Why do the assumptions we make about success and money hold us back in business? How do you survive and also thrive through one of the hardest things life can throw at you? How do we get past our limiting beliefs to prove that nothing can hold us back?
In today’s episode, I’m joined by native New Yorker, Katie Schloss. She is a creative entrepreneur, writer, brain tumor survivor, and hospital social worker. Katie is the founder of Three Jane, a custom jewelry company in NYC, which specializes in map necklaces. She licensed the company early in her career, which is an entrepreneurial goal for many. She is one of the most compassionate and thoughtful people I know, which you see in everything she does.
Katie is also a huge inspiration to not only me but any aspiring business owner. Her entire life changed in the blink of an eye when she was diagnosed with a brain tumor five years ago. Not only did she survive the terrifying diagnosis, surgery and recovery, but she was committed to thriving throughout the entire process. She has since gone on to run the NYC marathon, start a career in publishing, and land an internship at UChicago Medicine where she now works.
The featured finance term in this episode is Assumptions, the key components in the financial forecasting process within the realm of financial modeling and planning.
After college, Katie worked in fashion and beauty PR. After working for many female entrepreneurs, she knew it was something she was interested in.
The idea for her company was born when her sister was studying abroad in England. She made a gold-plated map necklace with a tiny diamond to mark where home was.
Her map necklaces were featured in the window at Henri Bendel. This led to them being licensed by another company that, in turn, handled the production for her. As a young entrepreneur, she had no mentors to talk to about business. She knew this was the right route for her company.
The production and sales for her map necklace were in a good place. However, she lost everything in her personal life due to her undiagnosed brain tumor. Her symptoms were unmanageable. She couldn’t function due to the medicine she was on, and she lost many relationships with friends and family. She didn’t know how to get back to being herself.
Eventually, she was diagnosed and had life-changing brain surgery. Within weeks of having the surgery, she started to become herself again and regained relationships with the people who mattered.
Even though this was a rough period of her life, she knew nothing could hold her back.
Katie believes that power and control are why many people make assumptions that they aren’t worthy when it comes to money. When we normalize talking about dollar amounts and share what we make, it leaves the option to make other choices.
She says most companies don’t want people to have conversations about salary. However, when you know what others are making, it is powerful information. It lets you know if you are on the right track in your career. When you know you are potentially capped at a certain salary, it also helps you plan your future.
However, she says you can only talk about money with other people who are comfortable talking about money.
Growing up Katie’s dream was to be an infectious disease specialist or a fashion designer — little did she know this is exactly where she would explore!
Katie has always wanted to help people. Her goal is to be a social worker during the day and then see clients in the evening. Knowing what it feels like to have bad health insurance, drives her to help those in the same situation. This is what she imagined doing in her toughest days after surgery.
Just do it. Have your full-time job, which will provide stability and health insurance, but do what you love on the side. Carve out whatever time you can for your business and work on it little by little.
Simple Finance Resources for Small Business Owners: