Jim Markham is an award-winning serial entrepreneur with an innovative mind and passion for his craft. He started as a barber charging $1.50 a haircut, and made the jump to salon owner, celebrity stylist and creator of a haircare empire that includes 5 brands including PureOlogy Serious Color Care (which he sold to L’Oreal in 2007 for $280 million) and his current venture, ColorProof Color Care Authority. Together his companies account for $1.2 billion in combined retail sales. Jim recently added author to his list of accomplishments, publishing his first book called Big Lucky – a hybrid memoir and entrepreneurial self-help guide designed to help spark your entrepreneurial fire.
Big Lucky – Serial Entrepreneur Jim Markham’s Secret Formula for Success!
3 Value Bombs
1) If someone you admire is making more money than you in the same profession, learn from them.
2) Think long-term. Ask yourself, what can you do today that will position you 5 to 10 years down the road.
3) Find your niche. What can you create that doesn’t exist yet?
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Today’s Audio MASTERCLASS: Made to Win: How to Turn Your Passion And Grit into Success with Jim Markham
[2:06] – Jim shares something interesting about himself that most people do not know.
- He played checkers for a living for about 6 months when he first moved to California.
[3:09] – Jim shares a snapshot of his early days.
- Many interviewers call his life a rags to riches story.
- He grew up in New Mexico, he got married at 15 years old, he had a child, and went to barber school to support his family.
- He started cutting hair at $1.50 a haircut when he was 15.
[4:10] – How did you make your first leap?
- He went to a hairstyling school to become a men hairstylist.
- Jumped from a $1.50 to $5.00 haircut.
- He won a silver medal in the Hair Olympics, The National Haircutting championship, and several state championships.
- Markham Money-making Tip #1: If someone you admire is making more money than you in the same profession, learn from them.
- He became Jay Sebring’s protégé, and things are going great until August 9th,
[6:50] – August 9th, 1969: A turning point.
- Jay Sebring was murdered by members of the Manson family.
[7:45] – How did the Manson Murders affect your career?
- He moved to California and he took over the Sebring business, he bought Jay’s car, and he lived in Jay’s house for a while.
[8:56] – How did you switch gears to product development?
- He realized that product sales and distribution is where the money is at.
- Markham Money-making Tip #2: Think long-term. Ask yourself, what can you do today that will position you 5 to 10 years down the road.
- Jim saw his future in creating and distributing products, and he sold the Sebring business to start his product line in 1972.
[13:24] – Why and how did you transition to the women’s market?
- When he got into product sales, he realized that the women’s market was much bigger.
- You need to know who your customer is, look at your market, and know your demographics.
- Markham Money-making Tip #3: Find you niche. What can you create that doesn’t exist yet?
[15:34] – Following your 3rd company – Abba – you thought you would retire, but you didn’t. What Happened?
- It started with a phone call. His wife’s best friend had Ovarian Cancer, and she asked him to create a product that she can use.
- Jim developed a product that can be used by cancer patients and made it exclusively for color-treated hair.
- PureOlogy Serious Color Care was launched in 2001 and it was sold to L’Oreal in 2007 for $280 million.
[18:27] – What was the inspiration behind the book – Big Lucky?
- His inspiration was his life story – his successes, and failures.
- Markham Money-making Tip #4: It does not matter what industry you are in, you need to have passion, believe in what you do, and love what you do; understand the cash flow, and surround yourself with good people. Listen to recommendations and find your niche.
[20:43] – If readers can do one thing differently after reading your book, what would it be?
- One of the biggest lessons: Do not quit.
- Remember that you are made to win and you have to work hard.
- Find your mentor.
[22:51] – Where can Fire Nation go to find your book – Big lucky?
- Big Lucky – Serial Entrepreneur Jim Markham’s Secret Formula for Success!
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