The Securities Exchange Commission Is A Major U.S Stock Exchange Five Essential Leadership Traits: The Story Of Martha Stewart From Kmart To Macy’s

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Five Essential Leadership Traits: The Story Of Martha Stewart From Kmart To Macy’s

Not long ago, Martha Stewart Living Omnimedia (MSLO) seemed doomed. Kmart, its largest licensed home goods outlet, went into Chapter 11 and closed hundreds of stores. His magazine was challenged by a new upstart competitor – rival Rosie O’Donnell. Major television stations canceled their daily shows, and critics said the show would not complete the season. The head of their company was ordered to resign by the Securities and Exchange Commission. But the worst thing is that Marta was sent to prison.

With sales plummeting, profits disappearing, and stock prices plummeting, few gave the domestic diva’s business much chance of survival.

Let’s move to 2007. We no longer see companies on the brink of destruction. The revamped daily television program received such respectable ratings and advertisers that it was renewed by 2008. A second show specializing in food airs on PBS, and last week a radio program was added that debuted. Her single magazine has grown to six specialty magazines, each one of the best in its genre. In addition to Kmart’s long-standing product line, MSLO has entered into agreements to expand its product line with upscale retailer Macy’s and marketer Michael’s. New businesses include furniture and flowers, and even Martha Stewart homes.

Most importantly, this now venerable company’s revenue has grown by more than 50%.

Turn

Ben Franklin once said, “What happens is not as important as your reaction to what happens.” Despite a series of unfortunate events, Stewart constantly looked to the future. She saw the company as a thriving organization with tremendous growth and maintained a public persona equal to her vision of success. Never sulks. Always smiling. Martha looked into the distant future, ignoring the fact that she saw temporary inconveniences.

Things started to turn around for Martha in prison. She learned that ABC management had fired Susan Lyne, head of Disney/ABC Entertainment. Their main complaint against her was that she tied the network’s renewal to two shows that had yet to air and for which they had little hope: Lost and Desperate Housewives.

During a visit to Martha in her prison in West Virginia, they immediately became friends. Marta admired Line’s 25-year history and decided she was the right person to lead the company into the future. Lyne took over as president of MSLO and soon received incredible recognition: Advertising Age named her “Executive of the Year” and The Wall Street Journal named her “the top woman to watch in corporate America.”

The five foundations of leadership

Top business leaders like Martha Stewart are known for five important qualities:

1. Pursue your goal with passion. Anyone who knows Martha knows that MSLO is her very purpose in life. Not a single breath without thoughts of her affairs.

2. Practice strong values. Not every aspect of a great leader is based on a solid value, however, all great leaders have one or more solid values ​​that they focus on. For Martha, her company is all about quality lifestyle enhancement products at a great price. No one can deny that these attributes guide her actions.

3. Control your heart as well as your head. The rumors about Martha are correct. For the most part, she perceives people as a commodity. However, she shows a heart to help those people who work for her or with her succeed. But this is more of a team success than an individual one.

4. Established communication relationships. Her relationship with Kmart is emblematic of her view of partnerships. When Kmart filed for bankruptcy, Martha could easily have gone with her products to another retailer. She remained loyal, and that loyalty was built on helping Kmart emerge from Chapter 11.

5. Demonstrate self-discipline. Martha’s self-discipline is demonstrated by her unwavering focus on her products and consumer demand. Stewart has little time for activities outside of her MSLO business.

MSLO’s success serves as a lesson for all business professionals. Whether you’re leading a Fortune 500 company, a one-employee LLC, or planning to grow an individual or a department, the five core leadership principles provide a road map for a lifestyle and attitude to success.

*”The Five Fundamentals of Leadership” taken from Leadership in a Contemporary World, ©MaxImpact, http://www.getmaximpact.com. (Used with permission).

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