Jessica Herrin wanted to change the game of home sales. She wanted it very badly, and dreamed of exporting an entrepreneurial platform to other women. She knew the average home sale—a party where people would gather to shop from a salesperson’s catalog in the host’s home—brought in $450. That should be higher, she thought.
Through her company, Stella and Dot, her sales staff started selling DIY jewelry kits. Unfortunately, lot of companies produced, marketed, and sold packages just like hers. Yes, the businesses began to see revenue, but the home sales weren’t bringing in more than $450. She decided to change things up, quickly.
“So much is lost by companies that just can’t move fast enough,” Herrin told entrepreneurs at the Inc. 500|5000 Conference. “I had to say, ‘This isn’t game changing. This is not breaking ground. It’s kind of like what everyone else is doing but with cuter packaging.’ And that’s not enough.”
She learned from the failure, and started marketing ready-made jewelry. It work, and the average home sale brought close to $1,000. And that did change the game. But in order to do that, we had to fail, and we had to fail fast,” she says. “Instead of staying with it, it was about changing with it. I tell my board…I want to be a great company for generations to come and that takes a lot of failure.”
Why It's Good to Fail Fast
Stella and Dot founder Jessica Herrin explains why her early failure was responsible for her future success.