On the topic of uncertainty, Lee Iacocca once said, “So what do we do? Anything. Something. So long as we just don’t sit there. If we screw up, start over. Try something else.”
As Canada has been caught in the crosswinds of a trade war with America, Canadians are shouldering buckets of uncertainty. Will business grow or shrink? Will jobs be lost and, if so, how bad will the cuts be?
In my mind, one of the only responses to this kind of uncertainty is innovation and entrepreneurship. Times like these, create huge opportunities for new ideas and new industries. Canada needs more leaders. We need smart people starting businesses and employing Canadian talent.
In that spirit, I want to share with you a story of entrepreneurship.
Monica Nassif was married with two young children when she started an upscale cleaning product business called Caldrea in 1999 at the age of 40. Before this, Nassif had built a successful consulting company, but she had also launched a watch business that didn’t succeed.
Despite having no background in the cleaning category, Nassif hired a chemist to work on the formulation of the product, tested it with 25 close family and friends and cold-called potential investors. She went on to build a product that was picked up by the likes of Williams Sonoma. Her product was distinct and more like “jewelry on the counter” as she described it to Guy Raz on a recent podcast episode of How I Built This.
After receiving some early success, Nassif thought about the future and the vulnerability of Caldrea. She knew a larger corporation could come in, compete and wipe her business out. Instead of letting a lower cost, more visibly branded company eat her lunch, Nassif decided to “knock off” herself by launching a more reasonably priced cleaning suite of products dubbed Mrs. Meyers.
Named after her mother, Mrs. Meyers was branded as an authentic authoritative product from Iowa, priced just above the mass. After developing the product for a number of months, when it launched, Restoration Hardware was Nassif’s first client in or around 2002. She then successfully launched Mrs. Meyers in top Whole Foods locations across America.
Nassif drove the company to huge success including achieving close to $30 million in revenue by 2007 when she ultimately sold the company to S.E. Johnson to help the brand achieve global distribution.
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Nassif’s story contains many nuggets of wisdom. First, entrepreneurship is not a straight line. Nassif launched a watch business that failed. It did not discourage her from trying again with the lessons learned from that business tanking.
Second, success requires iteration. Despite an early success story with Caldrea, Nassif didn’t stop there. She anticipated the next hurdle and pivoted her focus to create more opportunity for herself in a category she knew well with the launch of Mrs. Meyers.
Last, tenacious entrepreneurs often see success. Nassif built a brand with broad awareness and reach. Most of us have a bottle of Mrs. Meyers on some counter in our households.
There is no question that Canadians are dealing with uncertain times and the ancillary feelings of stress and despair. But these times will also breed Canadian innovators and entrepreneurs.
So what do we do? Anything. Something. So long as we just don’t sit there.
Have a workplace problem? Maybe I can help! Email me at [email protected] and your question may be featured in a future column.
The content of this article is general information only and is not legal advice.