Business Mastery
Diamonds in the rough
Adelle Archer and Garrett Ozar overcome plateaus at Business Mastery
Adelle Archer and Garrett Ozar are the co-founders of Eterneva, a business that turns the ashes of loved ones into one-of-a-kind diamonds. From making “30 Under 30” lists to scoring an investment on Shark Tank, these business partners seemed to have it all – but they felt like they’d hit a plateau.
They attended Business Mastery and learned that to reach the heights of success, they needed to go back to the beginning. They needed to discover their business identities.
Creating a vision
Both Adelle Archer and Garrett Ozar have had a passion for entrepreneurship for as long as they can remember. They both majored in entrepreneurship in college and worked in sales and marketing for a few years, where they met. But they knew they wanted more.
When they first heard about lab-grown diamonds, they were enchanted by the idea. They had already started down that path when Adelle’s business mentor passed away after a battle with cancer. Adelle received some of her ashes, and she wanted to commemorate her mentor in a special way. Over dinner, an associate mentioned that it’s possible to extract carbon from ashes and grow real diamonds.
They knew they had found a unique niche that fit perfectly with their passion for meaningful work that makes a difference in the world. Adelle and Garrett didn’t just want to grow diamonds in a lab – they wanted to change an entire culture’s perspective on death.
A powerful vision was born.
Mindful scaling
This vision got them far: Adelle Archer was on the cover of Inc. magazine’s 2018 “30 Under 30” issue at just 27 years old, and made Forbes’ “30 Under 30” list in 2019. They were ready to enter the next stage of the business cycle.
In July 2019, Adelle Archer and Garrett Ozar raised $1.2 million in funding so that Eterneva could ramp up operations. They had a lot of interest from venture capitalists, including Austin-based angel investor Brett Hurt, who sees this industry as a new frontier for tech.
They had enough money to mindfully scale, but they knew something was missing. While they had tech investors, they needed a partner who could help them build their brand and create raving fan customers.
In October of the same year, the business partners went on Shark Tank to pitch their business to a panel of five investors, including real estate magnate Barbara Corcoran and entrepreneur Mark Cuban. They faced tough negotiations but refused to leave without a deal. They got a $600,000 investment from Cuban for a nine percent stake of the company.
Overcoming plateaus
The Eterneva co-founders could have been at the top of their game. Instead, Garrett Ozar was feeling stuck. Adelle and Garrett decided to attend Business Mastery.
Those who ask better questions get better answers. That’s why Business Mastery first breaks down where you are and where you’re going as a company. Questions like “Why did you get into business in the first place?” and “Who are you and what is your core talent?” got Garrett thinking. Tony’s concept of business identity – entrepreneurs, managers and artists – deeply resonated with him.
The company had a third partner who had been taking control of the vision as well as the day-to-day business operations. This partner’s business identity was a manager, but he was running the vision. Garrett says that was why he felt the company had hit a plateau.
“Business mastery is transformative,” says Garrett. It’s an opportunity to see your business from another perspective, get on top of what’s most important and, he says, “come back with a strategic game plan to move your business from where you think you can get it to way beyond that.”
Embracing business identity
Almost anyone can start a business. Many people can even run a business. But to find fulfillment in what you do each day – to wake up excited to go to work – your role in your business must align with your natural gifts. Adelle Archer and Garrett Ozar discovered this key concept at Business Mastery.
Most people who start businesses would consider themselves entrepreneurs – but that’s not necessarily the case. True entrepreneurs live for scaling companies and turning profits. They have high risk tolerance. They are always looking for the next big thing. They’re visionaries who create the mission and direction of the company.
Managers are responsible for the day-to-day operations. They love working with people more than products, and thrive in environments where they can problem-solve and organize. Every business needs managers, yet identifying natural manager types is extremely difficult. As Garrett Ozar discovered, when the roles of managars and entrepreneurs aren’t clear, the business suffers.
All business identities are driven by the need to turn passion into profit. They all can have an entrepreneurial spirit. They all fulfill essential roles within a company. That’s why it’s so important to uncover your true identity. Take Tony’s Business Identity Quiz to discover your gift and unlock your potential.
