Beyond the Tank: Kendra’s Tips & Tricks for Entrepreneurs
You may have heard the news around town…Kendra Scott is set to premier this Friday as a Guest Shark on ABC’s Shark Tank, Season 12! In honor of her debut episode, Kendra is sharing some insights she learned in the Tank, as well as some answers to the questions many entrepreneurs ask.
Hi, it’s Kendra – or should I say, Mama Shark! I am so excited to be on Shark Tank this season, but more importantly, I’m excited to share some wisdom with all the other entrepreneurs and aspiring leaders out there.
My time in the Tank was not exactly what I expected. I was surprised to feel so much hope about the future of our country, and the future of entrepreneurship after just a couple days with these entrepreneurs. This year has been a difficult year for us all. This show celebrates so much more than great businesses - it celebrates great people, and the American Dream itself. Yes, even in the midst of an unprecedented year, our future is very bright!
And that’s why I felt encouraged to spread some wisdom about the lessons of entrepreneurship I wish someone had shared with me, when I was first starting out. Read on for my top four tips to making your “big idea” a success…
When listening to a pitch, what do you look for? How do you know if it’s an instant win or loss?
The first thing I look for in a business is for that irresistible, disruptive idea. A great entrepreneur looks at the way things are being done, and sees opportunity of how they can do it better – how they can make their own unique mark on the industry. I always say, if you’re doing what everyone else is doing, you’ve already failed.
What’s your best advice on how to pitch to investors?
I got great advice from one of my mentors early on when I was trying to gain capital - ‘Focus on building your business first’ - if you build it, they will come. Don’t just start a business for the money, because investors will see right through that. I always look for a passionate founder with a true fighting spirit and firm belief in their business. That means more to me than anything. And don’t rush things, either! I waited nearly a decade to take on outside investment capital, and even then, I searched rigorously for investors that aligned with my core vision. So my advice? Do what you love, be honest with your struggles, focus first on making your business great before you bring anyone else on. And when you’re ready, make sure they are the right fit for your vision.
What advice would you give to entrepreneurs looking to start a business in 2020? What lessons have you learned from being a founder in a pandemic?
First, Stay true to your core values. Now more than ever, lean into the core of who you are and what makes you unique. Customers will gravitate toward a business with an authentic heart. And practice agility - concrete plans are not going to work in any startup business, pandemic or not. You have to learn to pivot quickly to the changing needs of your customer and your growing business.
This year has been hard on every business, especially small business start-ups. What’s your advice for pushing through when times get hard?
I have two pieces of advice, one for life and one for business. This year has been a difficult year for us all. For me personally, as a mother of three boys juggling homeschool while teaching a class at the Kendra Scott Women’s Entrepreneur Leadership Institute at UT, and leading my business while leaning into virtual connection with our KS Family, there were times when it all seemed like a lot, but these lessons have helped keep me grounded and moving forward.
First, my father always taught me that if you work hard, lead with passion, and treat others with kindness, anything is possible. So even when times are tough, keep working hard to put one foot in front of the other, be kind, and lead with an open heart and an open mind. And as for business, there is power in action over indecisiveness when we work together to face a challenge. When COVID began with so much uncertainty, I was inspired to see how our teams took the information they did have and jumped into action to find solutions and iterated along the way. Implementing new initiatives on a faster timetable showed us how nimble we can be, even as a billion-dollar company.