Kendra Scott, the founder and executive chairwoman of a billion-dollar fashion brand, shares her inspiring entrepreneurial journey. She discusses her rise from a small startup to leading a global brand while balancing family responsibilities. Kendra reflects on overcoming setbacks, shifting to direct sales, and the importance of intentional hiring. Her story emphasizes resilience, community building, and the significance of core values in shaping company culture. Additionally, she unveils insights from her memoir, 'Born to Shine', highlighting her philanthropic efforts and legacy.
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Quick takeaways
Kendra Scott's entrepreneurial journey underscores the significance of resilience, showcasing how setbacks can fuel determination and growth in business.
Transitioning from wholesale to direct-to-consumer retail during the Great Recession was a vital move that shaped Kendra's understanding of customer needs and market dynamics.
Her commitment to family, fashion, and philanthropy reflects in her leadership style, emphasizing a positive workplace culture and employee well-being as fundamental to success.
Deep dives
The Impact of Personal Experiences on Entrepreneurship
Kendra Scott discusses how her stepfather's battle with brain cancer profoundly influenced her life and business philosophy. His encouragement to use her design skills to make a positive impact on others led her to create headwear for women undergoing chemotherapy. This experience inspired Kendra's initial venture, a hat business, which ultimately failed but fueled her determination to succeed in the fashion industry. The lessons learned from this early setback became pivotal in launching her billion-dollar jewelry brand, emphasizing the importance of resilience and purpose.
Embracing Failure as a Learning Opportunity
Failure is portrayed as a necessary aspect of personal and professional growth. Kendra reflects on her journey, illustrating that setbacks should not deter individuals from pursuing their goals. Instead, she emphasizes the importance of learning from mistakes and using them as stepping stones toward success. By overcoming her fears of failing again, she was able to launch Kendra Scott Jewelry, which has become a household name.
The Journey from Wholesaler to Retail Success
Initially operating as a wholesale business, Kendra realized the necessity of transitioning to direct-to-consumer retail during the economic downturn of the Great Recession. She took a bold step by opening her first retail store in Austin, Texas, despite fears surrounding the viability of the venture. This move not only connected her directly with customers but also allowed her to learn invaluable lessons about consumer preferences and market demands. The success of this store established a foundation for Kendra Scott's later expansion into a national brand.
The Importance of Core Values in Business
Kendra Scott's business is founded on the core values of family, fashion, and philanthropy, reflecting her personal beliefs and commitment to a positive workplace culture. She emphasizes treating employees with respect and empathy, fostering an environment where they feel valued and supported. This family-first mentality extends to her approach to leadership, advocating for work-life balance and prioritizing employees' well-being. As a result, the Kendra Scott brand resonates with customers who share these values.
Creating a Vision for Long-term Success
Kendra highlights the significance of having a vivid vision for her business, using the concept of a 'Big Hairy Audacious Goal' (BHAG) to map out her aspirations. By envisioning her company as a billion-dollar brand, she was able to inspire her team and align their efforts towards achieving that goal. This forward-thinking approach, combined with the ability to adapt during challenging times, has been critical to her success. Kendra's experience illustrates how maintaining a clear vision can drive individuals and organizations forward, even through turbulence.
Kendra Scott is the Founder and Executive Chairwoman of the fashion empire Kendra Scott, which she has grown from a small startup to a billion-dollar brand with over 3,000 employees and 120 stores. Kendra won the EY Entrepreneur of the Year National Award in 2017, was inducted into the Texas Business Hall of Fame in 2019, and has been featured on the hit show Shark Tank. She is also a dedicated philanthropist—on the board of directors of the Breast Cancer Research Foundation and founder of the Kendra Scott Women’s Entrepreneurial Leadership Institute at UT Austin. Kendra is also the bestselling author of a memoir, Born To Shine, that was published in 2022.
Kendra joined host Robert Glazer on the Elevate Podcast to discuss her entrepreneurial journey, how she leveled up as a leader with no business training, and building a world-famous brand.