Self-made millionaire Bethenny Frankel on the Importance of Drive and Motivation in Business

Bethenny Frankel, founder of SkinnyGirl, is a widely successful and self-made entrepreneur who sold her pre-packaged low-calorie margarita, Skinnygirl Cocktails, for a reported $120 million. She has continued to delve into a series of ambitious business ventures with her Skinnygirl lifestyle brand, ranging from specialty food items to branded apparel. However, Frankel did not always envision a life in business. “I truthfully didn’t even know the word entrepreneur. I was in my late thirties, and I didn’t know the word ‘brand,’ I didn’t know the word ‘entrepreneur,’” she told Sharon Epperson at the CNBC Small Business Playbook virtual summit on Wednesday.

Frankel stresses that having a good entrepreneurial idea isn’t what made her story exceptional. A good idea may have been the start in setting her apart, but drive and motivation are more important in business. “I’ve really realized it’s those people that have that drive and that determination and that passion, that unstoppable nature — that’s really the true ingredient for success,” Frankel said.In addition to a strong work ethic, personal investment and authenticity are essential pieces in a successful entrepreneurial venture.

Frankel also rejects the idea that business and personal life should — or can — be kept separate. The line between business life and personal life has become increasingly blurred, especially since the onset of the pandemic, as many workers began to work from home, and the decisions made in one sphere have held new significance in the other. “Business is very, very personal. How I spend my money in my personal life could affect the money that I would or wouldn’t have to invest in business ideas. How I operate in my business life could affect the types of schools my daughter would have gone to, or how I treat my business affects how I spend my time — which is so personal,” Frankel said.

Frankel advises focusing on your own needs and interests, rather than worrying about what others are doing. “Think about what you react to. What are you consuming, what are you digesting, what are you interested in, what are you attracted to, what do you like, what do you not like? And put that forward in your work,” she said.

Frankel’s personal wish for a low-calorie, ready-to-drink cocktail turned into a multimillion-dollar enterprise. It is this turning within, before expanding out into the market, that makes business, at its core, quintessentially personal.

Source:https://www.cnbc.com/2022/08/03/bethenny-frankel-on-why-good-ideas-are-not-enough-to-be-successful.html