Small Business Essentials: Expert Advice from Startup Owners and SXSW Pitch Winners

The terms startup and small business encompass so many things, from your local hair salon to a tech entrepreneur who is one pitch away from explosive funding and growth, working tirelessly on his next big thing.

If you fall into that spectrum, one of the best things you can do for your business is to learn from those who have been where you are: try to build something that will last. That's why CNN Underscored Money is launching a new series focused on business advice from successful entrepreneurs, in which our editors work with startup founders and executives to share the lessons they've learned and hear from experts. We'll give you some advice.

First, we spoke with Elias Stahl, CEO and co-founder of HILOS, a shoe design and manufacturing company based in Portland, Oregon.

Winner of the top award at SXSW's 2022 Pitch Event (an event where startups can pitch their businesses and innovative ideas to industry experts and venture capitalists/angel investors), HILOS is a modern-day It was founded to address the supply chain and sustainability issues plaguing the manufacturing industry. According to Stahl,

“Overproduction, labor shortages, and delays are disrupting the world's supply chains. We have an opportunity to replace them with ones that better serve our communities, customers, and planet. Eliminate inventory and waste. We founded HILOS to bring manufacturing back to the United States and build on-demand, zero-waste supply chain technology.”

6 Questions with Elias Stahl: Advice from a Startup Executive

Knowing the right time to do (or not do) something is a line every business owner must walk. We asked Stahl about his experiences as an entrepreneur, from the big picture to the day-to-day realities, that can help you achieve your own success.

What did you learn in your first few months on the job that you still apply today?

“I learned what I could do. never lose your north star. There are countless opportunities to sacrifice your values ​​and vision when building a business. There are many ways to climb a mountain and stay true to the summit you aim for. ”

People like to talk about what advice they would give to their past selves, but sometimes the more useful question is, what advice would you give? Stop In the past, when it came to my work, did I not do it at all, or did I do it too early?

“HILOS vertically integrated too early in its early stages, running its own marketing, sales, production, and fulfillment entirely in-house. My recommendation is: Never abandon your expertise and focus on what you need to do to perform at your best to scale up”

This is based on advice from Harvard Business Review about common mistakes startups make. In the early days of a business, they try to get as many customers as possible at the lowest cost possible, forgetting that this requires a deep understanding of what they do. [they should] First and foremost, we build for our customers.

What are some of the practical day-to-day challenges of owning and running a growing business that people don't know about (or don't talk about)?

“Hopefully, more and more people will take a look at HILOS and become interested in how new technologies can change the way we view design and craft. In an industry not known for speed or innovation, we have big ambitions to transform global supply chains, and with that we've found unique challenges. Most day-to-day problems can be solved by working with the right people, both within your team and outside your company..It usually comes down to trust and dedication and building [those] relationship[s] over time. “

What tools are essential to your business? What is your favorite and most useful workplace tool?

“Our business wouldn't be possible without cloud-based computing, generative design, or 3D printing. I love Notion right now.”

(We included Notion in our roundup of the best project management software, highlighting its suitability for tech-savvy entrepreneurs.)

What should all small business owners and startups do right now?

“Invest in your community and unexpected stakeholders. It's very common for startups to only think about specific customers or investors and not think more broadly. Grow It is important to evolve that thinking as Focus on the entire ecosystem you are a part of, across industries and communities.. You'll find a thousand ways to expand your impact that you never expected. ”

Where do you think your business will be in the next five years?

“HILOS Studio, our product creation platform dedicated to independent designers and brands, embraces a 3D supply chain for new levels of design and sustainability, creating exciting products from industry-leading creative icons. We have a complete lineup.

For Portland in particular, the Oregon Legislature recently approved phase one funding for a $125 million “Made in Old Town” development project. Build an eco-friendly manufacturing campus for footwear and apparel in the heart of Portland's Old Town district. This embodies our vision for a future where sustainable manufacturing returns to urban communities, and we couldn't be more excited.

Global supply chains will be reshaped in the coming years…HILOS will be the creative platform for that future. The screen ultimately blends in with the shelves, but in a way that celebrates creativity and craftsmanship. ”