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written by Kay DeBow
Ricky Choi,
Name: Richard A. Choi
Age: 21
Company: Lacrosse & Company
Position: CEO
School:Wharton School of Business
Year: Senior
Major: Studies Management/Entrepreneurship
Where did you grow up: Potomac, MD
High School: St. Albans: Bulldogs, Baby!
Description of business: Lifestyle company aimed towards the lacrosse market and beyond that focuses on apparel.
Interview
KD Where did the idea come from for Lacrosse & Co?
RC I was sitting around my house at school
[Philadelphia] and was brainstorming ways to generate extra revenue with a housemate. We came up with the idea of making a novelty golf shirt with a lacrosse player logo on it. The logo was supposed to look like the Polo Ralph Lauren logo and the shirts were going to be blanks from Hanes, Gildan, etc. The idea was that from a distance, the shirt would look just like a Ralph Lauren shirt and only upon closer inspection would it be revealed that the logo on the chest was not a polo player on a horse but in fact a lacrosse player. The shirt would have been an ideal Christmas or birthday gift, but really only a one time purchase. Then we thought...why not design and manufacture a full clothing line in spired by this lacrosse lifestyle that we have lived all of our lives? And so Lacrosse & Co. was born.
KD What exactly is this lacrosse lifestyle you speak of?
RC To us at Lacrosse & Co., the "lacrosse lifestyle" is one characterized by a relaxed nature, welcoming, friendly at titude and easy-going mentality. Lacrosse players are goal-oriented, motivated and strive for the best in everyday situations. The "lacrosse lifestyle" is all
about good people, good times and of course...great clothing.
KD How did you go about getting the basics: business plan, working capital, etc?
RC I utilized a lot of the knowledge that I had learned over the past few years at Wharton in creating the business plan. For working capital, I used a combination of personal finances and friends and family investments.
KD When conserving cash, what creative ideas do you have for getting things done?
RC I don't know how "creative" we have been, but we have been using a various combination of credit cards with relevant, applicable rewards to keep cash in our bank account and thus remaining flexible. In between manufacturing cycles of clothing, we use a lot of t-shirts in order to generate quick and easy revenue.
KD What is the status of your business?
RC We are currently finalizing design of our Spring/Summer 2009 clothing lines for men, women and youth and are seeking to close out our second round of investment by August 31st.
KD What have been your greatest obstacles so far, your greatest challenges?
RC Our greatest obstacle so far has been dealing with the clothing manufacturing, from design to landing. For our first round
of golf shirts (Summer 2007), we didn't realize how much de- sign and planning went into making a simple golf shirt and so they didn't turn out exactly like we wanted. Since then, we have hired a technical designer to do the tech specs for the garments, a factory agent to communicate with the fac- tories overseas and a customs broker to aid with the clear ing of the goods into the US. There are hundreds of little steps in between those three stages; people that need to be addressed, and they have been very time consuming and strenuous.
KD "My bad" takes on a whole new meaning when you run a business, employ people, and have investors watching your every move. What one thing would you NOT do again?
RC A few times we were very eager to make promises or appear to be interested in partnering with other parties and that has just led to misunderstanding and confusion; we are now definitely trying to keep as much of the company equity as possible.
KD And on the flip side, what has been your most fortuitous move so far?
RC I would say our most fortuitous move so far is the timing in which we entered the industry. Now, it's a bit early to tell (knock on wood), but I think that we caught lacrosse at just the right time. It is in a transition phase right now from a niche sport to a national sport. Large corporations such as Nike, Reebok and Adidas have just stepped into the game, acknowledging the potential in this sport. Fortunately for us, they function to serve the on-field lacrosse market and grow the sport/market very rapidly. Time will only tell, but I think we have a good thing going.
KD Entrepreneurs are an arrogant lot. What makes you so special, why will your business succeed when others have failed?
RC I think we will succeed because we are the best. We are the smartest people with the best product and we have everything it takes to dominate the competitors--just kidding...(laughs). Is that the kind of arrogance you were looking for? Anyways, I think we will succeed because we are taking a very structured, organized approach to this venture. Where other lacrosse-related companies have sometimes been organized poorly and run by people who were not necessarily business men, I think we cover all of the bases. I also think our slogan and overall mentality--"relax, it's your life." is something that many people can relate to and enjoy for many years to come.
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