Latest news with #KimPerell
Business Insider
11 hours ago
- Business
- Business Insider
I sold my company for $20 million at 30. I share my stories of success and failure because both are important.
This as-told-to essay is based on a conversation with Kim Perell, author of " Mistakes That Made Me A Millionaire." It has been edited for length and clarity. Ever since I was a kid living in Oregon, my life has been a roller coaster ride of entrepreneurship. My parents were entrepreneurs who experienced big highs and big lows. Running their own business created a lot of stress in my household. We never knew if we'd have enough money to turn on the heat during the winter. There was tension between my parents and my two siblings, and I felt it, too. When we sat down for dinner each night, my dad would ask about the worst part of our day, which always led to him talking about business troubles. He didn't ask about school or sports, but was always up for talking business, so we saw the difficult parts of entrepreneurship up close. I didn't want to become an entrepreneur until I got fired I didn't want to be an entrepreneur because I had seen the stress and inconsistency it caused in my family growing up. All I wanted was a stable job with a paycheck every two weeks. So, I went to college and got just that — or so I thought. After about two years, the company I was working for went bankrupt. I was fired and broke. That was an important lesson: whether you're an entrepreneur or an employee, there's no such thing as certainty and security. If nothing is guaranteed, the best bet you can make is on yourself. I waited too long, but then jumped into digital advertising After that, I was interested in starting a company, but I made the mistake of waiting for the ideal time. I've since learned that launching a business is like becoming a parent: there's no perfect time. You've just got to jump in. So, I took a $10,000 loan from my grandmother to start a digital ad agency. My grandma didn't understand what the internet was, but she believed in me, and her loan allowed me to start the company at my kitchen table. I sold my company for $20 million when I was 30 Growing up as a twin, I learned early on to differentiate myself. That gave me a lone wolf mentality that was hard to shake. That's another mistake I made: trying to do everything alone. Once I finally hired help, I was able to grow and scale. The company flourished. When I was 30, I sold my digital ad company for about $20 million in cash and equity. I remember going to the ATM, and my bank balance had too many digits to print on the receipt. That was the best day of my life. My maxed-out credit cards and 3 a.m. worries had paid off. I had created security for myself. As a mentor, I aim to normalize failure I'm 48 now. Since selling that first company, I've become a serial entrepreneur, investor, and business mentor. I speak with my clients not only about my success, but about the failures I've had along the way. I'm not sure my dad did the right thing by sharing his business woes at the dinner table each night, yet that normalized failure for me. If failure isn't normalized, you can become paralyzed by fear and get stuck. To succeed as an entrepreneur, you need to know you're going to make mistakes and do it anyway. My failures have contributed to my success I want my four kids to be comfortable taking risks. Make mistakes; think big; and fail occasionally. That's where you grow. Our children are going to need that adaptability and willingness to try new things in a world that is changing more quickly than ever. As a young adult, I wanted consistency, but I've learned the only constant is change. Embracing change and failure has led to my biggest successes.
Entrepreneur
13 hours ago
- Business
- Entrepreneur
Functional Mushroom Gummie Founder Struggles to Balance Stress and Growth
Get practical advice from Dr. Drew and investor Kim Perell on this episode of Entrepreneur Therapy, featuring SuperMush co-founder and CEO Alli Schaper. After battling chronic gut issues since childhood and cycling through a bunch of traditional medicine, Schaper found relief through functional mushrooms and never looked back. She teamed up with a co-founder to create SuperMush, a line of sugar-free mushroom-based gummies, mints, and mouth sprays that promote energy, focus, and relaxation. But as the company has grown, so has the stress. "The irony is we're creating a mental health brand," Schaper said, "and the attempt to maintain our own mental health through the process of building and scaling a CPG company is pretty wild." Schaper recently appeared on Entrepreneur Therapy, presented by Amazon Business, to talk with Dr. Drew and Kim Perell about what keeps her up at night—and how to protect her peace while scaling a wellness brand in a highly competitive space. Related: The Wellness Industry Is Now Richer Than Big Pharma and Sports The first problem? Finding balance between the creative side she loves and the operational demands of a startup trying to grow fast. "We've now had to shift completely into like operations spreadsheet mode," she said. "It's been dominating our time." Perell suggested that it might be time to consider hiring someone whose strength is in backend operations. "That person will be a game changer in your business," she told Schaper. "It may mean giving something up, but it will allow you to do your best work." Dr. Drew honed in on Schaper's stress level. "You gloss it over with that beautiful smile," he told her, "but it's going to catch up with you." He encouraged her to find a real way to relieve the pressure—whether that's boxing, therapy, or talking to a close friend. Schaper agreed that the emotional ups and downs of entrepreneurship can be discouraging, especially when the grind doesn't always lead to immediate results. "I could work 80 hours a week and get zero investment checks," she said. "Then the next week, I work three hours and get a million dollars." But she left the session with a new perspective. "I love what they shared," she said. "And I have some good, clear takeaways." Entrepreneur Therapy is presented by Amazon Business. Smart business buying starts with Amazon Business. Learn more. Related: 'You Need Support:' Honest Advice for a Founder Trying to Do It All Alone Related:
Entrepreneur
3 days ago
- Business
- Entrepreneur
Founder Grows Carribean Food Brand While Managing Business and Marriage Stress
Get practical advice from Dr. Drew and investor Kim Perell on this episode of Entrepreneur Therapy, featuring In The Kitchen with Alexandra founder Alexandra Baker. When Alexandra Baker started handing out jars of her homemade Haitian pikliz—spicy condiments for rich foods like fried pork and plantains—friends and family couldn't get enough. What began as a side hustle on Etsy turned into a full-fledged food startup, In The Kitchen with Alexandra, where she sells her products through Amazon and independent retailers. But as sales picked up, so did the pressure to fulfill growing demand without enough capital. She appeared on Entrepreneur Therapy, presented by Amazon Business, to ask a question many founders face: how do you keep scaling when you're running out of money? And how to protect her marriage and mental health in the process. Related: How Much Capital Does Your Startup Need? Here Are 7 Key Factors to Consider. Baker explained that demand ramped up quickly, forcing them to reorder inventory almost immediately, even though the money from earlier sales hadn't fully landed yet. She and her husband, Troy—who now run the business together—had already dipped into their savings, taken out an inventory line of credit, and curbed their leisure activities. "We were accustomed to multiple getaways throughout the year and dining out a couple times a week," she said. "We've had to cut back on a lot of that." Perell applauded Baker for staying lean. But she cautioned that every founder needs to define their financial breaking point. "You should know how much you're willing to lose," she said, "because at some point you have to take care of yourself too." For her, that number was $30,000—$10,000 from her grandmother and $20,000 on a credit card. Dr. Drew picked up on the emotional toll the business was taking, pointing out how much it was weighing on Baker and her relationship. "I'm getting a little sad listening to you talk," he said. "You've lost something between you and your partner. And you're willing to pay that price in the short term, but you have to be careful it doesn't become chronic." Baker admitted they'd come close to calling it quits. "We were almost there," she said. "And so far, it was like a light went on. If we didn't see that, I think we would have been very close to saying, 'Okay. We tried. It's not working.'" But the renewed momentum—and support from the Entrepreneur Therapy hosts—gave her hope. "We believe in you," Perell said. "You've got that winning spirit for sure." Entrepreneur Therapy is presented by Amazon Business. Smart business buying starts with Amazon Business. Learn more. Related: 'You Need Support:' Honest Advice for a Founder Trying to Do It All Alone
Entrepreneur
26-06-2025
- Business
- Entrepreneur
Dr. Drew Pinsky's Advice for Dealing With Rejection
Any entrepreneur who is being honest will tell you the same thing: this lifestyle isn't easy. Running and growing a small business comes with great highs and crashing lows. And when everything rests on your shoulders, financial and personal stresses can feel completely overwhelming. But if you are going through a tough patch, you should know that it isn't just you, and that you are not alone. We created our new series, Entrepreneur Therapy, presented by Amazon Business, to help entrepreneurs deal with the multitude of struggles they face day in and day out. Renowned health expert Dr. Drew Pinsky and serial investor Kim Perell sit down with small business owners, assess their issues and give actionable advice that they (or anyone watching with a similar problem) can use to build a mindset of resilience and strength. Episode one features Kim Roxie, the founder and CEO of Lamik Beauty, who is simultaneously dealing with the loss of her sister and the crushing pressure that comes with hearing no after no while seeking much-needed capital from investors. Related: Watch Kim Roxie Pitch Her Company on 'Elevator Pitch' Dr. Drew asks: "Have you given yourself the time and the space to grieve?" He notes that in the world of entrepreneurship, everything is go, go, go, but that spending proper time living in your grief is the only way to pass through it. He assures Roxie that it doesn't have to be five weeks — even five minutes of listening to your thoughts and emotions can help the healing process begin. Perrell feels Kim Roxie's pain when it comes to investment — or a lack thereof. "I have been underestimated my whole life, so I totally get what you are feeling," she says. "Less than 2% of VC funding goes to women, which is terrible. But it's really important to remember that it's a numbers game. You're going to hear a hundred nos before you get one yes." Related: Why Rejection is a Startup's Best Growth Strategy Dr. Drew says that how you choose to respond to those rejections is everything. "The only thing you can control is how you react," he notes. "Part of learning resiliency is leaning into rejection and learning not to be bothered so much by it. It's never going to feel good, but don't let it get you in the gut." Watch the episode to hear more about Roxie's struggles and the advice Dr. Drew and Perrell share that can change her life, and possibly yours. Entrepreneur Therapy is presented by Amazon Business. Smart business buying starts with Amazon Business. Learn more. Related: Do You Want to Live to Be 100? This Researcher Has the Answer to Why Longevity is Not a Quick Fix or Trendy Diet
Entrepreneur
19-06-2025
- Business
- Entrepreneur
How to Scale a Startup Without Sacrificing Your Family Life
On this episode of Entrepreneur Therapy, Dr. Drew Pinsky and Kim Perell meet with a founder whose company is growing fast, but so is the pressure at home. Many entrepreneurs hit a point where they reach the same hard question: I'm growing my business, but am I losing myself and what matters to me in the process? For Alok Ahuja, CEO and co-founder of Trexity, a delivery and courier service, business is booming, and he's thinking about expansion. But with that growth has come a quieter, more personal struggle. "I am addicted to building, and I know sometimes that takes a toll on family," Ahuja admits. That's where Entrepreneur Therapy, presented by Amazon Business, comes in. On this week's episode, Ahuja comes into the session with specific questions for renowned health expert Dr. Drew Pinsky and veteran investor Kim Perell. He wants to know more about scaling Trexity into new U.S. markets. But he also confesses that he's hoping for a little more than just tactical tips. Related: 6 Hidden Costs of Scaling Your Business Too Quickly "I'm more looking not just for support, but for a little bit of validation. I always kind of second-guess it. Are we doing the right thing?" he says. Perell tackles the scaling issue first, advising Ahuja to start small in a market where success is likely and focus on truly owning that space. "Don't try to cover the entire U.S.," she says. "You need drivers and couriers in each local market." She recommends either partnering with someone who knows that region or hiring "an experienced executive who can act as the GM of that market." Dr. Drew then redirects the conversation to something deeper, flagging Ahuja's use of the word "addicted." "I think it's a common thing in people with entrepreneurship," Dr. Drew says, warning that "there will be consequences from allowing that to go unchecked. And in my experience, typically, it's your family." Dr. Drew encourages Ahuja to be proactive about checking in with his family, rather than assuming everything is fine. "You really have to pay attention and ask," he says. "I'm working hard here—am I around enough?" Related: The 10 Types Of Workaholics: How To Spot Your Type, Understand What's Driving You, And What To Do About It Watch the episode to learn more about Ahuja's challenges and the advice Dr. Drew and Perrell give to build smarter while staying grounded at home. Entrepreneur Therapy is presented by Amazon Business. Smart business buying starts with Amazon Business. Learn more.
