When Tara Bosch and Barb Stegemann, the creators of SmartSweets and 7 Virtues, entered the Dragons’ Den, they distinguished their business concepts by connecting them to their personal experiences.
As they return as guest Dragons in Dragons’ Den: Full Circle, now streaming on CBC Gem, these former contestants reflect on the key ingredients for long-term brand success. They highlight the importance of early support and perseverance through self-doubt.
Continue reading for their insights on navigating the entrepreneurial journey.
Tara Bosch’s Journey with Self-Doubt
At just 22 years old, Tara Bosch presented SmartSweets on Dragons’ Den in 2016. Starting by experimenting with recipes in her kitchen and later selling her product from her car after leaving university, Bosch’s business was deeply rooted in her personal struggles with food and candy.
After striking a deal with investor Jim Treliving, Bosch sold SmartSweets to TPG Growth for $360 million USD four years later. Today, the brand is stocked in over 120,000 stores across North America.
Despite the success, Bosch admits battling imposter syndrome throughout her journey. She found solace in podcasts and motivational tracks to combat self-doubt and insecurity.
Now, a 31-year-old single mother, Bosch embraces the challenges of self-investment and advocates for young women to seek supportive communities. She recently launched Bold Beginnings, an accelerator program for emerging female entrepreneurs, and is venturing into a new potato-chip brand, Snackish.
Her advice to aspiring entrepreneurs is to not wait for absolute confidence before taking action. She believes in facing fears head-on, stating, “Everything is figureoutable. Everything is an opportunity in disguise.”
Barbara Stegemann on Purposeful Building and Seeking Support
Barb Stegemann emphasizes the importance of addressing personal problems and leveraging individual strengths for a successful business. Her journey began with a commitment to sourcing fair-trade essential oils from conflict-affected regions after her friend’s injury in Afghanistan.
Prior to her appearance on Dragons’ Den in 2010, Stegemann authored The 7 Virtues of a Philosopher Queen and kickstarted her perfume business from her rural Nova Scotia garage.
Today, 7 Virtues, still under Stegemann’s ownership, is the sole Canadian fragrance brand available at Sephora.
Stegemann advises entrepreneurs to shift their mindset from self-doubt to self-belief and actively seek out support systems. She encourages utilizing resources like mentors, chambers of commerce, and available grants and programs for women in Canada.
By staying resourceful and seeking support, founders can make substantial progress even with limited resources in the early stages of their businesses.
Key Takeaways from Their Insights
Commencing a business doesn’t require permission or perfect timing. Doubt may persist, but it shouldn’t hinder progress. Both Bosch and Stegemann stress the importance of research, staying true to your purpose, and seeking assistance to keep moving forward.
Owning your unique brand and maintaining a resilient entrepreneurial spirit are crucial for success beyond the initial startup phase.