3 Lessons You Should Learn From Juicy Couture
(Photo: NY Post)
Juicy Couture originally began as a maternity line of clothing created by Gela Nash-Taylor and Pamela Skaist-Levy. The two started the company with just $200, and in a few short years Juicy Couture grew into an international fashion house worth millions. The duo has teamed up again to launch a new label, Pam & Gela, and has recently shared the secrets of their success in a new book that was released on May 29th, The Glitter Plan. Regardless of your industry or business line, every business owner can learn these three key lessons from Juicy Couture’s path to success.
Pick the Perfect Partner
Both Nash-Taylor and Skaist-Levy credit much of their success with having the wisdom to pick the “perfect partner” when they went into business with one another. Common sense and history both say they are right in this belief, as the business world is full of stories of companies that had a great concept and business plan, but failed because of infighting among partners.
When choosing a business partner, the likely candidate’s experience isn’t necessarily as important as picking someone that you can work well with. An individual can have all of the credentials, and bring much strength to a partnership, but if you don’t get along, eventually the friction of personality conflicts may well spell doom for your business.
Nash-Taylor and Skaist-Levy were friends before they were business partners, and enjoyed spending time with one another. Being able to work together well has a positive effect for start-ups since partners tend to spend a great deal of time together when they first found a company.
Being able to get along is also important for the continued progress of a company, as all companies tend to be more innovative and adaptive to change when the partners can collaborate together and support one another through both success and failure.
Surround Yourself with Cheerleaders
There is nothing more infectious than a positive attitude. Most of us know that it’s easier to accomplish any task when we are surrounded by the energy that is given off by people with positive attitudes. After all, most of us have had the experience of dreading to go to work simply because of having to deal with one or two negative co-workers. Nash-Taylor and Skaist-Levy also credit the success of their company to finding employees that were both determined to complete their work and who also had upbeat, positive attitudes. By surrounding themselves with these “cheerleaders,” their employees were more likely to enjoy coming to work. With such high morale it logically follows that the company’s projects were able to be completed with a greater deal of accuracy and speed, and things that have a negative effect on company growth and the bottom line, like turnover and absenteeism, were reduced. The pair applied this philosophy throughout their business, promoting such cheerleaders to key positions in their company and learning to walk away from others who were not avid fans of their ideas and business plans.
Be Realistic About Expectations – Know There Will Be Bumps in the Road
Before they even teamed up to start their clothing line, Nash-Taylor and Skaist-Levy knew that things wouldn’t always go smoothly. They treated the early mistakes that they made and other bumps in the road as “learning opportunities,” and continued to refine their policies and procedures, adapting to issues and solving problems as they encountered them. By expecting difficulties, the two were able to use each small failure or difficulty that they encountered as a spring board to increased success and build their small start-up into the global fashion powerhouse that it became. Many times companies fail because they are too inflexible to learn from their mistakes or simply fold at the first sign of difficulty because they weren’t mentally prepared to solve problems. The ability to rapidly adapt to change and continually improve one’s business by solving ever evolving problems is the primary duty of any business owner.