Quite often, the most brilliant ideas are hiding in plain sight, just waiting for an enterprising entrepreneur to push them to fruition.
However, simply having that great idea is no guarantee of success. In fact, 90% of startups will fail.
Among the top reasons businesses don’t make it that they expand too fast. Doing too many things at once or trying to be everything to everyone can lead to the demise of an otherwise successful business.
But you don’t just want to know what you might be doing wrong. There’s much to be learned from successful businesses, as well.
One of those inspirational success stories is that of Stance. Although they’ve been in business six years, chances are you haven’t heard of them. No, they’re not a household name, but I can give you $86 million good reasons to sit up and take notice of their unusual — and incredibly successful — business strategy.
See, Stance was a socks startup. That’s right… their revolutionary idea was to sell one of the most boring products on the planet: socks. In an era where entrepreneurs compete to outdo one another in pushing technological advancements, Stance’s co-founders said, you know what? We’re just going to take this boring, utilitarian thing over here and make it awesome. We’re going to make socks sexy and exciting.
And did they ever.
In April, Stance inked a deal to be NBA’s official on-court sock. They even have a Rhianna sock line (as well as other artists, in case you aren’t a Ri-Ri fan). Perusing their site, you’ll see they have all different colors, styles, lengths, patterns, collaborations, and designs… yet all they’re selling is socks.