As entrepreneurs, our goals and dreams should always be in focus. We can’t forget how essential it is for us to stay passionate, never stop learning, and keep our sights set on our paths to success. Taking notes from gurus, mentors, leaders, and even celebrities can provide us with keys to valuable insights and inspiration—their spark can set fire to our next big idea.
Whether you like her or not, Kim Kardashian has built a multi-million dollar brand and has been immensely successful at monetizing fame—possibly better than anyone else.
Born and raised in Los Angeles, Kim first gained attention through her friendship with Paris Hilton. Appearing as Paris’s stylist on The Simple Life in the early 2000s, Kim’s media attention skyrocketed in 2007 when a sex tape of her and former boyfriend, singer Ray J, was leaked on to the Internet. Kim confessed to Oprah that the tape humiliated her and her family; but nevertheless, she was able to leverage the media attention at this time into the now famous reality show,Keeping Up with the Kardashians.
Since 2007, Kim and her family have made millions from successful TV shows, cosmetics lines, a retail store chain, as well as books and mobile phone games. As she and her family’s fame continued to grow, so did their ability to make money from their image. Kim Kardashian is now the highest paid reality TV star. According to Forbes she brought in $53 million last year—double what she made in 2014.
You could write Kim Kardashian off as just another face in pop culture–but that’s misguided. No reality star has achieved her level of success. Kim Kardashian’s ability to seize opportunities and leverage her network is noteworthy. Here are 3 success secrets from Kim Kardashian:
Know Your Value
“I love when people underestimate me and then become pleasantly surprised.”
As entrepreneurs understanding our value is a huge key to success. Especially when you’re starting out, it’s easy to underestimate what you can bring to a venture or the worth your product or service has to your target market. Even many seasoned entrepreneurs talk about at times experiencing imposter syndrome—a feeling where you are unable to recognize the merit of your achievements.
Don’t sell yourself short. Kim Kardashian has used her image to negotiate impressive endorsement deals on everything from shoes to fast food to energy drinks. According to numerous sources, Kim Kardashian charges between $500,000 to $1 million dollars per endorsement deal. She requires first class airfare and luxury hotel accommodations for her and her companions if she’s required to travel.
This might seem ridiculous at first. However, companies wouldn’t accept her requests if she didn’t bring tremendous value to their businesses. Kim has an incredible social network with almost 40 million twitter followers and 58 million followers on Instagram. If she spreads the word about a product or service, people are going to listen.
On the other hand, of course, arrogance or an inflated ego won’t get you very far—unless you’re Kanye West—but accepting and leveraging your strengths is vital to growth in the business world.
Establish Deep Connections and Embrace your Target Audience
“I'm an entrepreneur. 'Ambitious' is my middle name.”
Knowing your target market is necessary to selling any product or service. All the stars of Keeping Up with the Kardashians appeal and connect with different audiences—which is part of the reason why the show is so popular.
Additionally, entrepreneurs need to keep in mind that a business relationship functions with the same principles of other relationships. People want to do business with companies that are honest, friendly, and accessible. If people don’t trust your brand, they’re not going to do business with you. Kim and her sisters have been extremely successful in this area.
Although they are richer and more famous than most of us will ever be—they are surprisingly open about many of their flaws. The public relates to their problems and it creates a humanness that millions can relate to. On top of this, the Kardashians are known for being extremely polite and warm to fans. This is one of the reasons why they are massively popular on social media and otherwise.
Establish a Network of Successful People
“I love meeting new people and telling them about my stories and my projects that I am working on.”
Nobody makes it to the top without the help of others. Your social capital is something that shouldn’t be underestimated—foster it carefully. Perhaps you’re already aware of this, but you aren’t putting in the work to improve your professional relationships. Kim Kardashian is quoted saying, "The reality is people don’t want to get up and work. It sounds crazy, but I see it all the time."
Kardashian has endeavored in a number of hugely successful partnerships. She linked up with Brian Lee of Legalzoom to make Shoedazzle, a subscription shoe, handbag, and jewelery service. She connected with Billionaire jeweler Pascal Mouwad to make Belle Noel jewelry. She worked with Glu Mobile to create the now tremendously popular Kim Kardashian: Hollywood mobile phone game.
Of course, she couldn’t have designed these products alone. However, her ability to make connections with the right people for the right jobs has resulted in mutually beneficial partnerships that have helped her to create a lucrative, long-term business legacy.
The Bottom Line
Kardashian has achieved tremendous success by understanding her value and leveraging her fame into a number of successful business ventures. Don’t underestimate yourself or sell yourself short—in negotiations and otherwise. Be transparent about your flaws and mistakes and you will build trust and loyalty. Surround yourself and establish partnerships with other successful people and you will take your entrepreneurship to new heights.
I believe that finances don’t have to be stressful and that solid financial strategy and mindfulness are the keys to successfully reaching your business goals. For more information visit www.thewealthyyogi.com.
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