Embracing The Bitter With Scott Ohlgren

Ted Teo Business Show

Scott Ohlgren join us today to share about his past experiences growing Brain Toniq and the lessons that he learnt from his failure. At its peak, Brain Toniq sold over 2 million units a year in Whole Foods supermarkets and over 1,400 independent retailers in USA, Europe and Russia. Despite its success, Brain Toniq ultimately folded and Scott has learnt the importance of embracing the bitter as he finds acceptance in himself and his new drink formulation called Cognition as he builds his come back story!

Join us as Scott shares about the key reasons that led to Brain Toniq’s failure, how he was able to recover and move on from the failure and how he is now applying the lessons he learnt with Cognition.

Resources:

https://synapticscientific.com/ - Check out Scott’s current venture

Actionable Take-aways:

1. Getting into brick and mortar shops like retail stores and supermarkets comes at a price. While you will be able to appear in front of more eyeballs, it does come at a price and your profit margins may be lowered to the point where you need to move a large amount of product volume to even break even. If this is a problem for you, consider moving towards e-commerce or another model where you have more control.

2. Don’t grow your business constantly even when you are loss making on the idea that someone will acquire your business at a later date like most technology firms. This is a dangerous game to play and you might just get burnt. Slow and steady wins the race.

3. Failure is a part of life and business. Be ready to go through the different stages of grief but ultimately it is acceptance that will help you overcome it.
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