Women In Business Q&A: Lara Solomon, Founder and CEO of Laroo

May 21, 2009, 4:50 pmmarieclaire

Lara Solomon is the Founder and CEO of Laroo, which produces Mocks mobile phone socks. Laroo was named one of BRW's Top 100 Fast Startups in 2008, and Solomon won Telstra's NSW Micro-Business Awards in the same year. 2008.

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What is more important, talent or drive?
Drive. You need to be able to push yourself on through the hard times.

On a scale of one to ten, how significant a role does luck play when it comes to success?
Three. I believe that you make your own luck. What you do from day to day impacts on the bigger picture and is what gets you the results.

Which is more critical, the idea or the execution?
Execution. The idea is important, but many people have great ideas and never execute them. It's much better to have an idea that is marketed and sold than have it sit on the shelf as a great idea!

Is it better to be passionate or objective?
Passionate. I think you have to be passionate about what you are doing, otherwise you're not going to put in the hours and the commitment that is often required. Plus if you are not passionate about what you are doing, how can you expect others to be? Objectiveness can always be found in staff or mentors.

What is most and least important? Please rank your priorities.

  1. Confidence and Drive
    Talent
    Relationship skills
    Organisational skills


What one trait has helped you most in business?
Being passionate about my brand. When I was first starting out, I presented my product to many different people, although it took a while to get into stores, I never believed that it wouldn't work and wouldn't sell. This passion came through and I found that I sold Mocks based on my excitement and enthusiasm for the brand. Fone Zone gave me a trial in 7 stores initially based on this. The buyer wanted to give me a go because I was so positive. Also, when I was working with magazines, my enthusiasm was something that they loved and it made them want to help me to succeed.

What is the one trait that has hindered you most in business?
Lack of patience. I hate waiting for things whether it is to launch a new product, for a new store to come on board, to expand into another country or for staff to do something. This has caused issues in that I have launched products before the market was ready for them. I have lost patience with staff and fired them rather than give them another go (although this wasn't always a bad thing). I often make decisions and put myself under pressure because I want to succeed and reach the goal so that I can move onto the next thing. The good thing is that I now recognise this and so now think things over before I rush in or out.

What is the hardest lesson you've learned and how did you learn it?
To think things out before I act (the impatience thing again!). I learnt this most expensively through the launch of the GrowCo website which cost $30k all up. I was going through a separation with my ex-husband at the time and rushed into the decision. As a result, I didn't research it properly and wasn't really passionate enough about it. I have since found that GrowCo is something that won't really meet the market needs for another few years, due to where the target audience for it are. I am planning to re-use the GrowCo branding in a different business venture which will launch later this year - this time one more thought out and not rushed into!

What is the one piece of advice you would offer other women in business?
Whatever you decide to do in your business, make sure that it is something you love and are passionate about. If you aren't, it will come across to your customers and clients and make building your business a huge challenge.

What are the biggest mistakes you see women making in business?
Not asking for help. There are so many people and organisations willing to help, but often women feel embarrassed or that it makes them look incompetent. Also, not always understanding that the issues that women face in business are the same for everyone, and that it is not that they are doing a bad job, but more that these things happen. This was why I wrote my book "Brand New Day - The Highs & Lows of Starting a Small Business", to help women understand that issues in small business affect everyone.

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