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Bethenny Frankel on her method to enterprise and negotiation: "I'm good at ideas, not contracts"

July
15, 2021

8 minutes read

It's hard to hear Bethenny Frankel's name and not immediately think of the word “businesswoman” – she was the example of so many budding entrepreneurs that you can really have anything you want if you work for it.

"If you are really passionate, motivated and work hard, then that is all it takes to be successful," says Frankel, an entrepreneur without further ado.

But if you ask them, terms like “entrepreneur” or “businesswoman” or even “author” do not apply to them and never have them. For Frankel, it's about doing what you want to get done and doing what you love to do, and whatever category it falls into, it will roll with it.

“I don't take myself too seriously,” she jokes.

It's this unorthodox approach to business and her career that has helped her become not just a businesswoman, but also a philanthropist (her charity is called B Strong), Just B podcast host, TV producer, and New York Times bestselling author (several times), at that.)

Similarly, Bethenny Frankel's success begins with time management

Frankel recently joined Bright as a Talent Advisor, a new live video conversation platform that gives fans virtual face-to-face access to industry experts and celebrities.

“You can talk about something that you have knowledge and experience of – and most people don't know that's what I love to do best. Don't write podcasts and books, but give lectures. I just find it (no pun intended) very appealing, ”says Frankel about the platform. “I think it's great to be able to share the knowledge I have gained on my cumbersome road to success that my podcast is about. But it's other people who tell their stories. So this is more about my story. And I think it's a great concept. "

Her Bright sessions allow her not only to provide advice and answer questions, but also to really connect with other budding entrepreneurs and fans who see Frankel as inspiration – it's like making a Zoom call with her do.

"I think it comforts people to hear of nontraditional successes, and I think it's also comforting that there are no short cuts," she says. “It's like health and wellness, there are really no abbreviations and no gimmicks. You can't make your way to a career or great achievement with longevity with an Instagram selfie. I think that gives people comfort and consolation. "

Frankel herself knows the importance of speaking to others and seeking advice when she needs it, and calling everyone from her fiancé to Mark Cuban when she needs a gut check on a potential investment or a business plan or whatever .

In fact, she's been doing this since the beginning of her career.

“When I was nobody I would call through email and mail and call a lot of people and you would be shocked at how many people replied. That was before social media, ”Frankel explains to us. “Most successful business people are smart, they don't want to miss anything and other entrepreneurs are missing out. So I've always been someone excited, organized, and ready for this elevator pitch. At every level that I have found – from the time I was literally a broke nobody to this day – people are accessible. "

Frankel says she "didn't have any success by anyone's definition" until she was in her late 30s, when her skinny girl empire really took off. In 2011, Frankel sold Skinnygirl Cocktails to Beam Global for an estimated $ 100 million, while still maintaining control of the intellectual property of the Skinnygirl name himself.

Before buying, Frankel says that Beam wanted to buy and own the entire Skinnygirl brand herself, which she declined.

“I said I won't do that – you only specialize in schnapps, so keep the schnapps,” Frankel tells us about her negotiations with the takeover. “You have to trust me, I have to trust you. I'll keep the rest, you can take one piece. So (Beam) paid me and bought a brand, which is really unprecedented. That really doesn't happen … I was just thinking about it logically. And I've had so many things in my career that were like that. "

It makes sense – if a company specializes in just one area (in this case, spirits), it doesn't make sense to invest in a company (skinnygirl) that touches multiple areas (like groceries) that the investing company doesn't have Frankel has experience, in business it's not about signing papers and doing business based on numbers and hard facts – it's about thinking about the big picture: How does it benefit my company? How is it going to stop it? What can be done to make this work as well as possible?

“I always say that I'm good at concepts, not contracts,” she explains. “You can never assume that someone is smarter than you. And you know, people come to you who are great business people and you have business on the table. And you need to break away from that and try to think about what it all means and what you want to get out of a business. Be creative with it. "

Creative thinking, which paradoxically helped her to become a straightforward business woman, is a matter of course for Frankel. If she wasn't running her own business, her life path might have taken her in a more creative way, she muses.

“I've always been very creative. And I've always wanted to be a copywriter. I've been good at taglines and marketing and ideas and campaigns. And so I wanted to be in a kind of advertising space that comes up with such ideas like a madman, ”she says. “Maybe a host of something then, or maybe a comedian. I wanted to be on TV. "

Similar: Bethenny Frankel: "I had to learn to be a gangster"

Frankel is currently writing her latest book, Business is Personal, an endeavor that she takes time for whenever she has a minute.

Spoiler alert: Raising your eight-year-old daughter Bryn while running her skinny-girl empire while working on philanthropy while hosting her podcast, in addition to hundreds of other meetings and engagements, doesn't really leave much free minutes.

But Frankel doesn't work up a sweat – she'll make it.

“(You learn how to) use your time efficiently and not waste time, time is precious. That doesn't mean I work every second of my day – sometimes I choose to spend eight hours in bed in pajamas and watch movies. But that's how I use my time, ”she explains. “But you know, this morning when I wake up at six o'clock and have jetlag from Italy, I'll go into the other room and write chapters of the book. I never hesitate. I'm always up to date, whatever it is. "

It is these little moments and extra hours that add up and that make someone who is Frankel's success. She also enjoys looking back and watching it all come together.

"You lay the foundation stone by stone, you don't eat the whole meal at once, you just take one bite at a time and put one foot in front of the other, and you get there." She says. “And it's never the trip you thought it would be – it's more interesting. And all of these steps, even if you think they have nothing to do with what you want to do, will teach you something. So it's really about the journey. "

Similarly, Bethenny Frankel's podcasting world is getting much bigger with the iHeartMedia deal

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