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

Dec 27, 2021 1h 37m 17 insights
Ben Francis, founder and CEO of Gymshark, shares his journey building a global fitness brand. He discusses the importance of self-awareness, continuous learning, embracing change, and surrounding oneself with great people to navigate personal and business growth.
Actionable Insights

1. Prioritize Self-Awareness for Growth

Regularly assess your strengths and weaknesses, and don’t identify with negative traits, viewing them instead as problems to be solved for personal and professional development.

2. Leverage 360 Feedback

Seek anonymous feedback from colleagues and trust the honest input of close partners to gain true self-awareness, even if it’s initially upsetting, as this can be a catalyst for change.

3. Strategically Address Weaknesses

After becoming comfortable with your strengths, intentionally work on weaknesses by learning from experts, observing their methods, and practicing new skills, rather than avoiding them.

4. Embrace Continuous Learning

Cultivate an insatiable desire to learn from everyone around you, especially experts within your field or business, as this provides an unfair advantage over time.

5. Build a Specialist Team

As your business grows, shift from needing ambitious generalists to hiring specialists for key roles, ensuring each person excels in their specific area to create a stronger collective.

6. Cultivate a Culture of Change

Actively prepare your team for inevitable change by making them aware that the business environment is constantly evolving, fostering agility and adaptability.

7. Prioritize Hard Work and Smart Work

Understand that genuine success requires both relentless hard work and strategic smart work, as neither is sufficient on its own.

8. Don’t Be Afraid to Fail

Recognize that failure is an inevitable part of the entrepreneurial journey and should not define you; keep trying and learn from each attempt to increase your probability of success.

9. Start with Passion, Not Money

If you lack a business idea or money, start by deeply exploring what you’re truly passionate about, as this intrinsic drive will reveal opportunities and sustain you through difficult times.

10. Use Your Job as a Superpower

If you have a business idea, don’t quit your current job on a whim; use it for financial stability, to reinvest profits, and as a safety net while you develop your venture.

11. Master Public Speaking Skills

Over-prepare for public speaking engagements by creating ‘impromptu remarks’ (prepared phrases/stories) to overcome nervousness, then practice frequently to build comfort and allow for thoughtful responses.

12. Lead with Empathy

When giving feedback or dealing with mistakes, approach situations with empathy, provide examples, and assume people act with good intentions to foster a positive and learning-oriented environment.

13. Embrace the Glass Box CEO

Be transparent and public about your journey and the inner workings of your business to build trust and provide an authentic reference point that can defend against external criticism.

14. Invest in Business Foundations Early

Prioritize and invest in the foundational elements of your business (e.g., operations, finance, data) from the beginning, as neglecting them can hinder growth despite strong front-end efforts.

15. Simplify Daily Decisions

Reduce decision fatigue by simplifying routine choices, such as wearing the same outfit daily, to free up mental energy for more important tasks.

16. Say No to Water Down

In a fast-growing business, be selective and say no to many opportunities to avoid watering down your core offering and maintain focus on what makes your brand unique.

17. Foster In-Person Learning

For young employees, prioritize being in the office to facilitate learning from experienced colleagues, foster community, and enable spontaneous idea sharing that remote work might limit.