Bethenny Frankel’s Advice For Entrepreneurs
Recently I was a guest on Fox Business News for their “After The Bell” segment. We discussed the Skinnygirl brand, my partnerships, and my advice for entrepreneurs. I always see a lot of business questions from fans coming through on my Facebook and Twitter, and wanted to share some of tips of my own on how to be a successful entrepreneur.
Tip #1: Find out if your idea already exists.
Once you have an idea, step one is to find out if your idea already exists. It is important to get your idea out there first, best and strongest and always make sure to trademark your intellectual property. If it turns out that your idea already does exist, that doesn’t necessarily mean you shouldn’t do it, it just means there is a barrier to entry and you may have to climb a few more hurdles on your journey to success.
Tip #2: In business if something does well, go where the fish are.
As many of you already know, the first product I came out with was the Skinnygirl Margarita. The Margarita’s did well so I leveraged the cocktails to grow into other consumable products. They are all sensible solutions for women, which has helped me grow Skinnygirl into a trusted brand.
Tip #3: Authenticity is key.
I’ve noticed that with some of the other Housewives, they just want to do a “smash and grab” and just pick something, which most of the time, doesn’t work in business. Don’t underestimate your customer. They’re smarter than you think.
Tip #4: Don’t get caught up in the details.
I see so many people get caught up in the details of their ideas. They’re too busy thinking, “Is someone going to steal my idea?” or investing too much time into paperwork and fine print. Don’t get me wrong, these are things you should definitely think about and consider, but at the same time you have to be working parallel paths. Get in there and do it. Which leads me to…
Tip #5: It’s about execution.
I always talk about Mark Zuckerberg and how the Winklevoss twins said that Facebook was originally their idea. At the end of the day, that doesn’t matter because no one executed like Mark. In business, “doing” is the most important part. It’s about who gets to the finish line first and doesn’t look left or right. Get your idea, be passionate about it, and make it happen.