Stefan Persson is the chairman of chic cheap international retailer Hennes & Mauritz (H&M). The fashin brand has become a global giant over the years, employing 76,000 people in over 2,200 stores spread across 37 countries with sales reaching in excess of $16 billion.
Below are some nuggets of advice from the once CEO and current chairman of H&M:
1. There are far to many brilliant entrepreneurs today that are more interested in making a quick exit than to stick with their idea and keep developing it. I find that deeply disheartening.
2. Being a great entrepreneur is a talent to a certain extent. You can become a good piano player by practising, but to be truly great you have to have the talent as well.
3. We must continue to listen to what people need and desire. We must continue to be flexible and fast and keep our fingers on today’s pulse yet maintain the intuition that enables us to identify and capture new ideas.
4. We have expanded using our own funds, and we have always been able to consider our moves without having to take external factors, such as borrowing or managing our own real estate, into account.
5. It is the informality. Anyone can speak with anyone, there are no formal meetings. Common sense. The commercial sense. Instinctively what is right. Flexibility and speed.
6. Show me a creative company – no matter what industry – which now sits in a dark basement and is not looking at what the competition is doing. Everyone steals with their eyes.