What It Takes to Run One of the World’s Most Successful Luxury Brands

Michael Maddaloni is the CEO of the Michael Louis New York Brand (@michaellouisny), a luxury lifestyle brand that handcrafts premium leather accessories in New York. Michael also runs The Luxury Lifestyle Magazine (@luxurylifestylemagazine), one of the most influential social media companies that offer an array of services such as original content creation, advertising exposure, article features, and media campaigns. Staying on top of tasks as a CEO of two businesses is definitely challenging, to put it lightly, but Michael has a few secrets that help him run his ever-growing companies.

Too Much Control Is Wrong

It’s expected that every CEO will try to be in control of as many things as they possibly can be. However, Michael’s experience taught him that too much control is a bad thing. When he started the Michael Louis New York Brand, Michael tried to stay on top of even the tiniest details every day. However, he soon realized that such a management style would ultimately harm the company’s growth and development.

Then, Michael came up with a new strategy. He decided to let everyone on his team carry out their role; instead of meddling in other people’s tasks, he thought it would be wiser to instead oversee everything from afar. As a result, he had more free time to focus on developing new products and marketing strategies, and creating more ROI and effectiveness for his brand.

Unique Strategy for Hiring New Employees

When searching for new employees to join the team, companies often focus on education and previous experience. However, Michael found a strategy that helps him assess the new candidates more efficiently. Instead of focusing on their past, Michael tends to focus on the candidate’s future.

“We focus on their energy, their goals, and where they see themselves in the next five years,” Michael explains. Before offering anyone a position in his company, Michael assigns the potential candidates a special task to do. “We always have the new hire handle a few real-life business tasks within our company prior to offering a position.” So far, this strategy has worked well for Michael, and he knows that his employees are capable of handling any problem that may come their way.

Failure Is the Best Teacher

Michael points out that it is impossible to run a business without making mistakes or experiencing failure from time to time. Even seasoned entrepreneurs with highly successful businesses make the wrong calls, which have negative outcomes. For Michael, though, failure is a good thing, and it is the best possible teacher.

Failure is inevitable, especially when someone is running a business. As Michael points out, in order to become successful, one needs to take risks. And, of course, every risk comes with a great possibility for failure. In Michael’s opinion, the worst thing to do when experiencing any sort of failure is to give up. Instead, he advises all aspiring entrepreneurs to learn from their mistakes, change what they think is wrong, and try again.

“It takes failure to succeed,” Michael says. “Enjoy the process, stay curious, stay open-minded, and take every lesson as a blessing. With this mentality, everything will start to slowly shift over time.”

Final Thoughts

Being a CEO of one company is challenging. However, Michael Maddaloni manages to ensure constant growth and success for not just one, but two of his companies. Michael is passionate about helping others and enhancing their perspectives and beliefs on life. For more invaluable tips and motivation for success, make sure to follow Michael on Instagram.