In a heartfelt discussion, jewelry entrepreneur Kendra Scott shares her journey, offering insights into her beginnings, advice for aspiring business owners, and thoughts on navigating the challenges posed by the pandemic.
Kendra Scott, known for her signature jewelry designs, is equally recognized for her charitable contributions. Over the past ten years, her company has donated $30 million to various causes. Recently, she established the Women’s Entrepreneurial Leadership Wing at the University of Texas in Austin, empowering young women to pursue their business ambitions.
We are thrilled to have Kendra join us for this special episode as we celebrate Mother's Day. She reflects on launching her business with just $500 while caring for her newborn son in 2002, a time when the nation was still healing from 9/11. Kendra draws parallels between that era and the current challenges faced by entrepreneurs during the pandemic.
Her entrepreneurial journey was fueled by a desire to create accessible products in fashion that she loved but couldn't find or afford. Kendra emphasizes the importance of philanthropy from the outset, often donating jewelry to support worthy causes when funds were scarce.
She candidly shares lessons learned from her first venture—a hat business that failed after five years. Kendra highlights how failures are stepping stones to growth, advising others not to give up after setbacks. “Those painful lessons were invaluable, even if they hurt at the moment,” she states, encouraging resilience in the face of adversity.
Starting her jewelry line meant working from a small spare bedroom in her home. Kendra recalls selling her samples to fund materials for her first real orders, which netted her $1,265. “I felt like we had just won the lottery!” she remembers. That moment marked the true beginning of her business.
As for coping with the pandemic, Kendra shares that she closed her 108 stores on March 16 and has since implemented curbside pickup in some locations. She offers hope to entrepreneurs: “This won't last forever. Together, we’ll emerge stronger and more compassionate,” she asserts.
Kendra foresees a renewed appreciation for human connection post-pandemic, believing people will crave community spaces. “I’m a Texas girl—I love to hug!” she adds, emphasizing the need for adjustment in social behaviors for a while.
Mailbag
In the Mailbag segment, we discuss shopping experiences that build confidence and highlight favorite retailers. A listener expecting her first child seeks advice on financial contributions for a 529 plan and life insurance, given recent financial setbacks. Another listener worries about returning to work after the pandemic, unsure if she should seek a new job. We also hear from a listener in New Zealand contemplating starting a business amid economic uncertainty. Finally, in Thrive, we share how you can access your credit reports weekly for free through April 2021.
Transcript
Kendra Scott: (00:02)
I wasn't aiming for grand ambitions. My focus was simply to contribute to my family, pursue my passion, and give back.
Jean Chatzky: (00:21)
This podcast is supported by Fidelity Investments, dedicated to guiding clients through market fluctuations with timely financial advice. Learn more at Fidelity.com.
Jean Chatzky: (00:35)
Welcome, everyone! I want to wish all moms a wonderful Mother’s Day this weekend. I hope you find time to celebrate yourselves amidst the current challenges. Our guest today is a remarkable mom and entrepreneur who launched her jewelry brand with just $500 while caring for her newborn son. That was back in 2002, and today her company is valued at a billion dollars, with 108 stores and over 2,000 employees, mostly women. Let’s welcome Kendra Scott!
Kendra Scott: (02:24)
You’re all looking fabulous! I love that you’re wearing my jewels.
Jean Chatzky: (02:31)
If we were in our studio, our engineer would ask us to remove our jewelry to avoid any noise. But I’m embracing it!
Kendra Scott: (02:42)
It’s a new day!
Jean Chatzky: (02:44)
Your impact is incredible. Since 2010, you’ve donated $30 million to various causes, and you recently opened the Women’s Entrepreneurial Leadership Wing at UT. Thank you for everything you do!
Kendra Scott: (03:16)
Thank you for having me! Many of my team members adore your podcast.
Jean Chatzky: (03:28)
Let’s discuss your company. Starting with just $500 is impressive. Many entrepreneurs begin with far more.
Kendra Scott: (03:50)
It wasn’t a planned start. With 9/11's impact, I was a new mom and needed to balance my passion for fashion and design with motherhood.
Kendra Scott: (06:00)
Struggles often lead to growth. Challenges can provide a fresh perspective on what’s truly important.
Kendra Scott: (12:35)
When we closed our stores, it was uncharted territory. Yet, the sense of unity during this time is remarkable.
Jean Chatzky: (19:04)
I want to hear about your philanthropic efforts, especially the impact of the entrepreneurship center at UT.
Kendra Scott: (20:08)
Establishing the center was a fantastic opportunity to empower students. I wanted to ensure all students could learn entrepreneurship, regardless of their major.
Jean Chatzky: (21:57)
It would be great to visit and speak with your students about financial literacy!
Kendra Scott: (22:03)
I’d love that! We’re planning workshops and guest speakers, including a women’s summit.
Kendra Scott: (23:09)
This Mother’s Day, I cherish the time spent with my family, especially as my oldest son graduates high school.
Jean Chatzky: (24:02)
Thank you for sharing your inspiring story, Kendra! Happy Mother’s Day to you and all the wonderful moms out there!
Jean Chatzky: (24:25)
Now, let’s dive into the mailbag segment!
Jean Chatzky: (24:34)
Kathryn Tuggle joins me for the mailbag discussion.
Kathryn Tuggle: (24:41)
I loved Kendra's insights!
Jean Chatzky: (24:45)
She truly understands customer needs.
Kathryn Tuggle: (24:56)
Absolutely amazing.
Jean Chatzky: (24:59)
Her ability to anticipate customer needs is key to her success.
Kathryn Tuggle: (25:13)
100 percent. Her insights are invaluable.
Jean Chatzky: (25:41)
Shopping can often be a confidence-draining experience.
Kathryn Tuggle: (26:11)
Smart retailers know how to create a welcoming environment.
Jean Chatzky: (26:20)
Absolutely, it’s crucial to make customers feel valued.
Kathryn Tuggle: (26:21)
Absolutely.
Jean Chatzky: (26:23)
Let’s move on to our listener questions.
Kathryn Tuggle: (27:13)
Our first question comes from an anonymous listener who is expecting a baby and has faced financial challenges due to the pandemic.
Jean Chatzky: (29:34)
Congratulations! Focus on the joy this baby will bring.
Kathryn Tuggle: (27:35)
Regarding estate planning, it’s essential to consider life insurance and how to manage your savings during this transition.
Jean Chatzky: (34:44)
Protecting your family is vital. Prioritize life insurance as your baby arrives.
Kathryn Tuggle: (32:48)
Having savings is great, but consider investing in the right areas.
Jean Chatzky: (33:15)
Best of luck with your pregnancy!
Kathryn Tuggle: (33:22)
Next, we hear from Janell, who is concerned about returning to work after the pandemic.
Jean Chatzky: (34:44)
If you’re at high risk, consider exploring roles that allow you to work from home.
Kathryn Tuggle: (37:23)
Keep your health a priority as you evaluate your options.
Jean Chatzky: (37:41)
Consider discussing remote work options with your employer.
Kathryn Tuggle: (38:01)
Lastly, we hear from Megan in New Zealand, who is concerned about her new online business.
Jean Chatzky: (38:01)
Navigating business during uncertain times can be daunting, but it’s also an opportunity.
Kathryn Tuggle: (39:10)
Investing in your business can yield great returns if done wisely.
Jean Chatzky: (43:33)
Thank you for joining us today! A huge thanks to Kendra Scott for her inspiring insights. If you enjoyed this episode, please subscribe on Apple Podcasts and leave us a review. Our theme music is from Video Helper, and this episode is produced by PRX. Wishing everyone a lovely Mother’s Day!
