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- Hope is the KEY to success…
Hope is the KEY to success…
This is the New Money Talks Newsletter, the newsletter packed with entrepreneurs' personal stories, financial tips, and more!
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Do you ever feel like you don’t have what it takes to succeed in this competitive and fast-changing industry?
Don’t worry, many e-commerce entrepreneurs struggle with these feelings of doubt, fear, and frustration.
But there’s one thing that can help you overcome them: HOPE.
Hope is not just a wishful thinking or a naive optimism.
Hope is a powerful and positive mindset that can fuel your motivation, creativity, and resilience.
Hope is what kept Richelieu Dennis, the founder of Sundial Brands, going when he faced the most difficult and uncertain times in his ecommerce journey.
But Sundial Brands didn’t start as a billion dollar beauty empire.
It started as a small and humble family business, with nothing but a kitchen recipe, a passion, and HOPE.
Richelieu Dennis was a Liberian immigrant who came to the US to escape the civil war in his country.
He was joined by his mother, Mary, and his college roommate, Nyema Tubman.
They had no money, no connections, and no formal business training.
It was almost IMPOSSIBLE to succeed in those circumstances…
But they had a secret weapon: a recipe for natural soap that Richelieu’s grandmother, Sofi Tucker, had used to heal and beautify people in her village in Sierra Leone.
They decided to use this recipe to create their own line of natural and culturally authentic hair and skin care products, inspired by their African heritage and traditions.
They started making their products in their kitchen, using a blender, a microwave, and a plastic bucket.
It was the ONLY resource they had…
They then sold them on the streets of Harlem, New York, where they quickly gained a loyal following of customers who loved their products and their story.
But it wasn’t easy. They faced MANY challenges and obstacles along the way.
They had to compete with big and established beauty brands, who had way more marketing power and distribution channels.
Dealing with racism, discrimination, and stereotypes, especially in the mainstream beauty industry, which often ignored or marginalized consumers of color.
It was so HARD to succeed in their case.
But they didn’t give up. They had HOPE.
They hoped that their products would make a difference in the lives of their customers, who shared their values and their vision and that they would create a positive impact in the world, by supporting fair trade, sustainability, and social justice.
They hoped that their products would fulfill their grandmother’s legacy, who was a healer and a pioneer in her own right.
And finally, their hope paid off.
After so much STRUGGLE they have succeeded.
They landed a $12 million deal with Target, one of the largest retailers in the US.
This gave them access to a wider market and increased their visibility and credibility.
From there, they expanded their product line to include more brands, such as Madam C.J. Walker, a tribute to the first female self-made millionaire in America, and Nyakio, a collaboration with Kenyan-born beauty entrepreneur Nyakio Kamoche Grieco.
They also diversified their distribution channels, selling online and in other stores like Walgreens, Walmart, and Ulta.
In 2017, they achieved another big milestone.
They sold a majority stake to Unilever, one of the world’s leading consumer goods companies, for $1.6 billion.
This deal not only gave them more resources and reach but also allowed them to create the New Voices Fund, a $100 million investment fund for women of color entrepreneurs.
Today, Sundial Brands is one of the most successful and influential ecommerce companies in the beauty industry, with a loyal fan base of millions of customers around the world.
And it all started with just a HOPE.
If you have a dream, a passion, and a hope, you can achieve ANYTHING you set your mind to.
Just like Richelieu Dennis did.
Don’t let doubt, fear, or frustration stop you from pursuing your goals.
You have what it takes to succeed.
You just need to BELIEVE in yourself and you need to have hope.
Tweet of the day
a first-time founder should NEVER raise money from the start.
it’s like jumping to level 100.
doesn’t matter if you have the best skin or upgrades - u dont have the right skill set to be playing in the arena.
i’ve seen so many SMART people blunder VC funding and tank companies… twitter.com/i/web/status/1…
— oliverb (@oliver__b1)
3:26 PM • Dec 4, 2023
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See you on Friday:)