Entrepreneur Interview: Matt Beckham, Quibids

Business Name:
QuiBids

Website URL:
www.quibids.com

Year Founded:
2009

Business Partners:
Matt Beckham, CEO
Shaun Tilford, CTO
Jeff Geurts, CFO
Josh Duty, COO
Bart Consedine, CMO

Number of Employees:
72

What does your company do?
QuiBids is an online auction site that is able to provide consumers with deals and deep discounts on today’s popular products.  We operate on a pay-to-play business model.  Each bid costs $0.60 and you buy those bids in Bid Packs which are pre-paid and placed into one’s bids account.  After that, participants are able to bid on any item he/she chooses. Products we auction off include: HDTVs, laptops, electronics, smart phones, gift cards, kitchen appliances and more.

Was there a specific turning point when you realized your business was moving to the next level?

Yes, it would be about the time when we hired our 70th employee around our 11th month in business.

What processes or procedures have you implemented that have helped grow your company?
We have a group environment where everyone shares an office with another. In other words, we all have roommates.  Our offices have glass walls with doors open to give our atmosphere a real warm, inviting feel to it.

In addition to this, we have weekly/monthly internal and community activities which has led to a strong employee morale.  This is probably our best procedure – encouraging everyone to participate in activities and making sure everyone feels included.

What is most rewarding about running your business?

The most rewarding thing about running my business is by working with an exceptional staff comprised of many of my friends. It’s continuing to create something unique and fun everyday.  The relationships are key.

An additional reward to running the business is precisely where we’re headquartered – Oklahoma City, OK. I was born and raised in Oklahoma, so to be able to grow this type of forward-thinking business in my hometown means a lot. Simply to know I’m supporting and benefiting this great state is a true reward!

What challenges have you faced and how have you overcome them?
Due to the business model, we are in an industry with a few unscrupulous companies.  This has been a challenge as they can give our industry a bad reputation.  However, we strive to do the best we can and know we’ll overcome those challenges in time.

If you were starting over today, what would you do differently?
It’s very hard to say because with the staff and work ethics we have, we wouldn’t be where we are today.

What advice do you have for other business owners?
Work hard and stay determined.  Don’t give up on what you are trying to achieve. This sounds simple, but it’s true!  There will be new challenges everyday.  It’s what we make of those challenges and how we respond to them that will either make us give up or keep going.

Please list any favorite books, tools or resources (software, website, etc.) you would recommend for others:
One of my favorites: I recommend reading the book “Good to Great.”

What is something that people might be surprised to learn about you?
I self-taught myself, from an early age, to play the piano and it’s become a true hobby of mine.

Is there anything else you would like to add?
I feel very fortunate and blessed to be where I am today. I look forward in growing the business and to see where it will be in another couple of years.