Kendra Scott reveals how Dolly Parton inspired her to become one of the richest self-made women in America

Kendra Scott credited Dolly Parton for inspiring her to become one of the richest self-made women in America.

The jewelry mogul has a reported net worth of $580 million thanks to a company that has sales of about $360 million. She chronicled her journey to financial success in a book titled "Born to Shine," which features a foreword written by the country crooner.

"I watched ‘9 to 5’ until the VHS wore out," Scott chuckled to FOX Business about the 1980 film that starred Parton. "I had to get another one, and I asked for it for my birthday because I watched it so many times. The symbolism of these women who at first don’t want to get along because they were so competitive with one another spoke to me because they ultimately joined forces. And then they completely turned a very male-dominated business upside down. It planted a seed in this little girl’s mind."

The comedy, which also featured Jane Fonda and Lily Tomlin, tells the story of how three female employees banded together and turned the tables on their sexist, hypocritical boss. Scott said watching the film and Parton’s performance inspired her to launch a company that celebrated the talents of its female employees.

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The model has brought in big bucks. Scott’s company, consisting of nearly 3,000 employees, is 95% women.

"This is a utopia for working women," she explained. "Our corporate headquarters has a nail salon for complimentary mani/pedis. With so many busy moms and women in general, you don’t have to leave and worry about getting manicures. We also have a nursing room for moms where you can pump or bring your baby to nurse. We also have a dedicated mother’s milk refrigerator. We’ve got a fitness center and a kid’s playroom if you need to bring in your kid to work."

"In watching ‘9 to 5,’ I created that today, and it works," Scott continued. "The lesson in that movie is we are much stronger when we listen to one another and respect one another, no matter what stage we are in life. And we’re there for one another. I think that’s one of the secret sauces for Kendra Scott [the company] and why we have such wonderful employee retention."

"People are happy. And if they’re happy in their home life, they’re going to be happy in their work life. A lot of CEOs may think this is an added expense that’s going to cost the company a lot of money. But if you lose good folks, you’ve then got to go and recruit them, retrain them, hire them. Taking care of your employees the right way and being thoughtful of their needs is what’s really going to keep them ahead, and keep your business ahead in a competitive market."

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It was 2002 when Scott, then a new mom, started making jewelry out of her spare bedroom in Austin, Texas with just $500. The hobby transformed into a business that operates over 100 stores, where customers can customize their jewelry.

"I always say if you’re doing what everybody else is doing, you’ve already failed," Scott explained. "I think that’s so important in starting a business today. You have to do something truly unique. But you also need to listen to the customer and learn their wants. Their feedback is not always the plan you may have, but if you’re paying attention to your customer, you’re going to be able to direct your business in a way that moves forward. For me, that changed so many times over the years."

The mom of three noted that her Midwest roots played an essential role in her success.

"My mom’s family are farmers and coal miners – the hardest working people in the world," she said. "People sometimes tell me, ‘Kendra, you work so hard.’ I think, ‘No, you should see my uncles and my grandfather. They work hard.’ I was raised with that work ethic. It’s the idea of community, one I’ve always admired in my family. There was always an extra seat at the table for someone at dinnertime. That became such a big fabric of who I am today. You have to work hard and do good for the people in your community."

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According to Forbes, private equity firm Berkshire Partners invested in the company at a valuation of more than $1 billion. The outlet noted that Scott stepped aside as CEO in 2021 but continues in her role as executive chairwoman.

Scott shared that it's important to just dive in when launching a dream business.

"When I started, it was shortly after 9/11," she reflected. "It was a very uncertain time in the world. It was also a scary time to start a new business. But my business exploded in 2009-2010. What I would tell somebody is don’t let the times around them affect the focus on the opportunity you have. Even in the most uncertain times, the biggest, most unbelievable opportunities can arise. A lot of people may think, ‘I’m afraid to do it.’ But the ones that take that risk are the ones that get on the other side of that fear. They’re the ones that truly shine and end up doing something really exciting. You have to be brave. As an entrepreneur, you have to be courageous."

These days, there is one thing that is exciting Scott as a businesswoman – TikTok.

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"I’m not on TikTok personally, but my children are," she revealed about the video-sharing app. "But you see all of these amazing girls in their sororities wearing their Kendra Scott jewelry, and it gets millions of views. It’s phenomenal. As a founder, you have to see the power of social media and how much power a customer really has. It’s a different world today for marketing and advertising. It’s been very exciting to see."

"Obviously, I’ve become a much bigger TikTok fan," she added. "… I’m so excited about the next phase of this brand, as well as the next phase of my life."