At first glance, courage would seem like the most important, defining trait in an entrepreneur. We romanticize the raw vision and audacity of founders, and envy their willingness to take a chance on themselves. But beneath that boldness is often another story, one of patient, deliberate growth and constant learning on the part of the future business owner. It’s that classic, “overnight success 20 years in the making.” It’s this story that I appreciate about my conversation with Kate Noreen, owner of Mudpuddles Toys & Books.
Long before she ever set foot in Mudpuddles, Kate was busy assembling the skills and knowledge it takes to run a thriving retail business. Whether training and leading teams of Starbucks “partners,” sourcing inventory for a furnishings store, or even serving the community of Sherwood as a volunteer, Kate spent 20 years creating a wealth of knowledge for herself. That depth of experience doesn’t just appear overnight, no matter how confident you are.
Even before the opportunity to buy Mudpuddles appeared, Kate was preparing to have her own business. Asked if she felt the purchase was impulsive she says, “It’s not like I didn’t know what I was doing. It’s not like I didn’t sign up for [business] classes, or talk to other business people… I put a lot of time into writing that business plan.” It was still a leap, but for Kate, it was less risky than it may have looked like from the outside. Indeed, her preparation allowed her to mitigate many of the risks that might have sunk other entrepreneurs.
Even with that preparation, though, this journey is not for the faint of heart.
She explains, “you are taking on a lot of debt. And making those payments each month was painful. This business doesn’t run in the black six months out of the year. You have to wait for November, December when people are buying for Christmas.”
Imagine how you would feel if it were your business. You’re working hard, doing all the right things, but for several months, you’re running at a loss. Then comes September, your third worst sales month, and you need to stock up on extra inventory to get ready for the holidays. Under what circumstances do you have the confidence to follow through on that decision? It’s precisely in moments like that when courage tends to falter, and you fall to the level of your preparation.
But like she says, it’s not like she didn’t know what she was doing. Today, she exclaims, “That loan, it’s paid off!” All because she had done her homework. And yes, her usual fearlessness helped too.
Since becoming the owner of Mudpuddles, Kate’s personal growth has only accelerated via trade fairs, forums, and collaborations with other store owners. Even talking about her recent acquisition of “Child’s Play,” a toy store in Portland, the thing she seems most excited about is the opportunity to learn.
She muses, “What can I learn there?…What systems do they have in place that Mudpuddles can use too?”
As for the future, Kate sees no end in sight, “This is an awesome industry…I love the toy industry, and I love small business, and I love being part of the community. I don’t look forward to retirement…I’ll be sad.” That enthusiasm, and focus on the future certainly comes across when talking to Kate.
It’s not courage alone, but this growth mindset that matters most for successful entrepreneurs. Those like Kate, who thrive, are always expanding their knowledge and abilities. It’s who they are.
You can visit Mudpuddles Toys & Books at 16420 SW Langer Dr, Sherwood, OR 97140
If you want to learn more about Kate’s journey, including the challenges of running a small toy store, and her experiences in acquiring it, be sure to check out our podcast conversation on Apple Podcasts, Overcast, Google Play, or any other podcast app. You can listen on your computer at http://www.nicholaspihl.com/kate-noreen-mudpuddles/