Serial entrepreneur Jo Malone is no stranger to the art of negotiation and leadership after decades in the business world.
In 1999, Malone sold her first fragrance brand, Jo Malone London, to Estée Lauder for “undisclosed millions.” Malone founded her next fragrance brand, Jo Loves, in 2011. Her husband and business partner, Gary Willcox, currently serves as its CEO.
Entrepreneur connected with Malone amid the release of her BBC Maestro Course, “Think Like an Entrepreneur,” to learn more about her founding journey and tips for success.
Image Credit: Courtesy of BBC Maestro. Jo Malone.
What inspired you to start Jo Loves, and what was your vision for this new brand?
I love fragrance, and fragrance loves me. I couldn’t bear the rest of my life not being the scent maverick or scent storyteller because I see life in fragrance. I’m sitting here right this moment in Spain overlooking the sea, which is just so beautiful. Whatever I see, feel, taste and hear, I translate back into the sense of fragrance. Jo Loves is a love letter to the world saying, “I’m still here, and I still want to create fragrance.”
How did your past experience as a fragrance founder inform your approach the second time around?
You know what they say: Love is often more interesting and passionate the second time around. I discovered who Jo really is with the second brand. With the first, I was this young kid; there was a whole heap of naivety. I was falling in love with an industry I didn’t really understand. Now, I really know the industry and understand the power of my gift. Now, I’m able to use that grit: When the world turns left, I’m not afraid to turn right.
As you look to the future of Jo Loves, what are you most excited about?
Three years ago, I moved to Dubai. I had Jo Loves as a project [and] maybe two friends. Today, we have 23 live projects, which we discuss every single week and move around on the board, depending on what is, what is needed and how exciting it all is. I have a heap of friends who are so inspiring, creative and passionate. I’ve always felt that I was meant to do something great. And I think I’ve done great things in my life. But this next chapter is that moment.
What motivated you to release your “Think Like an Entrepreneur” course for BBC Maestro at this point in your career, and what do you hope people take away from it?
Thinking like an entrepreneur is one of the most important things in life. Building like an entrepreneur is like carrying around a life toolbox: It equips you with the tools that you need to think differently, approach business differently and take a penny in your hand and turn it into a million. It’s all about how you think and create, and so the opportunity to bring these ideas to the world and a younger generation inspires me.
Image Credit: Courtesy of BBC Maestro. Jo Malone.
Can you recall a particularly challenging negotiation and how you use some of your own tips from your course to navigate it?
Negotiation always has to be a win-win situation. It’s not, What can I get away with? What can I get here? It is, What can I achieve here? And what can the other person achieve? You’re looking for a long-term relationship. If you squeeze a deal out of every single breath in its body, you’ve already set your lifespan. It’s a bit like the biblical story of Solomon’s child in the Old Testament. If you chop the baby in half, no one’s going to witness it.
Remember, you don’t get what you deserve — you get what you negotiate.
I’ve spent my life building long-term relationships, and sometimes you have to yield, pull back and feel confident. It’s kind of like sitting around at dinner. You’re sitting and enjoying the moment with one course, two courses, three courses. Sometimes, someone will sit at the table and order their appetizer, main and dessert and then eat it before you’ve even poured a glass of water. That’s not a good relationship. Take your time, allow people to enjoy that negotiation and sit and eat the meal together. That will be a long-term relationship and ultimately make you more money.
Can you recall a particularly challenging leadership hurdle and how you use some of your own tips from the course to overcome it?
Leadership is always the big question. What kind of leader are you? What kind of leader do you work for? What kind of leader do you want to be? For me, I want to fulfill my own dreams. And I feel it’s no one else’s responsibility but mine to do that. But I want to see those around me fulfill their dreams as well. Life is an adventure, and business is one great big adventure. When we collaborate and bring our creativity together, that creativity becomes greater and bigger.
I’ve never had a [traditional] job, so I don’t really know what it is to work on a day-to-day basis for someone else, but I’ve had clients where I’ve had to listen to their voice, and I think it’s a bit like life — you’re never going to win every argument. And you don’t want life to be one big argument. You want to find that sweet spot in which the two of you can work together.
When you look at great business leaders that we admire, like Steve Jobs, they always have a vision. Of course, leaders question themselves: Did I make the right decision? Have I chosen the right person? Was that partnership the right thing to do? Was it the right time to sell? We ask ourselves millions of those questions. Ultimately, you have to take responsibility when it goes wrong, and when it goes right, you stand back and let everyone else take the credit. That’s great leadership.
Related: Is Your Business Idea Worth Millions? Here’s How to Test It Without Breaking the Bank.
What’s your best advice for aspiring entrepreneurs who want to follow their passion into business?
You have to feel passionate about your products and your business because if you don’t, no one else will. You have to learn to be a warrior. You have to learn to stand and fight. Sometimes, it’s taking 10 steps forward; sometimes, it’s taking two steps back, two steps to the side and three steps forward. Sometimes, it’s standing still and just letting the time pass. Timing is great in business.
Finally, use your bank account of creativity. You’re the only one that can access it. If you don’t use it, it won’t go up in value. If you do, you never know — it could help you build a unicorn business.
