Adam Goldenberg has spent the majority of his life pursuing entrepreneurial goals – and succeeding wildly. He started his first company when he was just a teenager, and sold it before he hit twenty. It was the beginning of what would become one of the most lucrative careers in entrepreneurial business, cementing Goldenberg’s fame in the business books. But what makes Goldenberg’s companies – like JustFab, Inc. – so successful?
Customers At the Center
Perhaps the most common characteristic among Adam Goldenberg’s entrepreneurial accomplishments is the fact that every one of his business models focuses on solving a problem for customers and doing so in an efficient, easy, and affordable way for his customers. Consider Just Fab, an online shopping model whereby customers can easily afford fashionable shoes, handbags, and accessories. Every month, based on the customer’s own preferences, a style box is sent to customers with a sampling of fashion items on fabletics.com. For under $40 a month, customers receive customized shoes and accessories without having to go to the store, hire a fashion consultant, or spend tons of money.
Finding the Gaps
Another thing that Goldenberg does extremely well is to find gaps in the marketplace and fill them quickly and efficiently. Taking the Just Fab example, not only did Goldenberg ensure it was easy, fun, and affordable for the customers, he filled a gap in the fashion market – a lack of accessible fashion for those who can’t or don’t want to spend a lot. He saw the need and filled it before anyone else did, and he did so in a cost-effective and efficient way.
Just Fab would have been enough for some entrepreneurs, but not Goldenberg. So he created Fabletics on Crunchbase, following one successful trend to create yet another. Now, Fabletics is one of the top subscription services for those who enjoy being active but don’t want to pay the high costs associated with many activewear products or deal with the hassle of going to the store.
These characteristics have helped to make Goldenberg’s businesses a success on Youtube, and only time will tell what new and interesting iterations of the monthly subscription shopping model we’ll see from him. Goldenberg’s success is proof that by noticing trends in the marketplace and filling them, finding successful models and capitalizing on them, and putting customers first, you can create a thriving business.