Lisa Price, CEO of Carol's Daughter, talks frankly about how she transitioned from mixing beauty products in her kitchen to helming a team of experts who do it for her.
00:08 Lisa Price: My name is Lisa Price and I'm the founder of Carol's Daughter. Carol's Daughter is a beauty company that I actually founded 18 year ago in my kitchen where I started to make products and sell them at local craft fairs.
How have your responsibilities shifted as you've grown?
00:23 Price: It's interesting that with all of that success, the work really doesn't go away, it just changes. Before the work was more physical, and me actually preparing products and jarring them and packaging them and then going out and selling them. Now they're other people to do that but I have this whole host of other things that I have to do.
It must be difficult to adapt...
00:49 Price: Sometimes entrepreneurs have a very hard time letting go of the reins. You have to let people make mistakes, you have to fail so that you can learn. When I have someone in the room who's been the president of a beauty company for 10 years and someone else who maybe worked in product development at various beauty companies for 15 years, and someone else who's been a CFO for 12 years, they have experience that I don't have in the day to day operations of a business like mine. I didn't come from the beauty business and then decided to start my own. So it would be presumptuous of me to sit at the head of the table. So I sit beside them, work with them and learn from them. But when it comes to the authenticity DNA and direction of the brand, that's where I'm there to make sure that that history stays, and that authenticity stays so that story doesn't get lost.
What is your biggest obstacle?
01:47 Price: I've always looked at myself as my biggest obstacle. Because I think all of those other business obstacles, those things just don't go away. You have challenges with being able to meet your payroll, you have challenges paying your rent, you have to get new software, new phones, etc. You have to look at yourself and see, what am I doing that's drawing this to me. I don't think anybody has a business where every single day, everything is perfect, they're always profitable, the website never crashes, the phones always work. You know, something happens. So it's how you deal with it and how you let it affect you. How was I handling the issues, how was I dealing with them, how was I processing them, was I learning, was I growing, and how much was my insecurity about myself affecting my performance and my ability to be a founder and to do my job.
ANDREW MACLEAN is the video editor at Inc.com. He previously worked at MediaStorm and did his graduate studies in video production at Syracuse University.
He can be contacted via email at: email@example.com.