Beckham's Tamagotchi Disaster
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A story about how a failed Walmart deal for David Beckham Tamagotchis taught a valuable business lesson about staying profitable.
"I remember when we made our first million. We did a big deal with David Beckham where we made a David Beckham Tamagotchi at Walmart. I was 21 at the time. We got a $28 million order from Walmart but we couldn't finance it. Walmart ended up canceling the whole order and we were stuck with half of the Tamagotchis.
We were so excited because it was this awful amount of money at the time - we had no money. But we got a little bit complacent. We were always checking how we were doing every month and we ended up losing I think $200,000 that month.
We sat down and thought 'from this day forward we are never ever gonna have a month where we lose money.' We took that approach and we never lost money again. We were always profitable."
Shaan Puri
Host of MFM
Shaan Puri is the Chairman and Co-Founder of The Milk Road. He previously worked at Twitch as a Senior Director of Product, Mobile Gaming, and Emerging Markets. He also attended Duke University.