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What can entrepreneurs learn from their failures? In this episode, Eric Ruyak, owner of Hespera, joins the show to share how he got started in his industry and why experiencing failure is essential for entrepreneurs. He breaks down how to shift the narrative from failure to learning, and understand the cycles of success, knowing that we are not always in our winning season—and that’s okay.
Building a Brand: Lessons Customer Service, Sales, and Overcoming Challenges
Eric’s Journey: From Silver Spoon to Farmer’s Markets
Eric Ruriak, the founder of Hesper Jewelry Company, shared his fascinating backstory with us. Growing up in Washington, D.C., Eric had a privileged upbringing. His father was a famous attorney, and his mother had a prolific career. He attended prep school and studied communications and theater at Northwestern University. After a brief stint touring with the musical “Wicked,” he realized the traditional career path wasn’t for him.
Eric’s journey took a turn when he visited a friend’s family diamond business in Hong Kong. Inspired by the environment of mutual respect and hard work, Eric decided to pursue something creative. Returning to Los Angeles, he took jewelry-making classes and began selling his pieces at farmer’s markets. Despite years of hard work and moments of doubt, Eric persevered. His big break came when one of his pieces was featured on the show “Game of Thrones,” propelling his brand to new heights.
The Struggles and Breakthroughs
Eric’s story is a testament to resilience. He shared how he spent five years struggling and feeling like he was making no progress. Despite his privileged background, Eric experienced the harsh realities of failure. He spoke candidly about the importance of those tough years, saying, “When you wake up March 1st and you’re like, how am I going to get a thousand dollars together by the end of the month?” Those years taught him invaluable lessons and made him unshakeable in the face of adversity.
The Game of Thrones Moment
Eric’s breakthrough moment came at a low point. Feeling like he couldn’t continue, he had an emotional conversation with his parents. The very next day, one of his jewelry pieces was featured in the season six finale of “Game of Thrones.” This exposure changed everything for Hesper Jewelry Company. Suddenly, Eric’s brand was in department stores and had celebrity clientele. This pivotal moment underscores a common theme in entrepreneurial success stories: the climb out of rock bottom is often where true growth happens.
Embracing Failure and the Cycles of Success
Eric emphasized the importance of embracing failure and understanding the cycles of success. He referenced an interview with Jay Shetty about how every business goes through different cycles. These cycles include learning periods, which are just as crucial as winning seasons. “You cannot just constantly be picking the fricking apples. You’ve got to plant the damn tree. You’ve got to water it,” Eric explained. He highlighted the necessity of recognizing and appreciating the learning phases as part of the broader journey to success.
Building a Lasting Brand Through Authenticity
A key element of Eric’s success is his authenticity. He creates products that resonate with him personally, rather than simply following trends. This genuine approach has helped Hesper Jewelry Company build a lasting brand. Eric advised other boutique owners to focus on what inspires them and to engage authentically with their audience. “When I listen to myself, it succeeds,” he stated.
The Power of Community and Confidence
Eric also discussed the importance of building a strong community around your brand. He noted that successful boutiques often have a clear sense of identity and confidence in what they offer. These brand builders attract loyal customers who appreciate their unique perspective. Eric encourages retailers to embrace their individuality and to build relationships based on genuine connections.
Utilizing Live Sales and Video Content
In today’s market, Eric sees tremendous value in live sales and video content. These mediums allow retailers to connect with their audience in a personal and engaging way. While not everyone may be comfortable with live selling, finding a way to incorporate it into your business strategy can significantly enhance your community-building efforts.
Embracing Curiosity
Curiosity leads to growth. Asking questions and being open to learning from others can lead to significant personal and professional development. People can change their viewpoints when exposed to new perspectives. By fostering an environment of curiosity, you encourage dialogue and understanding, which can strengthen your community.
The Power of Being Public and Vulnerable
Sharing your true self with your community can have a profound impact. The story of a gay retailer who openly shared his life and struggles led to customers reassessing their views and embracing more inclusive attitudes. This openness not only builds trust but also highlights the importance of being kind and respectful.
Community Over Competition
In retail, competition is often seen as a given, but collaboration can be far more powerful. The story of two top Native American jewelry sellers, who became close friends and collaborators, underscores this point. By supporting each other, sharing resources, and celebrating each other’s successes, both businesses flourished. This partnership illustrates that ego can be a business destroyer, while a collaborative mindset can lead to mutual growth and enrichment.
Facing Challenges Together
The retail journey is filled with highs and lows. Sharing these experiences with your community can build stronger connections. Whether it’s celebrating a successful collection launch or laughing off a product flop, being transparent about your journey makes you more relatable and trustworthy.
Metrics and Continuous Learning
Understanding key business metrics is crucial. For instance, knowing your profit margins can help you make informed decisions. However, it’s equally important to focus on sell-through rates to ensure that your products are moving efficiently. Continuous learning and curiosity about what works and what doesn’t are essential for sustained success.
In This Episode
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