There's no one "right" way to lead a business. Today's leaders have a lot of wisdom to impart about managing the modern workforce, because each one approaches leadership in his or her own unique way. Every week, Business News Daily will share a leadership lesson from a successful business owner or executive.
- The leader: Ankur Daga, founder and CEO of Angara.com
- Time in current position: 10 years
- Ankur's philosophy: "Pick something you can be the absolute best at, and then make that pursuit your single-minded focus."
During the last 10 years at our online jewelry company, Angara, we have seen a lot of ups and downs. When we look back and think about what was working well during our ups and what wasn't working well during our downs, it all comes down to focus. We are at our best when we focus on one thing and strive to be better at that thing than anyone else.
Early on in our history, we were trying to be all things to all people— selling loose diamonds, diamond jewelry, lab created jewelry and gemstone jewelry. We took on way too much, and as a result, we weren't really the best at anything. That became a recipe for mediocrity and almost caused us to fail. Being so close to that failure forced us to focus on the one thing that we were really good at. That focus turned everything around.
Today, we believe that we are the world's best at selling customized gemstone jewelry. We have created a great customer experience, maintain very high quality, manufacture each piece as a custom piece and have a lightning fast supply chain. We now have more than 120 team members across three offices that are dedicated to this single goal. As a result, we are growing 10 times faster than our competition.
This philosophy of single minded focus now exists at Angara on both a company level and at an individual level. We strive to hire people who have a passion for excellence in any one area, even if it's not related to the role they would be taking on. When developing the next generation of leaders within the company, we try to develop skill sets and set goals that are very specific and very lofty.
My management philosophy has been heavily influenced by Warren Buffett. From the beginning, Warren knew he wanted to become the world's greatest investor. He dedicated his life to that pursuit and left virtually everything else alone. Interestingly, when Warren Buffett and Bill Gates were each asked to identify the single greatest factor in their success, they both said "Focus."
Edited for length and clarity by Nicole Taylor.