Whenever we post a blog, we view it as an opportunity to take a step back and consider what we have learned about designing and manufacturing point of purchase displays. We also seek to share the knowledge we gain with others who continually strive to improve our industry. We are big fans of a weekly technology blog produced by Peter Diamandis.
Peter recently interviewed Bill Gross, CEO and Founder of Idealab, about the lessons he learned over the last 25 years during which he started 150 companies. Bill’s success as an incredible entrepreneur and business incubator has been well documented. Forty-five of the 150 companies have gone public or been acquired, while 60 of the companies failed. The key lessons learned come from both his successes and failures. We think the 9 lessons that Bill shares are very insightful and can help anyone who seeks to be successful in business.
Among the lessons learned Bill discusses the importance of solving a problem you deeply understand, the benefits of testing ideas quickly and cheaply, as well as structuring trial periods for potential new employees to test “Talent Fit.” Bill emphasizes the importance of passion, the criticality of timing, the magic of distributing equity to create an ownership mentality, the necessity of creating a culture that kills as well as nurtures ideas, and adaptability and flexibility as the most important attributes in CEOs.
These lessons learned are timeless and hugely relevant to entrepreneurs in any industry today. Check out Peter’s short but powerful interview with Bill Gross here.
Jim Hollen is the owner and President of RICH LTD. (www.richltd.com), a 35+ year-old California-based point-of-purchase display, retail store fixture, and merchandising solutions firm which has been named among the Top 50 U.S. POP display companies for 9 consecutive years. A former management consultant with McKinsey & Co. and graduate of Stanford Business School, Jim Hollen has served more than 3000 brands and retailers over more than 20 years and has authored nearly 500 blogs and e-Books on a wide range of topics related to POP displays, store fixtures, and retail merchandising.
Jim has been to China more than 50 times and has worked directly with more than 30 factories in Asia across a broad range of material categories, including metal, wood, acrylic, injection molded and vacuum formed plastic, corrugated, glass, LED lighting, digital media player, and more. Jim Hollen also oversees RICH LTD.’s domestic manufacturing operation and has experience manufacturing, sourcing, and importing from numerous Asian countries as well as Vietnam and Mexico.
His experience working with brands and retailers spans more than 25 industries such as food and beverage, apparel, consumer electronics, cosmetics/beauty, sporting goods, automotive, pet, gifts and souvenirs, toys, wine and spirits, home improvement, jewelry, eyewear, footwear, consumer products, mass market retail, specialty retail, convenience stores, and numerous other product/retailer categories.