From 600+ conversations with the world’s leading thinkers.
I've worked in a lot of different types of business in my career, and you can certainly get tied in knots when you want to create a great 'thing' but can't figure the business model to make it work. My approach was simple- if I didn't make those businesses profitable, I couldn't' innovate. Nobody will fund innovation in perpetuity – you need to make money; you need to deliver value to your customers. When people ask me whether we want growth or profit, I say yes! Both!
I do this thing- I say something out-loud–announce it to the public–and then I'm forced to do it because people are excited and I don't want to let them down.
In the same way that kids would benefit from healthy, happy parents- startups would benefit from healthy, happy founders.
To be an entrepreneur, you need a love for process and to be comfortable with adversity. If you love process and you're comfortable with adversity, and if you love the journey over the fruits and riches of that journey- then you have what it takes to be a successful entrepreneur. Entrepreneurship is on a pedestal; everyone wants to be one. Here's the truth, it sucks. Entrepreneurship is hard and almost everyone loses.
I'm just a person who loves to do things before others. I'm very open to listening to young people, and always have a good relationship with them. I'm curious. Thanks to this, I try to do things before they become huge – I feel the market, the world, and try to be more-close to the world today.
Competition is great for consumers, but nothing destroys enterprise value faster than intense competition. To succeed in commerce, you need a great operating team focused on the nitty gritty details of the business.
I dreamt of Farfetch for the love of fashion. I was absolutely determined to create something in the intersection of both fashion and tech – my two passions. I think the idea really came when I was in my showroom in Paris during fashion week and I could see all these boutiques who were just not going to survive as the internet and e-commerce really started to change the fashion industry.
In the last 20 years I believe I have become a hybrid entrepreneur – believing in the power of technology and process, but also in the very deep humanistic point of view. I guess it's a weird mix of Italian with Silicon Valley.
You have to take bullsh** and turn it into fertiliser.
Don't aspire to be an entrepreneur. Aspire to create something that solves a problem. My message to young people with an idea is build a prototype and test it. Test it again and again, making the changes, learning from failure.
Taking that first step is your biggest competitive advantage; most people won't do it.
Small companies will get an idea and try to scale up. Big companies have to decide when to extend, when to extend and scale, and when to do something new. They need to build capabilities in terms of insight and execution to do the new thing.