Business is inherently human and even the best leaders face setbacks. Entrepreneurial success isn't defined by perfection; it’s rooted in embracing our humanity. The best path looks different for every business owner, although there are some common misconceptions that often hold people back.
The latest American Express Business Class Masterclass — Ideas to income: how to start and expand your business — debunked some common perceptions of successful business ownership, through the lens of two incredibly successful Australian businesspeople:
- Four Pillars Co-Founder Stuart Gregor, who, despite starting the brand at a time when the Australian gin industry was in its infancy, grew the brand to become the country’s no.1 craft spirit.
- Hannah Spilva, Co-founder of flower and gifting service LVLY, which is ranked in the top 10 of Australia’s fastest-growing companies.
While Stuart and Hannah had very different journeys, their stories share fascinating similarities. Here are three insights on why the best path to business success isn’t always the most travelled.
1. Build a brand that people love, not just a product
There is a myth that starting a business is all about bringing one ground-breaking product or service to market that fills a glaring gap. The truth is no one really needs another ‘thing’.
Building a strong brand that people love and a product they feel good purchasing is most important. Hannah started LVLY with a simple concept; she wanted to make people happy.
“I’m from the UK and I was feeling incredibly homesick at the time, missing friends and family,” she says. “I wanted to start a brand that was about making people’s day and making them smile, letting them know they’re loved and appreciated.
“I started thinking about what products were a good vehicle to bring this idea to life. Flowers are an obvious choice. They’re a simple, affordable way to make people smile.”
Hannah saw an opportunity to be a disruptive force within the floral industry. Starting LVLY from her kitchen in Melbourne without industry experience, she created a cheeky, irreverent brand focused on customer service and fast delivery. Eight years on, LVLY is a national business with a network of warehouses across five states.
“You have to figure out the essence of your brand, way before the product.,” Hannah says. “Brand is so much more than just what you’re selling. It’s got to be emotional. It’s about how you want to make people feel.”
2. Back yourself and embrace the setbacks
The fear of failure often stops people from getting into business. Once you’re there, it can also negatively influence decision-making as leaders try as hard as possible to avoid it.
Running a successful business always involves an element of risk and the biggest, most successful businesses in the world have all experienced setbacks. Success lies in how they learn from it and bounce back.
“Failure can be a really great motivator,” Stuart says. “The first time we tried to sell Four Pillars through one of the large Australian retail groups, we got a flat-out rejection. 30 per cent of our potential sales disappeared through one email, not even a meeting.
“We used the email to create coffee mugs. We made it something we could laugh about and learn from. We wanted to make the best gin and prove ourselves in the market. We sell to them now.”
Stuart says the fear that products will fail sometimes drives a need to launch too many varieties. He advises business leaders to back themselves by doing one thing, really well.
“There are a lot of distilleries that make a bit of gin, bit of vodka, bit of whisky and try everything. I was determined to do one thing incredibly well, so I focused my energy on making the world’s best gin.”
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3. Be kind to everyone
Business leaders who are just starting out often think they need to be cutthroat and ruthless to get ahead. While resiliency and devotion are critical traits, there’s a fine line between confidence and arrogance.
Hannah and Stuart both highlight how being kind to everyone – not just customers but business partners, employees and all stakeholders – often makes or breaks businesses. People don’t want to work with someone they don’t like or respect. How leaders treat others is a big part of building a brand with lasting power.
“Kindness is embedded into LVLY’s DNA,” Hannah explains. “For us, it was about translating the concept of kindness into some tangible and actionable ways that we can demonstrate that we’re living and breathing kindness.
“Our company values are entrenched in kind principles. The first one is to make somebody’s day. That’s why we exist. That’s why we come to work every day and that governs how we interact with customers.”
Stuart says a big part of this is taking accountability and doing the little things right, like paying your suppliers on time and recognising and rewarding staff’s hard work.
“Be the sort of person you’d want to do business with, he says. “We’ve had situations where people didn’t get their gin on time for Christmas. You might want to blame Australia Post, but people don’t want to hear that from a brand.
“You have to build back that trust, apologise, and give them something special to make things right. If you put your hand up and admit you’ve made a mistake, people will forgive you.”
Stuart says business owners can’t be afraid of being vulnerable and making themselves emotionally available, instead of an all-knowing and faultless leader. That builds trust with staff and helps them buy into your vision, which is the kind of support you need to take your business to the next level.
“People want their leaders to be real. The fact of the matter is that you can be vulnerable, you can show weakness and you can get things wrong,” he says. “You can have those vulnerable moments when you’re overwhelmed and then get back up and push yourself to achieve great things.”
To tune into the full Business Class webinar on Ideas to income: how to start and expand your business, click here.