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Martha Stewart Outlines the 10 Essentials for Business Success
When you see the Martha Stewart of today, it’s hard to imagine that before she became the head of an internationally-respected billion-dollar enterprise, she got her start running a small catering company out of her Westport, Connecticut home.
Her home-based business was called The Uncatered Affair. “The kitchen was a far cry from the spacious and airy kitchens of my homes today,” recalls Martha in her new book. “My Turkey Hill kitchen was located in the basement and shared space with the laundry room. The thick, early 19th century stone walls kept the room cool, and there was no heat…”
From these beginnings, Martha was inspired to write her first book, Entertaining, which sold over a million copies and established Martha as an expert on the topic. This paved the way for Martha’s later business endeavors and for the eventual launch of Martha Stewart Living Omnimedia, Inc. (www.marthastewart.com) — the driving force behind Martha Stewart Living magazine and the Emmy Award-winning television show; Martha Stewart Weddings magazine; the Everyday Food magazine and the PBS television show; Martha Stewart Everyday mass-market merchandise sold at Kmart; Martha Stewart Signature Furniture created with Bernhardt Furniture Company; and the direct-to-consumer floral business, www.marthasflowers.com.
Martha is currently busy with her new satellite radio show, Martha Stewart Living Radio, as well as with her syndicated daytime television series, Martha. Furthermore, she has partnered with KB Homes to develop a new housing community in Cary, North Carolina.
Remarkably, Martha has also found the time to write a book entitled, The Martha Rules: 10 Essentials for Achieving Success as You Start, Grow, or Manage a Business. This practical business “how-to” book — written for aspiring entrepreneurs and established business owners alike — contains personal anecdotes and lessons Martha learned through her experiences as a business owner, from the time she launched her home-based catering business to the present day. It features advice on formulating your “Big Idea;” promoting your business in a cost-effective and creative manner; improving the quality of your product or service offering; developing a team of talented, energetic individuals; and taking well-calculated risks.
“Being an entrepreneur is not easy, but it is exciting, fun, and amazingly interesting and challenging,” she writes. “Being an entrepreneur requires a person to do more than just ‘go to work,’ much more than just ‘do a job.’ It requires eyes in the back of one’s head; constant learning; curiosity; unflagging energy; good health; and even the strength to put up with sleep deprivation and long hours of intense concentration. To many, these characteristics might sound rather daunting, but among successful entrepreneurs, these are common traits.”
An inspiration to home-based entrepreneurs in every industry, Martha explains below how one can start a business that you love, and succeed at it, too.
What would you say is the most important quality for a person to have when starting a business?
Martha Stewart (MS): Passion. If you don’t have passion for what you do, you will always see it as “work.” When I garden, I don’t say “I’m going to work in the garden.” I say, “I’m going to garden.” I have a passion for it, I enjoy it, so it’s never “work.” Thinking creatively, planning carefully, and discovering new and better ways to do things — the successful entrepreneur will be inspired every day by his or her passion, as I am.
Once someone has figured out what he or she is passionate about, what are the steps for turning that interest into a successful business?
MS: The second rule in my new book is to define your Big Idea — imagine a product or service that people want and need. Then research that product or service from every angle, from design to production to marketing, to find out how to make it the best it can be. Your focus should be on how to make life easier and more enjoyable for your customers.
The subtitle of your book is “10 Essentials for Achieving Success as You Start, Build, or Manage a Business.” What makes a good manager?
MS: To manage a business successfully you must care deeply about quality. Creating beautiful products, no matter what your business is, is key. The materials, the research, the production, should all make you proud and make the customer happy. Every business has a standard of excellence, and it should be your priority to always be aware of how your competitors are doing things and how you can do them better. A manager leads by example, and so your employees should share this concern for quality, and strive for it every day.
Are any of your rules different for women than they are for men?
MS: No, my book is for everyone. It is both a primer for those who have an idea and a refresher course for those established in business. In the book, I give examples of entrepreneurs and business leaders, men and women both, who are committed to pursuing their dreams and making a difference in the lives of their customers. Those are the only prerequisites for achieving business success.
What’s your best advice to entrepreneurs, managers, or even employees who are looking to take their business success to the next level? MS: When you’re through changing, you’re through, period. Continued success, whether it’s in the professional or the personal arenas, requires a commitment to becoming ever better at what you do. Being an expert in the product or service you provide means paying close attention to detail while constantly anticipating the needs and wants of your customers. Take well calculated risks, not foolish chances, and always make quality your goal. HBM Previously published in the June 2006 issue of HOME BUSINESS® Magazine, an international publication for the growing and dynamic home-based market. Available on newsstands, in bookstores and chain stores, and via subscriptions ($15.00 for 1 year, six issues). Visit www.homebusinessmag.com
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