An Online Retailer's Journey Into Catalogs

1. Be flexible with your strategy. This is essential when starting a business, Mahoney said.

2. Don't get paralyzed by not having data. Let data guide you, but go with your instincts.

3. Learn from the best, but innovate quickly.

4. Staff appropriately for year two needs.

5. Put the right people in the right positions to succeed.

6. Know what you don't know, and don't be afraid to ask for help.

7. Educate your internal networks early on about what your business is doing and what help it could use from them. Mahoney said she wished she would have a done better job with this at Wayfair.

8. Focus on things that move the needle.

9. Don't be afraid to take risks.

10. Everything comes back to the customer — prioritize her experience and everything else will follow. For example, Birch Lane recently rolled out free shipping for all orders over $49 as a direct result of feedback it got from its customers. We gave up some up margin to make our customers happy, Mahoney said, adding that the move has resulted in an increase in conversions.