This as-told-to essay is based on a conversation with Craig Moody, founder and president of Shoot 360. It has been edited for length and clarity.
About 15 years ago, my son was sitting in the house, playing basketball video games. I said to him, “Why don’t you go out and play?” I had grown up shooting hoops and coaching, and couldn’t imagine that he’d rather play basketball on a screen.
I walked out of our game room thinking, “If I could make a gym like a video game, I could have it made.”
The idea stuck with me. I did more research, and one morning I woke up and said to my wife, “I think I’ve got it.” I rented a warehouse and started building Shoot360 that night.
My dad was an entrepreneur, and I learned from him
I wasn’t a stranger to entrepreneurship. My father was a contractor who ran multiple businesses. He had an equipment rental yard that he grew into a regional chain, and later sold to a national chain. I’d followed in his footsteps and was operating a construction company.
When you work for yourself, there’s no limit to what you can do. People would say that’s the American dream — and I’ve always loved the freedom of that. Whether it’s construction or gaming, the ability to be out on my own and build something I think is special is really appealing to me.
I ran both companies for 6 years
I launched Shoot 360 in 2012. In the first few years, the growth was slow. I was developing a way to bring together physical hoops and balls with digital tracking and gamification in a way that appeals to younger generations.
I hired people to help with that, while pouring any profits back into the company. I kept my construction company operating in order to pay the bills. Doing both was time-consuming: I was logging 16-hour days, seven days a week.
By 2018, Shoot 360 was beginning to really take off. I closed down my construction company rather than selling it because I didn’t have time to manage the transition. Shoot 360 was expanding too quickly.
My kids understand the business better than me in some ways
All three of my kids love basketball, and they’ve been involved with the business from the beginning. I was working long days, but the kids were in the gym with me, testing the product. They were curious about the business, and it was woven into the fabric of our lives.
When they went to college and started studying business, they realized what an opportunity we had. They have a healthy respect for what I’ve done, but argue that they understand the business even better than I do.
In a way, they’re right. Shoot 360 is a technology built around video game culture. My kids understand what motivates people in the gaming world, and it’s been an advantage to get their input.
I don’t plan to leave the business to my kids
Today, all three of my children — who are now 31, 29, and 23 — work in the business. When I started working for my father, I began from the ground up. I was pressure washing equipment and managing the rental counter before I helped run things.
I’m taking the same approach with my children. I’ve started them at the bottom, and they’ve worked their way up. Being in different roles lets them find their area of genius.
Although we all work together, Shoot 360 isn’t a business that will be passed on to the next generation. Once you bring in outside investors, you’re giving up some of that traditional family business structure.
Last year, Shoot 360 did about $20 million in revenue. In order for this business to continue to grow and to have the greatest impact on the basketball community, it’s going to be outside the realm of a family business. Really, it already is.
Read the original article on Business Insider
The post I told my son to stop playing basketball video games. That idea became a $20 million business. appeared first on Business Insider.
