The path to business success is rarely linear, and just having an “entrepreneurial spirit” isn’t enough. According to seasoned business leaders, you also need to be disciplined, stay true to your brand, and consistently focus on innovation (even during times of growth) to achieve longevity.
During the 2024 CO— 100 Small Business Forum, Barbara Thau, Editorial Director of Features at CO—, spoke with a panel of executives about these and other key factors that can help small businesses grow and thrive.
Taking an entrepreneurial and disciplined approach
Farooq Kathwari, CEO of Ethan Allen, said a combination of disciplined business practices and an entrepreneurial spirit is the key to business success.
“A lot of businesses are only disciplined [and] a lot of businesses are only entrepreneurs,” said Kathwari. “When you balance the two together, that gives [you] an opportunity to be around for 90 years.”
Ethan Allen started as a manufacturing company and integrated retail into their business model. Kathwari explained the business’s model created a structure that allows the company to deliver custom furniture to homes across the U.S. at competitive prices.
“Today, 75% of our products are made in North America, and 75% are custom when you place an order.”
With Ethan Allen’s adaptive business structure and commitment to manufacturing products in the United States — different from much of the furniture industry — the business has found great success for almost a century, Kathwari explained.
[Read more: The Science of Entrepreneurs' Brains]
A lot of businesses are only disciplined [and] a lot of businesses are only entrepreneurs,” said Kathwari. “When you balance the two together, that gives [you] an opportunity to be around for 90 years.
Farooq Kathwari, CEO, Ethan Allen
Staying true to your brand’s roots
Shea Moisture, a globally recognized multicultural hair care brand, began as a small business that provided products for Black women who struggled to find hair care suited to their needs in mainstream retailers.
According to Simone Jordan, the company’s Global Head of Purpose and Partnerships, the key to Shea Moisture’s growth has been maintaining the brand’s core values while expanding.
“What we have to understand — and we do understand — is to continue growing and scaling, we have to keep [the consumer’s needs] at the center of what we do,” explained Jordan.
Although consumers’ needs will change, Jordan explained that Shea Moisture operates with the consumer as its North Star, even when scaling. This business strategy has been crucial to the company’s success.
Jordan also shared the importance of connecting directly with consumers within the community and at events.
“I was [here] when the business was a family-owned business,” Jordan said, noting that the business now operates under parent company Unilever. “I'm still here [as] Black leadership and [can] center that consumer in what we do. That's how we remain successful and still serving this consumer today, [by] being in [and] with the community.”
[Read more: 3 Ways to Get to Know Your Customers Better]
Innovating while scaling
Nick Marsh, CEO of Founders Table Restaurant Group, spoke about his experience scaling Chopt Creative Salad Co. Today, the restaurant group operates multiple locations and continues to expand its customer base through creative innovation.
“You can only scale something if it's great,” Marsh said. “It's much easier to scale something that the consumer loves and the people who work here have passion around than it is to scale something that's mediocre.”
For Chopt, the key to growth has been focusing on quality and creative innovation, even during times of growth. Marsh pointed out that Chopt differentiates itself by offering unique menu items, often in collaboration with unexpected partners, like NASCAR driver Jimmie Johnson.
“People ask me, why is a NASCAR driver promoting Chopt? For two reasons. One, we think it's creative and interesting,” he explained. “And two, he happens to love Chopt and he eats at our Park Road location all the time. We're willing to just kind of make a little bit of a move that others wouldn't make.”
CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.
