In Episode 11 of the Leadership and Wellbeing podcast, Hayden Fricke had the pleasure of speaking with Paul Lacy, CEO and co-founder of Dream Life. Paul’s story is one of resilience and reinvention, offering profound insights into overcoming adversity, fostering psychological safety, and maintaining wellbeing in leadership. This conversation, combined with reflections from Episode 12, provides a comprehensive look at the critical role of self-awareness in effective leadership.

The Rise and Fall of Kikki K

Paul and his life partner Kristina Karlsson founded Kikki K in 1998, growing it into a global retail powerhouse with over 1,500 employees and a turnover of $650 million. However, the COVID-19 pandemic forced the company into voluntary administration, twice. Losing the business was a devastating blow, but it also marked the beginning of a new chapter.

Paul and Kristina launched Dream Life, a venture that combines their passion for inspiring others with a focus on wellbeing. Dream Life offers products and services designed to help people pursue their dreams, including journals, stationery, and coaching programs.

Overcoming Challenges and Embracing Vulnerability

Paul openly shared the emotional toll of Kikki K’s collapse and his efforts to rebuild. Balancing leadership responsibilities with personal wellbeing, he worked through feelings of failure and uncertainty, using introspection and coaching to navigate the challenges. His vulnerability in acknowledging these struggles is a testament to the strength required for true resilience.

The Importance of Psychological Safety

A key theme in our conversation was psychological safety, defined by Amy Edmondson as a shared belief that a team is safe for interpersonal risk-taking. Paul recognised its importance in fostering innovation and collaboration. By encouraging open communication and creating a culture where employees felt valued and heard, Paul built a resilient team environment.

Psychological safety drives team performance by enabling trust, inclusivity, and open dialogue. Leaders who create such environments foster creativity, risk-taking, and learning, ultimately leading to better outcomes for both individuals and organisations.

Lessons from Episode 12: The Power of Self-Awareness

In Episode 12, we explored how self-awareness enhances leadership effectiveness. Paul’s journey underscores the value of tools like 360-degree feedback in identifying blind spots and opportunities for growth. By embracing feedback with curiosity and humility, he strengthened his leadership capabilities and deepened connections with his team.

Paul also highlighted the importance of intentional diary management to reduce stress and improve focus. By carving out time for reflection and prioritising tasks, he aligned his actions with his goals, enhancing both productivity and wellbeing.

Key Takeaways for Leaders

1. Embrace Vulnerability: Acknowledge challenges openly to foster trust and authenticity.
2. Create Psychological Safety: Build a culture where team members feel valued and safe to share ideas.
3. Prioritise Self-Awareness: Use tools like feedback and reflection to continually improve as a leader.
4. Maintain Wellbeing: Balance professional demands with personal care through intentional time management.
5. Inspire Resilience: Lead by example, showing that challenges can be opportunities for growth.

Why This Matters

Paul Lacy’s journey offers valuable lessons for leaders navigating uncertainty. Whether you’re striving to create a high-performing team, managing cultural shifts, or fostering psychological safety, these insights provide actionable strategies for resilience and growth.

Take the Next Step

For more inspiration, tune in to Episodes 11 and 12 of the Leadership and Wellbeing podcast. Discover how resilience, self-awareness, and psychological safety can transform your leadership and unlock your team’s potential.

Connect with Hayden:

• Websites: haydenfricke.com | steople.com.au
• LinkedIn: Hayden Fricke