The Business Expert: The SECRET FORMULA That Launches Billion-Dollar Companies!

On Purpose Podcast
27 Nov 202387:28
EducationalLearning
32 Likes 10 Comments

TLDRIn this inspiring interview, Emma Grede, the CEO and co-founder of Good American, shares her journey from humble beginnings in East London to becoming one of America's richest self-made women. She discusses the importance of perseverance, embracing failure, and the power of inclusivity in business. Emma's story is a testament to the value of hard work, self-belief, and the ability to turn dreams into reality, emphasizing the significance of kindness and empathy in leadership and personal growth.

Takeaways
  • 🌟 Embrace failure as a part of the journey to success, it's more about persistence and resilience than never failing.
  • πŸš€ Start with problems you personally relate to, as it's likely others share the same issues, making it a viable business opportunity.
  • πŸ’‘ Prioritize inclusivity and diversity from the inception of a product or service, it's not just a corporate responsibility, but smart business strategy.
  • πŸ”„ Make decisions and move forward; being stuck in indecision can paralyze progress and growth.
  • 🀝 Value the input and experiences of others outside your usual circle, it can provide fresh perspectives and prevent costly mistakes.
  • 🌈 Recognize that success isn't a fixed destination but a continuous process of learning, growing, and evolving.
  • πŸ† Define winning based on personal fulfillment and alignment with your values, rather than external benchmarks or comparisons.
  • πŸ’ͺ Maintain a sense of responsibility towards those who look up to you or can benefit from your influence and success.
  • 🧘 Practice mindfulness and gratitude daily to manage stress and stay grounded amidst the challenges of entrepreneurship.
  • πŸ“ˆ Always be willing to learn and adapt; there's no one-size-fits-all approach to building and maintaining a successful business.
Q & A
  • What motivated Emma to start her own business?

    -Emma was motivated to start her own business due to frustration from not being paid enough at her job and feeling undervalued.

  • How does Emma handle the stress and expectations that come with her high-profile businesses?

    -Emma handles stress by maintaining rituals such as waking up early, working out, meditating, and taking time to focus and be grateful for the positive aspects of her life.

  • What is Emma's perspective on failure and how does she recover from it?

    -Emma views failure as a part of the journey and believes in dusting herself off and moving forward. She attributes her resilience to her upbringing and the understanding that she can always get back to a similar situation if a venture fails.

  • What does Emma believe is the key to building a successful and inclusive business?

    -Emma believes that the key to building a successful and inclusive business is to start with understanding the problem from the customer's perspective and ensuring that the product or service is designed to serve the maximum number of people possible.

  • How does Emma define winning in the context of her business?

    -Emma defines winning as continuing the growth of her businesses without sacrificing the principles they were founded on, and creating generationally defining businesses.

  • What advice does Emma have for people who want to make a decision but are hesitant?

    -Emma advises people to make a decision and move on, as being stuck in indecision can stifle progress and growth.

  • What was the worst advice Emma ever received?

    -The worst advice Emma received was to 'stay in your lane', which she disregarded in pursuit of growth and stepping outside her comfort zone.

  • How would someone who doesn't know Emma well describe her in three words?

    -Someone who doesn't know Emma well might describe her as kind, ambitious, and not to be messed around with.

  • How would someone who knows Emma very deeply describe her in three words?

    -Someone who knows Emma deeply would describe her as sensitive, thoughtful, and tough.

  • If Emma could create one law that everyone in the world had to follow, what would it be?

    -Emma would create a law that everyone must lead with kindness, as she believes it's powerful and can go a long way in every interaction.

Outlines
00:00
🌟 Chasing Dreams and Overcoming Fear

The speaker discusses the challenges of pursuing dreams, sharing personal experiences of failure and success. They emphasize the importance of not letting fear hold you back and highlight the value of learning from every job, even the difficult ones. The conversation also touches on the idea of impostor syndrome and how a supportive environment can help overcome self-doubt.

05:01
🌱 Growth Through Adversity

The speaker reflects on their upbringing in East London, describing it as a formative experience that instilled a sense of resilience and ambition. They discuss the lack of aspiration in their community and how they found escapism in fashion magazines, eventually leading to a career in fashion. The speaker also credits their mother for teaching them the value of self-worth and the importance of not comparing oneself to others.

10:03
πŸ’ͺ Embracing Challenges for Personal Growth

The speaker shares their philosophy on the third rule, suggesting that in any pursuit, one can expect to be happy, okay, and unhappy each for a third of the time. They argue that discomfort is a sign of growth and progress, and that facing challenges is essential for personal development. The speaker also talks about their early jobs and how they took pride in every task, learning valuable lessons from each experience.

15:04
πŸ’– The Evolution of Love and Relationships

The speaker discusses their views on love and relationships, highlighting how these concepts evolve over time. They share their personal journey from being a club kid to settling down and starting a family. The conversation emphasizes the importance of partnership and mutual support in relationships, especially when both partners are ambitious. The speaker also talks about the need for relationships to have different chapters, just like life.

20:05
🌈 Finding Balance in Life and Motherhood

The speaker shares their perspective on motherhood and career, challenging the idea of having it all. They argue that life is a series of trade-offs and that it's important to lower expectations rather than striving for an unattainable balance. The speaker also talks about their own mother's influence and how they try to apply those lessons in their parenting, focusing on quality time and understanding individual children's needs.

25:07
πŸš€ Pursuing Passions and the Power of Memory

The speaker reflects on the importance of pursuing passions and the role of memories in shaping one's life. They discuss the need to make peace with the fact that not all memories are positive and the importance of focusing on the good moments. The conversation also touches on the pressure society puts on women to be perfect in all aspects, and the speaker encourages embracing the idea of being kind to oneself and others.

30:08
🌟 Creating Success Through Self-Belief

The speaker shares their journey from a low-paying job to becoming a successful entrepreneur. They emphasize the importance of self-belief and taking chances, even when faced with the fear of failure. The conversation highlights the speaker's determination to create a better life and their ability to bounce back from setbacks. The speaker also talks about the support they received from their now-husband and business partner, and how that investment helped them succeed.

35:10
πŸ’‘ The Power of Inclusivity in Business

The speaker discusses the importance of inclusivity in business, sharing their experience of launching a fashion brand that caters to a diverse range of women. They express frustration with the lack of representation in the fashion industry and the need for change. The conversation emphasizes the business benefits of inclusivity and the impact it can have on customers who feel seen and valued.

40:10
🌱 Learning from Failure and Building Resilience

The speaker talks about their experiences with failure and how they've used these setbacks to build resilience and grow as an entrepreneur. They share their approach to handling criticism and public embarrassment, emphasizing the importance of self-awareness and learning from one's mistakes. The conversation also touches on the speaker's ability to separate their personal identity from the voices in their head and their strategies for maintaining a positive mindset.

45:11
🎯 Selecting Problems to Solve and Innovating

The speaker shares their approach to problem-solving and innovation in business. They discuss the importance of starting with personal experiences and expanding to address broader issues of inclusivity. The conversation highlights the need for diverse decision-making processes and the value of understanding and serving customers comprehensively. The speaker also talks about the challenges of maintaining principles as a business grows and their commitment to building generationally defining businesses.

50:11
🌈 Defining Success and Managing Expectations

The speaker reflects on their definition of success, emphasizing the importance of excitement, growth, and maintaining principles. They discuss the stress and expectations that come with running a high-profile business and share their strategies for coping, such as maintaining rituals and practicing gratitude. The conversation also touches on the speaker's sense of responsibility towards marginalized groups and their desire to help others achieve success.

55:13
πŸ’Œ Final Five: Quick Insights from Emma

In a quick-fire round, the speaker shares key insights and advice. They discuss the best advice they've received, their response to the worst advice, and how they would be described by others. The speaker also shares their wish for a world-changing law and reflects on their journey and the values that have shaped their success.

Mindmap
Keywords
πŸ’‘Dreams
The concept of dreams in the video refers to aspirations and goals that individuals pursue. Emma Greedy discusses how chasing dreams can lead to happiness, but also involves periods of struggle and failure. She emphasizes that these challenges are part of the journey and are necessary for growth and success.
πŸ’‘Fear
Fear, as discussed in the video, is an emotion that can hold individuals back from taking risks or pursuing their dreams. Emma shares her experience of overcoming fear through self-reflection and understanding that feeling scared sometimes is a sign of moving in the right direction. She suggests that embracing fear can be a tool for personal growth.
πŸ’‘Inclusivity
Inclusivity in the context of the video refers to the practice of including a diverse range of individuals, particularly those who are often marginalized or underrepresented. Emma Greedy founded Good American, a fashion brand that celebrates all dimensions of female power and inclusivity. She emphasizes the importance of inclusivity in business as not just a moral imperative but also good business practice.
πŸ’‘Self-Made
The term 'self-made' is used to describe individuals who have achieved success primarily through their own efforts, without significant external assistance. In the video, Emma Greedy is recognized as one of America's richest self-made women, highlighting her journey from humble beginnings to significant business success through determination and hard work.
πŸ’‘Authenticity
Authenticity refers to the quality of being genuine, true to oneself, and not pretending to be anything different from who one really is. In the video, Emma emphasizes the importance of staying true to oneself and living by a set of values, which has been a defining part of her personality and business philosophy.
πŸ’‘Resilience
Resilience is the ability to recover quickly from difficulties or adapt to challenging situations. In the context of the video, Emma demonstrates resilience by bouncing back from failures and setbacks in her career, using these experiences as opportunities for growth and learning.
πŸ’‘Entrepreneurship
Entrepreneurship is the process of designing, launching, and running a new business, often involving risk and innovation. The video features Emma Greedy's journey as an entrepreneur, highlighting the challenges, risks, and rewards of starting and growing businesses, including Good American and Skims.
πŸ’‘Ambition
Ambition refers to a strong desire, aspiration, or goal. In the video, Emma discusses the importance of having ambition and setting goals for oneself. She shares her personal journey of having a strong sense of ambition from a young age, which drove her to achieve success despite her background and initial lack of business experience.
πŸ’‘Self-Worth
Self-worth is the recognition and value one attributes to oneself. Emma emphasizes the importance of valuing oneself and one's goals, which she believes is a key factor in achieving success. She mentions that her mother taught her that she is not better than anyone else, but also that no one is better than her, instilling a sense of self-worth and equality.
πŸ’‘Work-Life Balance
Work-life balance refers to the equilibrium between an individual's professional responsibilities and personal life. Emma challenges the traditional notion of balance, stating that it is unrealistic to expect to have it all at once. Instead, she advocates for a series of trade-offs and prioritizing what matters most at different times.
Highlights

Chasing dreams involves a mix of happiness, okay feelings, and failures.

Emma Greedy is one of America's richest self-made women and a fashion and business powerhouse.

Good American, co-founded by Emma, is an iconic inclusive fashion line.

Emma is also the founding partner and chief product officer of Skims, a solution-oriented brand.

Emma's early life in East London shaped her personality and aspirations.

Emma's mother taught her the importance of self-worth and ambition.

Emma's first job and experiences in the fashion industry involved hard work and learning.

Emma believes in the power of a positive mindset and not being too hard on oneself.

The concept of 'rule of thirds' helps Emma balance the ups and downs of pursuing a dream.

Emma shares her thoughts on love, relationships, and the importance of partnership.

Emma's approach to motherhood involves quality time and individual attention to her children.

Emma discusses the myth of 'having it all' and the importance of focusing on what truly matters.

Emma's philosophy on life involves constant self-improvement and growth.

Emma's journey from a challenging start to her current success is fueled by determination and resilience.

Emma's work with the 15% pledge and other initiatives reflects her commitment to making a difference.

Emma emphasizes the importance of kindness and leading with compassion.

Transcripts
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