Starting a Cause-Based Company:
- Karissa Bodnar built Thrive Cosmetics to be completely cause-based and extremely profitable.
- She started the company in her one-bedroom apartment nearly a decade ago.
- Thrive Cosmetics has donated over $135 million to charity.
Building a Business Differently:
- Karissa wanted to build her business differently than what others were telling her.
- She cares about people and doing the right thing, not just profit.
- Her values led her to focus on philanthropy and purpose in building her business.
Challenges of Traditional Business Advice:
- Traditional advice includes paying yourself first, using cheaper ingredients, and paying employees less.
- Karissa didn't pay herself for many years despite traditional advice.
- She believes in creating excellent products that align with her values rather than cutting corners for higher margins.
Leadership Approach:
- Karissa trusts her gut and leads the business based on her own beliefs and values.
- She cares deeply about innovation, giving people access to confidence-building products, and making an impact through philanthropy.
- She believes in surrounding herself with talented individuals who can challenge and inspire her.
Leading by Example:
- Karissa uses herself as a consumer of Thrive Cosmetics products, showcasing confidence in their effectiveness.
- She believes it's important for leaders to use their own product and have integrity in their brand's mission.
Customized Leadership Styles:
- Karissa recognizes the importance of understanding how each individual team member wants to receive feedback or criticism.
- Different people have different communication styles, appreciation languages, and ways they respond to goals. Leaders should adapt accordingly.
Creating Accountability Culture:
- Karissa prefers to keep Thrive Cosmetics as a privately held company.
Choosing Investors with Values Alignment:
- Karissa emphasizes the importance of selecting investors who align with the company's purpose and values.
- It is crucial to do due diligence on potential investors and ensure they are willing to support the company's vision rather than push for short-term gains.
Good Leadership and Followership:
- Good leaders should also be good followers, valuing input from their team members.
- The Marine Corps' approach of evaluating both leaders' decision-making and subordinates' ability to support those decisions can be applied in business leadership.
Owning Mistakes as Leaders:
- Karissa believes that owning mistakes as a leader gives permission for others to do the same.
- Transparency about failures allows for growth, learning, and building trust within a team or organization.
Overcoming Challenges:
- As a teenager, Karissa lacked direction and community but found purpose through Future Business Leaders of America (FBLA).
- A woman executive at Zappos inspired her with the question "Why not you?" which shifted her mindset towards embracing opportunities.
Building Community within the Company:
- Karissa takes pride in seeing employees grow within the company.
- Specifically, she mentions Maria's journey from a social media coordinator to leading teams in philanthropy.
- Creating an environment where individuals can bring their unique skills and unlock their potential contributes to personal growth and overall success.
Feeling Seen and Valued:
- Simon Sinek highlights how Karissa makes people feel seen, giving them confidence and purpose through Thrive Cosmetics.
- The sense of being seen is reflected in naming products after inspiring customers who embody beauty, confidence, and impact.
Proud Moments:
- Karissa expresses pride in witnessing employees grow within the company.
- Specifically, she mentions Maria's journey from a social media coordinator to leading teams in philanthropy.
- Having talented employees who contribute their unique skills is fulfilling for Karissa.
Leadership Growth and Learning:
- Karissa sees her role as a constant learning experience and strives to surround herself with people who challenge and inspire her.
- She believes that being an entrepreneur means constantly evolving and adapting to the changing needs of the business.
The Power of Mentorship:
- Karissa highlights the impact of mentors on her own growth and success.
- She credits the support and guidance she received from mentors in helping her navigate challenges and make informed decisions.
Creating an Impactful Company Culture:
- Karissa values creating a culture where individuals feel seen, valued, and empowered.
- Thrive Cosmetics' focus on naming products after inspiring customers exemplifies this commitment to recognizing individual stories and experiences.
Balancing Profitability with Purpose:
- While profitability is important, Karissa emphasizes that it should not come at any cost.
- She prioritizes purpose-driven initiatives such as philanthropy and innovation alongside financial success.