successful in launching their business.

[22:40] If Chip could go back in time to 1998, what are some of the things he would do differently in his business given the knowledge he has now?

[25:02] Why Chip thinks going public with Lululemon wasn’t his best decision.

[30:58] The importance of being proactive, and Chip’s thoughts on communicating through social media.

[34:40] Chip’s thoughts on how to cut through the noise on social media.

[37:40] What Chip sees on the horizon for trends.

[39:24] What Chip sees for trends in real estate in the future.

[41:37] What Chip has observed out there in real estate.

[43:51] The “Amazon effect” and the potential impact it may have on real estate.

[46:22] Chip speaks a bit about Amer Sports and the work he’s doing there, and the future of fashion and athletic wear.

[49:13] Chip’s thoughts on investing in the ownership of businesses privately vs. through the public environment.

[50:25] As Chip’s children have gotten older, how have they been involved with their family's wealth and businesses?

[52:29] David thanks Chip for joining him this episode!