Money Monday: How to start and grow a business

Emma Grede, CEO and co-founder of Good American, shares helpful tips for budding entrepreneurs.
5:17 | 08/15/22

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Transcript for Money Monday: How to start and grow a business
� I GOT BILLS � >>> WELCOME BACK. IT'S MONEY MONDAY. WE'RE GETTING A MASTER CLASS FROM A TRUE PIONEER CHANGING THE FASHION INDUSTRY FROM STARTING HER OWN COMPANY AT THE AGE OF 26 TO BEING THE FIRST BLACK FEMALE VES INVESTOR ON "SHARK TANK." PLEASE WELCOME THE FOUNDING PARTNER OF SKIMS, MS. EMMA GREDE. WELCOME. >> THANK YOU FOR HAVING ME. >> OBVIOUSLY YOU AREN'T JUST BEHIND ONE INCREDIBLE COMPANY. YOU'RE BEHIND TWO. YOU ARE CHAIR OF THE 15% PLEDGE. YOU MADE IT PART OF YOUR MISSION TO LIFT UP OTHER PEOPLE, OTHER WOMEN WHO LOOK LIKE YOU. TELL US WHY THAT WAS SO IMPORTANT AS YOU MADE YOUR WAY. >> AS A BLACK FEMALE FOUNDER AND CEO, IT'S ALWAYS BEEN IMPORTANT TO ME TO PRIORITIZE DIVERSITY IN MY BUSINESSES. I BELIEVE PART OF THE SUCCESS OF THE COMPANIES I'VE FOUNDED IS BECAUSE THERE ARE LOTS OF DIFFERENT OPINIONS IN THE ROOM. TO ME DIVERSITY IS A SUPER POWER IN BUSINESS. IT JUST MAKES SENSE THAT HAVING PEOPLE FROM DIFFERENT BACKGROUND, DIFFERENT RACES, DIFFERENT AGES, DIFFERENT ECONOMIC BACKGROUND, IT ACTUALLY MEANS THAT YOU MAKE MORE SENSE TO YOUR CUSTOMERS. YOU'RE CLOSER TO YOUR CUSTOMERS AND YOU CAN MAKE BETTER DECISIONS ON THEIR BEHALF. >> ALL GREAT ADVICE. A LOT OF TIMES THE HARDEST PART IS FIGURING OUT HOW TO START. YOU SAY THE NUMBER ONE THING YOU NEED TO FOCUS ON IS WHAT ARE YOU PASSIONATE ABOUT. THAT SOUNDS GREAT. HOW DO YOU TURN THAT INTO A BUSINESS? >> WHEN I START A BUSINESS I'M ALWAYS THINKING ABOUT WIDE SPACE OPPORTUNITIES. WHAT AM I TRYING TO SELL FOR? OFTENTIMES IF YOU HAVE A PROBLEM OR A NEED, CHANCES ARE OTHER PEOPLE HAVE THAT SAME NEED. I'M REALLY THINKING ABOUT FINDING THOSE WIDE SPACE OPPORTUNITIES AND ANCHORING MY IDEA IN THEM. IT HELPS IF IT'S SOMETHING YOU LOVE BECAUSE INEVITABLY WHEN THINGS GET TOUGH, AND THEY ALWAYS DO, YOU CAN COME BACK TO HAVING THIS PASSION AND FEELING FOR THE IDEA. IT GIVES YOU A CONNECTION TO PEOPLE. >> YOU HAVE YOUR PASSION. YOU HAVE YOUR POTENTIAL PRODUCT OR BUSINESS. NOW YOU NEED MONEY. YOU GOT TO FUND IT AND FIND INVESTORS. >> AS AN EVEN NTREPRENEUR TWO TS HELP. THE FIRST THING IS BEING A PRETTY GOOD SALESPERSON. I CONSIDER MYSELF A GOOD SALESPERSON. BUT ALSO BEING A GREAT STORY TELLER. TO GO TO INVESTORS WITH A SUCCINCT IDEA. WHEN I STARTED MY BUSINESS WITH KHLOE KARDASHIAN, WE HAD A MODEL OF WANTING TO PROVIDE CLOTHING FOR ALL PEOPLE, NO MATTER THE SIZE OR SHAPE. ANCHORING YOURSELF IN THAT MISSION MEANS YOU'LL FIND THE RIGHT PEOPLE TO SURROUND YOURSELF WITH, BUT YOU CAN ALWAYS COME BACK TO THAT MISSION. WE THINK ABOUT THE DECISIONS WE MAKE AND CENTERING THEM AROUND THE WOMEN WE'RE TRYING TO SERVE. >> EXPLAIN WHAT THIS IS BECAUSE THIS MIGHT NOT MAKE A LOT OF SENSE TO ME, BUT TO YOU I'M SURE YOU CAN PUT IT IN LAYMEN'S TERMS. STRATEGICALLY TERM YOUR OFFERINGS. >> YOU HAVE TO DO A LOT OF DIFFERENT THINGS NORIN ORDER TO PREPARE FOR SCALE. YOU HAVE TO MAKE SURE YOU HAVE THE RIGHT PEOPLE IN YOUR BUSINESS THAT HELP YOU GET THERE. NOBODY IS PERFECT. I'VE HIRED FROM MY BLIND SPOTS. IT COMES BACK TO THE IDEA OF DIVERSITY IN YOUR TEAM, MAKING SURE THERE ARE PEOPLE THAT KNOW THE THINGS YOU DON'T AND EMPOWERING THOSE INDIVIDUALS TO MAKE DECISIONS IN YOUR BUSINESS. HAVING A GOOD TEAM IS THE SINGLE BEST THING YOU CAN DO. >> YOU WANT TO MAKE SURE IT'S A LASTING TEAM AND LASTING PRODUCT. YOU WANT TO ENSURE LONGEVITY AND SUSTAINABILITY. >> EVERYONE NEEDS A PLAN AND BIG-PICTURE VISION. I THINK ABOUT THE THING -- WHAT'S HAPPENING IN TEN YEARS TIME? WHAT DO I WANT THAT TO BE? YOUR PLAN IS, LIKE, HOW AM I GETTING THERE? HOW DO I CREATE BITE-SIZE MOMENTS THAT ARE GOING TO HELP ME GET TO THAT BIG-PICTURE VISION? WE DID IT AT SKIMS AND GOOD AMERICAN. WE HAD A MISSION. WE SAID WE WANT TO REMOVE TOXINS FROM AMERICAN HOMES. WE CREATED A PRODUCT LINE THAT WAS SMALL AND SUCCINCT AND SOMETHING EVERYBODY USES. WE WANT TO CREATE HAND WASHES. FROM THERE WE'VE BEEN ABLE TO BUILD A HUGE BRAND. IT WAS ABOUT HAVING A BIG-PICTURE VISION. >> YOUR ENTHUSIASM IS INFECTIOUS.

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