Spanx “Don’T Be Intimidated by What You Don’T Know- Sara Blakely
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WOMEN IN BUSINESS Honors Thesis: A Woman’s Secret Recipe to Personal and Developmental Success By Ashley Starr Overview Women have been pioneering the world of business for the last century. As far as we have come, there is still much to be done. There are many stories to be told, gaps in history to be restored, and important historical statistics to take note of. My chosen thesis focuses on taking a positive approach in understanding the obstacles but transforming them into success stories. Over the course of the semester my studies have shown what the secret recipe is to help women defy the odds, strategize and properly plan for their futures. My goal was aimed to study the effect of women for women businesses, two cases studies of successful women over the last 50 years, various attributes, personality traits, statistics, and education of notable women. There are multiple perspectives shared that can be interpreted and used to fit all of the young, inspired, unique women to follow our predecessors in achieving greatness in the world of business. The greatest question that encompasses all of these aspects is: what makes a powerful woman leader and how do you become one yourself? The History After researching various timelines, my research proved that within the United States we often give significant recognition for women in politics, medicine, athletics, science and writing yet rarely reference women in business. All of which are highly regarded in women run initiatives through notable stories and advocacy, yet some stories are left untold and unrecognized. Many of these women opened up the doors for others to come in and pick up where they had left off. All women that fit into each of these categories share a commonality. A majority of success of powerful women is due to the success and resources they created for other women.Yet, throughout the New York Times Recognition of Women Working in History, and History’s “Women’s Milestones”, not one woman in business or entrepreneurship has been mentioned or given as much credit. Many women entrepreneurs and business owners existed prior to 1950 even before 1900. Women were managers and small business owners in agriculture in the 1770s-1880s which was a while before fashion became a major industry around the world in the 1920s, but it was just never studied or spoken about as much as other fields of work. If this truly was about the most notable women’s milestones, Estée Lauder, Sara Blakely, as well as many other women that started businesses to advocate and target other women like themselves would be listed. Case Study 1: Estée Lauder "I didn't get here by dreaming or thinking about it. I got here by doing it."-Estée Lauder Before the equal pay act, before more women were getting accepted and completing college, the rise in female CEOs, one woman in particular was able to overcome the obstacles of being a woman in business, and developed a dynamic cosmetics company that empowered, helped and gained popularity among many women and later made her the richest-self made woman business leader during her time. Estée Lauder, a daughter of two Jewish immigrants, and first generation American, started her own cosmetics company in 1946 after developing her own signature skin cream. She marketed, and publicly appeared speaking about how she had the ability to empower, build confidence and add the missing piece to make any woman feel as beautiful as they are. “Her business, which includes such product lines as Estée Lauder, MAC Cosmetics and Clinique, continues to thrive to this day”(Biography 2019). Case Study 1 Continued: Estée Lauder "I didn't get here by dreaming or thinking about it. I got here by doing it."-Estée Lauder LAUDERISMS: Became well known as the phrase that expressed Lauder’s advice and personal experiential insight for young entrepreneurs. She wrote a memoir in 1985 expressing various lauderisms that were beyond her time and very relatable to women working and establishing themselves into the 21st century. “Create your own Style”, and “Don’t be afraid of trial and error” were her mottos to live by. This went beyond business ethics and practices but placed an emphasis on personal understanding and individual growth for young women following in her footsteps. Case Study 1 Concluded: Estée Lauder"I didn't get here by dreaming or thinking about it. I got here by doing it."-Estée Lauder Lauder, established 15 rules to live by for young entrepreneurs in her 1985 Memoir: 1) Find the proper location, 2) Never write anything down when you’re angry, 3) You get more bees with honey, 4) Keep your own image straight in your mind, 5) Keep an eye on the competition, 6) Divide and rule, 7) Learn to say no, 8) Trust your instincts, 9) Act tough, 10) Acknowledge your mistakes, 11) Write things down, 12) Hire the best people, 13) Break down barriers, 14) Give credit where credit is due, 15) Train the best sales force. Case Study 2: Spanx “Don’t be intimidated by what you don’t know- Sara Blakely Sara Blakely, graduated Florida State University with a communications degree. Prior to the development and the fashion staple phenomenon of Spanx, she had never taken a business class and knew nothing about the fashion industry other than her knowledge as a consumer. She worked her way up from selling fax machines and printers, to creating one of the most famous, recognizable shapewear companies for women today. Even 52 years after the development of Estée Lauder, Sara Blakely faced obstacles, and struggled to convince others to believe in her products and ideas. Spanx started in 1998, after Sara had invested her $5,000 in savings for a patent and trademark license. It took 14 years, but in 2012, Sara made Time Magazine’s top 100 list and starred as a guest investor on the well known program “Shark Tank”. Sara has now become a billionaire after creating comfortable shapewear for all women and all body types. Case Study 2 Continued: Spanx “Don’t be intimidated by what you don’t know- Sara Blakely Similar to Estée Lauder’s Lauderisms and guidelines to young entrepreneurs, Blakely had established her own top methods to being successful and was more publicly vocal about her challenges as a woman growing her own business. Sarah states that, “Many times in the journey, being underestimated made it harder for me to get the men and the manufacturing plans to take my ideas seriously or to even give me a chance — but it was also a real competitive advantage for me growing the company,...“I continued to really embrace the ‘being underestimated’ as a woman and I’ve been able to stay true to the feminine principles in leadership and throughout growing Spanx.”(Blakely) Case Study 2 Concluded: Spanx “Don’t be intimidated by what you don’t know- Sara Blakely Sara has stayed true to her methods and power mindset, In a Forbes article, Blakely shares her 6 tips to help young entrepreneurs develop their craft and achieve success. 1) Realize that there is more than one path to success and it’s probably not linear, 2) Get comfortable being uncomfortable—even, and especially, when you fail, 3) Trust your gut, 4) Play the long game, 5) Eliminate the negative self-talk, 6) Consider that taking an alternative path may inspire someone else to do it, as well. Case Studies : Conclusions and Correlations 1946-Present ● Lauder started her career out of high school, Blakely graduated college ● Lauder grew up around chemists in her family, Blakely had no experience prior to launching Spanx ● Lauder and Blakely had both come from humble beginnings ● Lauder and Blakely are both from the East Coast of the United States ● The East Coast has the most spending on beauty products in the United States ● Both Estee Lauder and Spanx had created businesses to service and support women ● Fashion and beauty are grouped in the same sector (consumer services) ● The two businesses focus on empowering women and feeling confident in their appearance ● Both women made a novelty product a commodity ● Estée Lauder and Spanx both require significant discretionary income to afford these products ● Both companies service superior products amongst their competitors and are sold at higher end prices ● Both Lauder and Blakely realized the insignificance of competing with men, and instead preferred competing against themselves and working to provide quality products for women Why are Women for Women businesses successful? In any business, product quality, marketing, development and brand recognition are all imperative. But, at the end of the day bringing in sales is what keeps a business operating and growing. Catering to women through women for women business has showed irrefutable evidence through various studies and spending habits. ● The purchasing power of women has been growing ● Women control over $20 Trillion in world wide spending ● Women control over 60% of personal wealth in the United States ● Approximately 40% of women in the United States earn more income than their spouses ● The average U.S woman will spend $15,000 on beauty and wellness products during their lifetime ● The average U.S woman today will spend nearly $300,000 on just their facial and skincare ● The average U.S woman uses a minimum of 16 products before leaving the house ● Considering a life expectancy of 80 years, women spend an average of $125,000 on clothes and accessories in their lifetime. Personality Traits of a Successful Businesswoman According to Forbes, “With only 2.4% of women in a CEO seats at a Fortune 500 companies, these women have a vital role.