We had the good fortune of connecting with Zack Hurley and we’ve shared our conversation below.
Hi Zack, what role has risk played in your life or career?
Most people would define risk as “the possibility of something bad happening” or of having a loss of some kind. This assumes that high risk is a high possibility of something bad happening and low risk is low possibility of something bad happening. The problem here is that we’re leaving out the part of the equation where we define “bad”. When I think about risk I try to focus mostly on this area. What is the worst possible scenario? What is the best possible scenario? In business, this can take shape in a few different areas. Psychological rejection: This is less about losing something of material value and more about getting your feelings hurt. When you’re an entrepreneur, selling yourself and your ideas is paramount to success. So what is the risk factor here? Worst case scenario in most cases is simply being told NO. Thats it! a simple no, or no thank you is pretty much the worst case scenario. I supposed they could laugh in your face, but even then there’s not much lost. In fact you’ve just gained valuable market data. Now let’s look at best case scenario: You enroll this person in your vision, they join your team, they hand you a check, they tell others about you. The upside is so much greater than the downside. If you can detach the result from your state of self worth, you’ll be comfortable taking business risk of this kind often. Material Loss: This is a bit trickier, but I try to apply the same methodology here. What in terms of money lost would be of significant consequence and what is my upside. How can I diversify my money in a way that gives me a shot at success that covers the loss of the others. This is easy to say but in practice can be tricky. In stocks for example, diversification amongst asset classes is at least simple in its theory, however in business entrepreneurs have to choose where to spend their money from top of funnel visibility, through to the product or service they offer and finally to cover overhead and taxes. In each of these scenarios It’s best to limit your downside and have your be substantial and minimally give you data that you should double down on that area of spending. I will take a line out of Mark Cuban’s playbook: “To be a success, you only have to be right once. One single time and you are set for life.” The takeaway here is that it’s a numbers game and changing the way you think about true vs perceived risk is the fastest way to get to that big win.
Alright, so for those in our community who might not be familiar with your business, can you tell us more?
Indie Source is the top clothing manufacturer in the country for a reason. Here are just a few of them: One stop shop – Working with a design house or a different Development company then handing off to us means more time learning about your product and more money/time spent. If we work with you from start to finish, we are familiar with your product, we know where to procure fabrics and will move through production much faster and with more accuracy. Outsourcing your Production team/ Use us only when you need us – We are an extension of your production team. Hiring a full-time staff to do what we do would cost you hundreds of thousands of dollars. Production Manager Project Manager Sourcing Specialist Pattern Maker Sample Maker Graphic Designer *Indie Source’s staff is comprised of senior production specialists and product developers from the industry. You benefit from years of experience and save the considerable expense and headache of hiring and managing employees or freelancers. Communication – Never worry about dealing with miscommunication from asian manufacturers, having to fly across the globe to fix issues, or communicate at odd hours to move your project forward. Work with an on-call project manager who is on call. SPEED – Speed of delivery can increase sales when the supply chain no longer lowers costs. Safe Manufacturing Facilities & Ethical Practices No child labor Fair trade standards Active reduction of environmental impact Compliance with all relevant regulatory ordinances All relevant certifications in good standing Dream State: Reorders Imagine, you’ve completed all of your samples, done your first run, and now you’re running low. BOOM just hit reorder and you’re really moving. You’ve invested all the time and hard work into this thing and now it’s paying off. Reorders.
If you had a friend visiting you, what are some of the local spots you’d want to take them around to?
Leo’s Taco’s – Fathers Office – Sweet Rose Ice Cream
Who else deserves some credit and recognition?
Shoutout is to LANA GUREVICH who leads our pattern department. She is a beacon of light, love and positivity. Sometimes you even forget her and her team are there cranking away. This is due to the amazing consistency and high quality work she and her team put out to make fashion brand’s come to life. She pushes everyone to be more positive and to think about the possibilities in life that we can all create together.