Kim Kardashian may be a billionaire through her successful beauty and shapewear ventures, but there was a time when she couldn’t pay off her credit card and had lousy credit, Daily Mail reports.
According to the report by Daily Mail, the SKIMS and KKW Beauty founder, 45, spoke about her early business days in her new MasterClass and the difficulty she and her sisters Khloe and Kourtney had trying to make their Dash boutique profitable when it opened in 2006.
Kim Kardashian said they had to get a credit card in Kourtney’s name because neither she nor Khloe had good enough credit to get another one, per Page Six.
‘We were able to get a credit card, first solely in Kourtney’s name because she had the best credit,’ Kim revealed in the exclusive lesson.
Kim Kardashian admitted she and her sisters had a track record of not ‘being able to pay vendors back on time,’ so they ‘had to pay for everything upfront.’
They inherited ‘a little bit of money’ from their late father, Robert Kardashian, who was a lawyer, to obtain a lease for the store property but used Kourtney’s card to buy ‘all of the inventory.’
‘We would pay just the minimum every month when the credit card bill would come,’ Kim stated. ‘This is probably the worst advice because you probably should be paying your credit card bill off, but we just didn’t have the money.’
The mom-of-four is sharing that advice in the hope that others avoid similar pitfalls as they navigate the world of new business building.
In her New Rules of Business MasterClass, Kim Kardashian teaches the 10 ‘Kimmandments’ that she ‘lives by’ while running her empire.
The 10 rules are ‘You Are The Product,’ ‘They Prove It. You Perfect It,’ ‘Define Yourself Before Others Do,’ ‘Don’t Follow the Feed. Be the Feed,’ ‘Turn Failure Into Strategy,’ ‘Your Customer Is Your Co-Founder,’ ‘Culture Sets The Time,’ ‘Know Your Worth. Then Add Tax,’ ‘Empires Are Built Before Dawn,’ and ‘Because I Said So.’
‘These aren’t my suggestions; these are the rules I live by,’ she maintains.
The whole class seems to revolve around Kim as she’s seen in videos getting glamorous for a photoshoot, sitting for chair portraits and taking calls.
Right now, the curious or seriously interested can grab a membership of Kim’s MasterClass for a special deal of $6 a month, 40 percent off the regular $10 a month fee.
MasterClass has quickly become a popular pastime for celebrities like Serena Williams, Gordon Ramsey, Martin Scorsese and Shonda Rimes who dole out insight and advice on personal growth.
Even Kris Jenner offers a class on The Power of Personal Branding, in which she describes how she built her family empire.
Dash was a cultural phenomenon with locations in Miami, Los Angeles and New York but struggled financially and closed its doors in 2018 as the sisters moved on to separate brands.
Despite her humbler beginnings, Kim’s certainly touting her business sense now.
In the MasterClass trailer, Kardashian boasts, ‘I turned being underestimated into billions. People see me on our TV show or social media but what they don’t see is how I build my businesses.
‘I’m here to give you my ten principles that build billion-dollar brands. Take notes. You are the product. People invest in you and how you make them feel, not just what you sell.
‘I think I always have a little bit of doubt and insecurity sometimes that keeps me wanting to just push harder.’
She’s heard saying in voiceover, ‘When it comes to my business partners, I have a no ass— policy.’
Suddenly a stylist comes over and moves her hair over her shoulder, and Kim snaps, ‘Don’t touch me!’ and then she laughs and adds, ‘I’m just kidding.’
She continues on a more serious note, ‘There’s truly nothing lamer than half-assing it. When people underestimate you, use it,’ adding, ‘I’m Kim Kardashian and this is MasterClass.’
Meanwhile, Kim Kardashian has opened up on how she lost her confidence after failing the California bar exam.
The reality TV star has been working towards becoming a lawyer but it was recently revealed she failed her final test and will now have to retake it if she wants to qualify – and Kim has confessed she ‘didn’t feel good’ after getting the result.
She told Time magazine: ‘I took a minute to process that, and instantly, when I got my results, I didn’t feel good about it.
‘I was really uncomfortable and not confident for a while. You get the results on a Friday, and I knew Sunday morning they were going to be live on the internet.
‘So, I wanted to mention it first and let people know that it didn’t go my way. So, instantly I was like, OK, let’s do this, I know what I’ve got to do.’
Kim went on to add that she’s determined to get back to work and pass the exam next time.