Actor Brooke Shields: I started my first business at age 59, and it's 'not for the meek of heart'

CNBC

3 days ago

At age 59, Brooke Shields added a new title to her resume: CEO.
The longtime actor and model launched a haircare line called Commence, aimed at women over the age of 40, in June 2024 — and as a first-time startup founder and CEO, she was quickly humbled, she said on May 28 at The Wall Street Journal's Future of Everything live event.
"It is so not for the meek of heart," said Shields, now 60, adding: "Every step of the way you're just going, 'I can't believe I've done this."
Shields recalled meeting with a venture capitalist in hopes that he'd invest in her startup, for example. He wasted no time telling her that she'd fail in the heavily saturated market of celebrity beauty brands, she said.
"I said, 'You know what? I can stop you right there ... I'm not here for your opinion, I'm here for your money,'" said Shields. To her surprise, the gutsy move earned her some respect, she noted. And though he ultimately didn't give her any money — the business was too small — Shields said she was proud of herself for speaking up.
"We'll go back [to pitch him again]," she said.Building a startup cost more money than Shields expected, so she raised roughly $3.5 million from outside investors to fund the launches of her company's first three products, Forbes reported on August 2.
Similarly, at the Journal's event, she spoke about the unexpected skills you need to succeed as an entrepreneur — ones you might not know if you've never done it before. Building a strong team is only the start, she said: You need endurance and resilience to recover from setbacks, which will inevitably happen, and stand apart from your competitors.
"You have to be really clear about your vision, your mission, and you have to really be clear that you can find a way to differentiate yourself," said Shields.
Shields referred to Commence's target demographic as an example of a differentiating factor: As she aged, she noticed that her many of her peers felt like menopause and wrinkles made them feel less worthy as people, compared to when they were younger, she said.
She saw an opening in the market. Gen Xers spend $279 billion per year on beauty goods, according to a January report. That number is expected to grow to $430 billion in the next 10 years, Shields said.
Launching a startup is typically very challenging: Roughly 20% of new businesses fail within their first year, according to data from the U.S. Bureau of Labor Statistics. But don't let the belief that you've already peaked in life, or your doubts about succeeding, stop you from taking the risk, she advised.
"I would tell someone, just don't give up," said Shields. "You've got to just be avaricious, and if you start doubting, just do something that absolutely stops you and keep moving forward. Be ready to pivot and be ready to surround yourself [with] the best [talent] that you can find to support the whole team."
Successful entrepreneurs including Mark Cuban and Jeff Bezos have given similar advice over the years.
"View setbacks as helpful obstacles that drive learning," Bezos wrote in an October 2021 social media post. "Whatever your goals are, don't give up no matter how hard it gets."
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