BrownHEN interviewed Sid Good, Brown '78, President, Good Marketing, Inc., Cleveland, OH.
1. Sid, you have worked for at least two large corporations before establishing your own company. What advice do you have for a person leaving a large corporation to start a small business?
Stay focused on what you want to accomplish with any future business venture. While working for any large corporation, learn as much as you and apply what is pertinent to any future business that you might want to pursue. Most important, take the time to establish a network of contacts in that given industry.
2. Toys (your specialty) seem to be a business that depends heavily on manufacturing overseas. Can an aspiring entrepreneur enter the business, particularly an entrepreneur with an idea for only one or two toys?
The toy business is both similar and different from other product categories. Regardless of where products are manufactured, it is always more prudent to launch a business with a product line of items (or the potential for line extensions). This assures greater acceptance by retailers and stronger merchandising visibility at retail.
The toy business, however, is always looking for the next, “big idea.” It is somewhat like the fashion business. Products need to change frequently to maintain both retailer and consumer interest. The greatest opportunity is to create a sustainable brand that allows for continual product enhancements and re-introductions. For example, the Transformers brand from Hasbro has been around for many years. If kids buy the best items from the line in one year, they will not be interested in buying the same items the following year. Therefore, a majority of the product line has to be “re-invented” in order to maintain and grow consumer interest in the brand.
The toy business also has several options for introducing new products. In addition to manufacturing and distributing products on your own, there is also the option of licensing products out to a larger manufacturer who can guarantee greater distribution and promotional support. The toy industry is always trying to fill the pipeline with new and different products and, therefore, is much more open to new product submissions to add to product lines.
3. Your brother Bruce (Brown '85) is part of Good Marketing. Please comment on the advantages and disadvantages of working with close family members.
Management dynamics involve trust, respect, and an overall interdependence. Bruce and I are not only best friends, we also complement each other well in light of our company responsibilities. However, if there are any disagreements, we know that eventually we need to resolve our differences. Our familial relationship is most important to us and that guides many of the decisions that we make. Because we are so close, we support each other in challenging times and are also there to celebrate and share our successes.
4. How can an adult understand which toys will appeal to children?
We go with our gut based on what we know about the market and what we know about kids. However, everything we pursue is exposed to our “advisory panels.” Depending upon our target audience (i.e. kids, parents, adults, teens, etc.), we always get the perspective of the demographic we are trying to reach in order to confirm or validate our assumptions. We have to understand our products through kids’ eyes.
5. How can an American adult understand which toys will appeal to children in another country?
How kids play is fairly universal. In the age of TV and the internet, kids from around the world are exposed to similar products and intellectual properties. Not only do toys from the U.S. usually translate well into other countries, many toys from other countries have been introduced successfully to the U.S. market as well.
6. I assume you travel often. How do you make it fun?
Keeping up with friends from other cities is always the primary advantage to business travel. Otherwise, if time permits, I enjoy trying out new restaurants or other points of interest. Travel is one of the best ways to be exposed to new ideas, emerging trends, and different points of view.
7. What are the top five qualities you would ascribe to an entrepreneur?
• The ability to recognize what products and/or services are needed but don’t exist.
• The tenacity and perseverance to pursue achievable goals.
• The creativity to do things differently and better than what currently exists.
• The peace of mind to take calculated risks in order to achieve non-incremental business growth.
• The willingness to do everything but the capacity to lead others to share in the pursuit.
8. Would you speak about fear as a motivation or hindrance toward accomplishment? How has that played a factor in your path, if any?
Fear has not been a major factor in our business. However, the only thing I would fear is not living up to my potential. Having my own business has given me the opportunity to make more of my own choices with regard to how I spend my time. Not only do I want to create a successful business, I want to give back to the community as well.
9. As you know, the entrepreneur’s path is filled with trials and errors, and also failures. What’s a valuable insight for entrepreneurs to keep in mind when they’re experiencing setbacks?
We have had both successes and failures in the course of our business life. However, we try to be smart about what we do and why. If we fail, we try to learn from it and move on.
10. What is the latest insight (about life, work, play) that you picked up and would like to share with BrownHEN?
It is important to stay grounded by the quality of life that you are trying to create for yourself and your family. In that regard, my professional life is a means to an end and not the only way that I define myself.
11. Who are the three individuals who have influenced your development significantly?
• My grandmother who introduced me to the value, challenge, and importance of community service.
• My grandfather who had a passion for his business and the business ethic to do what needed to be done.
• My rabbi who keeps me focused on life’s priorities and “the big picture.”
12. Do you and Bruce play much tennis these days? Who generally wins? Is that a problem?
We would like to play more tennis than we do. Bruce generally wins. He has always been better at tennis than I. He used to teach, so I always learn something when we play.
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