102: Entrepreneur from Israel Quits his 9-5 to Start a… Bean Bag Company? Eyal Levy of Yogibo.

Background on Eyal Levy of Yogibo:

Eyal Levy was born in one of the suburbs of Tel Aviv and he was raised by a family of entrepreneurs. When he was growing up, he did military service and traveled the world for a while. He finished his degree in Industrial Engineering and worked as an intern at Intel. He also joined his father’s company and his role was mostly managing the operations, marketing, and supply chain.

Yogibo started when his wife was pregnant with their second son and they were looking for something that would help her sleep comfortably on her belly. They discovered the idea of a bean bag made with stretchy fabric. Later, many of their friends who visited them tried the product and were amazed at how different and comfortable the product was. Eyal decided to start making a different and improved variation of the same concept.

Today, Yogibo has 26 stores in the US. Since 2014, they have started expanding internationally as well. Yogibo opened distribution in Japan, Canada, Korea, and the Middle East.

Time-Stamped Show Notes:

[1:00] Eyal Levy is born in Israel but living in the US for 11 years and he is the owner of Yogibo, which is a company that produces unique and top quality bean bags.
[1:51] The idea of making these bean bags started because Eyal wanted something that would make her wife’s pregnancy more comfortable.
[4:12] Eyal has always been interested in business and marketing. He was also listening to podcasts and reading books about entrepreneurship.
[5:51] Eyal talks about his early life in Israel and how it shaped his personality and made him what he is today.
[10:37] For 3 years Eyal experienced working in the family business in Israel. Their company produces plastic parts.
[12:19] After his father sold the family business, Eyal took a new job that allowed him to relocate to the United States.
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[18:32] His initial investment for starting his bean bag business was about $30,000.
[21:49] In May 2010, Yogibo opened its first brick and mortar store. Eyal wanted to let the customers see, feel, and experience their product, which is why they decided to have a physical store.
[25:32] When it comes to starting a product company business, Eyal emphasizes on the importance of having connections overseas and building relationships with business partners.
[27:21] After the success of their bean bag, Eyal decided to expand their product line.
[30:02] After setting up their physical store at the mall, Eyal advertised their store by setting up booths in festivals and placing their products in different places.
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[32:31] Even though there wasn’t much money coming in during the early days of the business, Eyal believed that it was going to be a success.
[34:38] One of the lessons Eyal learned when handling a retail store is that it requires a better management of the cash flow.
[37:24] In a growing retail business like Yogibo, which has more than 5 retail stores, it can be challenging to build a sales organization and put up an efficient sales process.
[40:27] Eyal offers some tips on how to find or recruit the right people for the business.
[45:51] His last advise to entrepreneurs is to surround yourself with supportive people and people who provide good energy.

Fabulous 4 Questions:

📖 📚 Favorite Book(s)? The Tipping Point by Malcolm Gladwell
🙌😎 Favorite Amazon.com purchase? Inflatable Paddle Board
🌱💸 Favorite Tool that's GROWN your Business? Microsoft Excel
💭💡 BIGGEST Challenge keeping your Business from GROWING? Financing for working capital

Key Point from the Interview:

“You get a lot of advises from many different people. It’s important to listen to them, but at the same time filter and realize that not everybody always see the entire picture and the entire vision”

Resources Mentioned:

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