My name is Tracey Noonan. I’m the CEO and co-owner of Wicked Good Cupcakes, a Boston based, family operated gifting brand. We ship freshly baked cupcakes, cakes, pies and brownies in cute mason jars nationwide. We offer a delicious and easy gifting solution for friends and family across the country.
Is it important to set goals or is it better to just “go with the flow”? What is your strategy?
I can’t speak for everyone but for me, goal setting is important. It helps keep me focused on the tasks at hand. If I were to “go with the flow” I’m pretty sure I’d have a bunch of unfinished projects and I’d be spinning my wheels. It is important to be able to pivot however if an idea isn’t panning out. Be flexible but also be focused.
How important is it to have co-founders and focus on building a strong team?
I don’t necessarily think you need co-founders as much as you need to recognize when something is not your area of expertise. This is the point in your companies growth that will either make or break you. Hiring people to fill your deficits is one of the smartest decisions and one of the best decisions you will ever make for your company. Knowing that you don’t know everything and then admitting it takes a lot of strength of character. If you want to grow you have to let go.
What does success mean to you?
Great question! Success is something that comes in waves. When we hit a new sales high or experience recognition for something we’ve accomplished, I try to take a few seconds to soak it all in. But I take no more time than that. I’m a firm believer in not being asleep at the wheel otherwise your competitors will zip right past you!
Did you look for funding in the past?
No. The only funding we looked for was when we appeared on Shark Tank. We were given $75,000 by Kevin O’Leary that we paid back in full in 6 weeks. We are self-funded and have zero debt.
Why do you think that female owned businesses are a VERY small percentage (that has not been growing) of businesses that get funded by venture capital? What can we do to change that?
Women historically have a hard time asking for money. And when they do ask for money, they never ask for enough. I think women are the ones who need to change their mindset. If a man can go to a VC and ask for funding, so can you.