Background
and Start Up
and Start Up
What is Octane Fitness' product?
elliptical cross trainers
In terms of "strategic drivers" what drives Octane Fitness?
They are a product-driven company.
In which country were Octane's manufacturers?
Asia
As "industry veterans", they already knew where to look.
How long did it take for a store to make their first sale?
What is the main way Octane stay focused?
Where was Octane Fitness' original "international headquarters"?
Dennis Lee's basement
What two "areas of excellence" pertain to a
product-driven company?
1. product innovation
2. sales and service excellence
(outsource everything else)
Who is North Castle?
About how much do one of Octane's machines cost?
$2,000-$4,000
Did the original cofounders remain involved in the business?
Yes, both remained on the companies board of directors.
Who were the cofounders of the business?
Dennis Lee and Tim Porth
What was Lee's advice when trying to sell your business plan to investors?
"underpromise and overdeliver ... where a few things are going to go wrong, and you can still exceed the plan"
Lee likes to think, "the average person is ________."
"the worst enemy of a business"
How did Octane motivate its employees to care about annual profit goals and performance or "participate in the business as a business person and think as a business person"?
They implemented a profit sharing plan.