While at the 2011 Inc. 500 Conference, the PicFlips team enjoyed hearing a talk given by Jessica Herrin, the founder and CEO of Stella & Dot. For those of you that don’t know Stella & Dot, it’s a company that has over 10,000 stylists who sell custom jewelry and accessories at home parties. Did you know that Jessica Herrin was also the co-founder of WeddingChannel.com at the age of 24? She sold it to The Knot for $90 million…not bad. This woman has entrepreneurial blood running through her veins! Here are some of the points I took away from her speech about running a successful business:
1.) Stay curious and nimble.
One of the advantages of small businesses is that we can move faster than large corporations. If we sense a change in the marketplace, we can meet the needs of our customers quickly and efficiently. Good entrepreneurs are always on the lookout for new ideas, new ways to serve the market and are flexible enough to change quickly, if needed. “Sometimes you have to throw back a small fish in order to catch a larger one.”
2.) People are everything.
a.) Trust your gut when hiring. Don’t just hire because of an impressive resume. Make sure the person fits your needs and is a good fit with the team. b.) Recognize and reward your team members for a job well done. Doesn’t have to be much – a bottle of champagne or flowers goes a long way. c.) Declare the soul of your company. Tell your team the vision of your company, what you stand for, what makes the company tick. It helps create an atmosphere that everyone wants to be a part of.
3.) Love your life.
Build a good support system around you. Stay healthy – it keeps you on the top of your game. Keep perspective to stay grateful. And, finally, leave the right things undone. We can’t do it all. “When juggling balls, find out which ones are glass, which ones are rubber, which ones need attention right now, and which ones can wait.”