"Start with your Vision" with Bruce Clark
/
At age 67, Bruce Clark is a serial entrepreneur with many successful and varied, start-up businesses and inventions including retail, automotive, safety, finance, and distribution since the age of 21. His most famous invention is the cupholders mounted on the seats in almost every sports stadium and movie theater in North America.
What inspired you to start your business?
I was in a movie theater with my wife during a cold winter evening in Minnesota. With popcorn in one hand and a Coke in the other, I attempted to take off my coat. With floors sloppy with sticky goo and seats folded up offering no shelve, I asked my wife to hold my drink and popcorn so I could take off my coat. The problem was she was in the same predicament with both hands full. That was when out of anger I said to her; "they should have cupholders on the back of every seat!" It was at that very moment I envisioned exactly that. The next day I was off and running to build a prototype.
Where is your business based?
Minneapolis
How did you start your business? What were the first steps you took?
As mentioned the next day after my "vision" I went to a machinist friend and had him build an aluminum prototype of what I imagined. For $250.00 it was around an aluminum hoop which was the perfect size to fit most sized cups and would fold up when not in use. From there a visit to a patent attorney. Upon acquiring a patent-pending status I was like a racehorse fresh out of the gate. I showed my concept to everyone who would listen including theater owners and supply companies. I was finally recommended to see the largest theater supply company in the Midwest and they loved the idea. We formed a wonderful relationship that accomplished everything I had hoped for.
What has been the most effective way of raising awareness for your business?
This was at a time when the internet was still in development so tradeshows and trade magazine advertising were the most powerful.
What have been your biggest challenges and how did you overcome them?
The largest challenge was dealing with competition. Even though I had patented a fold-up hoop cupholder, our competition had come up with an armrest version. They undercut our prices on a regular basis but gave poor service. We established ourselves as a full-service manufacturer including installations and always delivered exactly when agreed. Something the competition struggled to provide. Our reputation flourished while the competitions floundered. We eventually came up with our own armrest version that blew the competition out of the water with colored, padded inserts. We also developed more hearty cupholders for behind-the-seat mounting. Eventually, we cornered the marketplace and bought out our competition.
How do you stay focused?
Having that initial vision kept me from fearing the many brick walls along the way. At one point with another invention and company, my back was against the wall financially and I had to create higher sales in a short period of time. That is when I learned the art of focus. Only then did I learn that between 8 am and 5 pm I would focus every moment on what can I do right now to move this forward. What phone call, fax, email, letter, or sales call can I accomplish at this moment to create success. It worked!
How do you differentiate your business from the competition?
Superior quality and top-level service. Of course, having a product that stands out from the competition makes it easier. I don't sell the product as much as I sell its Features and Benefits.
What has been your most effective marketing strategy to grow your business?
Tradeshows. You personally meet the players and movers & shakers in the industry. The key is follow-up and follow-through with every contact you make.
What's your best piece of advice for aspiring and new entrepreneurs?
Start with your Vision. Our mission statement was to create an environment where "Everyone going to a movie theater or sports stadium would expect a place to keep their drink." Learn the art of Salesmanship. Don't let emotions get in the way of being pragmatic, Positive Mental Attitude is paramount and Perseverance. Never give up!.
What's your favorite app, blog, and book? Why?
Harvey McKay's book "Swim with the Sharks without Being Eaten Alive" and Donald Trump’s book "The Art of the Deal" were the most influential for me. Harvey taught me to be cautious, ask questions, and learn to say no. Trump’s book taught me both sides must win for successful negotiations.
What's your favorite business tool or resource? Why?
The business tool is Quickbooks for ease of accounting and checks writing. Resources are my own ingenuity, inquisitive mind, and hard work.
Who is your business role model? Why?
Mark Cuban is one of the smartest businessmen I've ever witnessed. He seems to know the path to the success of any business by asking the right questions.
How do you balance work and life?
I've learned when I close the business door behind me, to STOP work and smell the roses, pet the dog, kiss the baby and enjoy a fine dinner.
What’s your favorite way to decompress?
Besides Flying, Sailing, and SCUBA diving a glass of wine with a fine dinner.
What do you have planned for the next six months?
To finish my upcoming book about Innovation, Invention and Business Development
How can our readers connect with you?
Inventyourpath.com
Ladderdolly@hotmail.com