Some people think that the key to success lies within their daily routine. Do you agree with this, and if so, what is your daily routine?
I would say that the key to success is a combination of three things: education, hard work, and overcoming adversity. I think that is the key in entrepreneurship because every startup faces adversity, and what is important is how quickly you can bounce back and operate the company as normal. I’ve always been passionate about education. I got my undergrad from Cal State Northridge, and I got my MBA and CFA from UCLA Anderson. I believe that it helped me to develop the ability to analyze trends and see the future. But education without hard work doesn’t mean anything, and I typically spend about 50% of my weekends working.
About my daily routine- I think it’s very important; the most important thing when you run a business is prioritization. I typically start my days at 8 am, and we have a daily sit down with our development team, and then we have some meetings throughout the day. I’m trying to balance between internal meetings and some external meetings, such as meeting with investors, shareholders, partners, etc. And then I would say the last part that’s very important to me about running a company is spending time working on the weekends, because on the weekends I can really focus and catch up on things that require a lot of attention, but during the week everything is so hectic, spending time putting out the fires and fixing problems of everyone around the company, but the weekend is my time when I can actually be productive.
Looking back at your teenage years, did you have any entrepreneurial interests?
Yes, I was always interested in business and I would spend time brainstorming ideas with my dad about how to run a business, and what problems need to be fixed. By the time I got to college, that desire kind of disappeared a little bit. I think what was missing back then was understanding where I would fit in, meaning what problem I would actually want to solve. When I went to college I wasn’t taking any classes in entrepreneurship, and I actually pivoted into finance. I was very passionate about investment management, and when I was getting my MBA at UCLA Anderson, it was all about finance. I joined every single class, and an investment club, and I got an internship at a large corporation because it was important to me to get experience. Another thing I would say for women I would say it’s different because we need to juggle things like pregnancy, kids, and family. For example, when I started my MBA program, I was 24 and had a one-year-old daughter. My idea was to get an education, get a corporate job at a great company that will provide some amazing benefits, where I can take my children without feeling guilty, and quite honestly, that was my dream path. What happened next was that I joined Capital Group; I spent 4 years at the company; I did have twins during my years at Capital Group. So 3 kids later, I got my CFA, and I came to this realization that I managed to have 3 kids, a full-time job, and passed my CFA exam. The second thing that happened was when I worked at Capital Group I found out a big problem worth solving. So my thinking was “If I don’t do this, I will regret it my whole life,” and I’m probably the right person to solve the problem. I’m not sure how much you know about the company, but UNEST is a platform that helps parents save and invest for their kids. The idea for it came when I was at Capital Group, and I had the expertise to understand what was broken in the industry. I knew that our clients’ imperative was their kids and not retirement. I realized that many of my friends who fall into the millennial generation preferred using their phones over the old legacy solutions when it comes to investing, and no companies were around to help parents, so I felt that I was qualified to fill that gap and start the company.
Is there a specific time of day where you feel most productive?
I would say on Saturday mornings.
Do you think there is one character trait/skill that is important to have in order to become a successful entrepreneur in today’s world?
Yes, I would say greed, like hustling, and overcoming adversity.
Has being a woman in the business world denied you of any opportunities, and how so?
I would say women need to work at least twice as hard as men to get to the same place. When I started building a startup, I was really surprised by the statistics that only 2% of major funding goes to female entrepreneurs. I did not let that discourage me and just kept pushing. At the end of the day, it goes back to the adversity question. When you face obstacles and you are able to overcome them, it makes you a stronger person. Being a woman in a male-dominated world affected me positively because it helped me to build a very strong character.
What is one major goal that you wish to achieve by 2030?
I would like to have an exit from the company, an IPO would be ideal.
Who is your biggest influence, and why?
I admire Warren Buffet for his investment approach because I’m also a long-term investor. I just love how he was able to build wealth while having this long-term view and diversified approach. I’m also inspired by some strong female role models like Melinda Gates, Elizabeth Warren, and Michelle Obama, those I would say are my top 3 that I admire for their leadership. I also admire other female entrepreneurs, business owners, and those trying to advocate for better work-life balance for women.
You may have just answered this one, but if you could pick one female entrepreneur, who would you say is your biggest inspiration?
I’m blanking on names, but you know the owner of Spanx? I would say she’s a pretty good one. I also like Sallie Krawcheck, who is the founder of Ellevest.
What has been the most formative advice you have received and why?
It was about never giving up. When I was raising my very first round of venture capital, it was very challenging because, first and foremost, access to capital for women and first time founders and sole founders are very limited. I had to speak with one hundred investors to get the first yes for an investment commitment, so when you have so many rejections, it’s very easy to get discouraged. So one of the best formative pieces of advice I got at that time was from my friend and colleague, Peter Mansfield, who said a good entrepreneur should never give up and the biggest quality is resilience. He said to keep pushing because you can achieve any outcome. Whether the company gets acquired or if you share the company with another experienced entrepreneur, stopping should never be an option because you will never see what’s on the other side.
What has been the most impressive/memorable question anyone has ever asked you?
The most memorable question… that’s a tough one. I would say the question that I get a lot is just the inspiration behind Unest. A lot of investors I speak to, they really value the founder’s story and how I came to the idea. I would say that’s probably the most frequent question I get; that’s probably why it’s the most memorable.
Do you get asked that on a daily basis?
Well, I speak with investors a lot, and also the new employees. They want to understand the “Why” behind the company and the “why” behind the vision.
If you have siblings, are they also entrepreneurs?
I have one sibling. She has been managing a small business, a car wash, so I guess she has a little bit of an entrepreneurial bug, but it’s not in the technology sector.
Do you think the drive to become an entrepreneur is born with or is learned?
Great question, I would say it can be both. In my case I would say it was more so grown within vs born. I think maybe someone like Steve Jobs was already born an entrepreneur. For me, it actually took a number of years to get an education and study, and understanding my industry combined with my internal drive and desire to fix problems. That kind of gave me the ability to see the future, but also apply some knowledge of how we can take something today to make the future a better place for the world.
CONTACT INFORMATION & SOCIAL MEDIA UNest Founder and CEO Los Angeles, CA LinkedIn: https://www.linkedin.com/in/kyudina/ Address: 5161 Lankershim Blvd, Los Angeles, CA 91601 Facebook: https://www.facebook.com/unest/ website: https://www.unest.co/ Twitter: https://twitter.com/kseniayudina?lang=en https://twitter.com/UNest email: [email protected]