Better to Give 100%, 50% of the Time.
Is it possible for a part-time entrepreneur to lead a successful company, one which placed 567th on the INC. 5000’s 2022 list, or one that has increased its sales tenfold? If you’re Jay Lu, founder of Sofary Lighting, the answer is yes.
Sofary’s mission is to provide customers with a reliable source of high-quality, luxury lighting without charging exorbitant prices, and Lu’s guidance has made this possible due to two factors.
First is catering to the strengths and skills that he has or can procure through new team members.
Second is leveraging patience and rationality in the face of tremendous market volatility, regardless of whether the uncertainty causes bull or bear markets. In a sense, these two pillars of Lu’s success encapsulate his approach to things that can be controlled and things that cannot.
How he runs and staffs his company is an internal matter, which is completely within his control. The performance and behavior of the markets are something he can’t control, but he can manage how Sofary reacts.
“The More Proficient You Are, the More Valuable You’ll Be.” – Malcolm Gladwell
From the inception of Sofary to today, Lu was able to effortlessly avoid pitfalls and common bottlenecks that most businesses struggle with as they attempt to grow.
In the beginning, he could personally perform many of the technically challenging tasks that often require hiring specialized experts who often demand lucrative salaries.
His background working at a large tech firm gave him these skills. Constructing online customer interfaces and troubleshooting problems was second nature, freeing him to focus his time and energy on branding and scaling.
His proficiency in establishing a centralized online shopping system enabled customers to get their purchases directly from the manufacturers, greatly reducing costs by minimizing all the intermediate interactions.
As marketing and branding drew more of his attention, he realized he needed to shed some of these oversight responsibilities, even though he was able to handle them without too much trouble.
Once Sofary required additional staff to continue its trajectory, Lu capitalized on the massive pool of well-vetted, capable candidates that he knew from his tech firm job.
He was able to focus on the big picture and guide the team in breaking down their work in a way that supported the company's strategic direction, rather than getting bogged down in day-to-day operations.
His current goal is to take Sofary’s marketing and ads to the next level with increased conversion rates. He couldn’t do this without a reliable team, which has swelled to over 20 professionals across numerous industries and countries.
He wouldn’t have that team without leveraging his personal contacts in his career field, which also gave him a superb position of strength to start an online business. Lu was able to use his talents and connections for maximum effect.
“Opportunity Seldom Rises With Blood Pressure.” -Jarod Kintz
Over the past five years, Sofary and the world have experienced some incredible events. When the pandemic began, the entire economy was thrown into turmoil. While many businesses and people suffered, Lu and Sofary lighting actually saw a dramatic rise in sales.
As people spent more time in their homes, the demand for elegant and high-quality lighting increased.
Whether they were trying to outfit a new home office, update an old residence for sale, or simply wanted to add some class to their kitchens or living rooms, customers were purchasing more home improvement materials than ever.
It was during these years that Sofary saw the bulk of its growth which did force Lu to add staff. However, he never saw Sofary as an avenue for quick riches.
Despite the massive success in sales and recognition, he continued to work at his day job while maintaining the stance that he was a part-time participant.
As uncommon an approach as this may seem, staying at his day job keeps him close to cutting-edge technology, and closer to potential opportunities which may arise in the future. On the flip side, Lu is starting to see business slow down.
This can be attributed to both the overall economy taking a downward trajectory and the ending of lockdowns propelling people to spend more of their time and money outside the house. It is easy to find current news articles of corporations laying off employees by the thousands.
It is easy to give in to anxiety and implement knee-jerk reactions when the market becomes less hospitable. Lu has made it very clear that he is not going to chase the curve, and lay off the new team he has built.
Now, it is possible that he is able to maintain a cool head because he only has part-time involvement. However, Lu himself has seen and dealt with business failures in the past. Sofary is his fifth entrepreneurial endeavor.
One could argue that this history could make someone more skittish in the face of financial hardships.
“I’ve Always Been in the Right Place and Time. Of Course, I Steered Myself There.” -Bob Hope
In his final words of wisdom, Lu recommended that people should focus on what they can control while taking the initiative to improve things. His guidance of Sofary wholly embraces these words. He has used his skills and connections to make Sofary a strong, resilient company.
He has also remained reserved and calm in the face of tremendous growth and trouble. Some might criticize that his circumstances are unique or difficult to emulate.
After all, not everyone has access to years of technical knowledge and a gallery of professional colleagues who are willing to join the team to fill skill and knowledge gaps.
Very few people have the flexibility of running a business while continuing to focus the bulk of their energies on a separate career. However, the underlying concepts can be applied. Identifying the tools available and how to best implement them is universal.
Another thing that impacts all people and industries is the ebb and flow of the market. It is human nature to panic or become hungry when opportunities dry up or present themselves.
Maintaining control and composure during stressful times is a critical trait in many professions, such as medicine, warfare, but also business. Lu also said that his key to success was being in the right place and the right time.
This is true, but there is ample justification that he created this perfect scenario by expertly applying the two principles discussed.