Latest news with #ElizabethGore
Yahoo
07-08-2025
- Business
- Yahoo
From Pokémon to Labubu: How this CEO's hobby became a hustle
Listen and subscribe to The Big Idea with Elizabeth Gore on Apple Podcasts, Spotify, or wherever you find your favorite podcast. Can your favorite pastime become a thriving business? This CEO made it happen. This week on The Big Idea with Elizabeth Gore, DripShop CEO and co-founder Javaughn Lawrence joins the show to answer the question: How do I monetize my hobbies? Lawrence turned his childhood hobby—collecting and trading Pokémon and other collectible cards—into a live-shopping e-commerce platform. He and Gore discuss why he chose to pursue this path professionally and how he continues to build community by livestreaming one pack of trading cards at a time. Yahoo Finance's The Big Idea with Elizabeth Gore takes you on a journey with America's entrepreneurs as they navigate the world of small business. This post was written by Lauren Pokedoff Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
05-08-2025
- Business
- Yahoo
The simple 3-step plan to build your business
Listen and subscribe to The Big Idea with Elizabeth Gore on Apple Podcasts, Spotify, or wherever you find your favorite podcast. To find your 'big idea' - start with what breaks your heart or lights your soul on fire - an emotion that drives great businesses. That's what powerhouse entrepreneur Kathleen Griffith says on how to discover your business's core purpose and turn it into a powerful brand. On this episode of The Big Idea, Kathleen reveals to host Elizabeth Gore that big ideas aren't just for big brands. Griffith breaks down how to craft a brand mission, position it smartly and turn it into a one-liner that sells. Want to build like a boss? Start here on The Big Idea with Elizabeth Gore. Yahoo Finance's The Big Idea with Elizabeth Gore takes you on a journey with America's entrepreneurs as they navigate the world of small business. First, you've got to have an idea for a company. So that's table stakes. And what I like to say is your idea should either break your heart or light your heart on fire. So it is something that you want to run toward because it is some wrong that you need to make right in the world, right? Like that is the business that you built. How to y'all. I'm Elizabeth Gore. Welcome to the Big Idea from Yahoo Finance, the show that navigates the world of small business and entrepreneurship. All businesses start with one light bulb moment and I'm going to take you on a journey with America's entrepreneurs. As the co-founder ofThe small business funding platform, Hello Alice. It has always been my mission to help ensure entrepreneurs have the tools they need to live the American dream. We're going to get between the spreadsheets with these operators to flow from their smallest failures to their biggest successes. So let's cowboy big idea question ironically is how do I find my big idea? Our industry focus will be entrepreneurship. Joining me today is one of the most savvy entrepreneurs I know, Kathleen Griffith. Kathleen is the founder of Build, a brand consulting firm that has managed over $500 million in marketing and a billion dollars on behalf of their clients. She's the best selling author of Build Like a Woman and co-host of the podcast The Unshakeables. Kathleen is such a pro at providing insight and advice to small business owners, so there's no one else I'd rather help answer the question, How do I find my big idea? Let's talk to you're here. I know you. What? I know you 15 years? I know something like that. I don't know you said earlier you were the UN Elizabeth back then. I was really funny. That was like a lotof lifetimes ago foryou, right? Yeah, I mean, author, owner, speaker, podcaster now. You worked in some big companies and some big agencies. And then tell me about that moment when you said, I'm going to build my own thing. This is my big idea, because you were killing it.I mean, you were perceived to have been killing, yeah, but, but tell me how that happened. I want, I want people to hear your story because it's pretty unique. My dad is still white knuckling itall these years later. He's like, wait, you're making so much money. I calledhim. Yeah, I was like, I'm in daddy's like, I don't know if thisis going to work out. We'll see where's your health insurance. But it was, it was so, you know, again, facade, great, everything on paper, great, top of this 2000 person ad agency, um, the title, the romantic partner, the home, all the things. And I just remember this know, this one day where I just broke down. Like it was, it was one of those just seminal breakdown moments that I think create a lot of beautiful things in life. I ended up going for pizza at this we're in New York City now, at this cute little spot um in Tribeca, and I had this pizza called the Shroom town, which has 4 different types of mushrooms on it and it has a little indulgent truffle sauce and I had this thing like smeared all over my my friend was like sitting across from me in disbelief and I thought it was because of like how I was inhaling the pizza and there was, you know, of course nothing wrong with pizza. And she just said to me, like, you look like a ghost. You look like a ghost. And I realized that I had just become so numb and so dead working in this corporate job, like 80 hour weeks that I hated, nights and weekends, going in when it was dark, leaving when it was dark. I think a lot of people can relate to I just become this shell of a person. And so I walked home that night and it was one of those rainy nights in New York City where like the pavement is glistening, you know, from the rain that's fallen, and I walked 40 some odd blocks and the week before.I had been to this seminar with this woman by the name of Tama Keeves, and she said to me something that just reverberated in my head, which is, if you are this successful doing what you don't love, imagine how successful you'd be doing what you do love. I mean, come on, my job, right?It's me. It's interesting though that you heard it a few months might have heard it, but you didn't listen to it. Is that a fair statement? Yeah, Idid. Yeah, isn't that amazing? I think the teacher appears when you're ready and sometimes, you know, that's obviously a quote I did not make up, but this teacher had been kind of looming in the background for quite some time, butShe didn't pull through until this moment where I was having this breakdown and and really just knew, I knew in my bones I needed to leave at that point and bet on myself. There was a statistic and or I'm making it up, but at one point was that 2/3 of women in corporate America want to want to start their own and I, I just feel like that's such an indicative quote for, for particularly women of look how awesome you're doing, and it's not even what your, your heart and your soul is telling you to do. Can you imagine? And it was so awesome to watch you suddenly decide, you know what, I'm going to build my own business, by the way, called tell me that story. There wasthis, so I did the, I started my own business, which was a consulting business, did that for 10 years. We were wildly successful, so, um, generated over half a billion dollars in the world. Yeah, for the Nikes of the world, the world, like the Fortune 100 I had this moment where I looked at my life and it was like magnificent. You have agency and autonomy and financial freedom and all these things I knew I would not have had had I not built that company and left corporate and made the leap. And so that was really the genesis for Bild wasYou know, there are a lot of builders out there, a lot of women who want to do different things, women with vision who want to daily step into realizing that vision. And let me just create a place and space for other women like me who want to go do that. Ithink the coolest thing is you call me and you're like, love your big idea show. Do you know I have a whole chapter in my book called The Big Idea, yeah. And and it dawned on me that we haven't actually talked through on the show, and that's our our question today is how do you find the big idea?So, so tell us, I mean, break your chapter down. Yeah. Soif you have, first you've got to have an idea for a company, so that's table stakes andWhat I like to say is your idea should either break your heart or light your heart on fire. So it is something that you want to run toward because it is some wrong that you need to make right in the world, right? Like that is the business that you built, I would say. Or it's something that just like lights your heart on fire that you want to run toward because and and one of the great litmus tests as you run through that process is you'll see that you're either going to get giddy hand clapping and people are thrilled with what you're going to get hate too. People are going to be booing, I think that that is that a thing? I don't think so. It is. OK, so that's step one. So you need a business idea, and I always say like that is the best, the heart knows what we can, you know, I think that's especially a place women create from. I think you can look at all the white space in the world andYou know, do SWOT analysis at the wazoo, but like. Your heart knows it's about this. Some entrepreneurs have a zillion ideas. My co-founder is one of those with a zillion ideas. How do I focus in on on one? Having too many ideas is one of the biggest problems in the world, and it creates fragmentation of time, money, resources. It ain't a good idea. So I would say just pick the one thing that you think is going to be the greatest driver for your the short term and then run it like an experiment for the next 90 days, see if it works, you can then move on to the next bright shiny object. It will bethere for you. 90 day trial, OK. Then you've got to create a brand strategy. So there's really kind of three steps to creating a brand and a brand is reallyYou know, why you exist in the world. So it's what takes you out of being a commodity or a product. And so you tend to have a brand mission, you have a brand strategy or a positioning, and then da da da, you've got the big idea, which is a brand campaign. And so that's really just a one liner. And when I tell people to think about brand campaigns or big ideas, it's funny when you're a small business think it's a luxury. Oh, interesting. I don't need to do that. That's what the big brands do. Do they thinkit's a luxury of time or money or what is the reticence there? I think itseems too big to take a big position when you're just starting out. So what a big idea requires to give you some analogs, it's like Nikes, just do We're all familiar with that, or Apple think different. Apple, when they made that commercial, they didn't feature any products whatsoever. They weren't talking about their competitors. They were featuring visionaries who thought different, who would have been featured in a great bigidea. So if I'm I'm a brand new cupcake shop in Cincinnati, it down how how I find that. So it's a messy process. I think when I started out, I thought it was going to be like the devil wears Prada, you know, and Meryl Streep's characters and then someone just trots and you know, A B or C, I think but once you, once you know what your brand mission is and what you're solving for in the world, your big idea is just really that catchy one-liner. Like, so how do we encapsulate that in a way for customers that make them feel something? Again, going back to the emotional so the best way to do that if you've got no team, no money, it's like get into a room with some colored markers, a whiteboard, start writing down one-liners that speak to you that you think signal what you represent in the world, you're kind of rallying cry, this movement you want to create, and then go ask friends and family forfeedback. All right, Ms. Kathleen, hold that thought. We've got to go to a quick break on the big back to The Big Idea. I'm here with the amazing Kathleen Griffith. So you have this big idea, and one of the things I think small business owners need to learn is how a CEO then takes their own persona and uses themselves as a marketing machine, their own thought leadership, their own speaking, their own writing. Can you spend a minute on that? Because I feel like you're the best in the business on teaching about that. Well, I appreciate that because I, I fell into it accidentally a little then you start to come across the data, which is for early stage companies, they grow 2x faster if the founder is in the media. So, wow, that is like a demonstrable impact on your business. And also means social media, your own thing. Exactly. Whatyou're comfortable with, right? It could be a newsletter, right? Wherever you're comfortable kind of expressing yourself and it's because82% of customers trust a brand more when they know the founder. So there's just this trust, right? Like, I now know you. I want to follow you. I know your likes and dislikes and your preferences. So for someone who's used to being behind the scenes, like I was a grinder. I love like rolling up my sleeves, no one knowing me, doing the work. It's an adjustment to really step out into the limelight, but it is whatHelps your brand go further faster. Well, you broke down the big idea campaign steps. What what would be just very simple steps for a small business owner to step into the limelight? Let's just stick with our, with our little shop, our little cupcake shop. Yeah, so if you're a cupcake owner, I would really write down the top 3 mediums that you're comfortable operating in. So, are youMore of a verbal communicator? Are you more of a written communicator? How do you like to engage with people? What makes you feel comfortable, and then really work on starting to produce three different things that you can put out into the world, whether it's a podcast or newsletter or ongoing social media, like a little content series for people to start to get to know you. But here's the thing that I think is really important, and I was thinking about this coming in a lot of pressure to also then put on this glossy facade once you are out in the world and in the media, like everything is perfect. And that puts a ton of pressure on a founder. And I experienced that all the time. And so I really had to get real with and honest about how much I wanted to even show up know, on camera with makeup on, like, a lot of the times I'm doing social media, I have a baseball hat on, no makeup, and I'm just walking through my neighborhood. That's what made me feel comfortable, you know, um, your friend Rebecca Minkoff was on the show recently and she said something that blew my mind. She said,You don't have to show everyone everything on social, but what you choose to show, just be authentic. And I thought that was the best a good point, right? Like you need to sit down. I would say that's another great exercise is think about your boundaries. Like, I'm not going to show my motherhood journey. Like that is private to know, I'm not going to show my personal relationship, but whatever it might be that are like these sacred spaces that you want to keep private and sacred. That's a way it's a way to filter that, um, like Carolyn and I are, there are so many things we could stand up for in the world and my co-founder and I, and we really focus it on ourHello Ella's small business. Yeah. So if we stand for something, we make sure it's in that lane. Is that a way to kind of filter through how you're showing up? Does it relate to the business? Is that a way to think about it? Or I think that's agreat starting point. So first, it's what am I going to be a subject matter expert usually it's the category you're operating in. So small business or entrepreneurship is like a great swim lane for you to be an expert in because that's what your business is also based so I think that is absolutely a smart starting point. And then, you know, if, if, if I decide as things are starting to pick up, yeah, you, you, you built this, this company that has worked from everyone from Eva Longoria Reese Witherspoon to these big brands. When, when should I bring in an expert, you know, an idea of spending that money to bring in someone to, to really help me think this through. An expert in personal branding or or even the big idea. You know, I don't think you need anyone. Oh I love that. I think that's part of why I wrote this book. I wanted something that was just practical and gritty after spending like $5000 on a PR person here and $10,000 on a brand strategist there. Like it all adds up and line, and I'm, I'm all for like we have to delegate, especially as women, and I think to be these gumbies where we're just stretched every which way like it is good for anyone. You do have to pick your peds. But, but truly to be able to um you can do a lot of this on your own if you just get the right tool set. the successes, you and I talk a lot about failures too, and, and on the show we talk about the dirty unicorns. Yeah, um, give me one of yours. Give me one of your dirty unicorns. I mean, there are so many. I feel like.I feel like I'm on the know, half sobbing, like at least once a week. There's just I think I'm like, is that, is that not normal because uhI'm on Marco Polo with my girlfriend's like, yeah, yeah, really quickly though, what do you do when you're having those moments? Do you, do you have like a phone of friends? I have,I love the Marco Polo. Shout out to Ver. I've heard it's a closed app where you can get on with a group of people and leave videos in real time. It doesn't go to the cloud. It's not social so I'm blessed to have incredible girlfriends. So those moments are like, whoop, get that phone open, and then they'll respond when they can, you know, in the next 2 days, and that is is like just like counseling, but I'm interviewing you. OK, we're back. What's my dirty unicorn was 3 weeks before I was supposed to get married. I found out that my partner had a whole secret life. a rabbit hole. It ain't good. But I knew that I needed to leave. I knew that I needed to leave and so I, that was like another just massive breakdown moment where I decided at that point that I was never going to be like financially dependent on a man for the rest of my life. check, yeah, yeah. But I just, I felt like I really screwed up. Like I picked someone. I didn't see any of the signs and just then felt totally blindsided. And so I think that happens in business all the time where you just don't see, you're getting into a business partnership with someone, you know, I had someone who I was like 7 months into a business negotiation andThey were trying to negotiate in very small text rights in perpetuity to my likeness. Wowwow. And you're all of a sudden you have this moment where you're like, this is a really bad actor that I almost was in business with. I mean, so these sorts of things where you just your own judgment, right, um, TD Jakes was on the show and he said, don' charisma for character, right? Isn't that an interesting but that takes a minute. It takes so long. It takes a minute. And I think for the longest time like I felt like not a real entrepreneur. I was the the accidental entrepreneur that andIt's it's in all of our bones, right? But that had left corporate and so I didn't technically know what I was doing and I didn't have an MBA and so girl I majoredin science. I studied cattle. Yahoo finance they're like, what's your background? You don'ttrust this. And then over your spidey senses tend to go, and now I like to have really hard conversations up front because I find it saves you so much more on the backend. Well, and look at now the millions of people you've supported, educated, inspired, and I want to close again. I want folks to read Build Like a Woman, men and women to read this, but tell 3 ways I go after my big idea. Three ways to go after your big idea once you have go, this is so exciting. OK, so #1, you have identified a crystal clear big idea. You've got a one-liner, that's really exciting. Number 2 is you're going to get someone to help you creatively bring it to life. So this would be in content, you could bring on a creative, you could do this in Canva if you have no budget. You just bring it to then I want you to mark it on your calendar, that's step 3, and make a lot of noise about it in the market, as if it is this really big deal for your business, because it's amazing. People remember, you know, when you cannot outspend, when you cannot out shout, when you cannot of those things you have to outsmart the market. And remember when you make a lot of noise, they don't necessarily remember what it was about, but they remember that you made noise. Yeah. Kathleen, you are a blessing. I am so proud of you. I admire you. Thank you for coming on the show and teaching how to do a big idea. Thank you. I the end of each episode, I like to give a shout out to a small business who is doing amazing work. Today, I'd like to shout out one of Kathleen's favorites, RJ Julia. RJ Julia is an independent female-run bookstore located in Madison, Connecticut, owned by Roxanne J Cody. Cody named the store in honor of her grandmother, Julia. Oh, that's after my own wanted to create a bookstore that was a place of inspiration, information, and excitement. Check them out at RJ Thank you to Kathleen for coming on the show and thank all of you for joining us. We hope you've learned a lot. This has been the Yahoo Finance. Please make sure to scan the QR code below to follow Yahoo Finance podcast or check us out at the Big Idea wherever you get your podcasts. You can also say howdy to me on all my social channels at Elizabeth Gore USA. I'm Elizabeth Gore, and as my grandmother always used to say, hold your head up high and give them hell. See you next content was not intended to be financial advice and should not be used as a substitute for professional financial services. 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Yahoo
25-07-2025
- Business
- Yahoo
Military veteran shares the top small business resources for former service members
Listen and subscribe to The Big Idea on Apple Podcasts, Spotify, or wherever you find your favorite podcasts. Getting any business off the ground is difficult work. But veterans have access to resources that can provide an additional boost and leverage their military experience. Veteran and former Congressman Patrick Murphy shared on the Big Idea podcast some of those resources he frequently recommends to veterans trying to get their entrepreneurial dreams off the ground. 'I'm a big believer in Bunker Labs,' Murphy said, talking about the nonprofit that's a part of Syracuse University's D'Aniello Institute for Veterans and Military Families, which supports military veterans and their spouses in becoming entrepreneurs. Bunker Labs offers educational programs that help veterans and military spouses develop business plans and the skills and connections they need to launch their businesses. 'For over 30 cities across America, they help veterans get a business plan,' explained Murphy, who also co-hosts Yahoo Finance's Warrior Money podcast. 'Because it's not just about, 'Hey, I have an idea. I want to start a business.' It's ... How are you going to get customers? What's your business plan? What's your return on investment?' Once an idea is formed and an action plan is made, funding is the next crucial step. Murphy recommended searching for business grants on online platforms such as Hello Alice, which was founded by Big Idea host Elizabeth Gore. He likened the services to a Pathfinder in the Army who can guide entrepreneurs along tried-and-true paths. Murphy also encouraged veterans to explore how the post-9/11 GI Bill can help fund entrepreneurship training. He emphasized that 49% of veterans from World War II went on to start small businesses, including Walmart (WMT) founder Sam Walton. Today, only 5.6% of veterans pursue the same goal. 'We've got to prime the pump there to get [veterans] to have that confidence to go do great things and maybe even start their own small business,' he said. Another tip that Gore highlighted is for veterans to register their company with the US Small Business Administration as a veteran-owned or service-disabled veteran-owned small business. Those who qualify can take advantage of the government's supplier diversity initiatives for securing contracts and other opportunities. Ultimately, Murphy recommended that veterans find a business model that allows them to continue to pursue the 'purpose-driven' motivations instilled in them by military service. For Murphy, that has been teaching at Wharton, where he helps others learn how to 'leverage the opportunities [they've] earned,' and using his entrepreneurial skills to aid veterans in their transitions post-discharge. 'To me, the lightbulb moment was, I was betting on myself, ... and even though I was in my forties ... I was like, I could do this, and I could do it well,' Murphy said of his experience transitioning from public service to entrepreneurship. 'And it hasn't been linear. You know, some of the companies are no longer with us. But that's part of the venture capital, and that's part of being an entrepreneur.' Every Thursday, Elizabeth Gore discusses real-life stories and smart strategies for launching a small business on The Big Idea podcast. You can find more episodes on our video hub or watch on your preferred streaming service. Sign up for the Mind Your Money newsletter
Yahoo
17-07-2025
- Business
- Yahoo
Inside the storefront Beyoncé can't get enough of
Listen and subscribe to The Big Idea with Elizabeth Gore on Apple Podcasts, Spotify, or wherever you find your favorite podcast. What do Beyoncé and luxury western wear shoppers have in common? They can't resist the magic of Kemo Sabe. This week on The Big Idea with Elizabeth Gore, Kemo Sabe president & owner Wendy Kunkle joins the show to answer the question: How do I create the best in-store experience? Kunkle, who began working for Kemo Sabe 20 years ago, climbed the ranks and took over the luxury western wear brand in 2020. She attributes her success to hard work and hiring the right staff. Kunkle stresses the significance of having a strong and passionate team, plus Kemo Sabe's elite in-store experience has led to the company's success. She also provides actionable insight for entrepreneurs with storefronts looking to better develop their businesses. Yahoo Finance's The Big Idea with Elizabeth Gore takes you on a journey with America's entrepreneurs as they navigate the world of small business. Failure is weird for me. I like when we fail because we, we learn and we grow. I tell all the staff, you can screw up, you can brand a hat wrong. We're not going to be mad. It happens. Who cares? But it's just part of life. But the thing I don't like to do is when we fail on a staff. How to y'all. I'm Elizabeth Gore. Welcome to the Big Idea from Yahoo Finance, the show that navigates the world of small business and businesses start with one light bulb moment, and I'm going to take y'all on a journey with America's entrepreneurs. As the co-founder of the small business funding platform, Hello Wallis, it has been always my mission to ensure entrepreneurs have the tools they need to live the American dream. We're going to get between the spreadsheets with those operators to flow from their smallest failures to their biggest successes. So let's cowboy big idea question is how do I create the best in-store experience? Our industry will be Western wear. Joining me today to talk about this is none other than the CEO of Kimo Sabi, Wendy Kunkle. From cowboy hats to boots to buckles and much more, Kimosabi is one of the leading Western wear brands in the Wendy has been at the helm from the early days. Starting in sales, Wendy joined Kimo Sabi 20 years ago and has climbed the ranks ever since. She officially bought Kimos Sabi from the original owners, Tom and Nancy Yoder in 2020 and has been owning the brand and making it her own ever is no one better to talk with the big idea question, how do I create the best in-store experience? And y'all, I have been there many times. This hat was purchased there years ago and y'all know how I love me some cowboys. So let's talk to are we in New York? Because of you and our cowboy hats. Iwear it all the time. So up and down the street. I walked through, I've been in like 7 airports this week with my cowboy hat, and you know what, it's, well, I grew obviously I grew up on a cattle ranch, so this is what we do, straw in the summer, felt in the winter, but I feel like it's embracing America right now. Absolutely. When you wear it, don't you feel like people can come up to you? They feel like you'reA little more friendly, approachable. I'm not just the shit kicking cowgirl anymore. I'm like the, the, now look, Kimo.I, uh, you and I met years ago and fell in love. I walked in your store and then I didn't leave for like two days. Why would you? Why would I, right? Well, let, let's, I mean, I, I'm, I'm in all seriousness, I bought this out from you years ago and it is a life purchase for me. It's part of my identity. And tell me about Kimmo Sabi. Tell me about the name. Let's start there and then we'll get into thehistory. Mosabi, it's simple. It means trusted friend or faithful scout, Lone Ranger Tonto. Yes, you're you're my Kimobi. Thank you. OK, go ahead. Lone Ranger and Tonto, Tonto called the Lone Ranger his kimo sabi, his trusted friend. It's a made up, you know, Hollywood word, but it works for us. Yeah. Now your stores are, you know, our big question today is, is how do I absolutely dominate the in-store retail experience? I don't think there is a store in America that you walk into and leave, not just having made a purchase, but making lifelong friends, feeling great about yourself and learning about this country. So you started 20 years ago there. So tell me about that journey. I was a zoologist traveling all over the country, working in zoos, and I just didn't fit in anywhere. Nothing worked for me. All my friends were getting married, you know, and I was not interested at the time, and I went out to Aspen to visit a girlfriend from high school and I couldn't believe it. Everyone there was single. I was in my 30s and having a ton of fun, running, you know, just doing whatever they want to do. It's like Disneyland for adults out there. my job, put everything in my tiny little Wrangler Jeep, and I drove cross country, and that was it. That was I didn't have a job. How many people though can can start, you know, as, you know, sales, let's just say in the front, and now you own this anybody can do it. Anybody can. Well, I love that, but that is not true. I mean, no way, that's the American dream. OK. Of course anybody can up. Tell me how it happens. You work hard and you have passion for what you're doing. But what was that you're like, this is going to be mine now. I'm doing this. Well, the owner of the company came to me and said, I'm getting older and I want to sell, and I didn't have any money. So I went to my brother who was successful, and I said, we have to buy this orThese equity firms are going to buy this thing and destroy it. And luckily we got it. We're the highest bid. And tell, tell our listeners about the experience. You know, you walk into Kimo Sabi and just give them a vision of what happens. It's mayhem. Organized mayhem, would you say control chaos. But you know, we have the most skilled staff. We train, train, train. That is, you know, that's one of the ways you you get good at your at your retail space is to train your people, make know everything about everything in there and we have so many skews, it's insane. I mean, anything from a handmade knife that has mammoth tooth on it to a hat that's made of beaver fur to the thousands of hat bands you can do. I mean, it's, it's incredible how many things are in there, but they have to know it all. So you've got to hire real smart, members and you walk in there and you know, you're you're taken through and your story is not enormous and you're taking through, first of all, I don't feel like you're because we're really want to give the 12 3s to our listeners of how you run an effective experience. I don't ever feel like I'm oversold either.I hope I'm not pushed. And so, you know, you, you're, you seem to train people to pull people through their own personal story, what moves you, what gets you excited, and then you got cocktails. It does not hurt. In fact, it feels great. I was just telling somebody earlier, I mean, if it's not fun, we don't want to do it like, and I want my staff to have fun. They should be having the best time when they're at work. There's no reason notto. And I asked you once, you know,With that much demand, I mean, I've seen it. I know you don't like big lines, but you have big lines sometimes, and I asked you, how do you keep up with that? And you told me you just hire more people, hire more people. Like you want to keep that moving. How do you turn a table? You hire more people. Now you still have to get the experience. So to give an average hat sale takes about 45 minutes. So there's also other things. There's boots, there's you canDesign your own buckle. I mean, sky is the limit in there and it's all about creativity. We're not about ego. We want you to create what you love. Areyou pricing that 45 minutes? Because yeah, I feel like these days it's a turn and burn model, and that just doesn't seem like your model. You can't,you can't price that. One person will take 3 hours while another person will take 20 minutes, you know, and, and they should get the experience no matter buying. Let's say they come in and want a koozie. We brand every koozie, right? Were the staff comes to the front, brands their initials on it or their grandpa's name or whatever it is. But that's just as important as a diamond hat sale. You're making somebody's day. Well, let me back up a second. So you took over, I believe, during COVID, if that's right. And it is, that's good right there. And youYou did not stay home. You, you took that time to build best stores, but tell me about, because everyone's going to go through at some point, a natural disaster, a COVID situation, they might have to pause for a minute, but you took that made everything ready for when it was timing it. Tell me about those moments. I just, um, I wasn't afraid. I think fear is your biggest problem in retail. Don't be afraid. Get your ass into work and grind, do the grind, and that's what we did. We were supposed to be closed. We didn't. We, I mean, we had to shut the doors, but we all came in. So we did all of our inventory. We made sure, you know, I had to call all the vendors andBe like, OK, we don't have any money, but, you know, I know you and that's a win-win because we were great friends with all of our vendors already. We've always paid our bills, we've always done the right thing. So they had faith in us and sent us everything they we blew it out of the water. Once we opened the doors, we had all the product ready. My staff was ready. We trained and trained inside the store. We're ready to go as soon as those doors opened, we went gangbusters. And of course everybody from New York to LA, they all came to the mountain towns. That's right. Well, and, and you, you mentioned your, your some of your suppliers, your partners, your customers. I mean, let's talk to everyone. Stetson, iconic brand who's been around the Stetson I'm you customize for me, but, but you, you, you use brand new custom that y'all make and then you use these partnerships. Tell me about brand partnerships and how you treat those, why they're important for retail. Well, some of our vendors, we've been doing business for 35 years with them. It's a win-win relationship. I love these people. They're part of my family. I've known them for 20+ years. We go to dinner, they, they do in our store, they stay at my house. You know, it's a real relationship. It's not something fake. It's, it's real. It's a family. It's a realtime, real time conversations about also the struggles as their supply chain, there's there's tariffs, there's, you name it, are you all just in constant conversation and problem solvingtogether? Oh sure, if there's a problem, we definitely get on the phone. When, you know, and during COVID, we couldn't get enough hat bodies because we were many. So we reached out to other vendors and tried to get more from other people, you know, Stetson could only provide what they could provide, and that pushed us harder to lean on ourselves. OK, how do we make more hats, hire more people. So we haveboot factory, we have a hat factory. We also make our own buckles, but we also, you know, our vendors, other buckle makers like Bolin or Clint Arms, you know, they're important to us. All right, Wendy, hold that thought. We'll be right back here on the big idea after a quick back to The Big Idea. I'm here with Wendy Kunkle talking cowboy hats, kimo sabi, and big ideas. It's one of the things I'm so passionate about with you is a lot of people would say, you know, this is a premium luxury purchase. Why would I go back?And is it, is it a lifetime experience? Is it a one-time purchase? And for me, every time I'm in town, I come see you. That's what it's about, not just and I don't care if you buy something. It's so great to see you, but you eventually just do because you're like, wow, I didn't see that before because you're evolving every season. You told that I mean, you could beat out any of the Gucci's, any of these others, and, but, but, but explain why technically, because small business owners, brick and mortars back. I mean, people are wanting to talk, touch, experience something. Why, why, why are you all the group to emulate? OK, well, since Tom and Nancy Oder started with the liquor and giving away free drinks, and I mean, we don't just give away wine had me a pillow. I mean, we have a full bar, the entire, you know, the whole, whole second floor, whole second floor. It's a bar and we just launched our own tequila line. I can't wait for you,yes, um, but you know, something new and different every time they walk in. You have to be different. You have to constantly be and you have to give them experience like nobody else. OK, so how do you do that? You, you make sure your staff is on point. You make sure that they're ready to go for the day. We huddle every morning. Who's coming in today? We talk about that. We talk about, OK, here's the sales last year. Let's see what we can do this year. It's a constant just communication, That's all we do is chat about everything. You've said training like 10 times. That just seems like such a critical part of an era when again customer service seems to be going down, people talk about AI replacement and so on and so forth, and you really believe in your people. You have to because people are dying to have that personal relationship. OK, have you ever been to a store and they actually treated you amazing? How much did you buy versus the ones that treated youlike crap? Well, and thenAs you walk out you're like, that was awesome, right? Yeah, that's the goal. So speaking of stores, it's not just Aspen. Tell, tell us about your other stores. Um, you've opened, you've closed, you know, tell me about that experience because a lot of people, you know, want to grow into multiple locations, but keeping that touch, keeping those skews, tell me about that. So when I took it over at 3 stores, Aspenvale and Vegas, I personally am not a fan of Vegas, so we closed that one as soon as our lease was up. Then we addedJackson Hole, Park City, Roundtop, Texas, and Whitefish, Montana. Um, so that gets us to 6 at this point. We also have a traveling pop-up crazy, we call it a roadhouse, and it's, it's a lot of fun, but it gets us in front of people that wouldn't normally getto see us. Why didn't you like the Vegas store? Because I think it's important for people to to know that you can try things, close them down. Like, tell me about that just a minute. I mean, every time I went there, I felt uneasy, and I know my girls that worked they were from there, but as soon as we said we're going to close and open Park City, every one of them but with us. They moved to Park City. It just wasn't the right environment. Well, and I'm like, you guys, if you experience a different way of life, you won't believe it. Like this is good living out in the mountains. Try it, and they all love it. How did you choose the other locations, you know, when people are thinking, I want to expand, places you love to go, to be, no, I don't have any science behind any of this. I went to Jackson.I was at a bar, that's kind of the theme here, and I called a real estate agent just on a whim, and there happened to be a building and we bought it in a day. I mean, those are the sort of crazy, I love to take chances, I taking is fun. I love it. I love all that. Like, let's try this, try that. And of course you screw up and things don't work, but who cares? Failure is amazing. It is amazing. In fact, we on this show, we talked about the dirty unicorn, which is our, you know, all of our business failures. Give me one of yours. But you know,Because I'm sure there's only been one. No, you know, failure is weird for me. I like when we fail, because we learn and we grow. I tell all the staff, you can screw up, you can brand a hat wrong. We're not going to be mad. It happens. Who cares? It's just part of life. But the thing I don't like to do is when we fail on a staff, right? What does that mean? So you hire somebody you think is amazing. You bring them in and somehow it doesn't work. That's a failure to me. Whether it's, we didn't train them enough or that store wasn't welcoming enough, who knows what it was. It could be a million things, but that, that's painful for me. I don't, I don't like that. You know, it's, um, I, I tell folks that in your lifetime in a business, you will fire some point. And it's just never easy. It's nevereasy. But you know what though, I've fired a lot of people, but I think when you explain and be real with them why and you know it's better for you. It's not real. I'm not, I know you're a great person, you are, but this isn't your right passion. You're going to find that that's what's important your fast person. Oh yeah, we try. Yeah. Why drag up a hill? It's painful for everyone. My back hurts from that. You just, you can't, you can't do that. You know, if you know right away the red flags, but I think it's important for them too, not just us,but for them. Do you encourage your team to come tell you immediately when they fail?They just sort of fix it themselves. both. If you most of the time, I don't know about most of the failures that happened on the floor, because again, I, it happens. It's not something that's super important to know, they'll screw up a boot, like let's say a $1700 boot and they brand it wrong. You know, we don't fire them for that. That's just, I'll take it. You can ship it to me. I'll still wear it. Just get your wear it. We usually give it to the staff, but hopefully they're not branding it right here. Yeah, I'lltake it. They're like, Where's your initials now? Irong initia. No, I, I, I don't know. You're just know, I came in thinking brick and mortar and retail, and but you just seem like it's just all about your team. Everything you just keep talking about are the people you have their staff and, and tell me the products. I do want to spend a second, um, because I would literally, if I could afford to buy everything in your store becauseWhat you choose. You also have unbelievable art hanging in your store that has inspired me to look up, look after a couple of artists. How do you choose the, the next you? I mean, is this a gut thing again that I run into something, or they come to I love, you know, I'm not one of those guys, people that goes, OK, don't let anybody talk to me. I talk to everybody. Like somebody will bring up some wild idea. I'm like, Holy crap, let's do that. Like that's how you grow. You can't be with blinders on. You have to listen and watch and see. And being in New York, I've already taken a picture of 9 million things that I want to incorporate. I'm like, know, that's the fun of business is the next new fun thing. And if someone comes to me with an idea, I'm, I'm open, open to anything. Well, it's funnybecause you were so far ahead of trends. I mean, you've got Beyonce's entire concert wearing a zillion cowboy hats, Post Malone, all these folks that you would never actually put in that I think the reason I love like being from Texas and growing up as a cowgirl, what you've done is that you're pulling everyone again through this journey of America that a lot of people used to not paying attention to, and I think they are now. Oh my gosh, are they? Well, and and I the other thing I think that would surprise folks about you is you and I talked the other day. I'm like, how's how's online going? And you're like, yeah, I don't is not my chance. I don't wantmy online people to be mad at me, but it is, it's a hard one for me because it's not who I am. So it's difficult for me to get passionate behind it, because I don't know anything about it. Web is raw, but, but I want folks to hear that because every business owner are so different andI, the fact that you love the experience, that you love your retail locations, and that is where your sales are dominating, it kind of bucks the trend that everybody has to go in this other direction, just hearing you as a, as a CEO where your passions are. So I, I want, I want to break it down for our, for our big idea audience on give me three pieces of advice.I'm opening my my dream retail store in Tulsa, Oklahoma, selling t-shirts. What is your three pieces of advice for ourlisteners? HonestyHe got with obviously. I know that's so cliche, but if you don't have that, you're you're screwed. Um, and I mean,Just to have an open mind to just about everything and treat your staff well. That's really the most important thing. If they're happy, you're going to have a great business. I mean, really, what else? I'm going to follow it up because you just keep talking in a cool way about your are you looking for in these people you hire, because that just seems so important to you. Honesty and integrity is two of the big things. It's hard to get fired at Kimiabbi unless you lie or steal. The rest of it is just you have to have a good personality. You've got to really want to be there, have passion for it. Um, you can tell when someone doesn't have passion for something. It's I've walked into 1500 stores in New I'm like, whoa, where's the passion, right?I'm amazed. It's because maybe the owner isn't on premise. I don't know. Or maybe the owner's mad. I don't know, but you got to start from the top and filter down and make sure everybody has the same sort of passionyou have. And Wendy, they all need cowboy hats. Fill this New York City with cowboy hats. Well, you are your blessing. I love the end of each episode, I like to give a shout out to a small business who is doing amazing work. Today, I'd like to shout out one of Wendy's favorite restaurants, Jing. This upscale Asian fusion restaurant located in Aspen, Colorado focuses on prime steaks, sushi, and seafood and uses the best locally sourced products from organic farms. Check them out at you to Wendy for coming on the show and thank you for joining us. We hope you've learned a lot. This has been the big idea from Yahoo Finance. Please make sure to scan the QR code below to follow Yahoo Finance podcast or check us out at the Big Idea wherever you get your podcast. You can also come say hi to me on any of my social channels at Elizabeth Gore USA. I'm Elizabeth Gore, and as my grandmother always used to say, hold your head up high and give them hell. See you next time. This content was not intended to be financial advice and should not be used as a substitute for professional financial services. Related Videos Novartis CEO on Psoriasis Drug, China Growth, Tariffs, M&A Trump says Coca-Cola will use US sugar: Will this be the new norm? MikMak sees Potential for Advertising Clients on Netflix Saudi Arabia to Review 'The Line' Futuristic Project This post was written by Lauren Pokedoff Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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06-07-2025
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Military veteran shares the top small business resources for former service members
Listen and subscribe to The Big Idea on Apple Podcasts, Spotify, or wherever you find your favorite podcasts. Getting any business off the ground is difficult work. But veterans have access to resources that can provide an additional boost and leverage their military experience. Veteran and former Congressman Patrick Murphy shared on the Big Idea podcast some of those resources he frequently recommends to veterans trying to get their entrepreneurial dreams off the ground. 'I'm a big believer in Bunker Labs,' Murphy said, talking about the nonprofit that's a part of Syracuse University's D'Aniello Institute for Veterans and Military Families, which supports military veterans and their spouses in becoming entrepreneurs. Bunker Labs offers educational programs that help veterans and military spouses develop business plans and the skills and connections they need to launch their businesses. 'For over 30 cities across America, they help veterans get a business plan,' explained Murphy, who also co-hosts Yahoo Finance's Warrior Money podcast. 'Because it's not just about, 'Hey, I have an idea. I want to start a business.' It's ... How are you going to get customers? What's your business plan? What's your return on investment?' Once an idea is formed and an action plan is made, funding is the next crucial step. Murphy recommended searching for business grants on online platforms such as Hello Alice, which was founded by Big Idea host Elizabeth Gore. He likened the services to a Pathfinder in the Army who can guide entrepreneurs along tried-and-true paths. Murphy also encouraged veterans to explore how the post-9/11 GI Bill can help fund entrepreneurship training. He emphasized that 49% of veterans from World War II went on to start small businesses, including Walmart (WMT) founder Sam Walton. Today, only 5.6% of veterans pursue the same goal. 'We've got to prime the pump there to get [veterans] to have that confidence to go do great things and maybe even start their own small business,' he said. Another tip that Gore highlighted is for veterans to register their company with the US Small Business Administration as a veteran-owned or service-disabled veteran-owned small business. Those who qualify can take advantage of the government's supplier diversity initiatives for securing contracts and other opportunities. Ultimately, Murphy recommended that veterans find a business model that allows them to continue to pursue the 'purpose-driven' motivations instilled in them by military service. For Murphy, that has been teaching at Wharton, where he helps others learn how to 'leverage the opportunities [they've] earned,' and using his entrepreneurial skills to aid veterans in their transitions post-discharge. 'To me, the lightbulb moment was, I was betting on myself, ... and even though I was in my forties ... I was like, I could do this, and I could do it well,' Murphy said of his experience transitioning from public service to entrepreneurship. 'And it hasn't been linear. You know, some of the companies are no longer with us. But that's part of the venture capital, and that's part of being an entrepreneur.' Every Thursday, Elizabeth Gore discusses real-life stories and smart strategies for launching a small business on The Big Idea podcast. You can find more episodes on our video hub or watch on your preferred streaming service. Sign up for the Mind Your Money newsletter
