Weekly Business Insights from Top Ten Business Magazines
Week 321 | Entrepreneurship Section | 2
Extractive summaries and key takeaways from the articles curated from TOP TEN BUSINESS MAGAZINES to promote informed business decision-making | Since September 2017 | Week 321 | November 3-9, 2023
4 Entrepreneurial Lessons We Learned from Oakley Sunglasses Founder
By Kimberly Zhang | Entrepreneur Magazine | November 8, 2023
Extractive Summary of the Article |Listen
Some entrepreneurs do not take a traditional path to success. Almost five decades ago, Jim Jannard reshaped the sports eyewear market with Oakley, a globally renowned sports eyewear brand. Learning from his experiences can empower the next generation of entrepreneurs to chart their own paths to success. 4 entrepreneurial lessons from the founder of Oakley
Find your niche. Oakley’s journey to success was not a straight line. It involved exploring various product lines, including a motorcycle grip designed to wick away sweat during long rides. Despite these initial diversions, Oakley’s defining moment came when it found its niche in sports glasses. Today, Oakley has become an industry leader in sports eyewear, with a diverse range of models catering to specific sports like cycling, golf, and skiing. The brand’s dedication to developing glasses tailored to the unique demands of each sport showcases the importance of not giving up on finding your niche.
Embrace strategic change. In 2007, Jannard made a game-changing decision. He sold Oakley to Luxottica for a whopping $2.1 billion in cash. This strategic merger was not a sign of retreat but rather a calculated move to enhance Oakley’s potential. Jannard believed that joining forces with the global eyewear giant would provide Oakley with the resources and reach needed to grow further. And Jannard’s decision would prove correct. Such a strategic move teaches entrepreneurs a valuable lesson about recognizing the right moment to relinquish control and the benefits that can come from such decisions.
Push the industry further. Jim Jannard’s impact extends beyond sports eyewear and technology. His founding of RED Digital Cinema disrupted the filmmaking industry, propelling it into the digital age. The company’s innovative high-resolution cameras, with the latest V-RAPTOR XL 8K VV released in August 2022, have been used in blockbuster films like Avatar and The Hobbit. To stand out and make a lasting impact, one must be willing to challenge the status quo. Just as Jannard revolutionized the way films are made, entrepreneurs should aim to push their respective industries forward by introducing groundbreaking ideas and technologies.
Always strive for better. While many entrepreneurs might have rested on their laurels, Jannard’s ambition drove him to explore new frontiers. Even after Jannard’s success with Oakley and RED Digital Cinema, he launched RED Hydrogen One, a holographic smartphone, in November 2018. It was plagued with issues, but Jannard is no stranger to innovation. Instead of becoming discouraged, he promised the second version would be better.
3 key takeaways from the article
- Some entrepreneurs do not take a traditional path to success. Almost five decades ago, Jim Jannard reshaped the sports eyewear market with Oakley, a globally renowned sports eyewear brand.
- Learning from his experiences can empower the next generation of entrepreneurs to chart their own paths to success. 4 entrepreneurial lessons from the founder of Oakley are: find your niche, embrace strategic change, push the industry further, and always strive for better,
- Jim Jannard’s relentless pursuit of excellence reminds us that the spirit of innovation, determination, and responsibility can truly change the world.
(Copyrgith lies with the publisher)
Topics: Entrepreneur, Startup, Innovation, Resilience, Learning