Entrepreneur and investor Alex Bean spoke to students in a recent lecture for the entrepreneurial leadership series, offering a deep and low levels of building a billion dollars, the lessons he learned along the way, and the mentality needed for long -term success.
As a co -founder of Divvy, a financial technology company that was earned for $ 2.5 billion in 2021, Bean shared his journey from the idea to exit, along with practical tips for aspiring entrepreneurs.
The event, part of a series of continuous lectures, drew a packed room of students eager to gain knowledge from an entrepreneur who successfully sailed the start world. Before Bean came out on stage, the audience participated in a game of two truths and a lie, learning entertainment facts about him, including his world record to play Pickleball for 24 hours straight.
The way to the success of the Divvy
Bean’s story began in 2016 when his co -founder approached him with an idea to revolutionize corporate spending management. At that time, tracking business expenses was inefficient, and Bean without an opportunity to combine the Corporate Credit Credit Card Management Software. However, despite early enthusiasm, he admitted that their original vision was wrong.
They initially planned for businesses to use only digital payments, eliminating the need for physical credit cards. But after widespread client reactions, they realized that their access would not work – many businesses still needed physical cards, especially industries such as travel and hospitality. Adjusting their strategy, sharing directed and developed a new solution that suits their target market, leading to rapid adoption and product market adaptation.
This lesson became a repeated topic in the Bean speech: Entrepreneurs must listen to their clients and be ready to adapt.
Lessons from the starting trip
Bean described three main lessons that helped him and his team scale to be divided into a billion dollars company:
Find the product market suitable before anything else
Bean emphasized that finding the right market for a product is the only most important factor in success. No amount of excellent marketing, smart employment or efficient execution can save a business that does not have a product that people really want. He advised students to test their ideas by going directly to their target customers instead of relying on reactions from family and friends.
Be ready for emotional coaster
The scaling of a business is everything, but quiet. Bean remembered the moments when they felt like they had built a billion dollars company, just to look for new jobs next week when the big deal fell. He shared how Divvy had a big partnership with the US Bank that crashed overnight – an event that could have plunged the company. But instead of panicking, he and his team worked over the weekend, lined up new partnerships and found a way forward.
Success is about the team
An excellent company is built by big people. Bean advised students to be surrounded by friends of the driven, talented and adaptable team. He also emphasized the importance of being aware: knowing if you flourish as a leader, a specialist, or a back-token operator can help approximate career choices with personal strengths.
To illustrate this he used a metaphor from Boys in the boatComparison of high-performance teams with ranging teams-every member has a role, and one team works best when everyone is in the right place.
Beyond Business: Finding Fulfillment
After sold Divvy, Bean found himself reflecting what really brings happiness. He conducted interviews with hundreds of successful people – including billionaires, entrepreneurs and leaders – to understand what drives fulfillment beyond financial success.
He identified three main ingredients:
- Purpose: having a significant project or purpose that ensures motivation.
- Relationships: Strong personal connections that keep life fulfilled beyond work.
- Inheritance: Creating something that makes a steady impact on the world.
Without these, he pointed out, even the most financially successful people often feel empty.
Bean’s lecture was more than a story about building a billion dollars company-it was a plan for students to think strategically about their careers and aspirations. He encouraged them to be deliberate where they work, treat their careers like capitalists of entrepreneurship who value a company and focus on developing their unique superpowers that separate them in the workplace.
As the event ended, the students left with a better understanding of the entrepreneurship, the career strategy and the reality of what it takes to build something great.