Ethan Song is the CEO of RareCircles, a business he launched to help creators and brands build community in the Web3 economy. He was previously the founder and CEO of Frank + Oak, the apparel brand whose mission was to make fashion more personal and sustainable for a new generation of creatives and entrepreneurs.
In this episode, you’ll hear how Ethan left the security of a job to pursue entrepreneurship, launching his first company Frank + Oak, and starting a new business, RareCircles, helping creators and brands build communities in the web-3 economy.
Ethan describes launching his first business Frank + Oak, how they innovated by creating a new customer experience, two ways they differentiated their brand, how they used AI to generate value-based recommendations for customers, and how he knew it was time to move on from Frank And Oak to new pursuits.
Ethan shares how the idea of community was something he had thought about for a long time, the opportunity he saw for web3 to play a role in that, and ultimately launching RareCircles to help brands use community and engagement to drive business growth.
Ethan tells us why RareCircles centers around Web3, creating value as a B2B2C company, why he doesn’t focus on RareCircle’s competitors, how he uses data and content to serve businesses and their end users, and the key trends we should all be thinking about when it comes to the future of community platforms.
Finally, Ethan reveals why entrepreneurs need to have passion behind what they do, his thoughts for entrepreneurs thinking about what’s next, his advice for working in a space that is characterized by a high degree of uncertainty, why defining success is an individual exercise, and three realities about being a business owner that you don’t hear out in the real world.
Skip to Topic:
1:45 - Taking a risk by quitting a job to launch a business
3:08 - Differentiating your brand from others
4:09 - Innovating by creating a new customer experience
6:41 - Using AI to provide value-based recommendations for customers
8:07 - The role brand plays in customer buying decisions
9:39 - Launching a web3-based community and engagement platform for brands
11:36 - Using Web3 to accelerate community growth
13:51 - Why passion is important to succeed as an entrepreneur
16:53 - Leaving a successful business to start a new one
20:25 - Why Ethan doesn’t focus on RareCircle’s competitors
21:52 - How to create value as a B2B2C company
23:06 - Using data and content to serve both the business and its customers
24:54 - Key considerations and future trends to think about for community platforms
27:03 - How to succeed as an entrepreneur working in a high degree of uncertainty
34:05 - 3 things about being a business owner that you don’t hear about in the real world
Find Ethan at:
Website: https://www.rarecircles.com/
Twitter: https://twitter.com/mrethansong
LinkedIn: https://www.linkedin.com/in/ethansong/
Follow RareCircles on Twitter: https://twitter.com/rarecircles
Visit Stephanie at: https://stephaniehayes.biz/
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