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.
Available now: YouTube | Apple Podcasts | Spotify | Transcript
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.
David was kind enough to offer TKP listeners 15% off orders at Firebelly with the code Shane15
Shane’s favorites are Matcha and AFter Dinner Mint
Here are a few highlights from the episode:
Entrepreneurship is a personal journey disguised as a business pursuit.
In a world where there are so many highlight reels and different products that will make you think you’re going to walk through walls and promise you the moon, tea is this product that is as old as the hills.
You never want to have ivory tower syndrome, where you run a business and you’re not connected to your customers.
What you stand for as a company should never change, but how you do things as a company should never stop changing.
I actually went through one of the biggest depressions in my life after I sold my stake in DAVIDsTEA…We actually don’t talk about this a lot in entrepreneurship, which is that the struggle is so difficult to get to a place where you’re successful, but what happens once you’re successful? And what if you do sell your company, and now what? And how do you derive meaning in your life?
There is no shortcut for the work. Period. There’s no magic pill; there’s no magic elixir. It’s about habits. You have to do things even when you don’t want to do them.
Timestamps:
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
