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Entrepreneur Magazine

Entrepreneur Magazine March 2020

Entrepreneur magazine is the trusted source for growing your business and offers surefire strategies for success. Whether you are just thinking of starting a business, have taken the first steps, or already own a business, Entrepreneur offers the best advice on running your own company

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Country:
United States
Language:
English
Publisher:
Entrepreneur Media Inc.
Frequency:
Monthly
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12 Issues

in this issue

4 min.
the key to earning trust

AS WE PRODUCED this issue of Entrepreneur, an annoying thing happened: I arrived at work to find my office door closed and locked. Blame the overnight cleaning crew? I don’t know—but I never lock my door and don’t even have a key, so this was a problem. My colleagues valiantly tried to break in, but it turns out that editors make for bad burglars. Ultimately, I had to find a different way to unlock the door…and in the process, I learned an important lesson about unlocking customers’ trust, too. But first, picture it: There’s me, standing around like a doofus, locked out of my own office. At a loss for what to do, I went to Yelp, found a bunch of locksmiths, and emailed them to explain the problem and ask…

7 min.
better business, better business world

Stitch Fix has changed the way consumers shop. The online styling brand launched in 2011, winning over female customers with personalized selections of clothing sent directly to their door. (No more mall visits!) The brand then expanded to men’s and kids’ clothing and, since going public in 2017, has seen annual revenue approach $2 billion. Meanwhile, founder and CEO Katrina Lake has gone through her own evolution. She’s thinking about growth differently—less about speed, more about long-term sustainability—and has learned the importance of keeping her staff updated on all news, even the bad kind. She’s aware that as a young female CEO, all eyes are on her, but she’s learned to pay it forward to other young founders and embrace her role in the shifting landscape of startup culture. Because…

2 min.
who breaks the tie?

1/Focus on the “yes.” “When we started our business, we discussed our strengths and interests and decided that if we couldn’t resolve an issue, I would have 51 percent ownership over the finances and my cofounder, Christiana [Coop], would have 51 percent ownership over design. But we also agreed to discuss our differences in opinion, and for more than 11 years, we haven’t had to play our ‘ownership card.’ Our default is that if we both can’t get to yes on something, we pass.” —AIMEE LAGOS, cofounder, Hygge & West 2/Turn to your team. “We’ve built a highly experienced executive team—VP of operations, VP of construction, VP of finance—to help us settle disagreements and differences. They’re our tiebreaker. This allows us to spend less time bickering and more time on strategy.” —PAUL ALTERO, cofounder, Bubbakoo’s…

3 min.
inside shake shack

CATHIE URUSHIBATA/Art director “I lead the creative team, and people think we just do menus or signage, but it’s more than that with Shake Shack because we’re seen as a lifestyle brand. We’ll work on any creative, from T-shirt swag and promo giveaways to social media graphics and billboard signs. I never thought I’d be working on an IPO, creating branding for the certificate for our stock. But those are the types of opportunities here.” ANOOP PILLARISETTI/Director of tech products “Everything is growing so fast around here. The common space really lends itself to hanging out and working together. Every now and then, a tray of Shack-Burgers will show up and we’ll all convene around them. That’s a huge part of the environment.” MEGAN SCHERER/Senior supply chain manager “For the monthly supply-chain department meeting, which…

3 min.
“my first business died—and set me up for success”

In 2016, New York City made an announcement that locals had been dreading: Starting in 2019, the L train subway tunnel—a major connection between Manhattan and Brooklyn—would shut down for 18 months of repairs. It would be so disruptive that people actually moved to different neighborhoods in order to be closer to a functioning subway line come 2019. Then, just four months before the shutdown was going to begin, New York’s governor sprung a surprise. He announced that the L train wouldn’t shut down after all. (The repairs would happen on nights and weekends.) Some people were elated. Others were annoyed. And me? I was shocked…because I’d spent the better part of the past year building a business designed to serve people impacted by this closure. Suddenly, all my work was destroyed.…

3 min.
old industry, new idea

The tableware industry is enormous and old—a $7 billion space dominated by high-end legacy brands and low-cost plates from the likes of IKEA. Is there room for more? Kathryn Duryea once worked in brand management at Tiffany & Co., where she was part of that old guard, but then she saw a new opening: “We’re in a moment of women embracing leadership and entrepreneurship, but there’s still a desire to build community at home through entertaining,” she says. That led her to create Year & Day, a modern, minimalist tableware brand that has raised $3.5 million in funding and attracted a celebrity clientele, and is growing revenue 40 percent every quarter. Here’s how she created a new place at a very crowded table. 1/Spot the opportunity. Duryea had inherited her mom’s beloved…