Key Lessons that Every Founder Should know
Ever meet someone and instantly realize what they’re saying is pure gold—practical, inspiring, and worth applying to your own life?
That was Joe Foster for me.
Joe, the founder of Reebok, was one of the first entrepreneurs I interviewed for my book Start. Scale. Exit. Repeat. Since then, we’ve shared many hours together—on stage, on vacation, at dinners (and maybe a little too much wine 😊).
For his 90th birthday, I had the honor of hosting a party in his name. Afterward, I invited him to Startup Club to ask him:
What are the most important lessons you’ve learned in your 90 years?
What he shared blew us away.
Here are 9 lessons every entrepreneur needs to hear:
1. Go Into the White Space
“Instead of competing head-on with giants, Reebok decided to go into the white space.”
Joe’s genius was spotting what others missed. Reebok targeted an untapped market—aerobic shoes – long before it was a category. That bold move is what catapulted them forward.
Definition: Go Into the White Space
phrase / strategy
A concept coined by Joe Foster, founder of Reebok. The act of identifying and entering untapped markets with unique solutions—most famously done when Reebok created the first shoes for aerobics.
Usage: “Instead of fighting Nike head-on, Joe went into the white space.”
2. Ratings Matter
Long before Yelp and Google reviews, Joe earned three five-star ratings in Runners World for his shoes in the late ’70s. Those reviews helped him land a major distribution deal. Then out of nowhere Jane Fonda wore his shoes on national television doing Aerobics. I asked him “how much did you pay her” and he responded, “No she actually paid for her own pair of shoes.” Social proof matters and what is old again is new again whether its reviews or influencers.
3. Resilience Matters
Joe once operated out of a 3-story factory with a leaky roof. The top floor was just buckets catching rainwater. He and his brother lived in the office to save money. They didn’t give up when things got tough—and there were plenty of tough times.
4. Persistence Pays Off
It took 10 years of pitching in the U.S. before Reebok finally got a break. But when it hit, it exploded, from $9 million to $900 million in just 4.5 years.
Most would’ve quit after a few years. Joe didn’t.
5. Stay Humble
Joe doesn’t brag. At 90, he still speaks to entrepreneurs almost every week, sharing his story, mistakes, and wisdom. He’s proof that the best leaders give back instead of checking out. He also is not afraid to talk about how he screwed things up in the past instead of just touting his successes.
6. Distribution Matters
No matter how good your product is, distribution is the key to success. Reebok was stuck at $9M until Joe partnered with Paul Fireman to distribute in the U.S. From there, it became the largest athletic shoe company in the world hitting $900M in just over 4 years.
7. Show Up in Person
Joe was a road warrior. No email. No Zoom. He built real partnerships the old-fashioned way: face-to-face, dinner-table deals. He told me, “You just can’t connect the same way through a Zoom like you do when you are in person. You really get to know the person and become friends. Nothing can replace connecting in real life”
8. Lean Startups Win
No VCs. No crowdfunding. Just grit.
Joe and Jeff broke away from the family business and bootstrapped Reebok with next to nothing. They even lived in the factory to save money. Eric Ries who wrote The Lean Startup would be proud.
9. Keep Learning
Joe wrote Shoemaker to pass on his story. I wrote Start. Scale. Exit. Repeat. for the same reason—to help others crack the code of what it takes to be successful.
Entrepreneurship is a trade like any other trade and you need to continue to sharpen your sword to become better and better at it. Reading Joe’s book was a lot of fun as for me it read more like a movie script than a book. Enjoy!
Joe’s story is a masterclass in entrepreneurship. From Jane Fonda as an unpaid influencer to those crucial five-star ratings, from leaky roofs to global dominance, the lessons keep coming.
Happy 90th Birthday Joe!