The good folk at Gen-Y entrepreneur community The Entourage recently sat down with General Pants executive chairman Phil Staub to learn what it takes to build a multimillion dollar business.
With 80 stores, 1500 staff, and over $250 million in annual revenue, Staub is one of Australia’s most successful entrepreneurs. The result, he claims, of understanding, empathy and “sensible passion”.
For aspiring entrepreneurs, Mr Staub recommends starting young.
“If you’re interested in an industry, get into it really early. So if you’re interested in fashion, work on a shop floor… Do work experience whenever you can.”
He also credits his success with the willingness to hire people who are smarter than him.
“You can’t create a large business without trusting people and employing the best people. You know, it’s that old saying ‘Hire slow, fire fast.’”
“It’s very easy to employ someone. It’s a hard process when you decide you want to get someone out of the business.”
Gut instinct during the interview process is a key guide for Staub. He warns that instinct ignored will usually come back to haunt you, and can create long-term workforce insecurity.
