Entrepreneur Therapy | Dr. Drew Pinsky and Serial Investor Kim Perell Share Their Best Advice for Dealing With Rejection: 'It's Never Going to Feel Good.' - video Dailymotion

Entrepreneur

Get lessons in resiliency from renowned health expert Dr. Drew Pinsky and serial investor Kim Perell on the new episode of "Entrepreneur Therapy."

Transcript

00:00I created Lameek because 75% of beauty products market to women of color are toxic.

00:05I see on your face that it really bothers you.

00:07You have everything it takes to be an entrepreneur.

00:10Being an entrepreneur, it's not easy.

00:13You might have people looking after your business, but who is looking after you?

00:17We are. Welcome to Entrepreneur Therapy.

00:21Presented by Amazon Business.

00:23In each episode, renowned health expert Dr. Drew Pinsky and serial investor Kim Perel

00:28will meet with small business owners looking for some advice.

00:31We're here to find out what issues still keep them up at night.

00:34I'm Kim Roxy, and I'm the founder of Lameek Beauty.

00:37What are you looking to get out of being on Entrepreneur Therapy?

00:40I'm looking to feel seen.

00:44You know, I'm in the beauty industry, and one of the things that got me about being in the beauty industry

00:48was helping others feel seen.

00:50Me showing up with a bald head, you know, me showing up with my complexion

00:55and made other people feel like whatever their difference is, the difference must be beautiful.

01:01All right, Kim, we're going to send you over to Dr. Drew and Kim so that you can get some answers to your questions.

01:07Let's do it.

01:09Kim, how are you?

01:11I'm good, Dr. Drew.

01:12Thank you for being here.

01:14So what brings you to Entrepreneur Therapy?

01:16What can we help you with?

01:18Like funding.

01:18You know, for us, we have bootstrapped a lot.

01:22For us, we've been super creative.

01:24And, you know, I created Lameek because 75% of beauty products market to women of color are toxic.

01:30And my mom and my sisters love makeup.

01:33And when my mom passed from breast cancer, that really inspired me to create this clean vegan makeup line.

01:40Are you in any startup accelerators or have you applied to specific grants?

01:45Like where are you in that journey?

01:47Yeah, in that journey, I am actively applying for grants.

01:52I've been a part of an accelerator in Tulsa, Oklahoma called WeBuild.

01:57That one has been, you know, really helpful.

02:00Also, I've been a part of SKU, which is a product, a consumer product accelerator before.

02:06And have any of those led to capital opportunities from an investment standpoint?

02:11Yeah, so I did get the likes of Pipeline Angels.

02:16I did get some angel funding from Pipeline Angels.

02:19You know, I think we've already started to go there.

02:21But one of the questions that I had was, you know, building resilience around being underestimated.

02:31Sometimes I've been in accelerators where my counterparts, you know, would tell me, I just went in and pitched to this person.

02:40And I don't really even have my idea all the way fleshed out.

02:42But they wrote me a $200,000 check.

02:44And then they're like, Kim, you should meet with them.

02:46And I go meet with them.

02:47And I already got customers lined up.

02:48And I had a wait list at the time and everything.

02:51And I didn't get that same reaction, per se.

02:53And that's happened, like, several times.

02:56And so I guess my question is just, what are some of the tools in your toolbox to build resiliency?

03:05I have been underestimated probably my whole life.

03:07So I totally get what you are feeling.

03:10Less than 2% of VC funding goes to women, which is terrible.

03:13That's not to say you can't get capital.

03:15And I think that's really important.

03:17But it's a numbers game.

03:18You're going to hear 100 no's before you get one yes.

03:20And I'm sure you've already seen that.

03:23And that's okay.

03:23Let's take Starbucks.

03:25He got rejected 200 times, right?

03:28So I think that's really important.

03:29I think KFC, they got rejected.

03:31He got rejected for his chicken recipe like a thousand times.

03:34I talked to a private equity guy who specifically turned down Starbucks.

03:38And he said, at the time, he went, people are going to pay $350 for a cup of coffee?

03:42I'm going to go buy the beans.

03:44They're never going to pay that for the coffee.

03:46Makes no sense, right?

03:46Right.

03:47Yes.

03:47So just knowing that you're not alone.

03:50You will be underestimated.

03:52You have great skills and talents and just keep pushing forward.

03:56But I see on your face that it really bothers you, doesn't it?

03:59It's really irritating in a way, you know?

04:02I would say keep the locus.

04:04Kim, you're going to coach me on this.

04:06So would it be, is this something sensible for what I'm going to say to an entrepreneur?

04:12Keep the locus of control within your body.

04:16In other words, don't blame the outside world.

04:19The only thing you can't control is how you react to what you're doing.

04:23Like Kim said, there's going to be a hundred no's.

04:26Expect it.

04:26Don't be bothered by it.

04:28How you react to it means everything.

04:30You're talking about the resiliency?

04:31That's resiliency.

04:32Part of the resiliency is leaning into it and learning not to be bothered so much by it.

04:38It's never going to feel good.

04:39But not to let it, you know, get you in the gut.

04:43Like you said, your gut punch is sort of what happens to you, right?

04:46Yes.

04:46Every no and every rejection is like a gut punch.

04:49And you take it personally.

04:50But you can't do that.

04:51You can't.

04:52I agree.

04:52You have to learn to tolerate that very flexibly.

04:55Very, man, move on and just keep going.

04:56And you have, I mean, just looking at how strong you are, I know that you can take those rejections

05:03and still push forward.

05:05And knowing that in your heart, you're creating something of impact and purpose, and it will

05:11take a long time.

05:12Kim, you have everything it takes to be an entrepreneur.

05:15And that's determination, a clear vision, passion, resilience, and grit.

05:21So don't let anyone else tell you otherwise.

05:24You guys gave me a lot of good things to go think about, to put in my toolbox, but then

05:29also really motivated me.

05:31I appreciate it.

05:31Find more relationships like this, more support, more people, more advice, more mentors.

05:36And right now, we're going to send you back to Brad.

05:38Okay.

05:39See you later.

05:40Kim, what would you say was the piece of advice that kind of struck you the hardest,

05:44that kind of, kind of resonated the most?

05:46I think just the reminder around keeping control in your body and listening to Kim

05:52also, because her name is Kim too.

05:55I felt like I was like looking in the mirror.

05:57And so when she was saying like, you got this, you got everything.

06:00I was like, you're right.

06:03Kim, thank you so much for participating in Entrepreneur Therapy presented by Amazon Business.

06:08To say thank you, we're actually giving you a thousand dollars in cash.

06:13Yes.

06:13We know you're currently aiming to get a better handle on your business's inventory management

06:20and demand forecasts.

06:21And to do that effectively, your business needs to know its numbers.

06:24With Amazon Business Analytics, your team can access pre-built reports to easily track

06:29orders, shipments, returns, refunds, and more.

06:32Awesome.

06:33Well needed.

06:34Thanks for watching Entrepreneur Therapy.

Entrepreneur Therapy | Dr. Drew Pinsky and Serial Investor Kim Perell Share Their Best Advice for Dealing With Rejection: 'It's Never Going to Feel Good.'

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