Kilgore: Structured problem mapping counters the dangerous unchecked optimism of entrepreneurs
Marcia Kilgore · Live From The HIBT Summit: Marcia Kilgore · Jan 9, 2020 · at 7:45
Serial entrepreneur Marcia Kilgore explains her decision-making framework to Guy Raz and an audience at the How I Built This Summit.
0:00 / 0:23exact quote · 23.8s
720p mp4 · rendered on demand · StarZero watermark
“If you're somebody who's quite optimistic, which is a requirement to be an entrepreneur, you have to be kind of optimistic to a fault. You won't want to look at the hurdles that may be in the way. So actually sitting down and mapping things out will tell you know, can you get over some of these things? And it'll give you a little bit more of a realistic perspective on what you're going to be up against”
quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →
More from Marcia Kilgore
Kilgore: Mainstream beauty products carry at least a 1,200% retail markup
“And in all of these different layers of distribution, you would end up with a markup of 1200% At minimum on that product. So something that is manufactured for five dollars would retail for 60 at minimum because the retailer themselves are taking at least half…”
True entrepreneurs hedge bets and avoid risking everything on one venture
“True entrepreneurs always hedge their bets, right? You don't give up your day job because you think that your, you know, side hustle or whatever it is, is going to actually pay off. You always do two things at the same time because one of them may not work and…”
Kilgore: True entrepreneurs hedge their bets by running two ventures simultaneously
“True entrepreneurs always hedge their bets, right? You don't give up your day job because you think that your, you know, side hustle or whatever it is, is going to actually pay off. You always do two things at the same time because one of them may not work and…”
Kilgore: Beauty Pie caps product markup at 3x manufactured cost
“So we negotiate hard with our manufacturers, but it stops at about three times the manufactured cost, and it doesn't go farther than that, whereas most beauty products go to 10 or 12, or sometimes 20.”
Kilgore: Brands need a few flagship stores with lines, not 20 locations
“When you talk about retail stores, I don't think you need, you know, 20 of them. I think you need, like, a couple of really good ones strategically located where there is a line out the door. Nothing is better for your business than a line out the door of peop…”