Mindset Over Matter: Interview with Tracy Holland, Founder of Potential to Powerhouse
I recently went one on one with Tracy Holland, is the founder of Potential to Powerhouse and the co-founder and Executive Chairman of HATCHBEAUTY Brands.
Adam: Thanks again for taking the time to share your advice. First things first, though, I am sure readers would love to learn more about you. How did you get here? What experiences, failures, setbacks or challenges have been most instrumental to your growth?
Tracy: I have always loved innovation and appreciated the ever-changing demands of women who want to feel and look good. My passion for the category began back in graduate school at Columbia University, when my friend and I launched and built a business in scented nail polish, which was a first-to-market idea. It was my first taste of what would later become a passion for innovation and new brand incubation. In 2009, I co-founded HATCHBEAUTY Brands, a revolutionary beauty and wellness incubation platform.
Every woman’s journey is different, but for me, a good night’s sleep was hard to come by until I could see my entrepreneurial vision begin to take tangible form. Looking back on those first few years, I wished I had access greater access to a network of powerhouse women who could help guide me through the hills and valleys on my journey to success. This hindsight wish, combined with my passion to connect with and uplift women with entrepreneurial aspirations, is what fueled my latest venture, Potential to Powerhouse.
Adam: How did you come up with your business idea? What advice do you have for others on how to come up with great ideas?
Tracy: Ninety percent of the world’s millionaires are men. In addition, while women own 51 percent of businesses in America, only 10 percent ever exceed $10M in revenue or more. Why is that? Because we also are bearing and raising children, running households, volunteering at our kids’ schools and keeping our marriages on track. I call it “white knuckling it,” and it has a high price. This is what sparked the idea for Potential to Powerhouse. I want to bring together a community of like-minded women to share knowledge and talk candidly and openly about what it takes to rise.
Most people already have a great idea – the problem is the fear of failure holding them back. My advice is to surround yourself with knowledge and build a supportive network so that your mindset shifts and you take the leap.
Adam: How did you know your business idea was worth pursuing? What advice do you have on how to best test a business idea?
Tracy: Mistakes abound as an entrepreneur, but if you believe in your business, then those mistakes are worth making. Setbacks can also spark opportunity, so my advice is to just go for it. With that said, every year in business as an entrepreneur feels like a lifetime. You need to think about how you want to spend your time, as it is one of the few things we have control over. Working for yourself does not necessarily means freedom. Being a founder is very time-consuming and exacting. If your business idea is something that you’re willing and ready to commit the time to, then it’s always worth pursuing.
Adam: What are the key steps you have taken to grow your business? What advice do you have for others on how to take their businesses to the next level?
Tracy: Mentorship from other powerhouse female entrepreneurs, like Christie Hefner, has been invaluable to me. My advice to any entrepreneur starting out is to develop a close network of confidants and successful advisors who have “been there and done that” to broaden your perspective and provide direction and support. My Executive Coach, Keren Eldad, has also been an incredible part of my growth. If hiring a coach is within your budget, do it. If it isn’t, then focus on seeking out a trusted community that acts as a resource hub.
Adam: What are your best sales and marketing tips?
Tracy: Establish your passion and your mission, perfect it, and stick to it. Once that is done, make sure your plan is built around living up to it. When you have clarity around your purpose and who is benefitting from it, a sales and marketing strategy will fall into place much more easily and authentically.
Adam: In your experience, what are the defining qualities of an effective leader? How can leaders and aspiring leaders take their leadership skills to the next level?
Tracy: I believe that heart-led leadership creates the strongest teams. When you lead from a communication style of calm and ease, you project this energy on to your team. Being able to harness a mind-body coherence is scientifically proven to increase performance, productivity, and team cohesiveness. My friend Jeff Benton is an expert in teaching this technique. We’ve partnered with Jeff at Potential to Powerhouse and offer this training via a six-week immersive course for both individuals and corporate clients.
Adam: What is your best advice on building, leading and managing teams?
Tracy: Lead by example. As I mentioned before, when your communication style is encouraging and uplifting, it instills positivity and ultimately builds a more resilient and productive team.
Adam: What are your three best tips applicable to entrepreneurs, executives and civic leaders?
Tracy:
Know your strengths and weaknesses. It is mission critical to hire people who help compensate for the things you do not do well. And trust me, you aren’t going to be able to do everything well. So, let it go, and delegate.
You don’t have to have all the answers right away. Know what you don’t know, and get really good at asking questions.
Mindset over matter. Push past your fears and self-limitations. If you have critical voices around you, dragging you down or naysaying your plans, remove them from your daily life. Protect your headspace, and watch your talk track. You must speak positively to yourself, always.
Adam: What is the single best piece of advice you have ever received?
Tracy: My mentor Christie Hefner says: “You don’t get what’s fair in life, you get what you can negotiate for.” I think this is so important for entrepreneurs and business leaders – especially women -- to remember. Know your worth, communicate it clearly, and don’t settle for anything less.
Adam Mendler is the CEO of The Veloz Group, where he co-founded and oversees ventures across a wide variety of industries. Adam is also the creator and host of the business and leadership podcast Thirty Minute Mentors, where he goes one on one with America's most successful people - Fortune 500 CEOs, founders of household name companies, Hall of Fame and Olympic gold medal winning athletes, political and military leaders - for intimate half-hour conversations each week. Adam has written extensively on leadership, management, entrepreneurship, marketing and sales, having authored over 70 articles published in major media outlets including Forbes, Inc. and HuffPost, and has conducted more than 500 one on one interviews with America’s top leaders through his collective media projects. A top leadership speaker, Adam draws upon his insights building and leading businesses and interviewing hundreds of America's top leaders as a top keynote speaker to businesses, universities and non-profit organizations.
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