From a Failed Startup to $200M: What You Need to Battle Depression and Be Successful
Working in a business and working on a business are two different things. Without the former, nothing gets done; without the latter, the wrong things get done. David Segal has a unique way of managing that tension, and in this episode, he reveals all his business operating secrets. Plus, he explains how he failed along the way.
Segal and Shane explore the true essence of entrepreneurship, the sources of motivation, and the valuable lessons Segal learned while building his $200 million tea business. They also delve into the often-overlooked dark side of success, including the profound depression that can follow a significant payday. Additionally, they share life and business lessons learned from Warren Buffett and discuss the importance of effective time management.
David Segal is the co-founder of Firebelly Tea. He’s also best known as “the David” of DAVIDsTEA. Under his leadership, DAVIDsTEA expanded from a single store to a $200 million retail empire. In 2021, he launched Firebelly Tea to provide high-quality, loose-leaf teas designed for modern lifestyles. Segal’s entrepreneurial journey has been marked by significant successes in the tea and food industries, showcasing his ability to identify and capitalize on market opportunities.
Get 15% off orders at Firebelly with the code SHANE15: www.firebellytea.com/
(Shane's favorites are After Dinner Mint and Matcha.)
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00:00 - Intro
01:29 - On business and entrepreneurship
03:08 - How to manage your own psychology
07:49 - Yearly planning, daily action
13:49 - Avoid "ivory tower syndrome"
16:38 - On Segal's childhood and early career
25:54 - The founding of DAVIDsTEA and Firebelly
41:50 - The evolution of tea and DTC products
49:16 - Reflecting on failures
56:18 - On battling depression
01:03:33 - Lessons on money
01:08:38 - Business lessons learned from Warren Buffett
01:13:16 - Why "shifting sets" is important for doing a lot
01:21:35 - What's missing in Segal's life
01:26:02 - On success
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This episode is sponsored by Shopify: Making commerce better for everyone. www.shopify.com/shane
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Like the mentor you’ve always dreamed of having, The Knowledge Project shares timely yet timeless lessons for work and life. Past guests include Naval Ravikant, Daniel Kahneman, Jim Collins, Angela Duckworth, Seth Godin, Melanie Mitchell, & Esther Perel.
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Four years ago David changed my life when he introduced me to the world of tea. Hopefully, you enjoy this conversation as much as I did. Could you do me a favor and hit the like button on the video? It helps us a lot. Thank you.
“There is no substitute for the work… make every day Day 1… life is dynamic not static.” Love this podcast! Thanks Shane!
Got hooked right on the first question 😂 Amazing podcast so far!
I believe the story he tried to tell about people giving up hope and in doing so, dying in internment camps was a story told by Admiral James Stockdale. Admiral Stockdale explained that it was the soldiers in the Hanoi Hilton that convinced themselves they would be out by Christmas, and when Christmas came and went and their release was not secured, they did give up hope and did not make it. There's more detail to it than this, just wanted to give credit and correct the record a little, as it is an important story, and worth telling, correctly.
Helpful
hello shane.I could notice a difference in the duration for the same episode between spotify and on youtube.Also,for many other episodes.Mostly in spotify the duration is less compared to youtube.Why is this?
@kamalnath4763
Ай бұрын
@Tkppodcast. Sure.Accidentally noticed it and was just curious about it.NP
I keep trying but I can't relate to being 200 million dollars richer and being depressed
@mikitamartynau2154
2 ай бұрын
That’s the motivation that is different. You won’t get 200 mil without being in love with the game you play, you are going through many many ups and downs and you get rich in the process (if you’re lucky and persistent enough). But once you no longer do the thing you love - you get depressed.
Utterly painful to watch. I, I, I, me myself and I. 🙄
Amy vs militia is the equivalent of chess ♟️ the army is bigger with Captains between leaders to keep organized the militia is a simpler unit checkers who can talk to the leader directly.