Recently I had the opportunity to hear Silpada Designs Co-Founders Teresa Walsh, Bonnie Kelly, and Jerry Kelly reflect on the company’s tremendous growth from its establishment in 2001 to the present. Silpada is known for its remarkable journey to becoming the $250 million company it is today, and four key messages resonated with me that I believe are pertinent for every entrepreneur or business professional, from recent college graduates to CEOs.
Trust. “It’s about finding partners that you can trust and that share your passion,” said Theresa Walsh. It’s easier to take the necessary risks to be successful when team members trust one another. The right strategic partners are imperative, so make it a priority to search, hire, and retain those that fit and reinforce your company’s values.
Instinct. “Don’t be afraid of failure, and always trust your instincts,” said Kelsey Perry, Silpada Co-President and daughter of Silpada Co-Founder Theresa Walsh. Kelsey recalled how stumbling early in her career prepared her for greater leadership responsibilities. She also warned against over-analyzing situations out of fear and doubt. Trust your instincts, and trust yourself to make the right decision.
Adapt. “The unplanned happens that needs responding to and that’s how businesses are born. You listen, adapt, and apply yourself.” Co-Chairman Tom Walsh noted that successful people are adaptable people. Be willing to change and understand the importance of being driven by your vision and your dreams, not by a to-do list.
Value. Find the balance between providing value and quality in your products and services. Kelsey Perry noted that even in Silpada’s fashion jewelry line, the company’s focus on value and quality shines through: “The only way Silpada does fashion jewelry is through impeccable quality and design, adding depth and incremental value.”
Silpada Designs is a story of inspired success thanks to an understanding that a company grounded in the right principles can flourish. Which principles guide your company? Do you have the right team to succeed?