When I started STM Goods with my business partner Adina Jacobs, in 1998, I had no idea that it would be the beginning of a journey that would span two decades, with offices across three continents and 50 employees.
Our business is founded on creating innovative technology accessories that are the smarter choice for doers, changers and makers. As we celebrate our twentieth year, growing from a small start-up to a global business,
I want to share five key lessons on business success, for entrepreneurs who are starting out on their own journey.
Be clear on your end goal at the start
It is easier said than done, but my number one piece of advice to budding business owners is to start how you want to finish. Communicate your vision with others, whether that’s with your employees, suppliers or customers, so that you take them on the journey with you. Changing goals further down the track can be confusing, so take time at the start to be clear on what you want the end goal to be.
Lead by example
The adage is true – treat others how you wish to be treated yourself. At STM Goods, our philosophy is that if you want to grow a culture where your staff are honest and straightforward with you, then be honest and straightforward with them. Lead by example, because it all starts with you.
Nothing beats building a relationship face-to-face
In business, building long-term relationships is a key component to success. A busy schedule can mean that sometimes it’s easier to choose Facetime over face-to-face. Yet, from my experience, relationships nothing beats communicating in-person to build valuable relationships. If you have employees and suppliers in different cities (or even countries), my advice is to always make time for a face-to-face meeting. It will pay off in the long run.
Don’t be afraid to hire people smarter than you
As David Ogilvy once famously said, “Hire people who are better than you are, then leave them to get on with it”. It’s a quote that I stand by when recruiting and one that has greatly benefitted our business. Always look for candidates who are innovative and will drive your business forward. If you find an amazing candidate but the timing isn’t right, hire that person anyway because you never know what might be around the corner.
Make kindness your default setting
My final piece of advice is that if an employee makes a mistake, don’t get angry or upset with them. Instead, help them to understand what went wrong, and how the situation can be improved next time. Your team is your greatest asset and you want to empower your employees to make decisions on your behalf, rather than shy away from taking action. Be kind – it’s the golden rule to building and maintaining a motivated team.
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