According to Whitney Wolfe Herd, founder and CEO of Bumble, anyone can successfully start a side-noise and turn it into a thriving business.
“You can earn anything,” Wolfe Herd, who built Bumble into a business now worth more than $ 7 billion, told CNBC Make It in 2019.
To begin with, “you need to find out what you’re passionate about,” she said, “and if you’re really good at it, there’s a way to make it a business.”
For example, “maybe you’re an amazing cook – start a cooking blog and then start charging recipes. It depends on what your talents are, whatever they may be.”
Kevin O’Leary also recommends pursuing a passion that you are passionate about, and one that emphasizes your talents and that is in demand – sell a good or a service that you have dreamed of and [are] really wonderful, ”he told CNBC Make It earlier.
Some of the most popular aspects at the moment are teaching guide, resume writing and social media management, to name a few.
“I think anyone can make money with something they are good at,” says Wolfe Herd.
Wolfe Herd introduced Bumble in 2014 after she left Tinder, where she was vice president of marketing. She initially wanted to create a social media platform aimed at teenage girls, where they could communicate only through compliments. But with her knowledge of the dating space and experience in marketing, she eventually created Bumble, a dating app that allowed women to take the first step, which at the time contradicted previous dating norms.
In 2016, Bumble started making money from its app by offering in-app purchases. Today, Bumble offers the features and more, ranging from $ 5.99 to subscriptions worth up to $ 199.99. According to its IPO filing, Bumble had $ 376.6 million in revenue in the first nine months of 2020, with a net loss of $ 84.1 million. During the period in 2019, Bumble had $ 362.6 million in revenue and a net profit of $ 68.6 million.
In its initial public offering, Bumble raised $ 2.2 billion from investors, making Wolfe Herd one of the youngest billionaires at 31.
“You have to start somewhere,” Wolf Herd said. “Just find your passion and lean into it.”
—Report by Sarah Berger
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