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Business Advice with Patrick Byrne

August 19, 2010

Picture found on overstock.com

Today I got the rare opportunity to sit down with Overstock.com CEO, Patrick Byrne.

I sat down with Byrne to discuss his philosophy on work and advice he has for young entrepreneurs.

I asked Byrne what lessons he learned and some of the challenges he faced while starting his business. I found in all his answers the reoccurring trend was the importance of human capital. Byrne explained how one of the most important things he learned as a business owner was building a positive culture.

Kym McNicholas talks about some of the things I discovered in my interview on her blog.

FORBES.COM BLOG/VIDEO

Byrne gave examples and talked mostly about employees and the importance of building a positive culture in your business. He feels that a lot of mistakes he made along the way were overlooking character flaws of employees, such as lying, because he felt there skills were beneficial to the company. OverStock now has a policy that any employee caught lying will lose their job.

Byrne explains that since this new model of integrity has been put in place, the work environment at OverStock is positive and truly believes that this is one of the most important things to understand when trying to start, or successfully run any business.

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