“Do what different individuals gained’t so you possibly can dwell and provides what different individuals can’t” has lengthy been my private motto, and certainly, the motto of each entrepreneur on the market who takes accountable capitalism severely, however for a lot of, philanthropy is usually a sophisticated world to navigate. Twenty years in the past Joan Hornig, then a financier and longtime hobbyist jewellery designer, had the impressed concept that giving can and needs to be easy, and established her personal jewellery model, Philanthropy is Stunning, to each incentivize philanthropic giving and supply a sustainable various to extra established manufacturers with lengthy histories of deeply unethical practices.

22 years later, Hornig’s enterprise has achieved precisely what it got down to do. However beginning a enterprise round one thing as private as your personal artwork, even when the end result is so clearly constructive, is an emotionally troublesome course of. I sat down with Hornig to speak about her expertise, her background, the transition from finance to philanthropy and artwork and the challenges of beginning a enterprise to your second act.

Liz Elting: Hello, Joan, thanks a lot to your time. Are you able to please introduce your self to readers in your personal phrases?

Joan Hornig: My identify is Joan Hornig and I’m among the many most lucky individuals you’ll ever meet. I’ve had in abundance all of the vital issues that make a beautiful life. Over the previous twenty years, I’ve been in a position to mix a lot of my passions with the creation of Philanthropy is Stunning Jewellery. By way of this 22-year-old social enterprise enterprise, I design and produce jewellery that empowers every purchaser to find out the place I direct 100% of my revenue on every sale to the registered charity of the client’s selection as a charitable contribution. Furthermore, my enterprise highlights the ability of the purse, the expansion of aware consumerism, the requirement to be respectful of staff and the planet in all phases of manufacturing. Equally vital, my mannequin entails serving to shoppers contemplating what social subject issues most to them and which group finest helps handle that want. I’m a passionate advocate for the development of girls, economically marginalized people and saving the planet, and I’ve demonstrated that trend is likely one of the only methods to speak and effectuate development in these areas.

I had two different careers previous to founding my firm. I started in educational administration as an expert main reward fundraiser for my alma maters, Harvard School and Columbia Enterprise College. I then spent 19 years within the monetary companies business in a wide range of positions—administration, gross sales and strategic planning. I labored in full-service funding banks, hedge funds and because the sole proprietor of a fundraising consulting enterprise. I by no means left the work world to boost our household, however this was solely attainable due to my husband’s shared and efficient hands-on position in elevating our youngsters.

Elting: That’s a very vital factor to underscore: what turns into attainable for working dad and mom when each share equitably in what’s usually known as invisible labor—all of the work that goes into elevating youngsters and managing the house—which was historically and infrequently nonetheless is predicted of girls greater than males. What led you to pivot from Wall Avenue right into a social enterprise like Philanthropy is Stunning? The place did the concept come from?

Hornig: Within the mid ’90s, our youngest daughter took a beading course, and it was one thing we might take pleasure in doing collectively. I had at all times cherished jewellery, collected it and, once in a while, reworked some vintage and classic items. Sourcing the supplies I used for our tasks despatched me into New York’s diamond district, the place I began provides, uncooked supplies and findings with a brand new appreciation. I additionally seen that the style aesthetic was getting bolder and extra colourful, whereas the perfect boutiques and retailers have been turning to semiprecious stones for runway designs. I used to be additional impressed with the vary of gems out there and thought of reimagining them with gold creative accents. So, I started taking part in round with the mixtures of concepts, measurement, scale and worth factors for my very own enjoyment.

Concurrently, I used to be additionally attending many charity occasions, notably girls’s luncheons. As we might collect, quite a lot of our conversations revolved round our trend selections, together with jewellery. It was straightforward to take off a hoop, a necklace, a bracelet or earrings and cross them round for others to strive on. I assumed that too usually we spent extra time speaking about what we have been carrying or buying fairly than the non-profit we have been there to assist.

Then I assumed: What if when complimented on a trend merchandise, the wearer was in a position to inform one other story that started a distinct type of dialog, one which was directed on the energy of the purse to make a constructive change? Wouldn’t it’s nice if our vital purchases at all times had a constructive societal impression?

September 11 was additionally a contributing consider my choice. I needed to be residence extra with our youngsters. I modified my focus to work extra with native asset managers. Because it occurred, my important shoppers weren’t removed from New York Metropolis’s diamond district, and it was straightforward to include getting provides for what began out as a interest however later morphed into Joan Hornig Jewellery.

For various years, I really pursued each a monetary companies consulting enterprise and the social enterprise jewellery enterprise concurrently. As a result of Bergdorf Goodman was my retailer for the jewellery, there was a in-built gross sales drive so I might concentrate on designing—earlier than work, after work and on the weekends—with out having to promote the items myself to particular person prospects.

Lastly, as my popularity as a designer with a social enterprise enterprise gained notoriety and accolades, I noticed that I needed to commit myself to constructing it full time and get more and more extra concerned in philanthropy.

Elting: How did your background in Wall Avenue inform your choice to begin your personal enterprise? What was that transition like; was it laborious to stroll away after twenty years in finance?

Hornig: My background as a extremely regarded, effectively compensated monetary companies skilled definitely contributed to my means to begin a enterprise as did the complete assist of my husband. I didn’t have monetary pressures. I additionally understood pricing, area of interest markets, stock prices and commodities. As a result of I solely used valuable metals and gems, and since jewellery takes little actual property and cupboard space, it was a viable enterprise for me to contemplate. What I didn’t promote I might soften to reuse, and I usually made cash on my stock as gold costs rose. Gems may be repurposed as effectively.

The transition to doing one thing creative with a pay it ahead mannequin was straightforward. What was laborious was adjusting to the retail sector. There have been occasions when my ego was wounded. It’s simpler to promote or promote one thing that’s not as private as one’s artwork. I needed to toughen up, which was a shock after my expertise within the Wall Avenue world the place simply being a senior girl with too few position fashions was difficult sufficient!

Elting: That’s positively one of many challenges in making a enterprise out of a ardour, particularly one as private as artwork. What would you say to others contemplating a profession change, particularly one which entails leaving a gradual profession with a great deal of safety so as to strike out on one’s personal, which after all carries extra threat?

Hornig: Making adjustments isn’t straightforward or pure for many individuals. It’s a really particular person factor. Each time I needed to make a change, my husband instructed me that the danger was solely one in all disappointment if it didn’t work out as I had hoped. He and I by no means characterised it as a possible failure. I might additionally remind anybody who has been profitable of their previous careers that there’s a excellent likelihood of discovering success once more in new endeavors. Success breeds success, as they are saying.

Elting: What challenges did you face within the early days of beginning what you are promoting? What classes did you study alongside the best way?

Hornig: There may be at all times a steep studying curve originally of any new endeavor. I had little leverage as a small startup enterprise with the vital artisans, suppliers and retail companions. Belief is earned and paid for on a well timed foundation!

Proof of idea for a social enterprise enterprise was additionally troublesome for a number of causes. First, I had created one thing that had not been achieved earlier than by asking the purchaser to pick out the charity to obtain the earnings, not selecting one myself (to not point out that I used to be giving freely 100% of the earnings not 10%). It was an advanced story to make easy and plausible, which was additional sophisticated by my need to instill sure basic model foundations. I needed my enterprise to raise the consciousness of the buyer to their very own particular person energy to impression the long run and on the identical time reveal my dedication to utilizing clear gold, moral diamonds, sustainable supplies and work with individuals of all totally different backgrounds—making variety a core worth of the enterprise. There was additionally a substantial amount of administrative work to teach the non-profit chosen for a donation to grasp that the client directed that donation and that the purchaser wanted to be notified that the donation had been made of their honor. This transparency was and stays a vital hallmark of my model.

Second, manufacturing was and stays a problem, together with managing supply time, high quality expectations and the fluctuation of gold, silver and gemstone costs. Making the selection to not be vertically built-in to contain extra artisans from creation to completion meant extra hands-on involvement and time from me and my workforce. That needed to be constructed into practical planning on my finish.

I additionally realized early on that it’s key to have individuals on the workforce who share the corporate’s imaginative and prescient and care concerning the firm’s mission.

Elting: The central concept behind Philanthropy is Stunning is that 100% of the earnings go to a consumer-selected charitable associate. Why did you select this method? Was it a troublesome concept to implement?

Hornig: The concept of asking the client to pick out the charity to obtain all of my revenue on a bit of knickknack was novel after I began my enterprise. Shoppers have been used to the Paul Newman’s Personal mannequin and Oprah elevating consciousness for a variety of wants by way of her publications, however—to my information—shoppers had by no means been requested earlier than to decide on any group, from all the universe of registered charities, to obtain 100% of the revenue from their buy. I’m indebted to the media and the numerous writers who, from the start, took the time to essentially perceive and clearly convey the enterprise’ twin objective of delivering high-quality, wonderful jewellery with a singular philanthropic element.

Elting: Are you able to speak concerning the choice to have prospects choose the charities of their selection? Did you face any challenges in making that work? And would you say it has been efficient in encouraging prospects to present to a wider vary of smaller charities?

Hornig: As a result of Philanthropy Is Stunning Jewellery and Pave the Means Jewellery prospects at all times direct the donations, the corporate and I stay agnostic concerning the measurement, overhead bills, nature and sector of the companies supplied by the non-profits chosen. I imagine now we have been in a position to have a better impression on fledgling service suppliers and native organizations—most of which we had not heard of earlier than our prospects launched us. Our prospects turn out to be efficient ambassadors for the non-profits they choose. We checklist all charities alphabetically on our web site with a hyperlink to additional assist construct the group of caring and carrying people.

Elting: What recommendation do you’ve for entrepreneurs trying to incorporate giving into their enterprise mannequin?

Hornig: By no means underestimate the buyer. They may spot performative advertising immediately. They may settle for trigger advertising, however you have to be absolutely clear about it. I’m a serious proponent of elevating cash by way of aware consumerism. However don’t make the error of considering that somebody will make a purchase order just because there’s a charity element. Folks solely purchase what they need and put on what they like. If the product’s design, magnificence and high quality don’t arise by itself, it merely gained’t promote, and subsequently, the charities gained’t profit.

Elting: Earlier than turning it right into a profession, jewellery making was a longtime interest of yours. And whereas I’ve at all times thought it key to have a real ardour for one thing if you wish to make a enterprise out of it, it may be troublesome to maintain that zeal alive when it is also your job. Are you able to speak concerning the challenges of turning one thing you like right into a enterprise? What recommendation would you give to others who need to do the identical?

Hornig: It’s good to get up on daily basis and like what you do. However they name it work for a motive. There are tedious and boring components of creating something a viable enterprise—even designing jewellery! My enterprise has two key issues that amplify my pleasure—the creativity of designing and the intersection I’ve with the non-profits and the devoted people who run them. They encourage me and assist push by way of the operational challenges and anticipated enterprise frustrations. While you personal a enterprise, it’s like being a dad or mum—because it’s at all times in your thoughts to some extent. It’s laborious to take a break from it, however after 20 plus years, I proceed to seek out designing very gratifying and don’t thoughts getting misplaced in it as a result of I really do adore it.

Elting: Are you able to speak about your method to sustainability and use of conflict-free supplies? How have you ever been in a position to weave these values into what you are promoting? What recommendation would you give to different entrepreneurs fascinated by integrating their values into their enterprise practices?

Hornig: Our purpose is to construct a world the place each buy has a constructive impression. We work diligently to make use of ethically sourced, battle free and sustainable supplies that are meticulously sourced to respect staff and our planet. We use producers which might be members of the Accountable Jewelry Council. Our packaging is all biodegradable and compostable, and our pouches are comprised of scraps of material and sewn with love by political refugees who’re being paid pretty and are constructing companies in addition to independence by way of this type of work.

I might advise entrepreneurs to be very clear on the outset concerning the values they need their companies to signify. They need to consider that there will likely be added prices related to incorporating supplies produced in sustainable and moral methods. They have to permit for that in budgeting and pricing their items. I additionally imagine that anybody who places their core values into their enterprise ought to acknowledge that issues are altering quickly within the sustainability area, which implies cutting-edge finest practices must be invested in to maintain up with improvements over the lifetime of the corporate. When you’ve established your values, you possibly can’t merely sit again; you should proceed enhancing on them and incorporating them into new practices as what you are promoting grows.

The dialog has been edited and condensed for readability.