3 Lessons on Kapitalism from the Kardashians
By Mitali Rakhit
Before my flight to Dubai, I was browsing a gift shop at JFK to gather some reading material for the 13 hour journey ahead. As I perused through the available titles, I started counting the number of headlines with at least one of the Kardashians on them (almost 60–65% of what was on the shelves among Ben and Jen’s divorce drama and news on the hottest new tech startup valuations). This observation got me thinking about how 10 years ago, no one knew who these people were and how a lot of people today are still wondering how and why they got famous. I have always admired the family’s business savvy and attitude of perseverance, particularly that of star “Momager,” Kris Jenner. Many don’t know that after her divorce with Robert Kardashian Sr., Kris was left in a precarious financial position and resolved to teach herself and her daughters about business so that they would never have to be dependent again.
And that leads me to 3 excellent lessons from Kim and the Kardashian-Jenner clan to keep in mind for your business…
- The Power of Positive
Most will note that Kim’s rise to fame began from the public outing of an infamous video with Ray J. What started out as a humiliating situation has turned into a multimillion-dollar franchise with businesses in fashion, media, television, and gaming among others. While Kim could have taken the $5 million dollar settlement from her video and gone back to her socialite life in glitzy LA, she instead teamed up with mom Kris to take full advantage of her moment in the spotlight and capitalize on it. Since then, the two have never looked back. They got Kourtney and Khloe on board, followed by Kendall and Kylie Jenner and now even Caitlyn (formerly Bruce) has her own show. The lesson here is to remember that no matter how bad things may get, there is always an opportunity to turn it into something positive and move forward towards success.
- Remove the Toxicity Quickly
Remember Kim’s 72 day marriage to Kris Humphries and all the criticism she got for it? Well, I’m definitely on the team that believes if something is not working, it’s better to end it sooner rather than later. This can take the form of a problematic employee or partner, a less than ideal product, or poor choice in company name. Luckily, I have faced all three of these problems already and have taken immediate steps to correct poor choices. Those who learn to admit failure and adapt quickly in a rapidly evolving marketplace are sure to not only survive, but thrive.
- The Importance of Branding and Communication
Love her or hate her, you will never forget her. That is the motto behind Kim’s brand. Despite facing all sorts of criticism on social media, Kim has over 36 million followers on Instagram and over 34 million on Twitter, making her the most popular figure on both platforms in the world. She has mastered the art of communicating with her audience and delivering messages that grab attention. To be honest, this is not something I had put much focus on for my company till date, but will definitely be paying much more attention to it in the future. Being able to grab people’s attention with the branding in front of your product or service is as critical as the product or service itself. Definitely tune in to Kim’s genius marketing skills on this front and invest time and energy into developing your brand and message. Who knows? You might even get paid $20K per tweet one day.