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Entrepreneur Magazine July/August 2021

Entrepreneur magazine is the trusted source for growing your business and offers surefire strategies for success. Whether you are just thinking of starting a business, have taken the first steps, or already own a business, Entrepreneur offers the best advice on running your own company

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United States
Entrepreneur Media Inc.
12 Issues

in this issue

3 min
go where you don’t “belong”

SHOW UP where you don’t belong. Because one day, you will. That’s what I’ve learned repeatedly in my career as I’ve pushed through the impostor syndrome. Sometimes validation came quickly. Sometimes it took years. But cumulatively, I’ve learned that people can never truly feel empowered—and never truly grow—if they don’t insert themselves into uncomfortable situations and reveal how much they belong. It’s something I was pleasantly reminded of recently when I interviewed an NBA star I’d nervously met a long time ago. Here’s the story. Back in 2010, I was a junior editor at Men’s Health. A publicist emailed me with an invitation… for my boss. Was I his secretary? No. This was insulting. But the email was intriguing. The publicist was inviting my boss to have dinner with Chris Bosh, who at…

7 min
when brand building gets personal

What’s the difference between building a brand behind the scenes and building one inspired by your own needs? Dany Garcia is learning that now. She’s typically known as the woman fueling massive companies—as Dwayne “the Rock” Johnson’s manager and business partner, cofounder of the multi-platform production company Seven Bucks Productions, and the first female owner of a major professional sports league in the U.S. (she co-owns the XFL). But now she has launched a brand designed to solve her own problem: She is a professional woman and a bodybuilder, wants clothing that can work for her all day, and believes it’s an underserved market ready to explode. So now Garcia is taking what she learned from growing other people’s brands and applying it to her own. Her clothing line is called…

3 min
turning catastrophe into a strength

1/ Diversified the supply chain. “In early 2020, we found ourselves crippled. Our signature pink paper came from a supplier in Italy, our glassware came from another in China, and all our manufacturing was done at a facility in Los Angeles. Each of these critical partners was shut down at one time or another. We learned we had to diversify our manufacturing and supply-chain base. So we now work with four manufacturers in L.A. to make our fragrances and candles, and we have agreements with third-party logistics partners to ship our goods.” —MATTHEW HERMAN, founder, Boy Smells 2/ Expanded marketing. “We were reliant on digital marketing as our primary growth accelerant. But when COVID hit, people had more on their minds than what cute baby photo was posted on Facebook. So we pivoted our…

4 min
working in the dog house

It’s been a crazy time at Bark—but then again, the company was born out of a crazy time. Years ago, Henrik Werdelin checked into a conference on a cruise ship to find his room had a heart-shaped bed that was separated in two for a random roommate (he’d taken the cheaper option). As a joke, he pushed the “heart” together. Returning that night, he found Matt Meeker in it, already asleep. The two, both straight, shook hands over the duvet, discovered a mutual love of dogs, and in 2012 started the subscription BarkBox with Carly Strife, which they turned into a $378 million–a-year, 440-plus employee, full dog lifestyle brand that went public via SPAC this year. Bark’s New York office is as quirky as its origin story. It has a toilet…

3 min
lean into your existential crisis

I had a long, successful career in television. It began with my show What Not to Wear in 2003 and ran strong for 15 years. Then I got older. I reached menopause, and my perspective changed. Instead of talking about style, I wanted to talk about aging—to alleviate the shame and embarrassment so many women feel. So I did what I’d done many times before: I pitched a TV show about it. And it did not go well. Networks told me the idea was unsexy and that nobody would watch. I felt like they were talking about me as well—that I was now past my prime. I felt worthless and stripped of my long-held identity as a public personality. But I clung to it anyway; I couldn’t let go of this…

5 min
anatomy of a turnaround

At any point in time, one in three companies requires a turnaround. That’s what research by Boston Consulting Group has found. And while you may not be able to predict whether you’ll be one of those companies, you’ll surely recognize the signs of distress: If your long-running business model collapses, your leaders lose focus of the company’s mission, and your key talent starts to leave, then you’ll be facing an existential crisis. It’s turnaround time! Given how common this is, you might assume that most experienced entrepreneurs and CEOs are adept at managing it. That is, unfortunately, not the case. The same research highlights that 75 percent of turnaround attempts fail to improve performance over the long term. Part of the problem is a lack of foresight. By the time a company’s…