The Essential “Big Gorgeous Goals” Formula for Entrepreneurs, as Explained by Julie Ellis

Julie Ellis, co-founder of Mabel’s Labels, executive coach, and author of "Big Gorgeous Goals," spoke at an International Women's Day event organized by the Women in Communications and Technology (WCT) Waterloo chapter, sharing her inspiring journey from a humble basement startup to a multi-million dollar acquisition. Mabel’s Labels was founded in 2003 in a small space in Hamilton by Ellis and her co-founders, who were mothers seeking to leave their corporate jobs in pursuit of a dream. They identified a market need for personalized, durable labels for children’s belongings, a concept that quickly garnered attention.

However, the path to success was dotted with challenges. Shortly after launching, a competitor introduced a similar product. Instead of retreating, Ellis and her team channeled their determination into overcoming the obstacle, which only fueled their ambition. Their perseverance ultimately culminated in the successful acquisition of Mabel’s Labels by CCL Industries for Avery North America in 2015. For Ellis, joining forces with a Canadian company felt like a logical next step in her journey.

Transitioning from an entrepreneur to an executive coach and angel investor, Ellis is now committed to supporting women entrepreneurs, a demographic that faces significant funding disparities. In 2023, female-founded companies raised just two percent of all venture capital funding in the U.S., with all-women-led businesses securing $3.2 billion compared to $114 billion for all-male-founded companies. To address these disparities, Ellis chooses to invest exclusively in women-led ventures, emphasizing the importance of providing the necessary support where it is most needed.

Ellis attributes part of the funding gap to a confidence disparity among female entrepreneurs. She pointed out that while men often apply for jobs when they meet about 60 percent of the qualifications, women typically wait until they meet 100 percent. This tendency can extend to the way women pitch their businesses, often hindering their chances of securing investment.

To amplify the voices of successful women entrepreneurs, Ellis hosts a podcast titled "Figure 8," where she interviews founders behind seven and eight-figure businesses, sharing their stories and lessons learned. Throughout her talk, Ellis emphasized the importance of making time for one’s dreams, urging attendees to create "white space" in their busy lives to reflect on their priorities and aspirations. She articulated that every "no" contributes to a significant "yes," underscoring the value of saying no to distractions to focus on what truly matters.

Additionally, Ellis highlighted the necessity of documenting goals and developing actionable plans, stating, "A goal without a plan is a wish." The significance of community within the entrepreneurial landscape was another key theme of her talk. She encouraged attendees to seek mentorship and collaborations, suggesting that creating a supportive network can mitigate feelings of frustration and self-doubt.

Ellis challenged her audience to move beyond "safe, tidy goals," encouraging them to embrace the uncertainty and fear inherent in pursuing "big gorgeous goals." By fostering a mindset of courage, community, and intentionality, Ellis aims to empower the next generation of women entrepreneurs to dream big and achieve their goals.