The Entrepreneurial Journey of Sara Blakely: Founder of Spanx
Sara Blakely, a successful American businesswoman and philanthropist, is the founder of Spanx, a renowned company known for its undergarments and more. Discover her inspiring story, from identifying a need in the market to becoming the youngest self-made billionaire at 27, offering valuable lessons for aspiring entrepreneurs.
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SARA BLAKELY AND HER BUSINESS JOURNEY
WHO IS SHE? American Businesswoman and Philanthropist Founder of Spanx Guest investor on many episodes in season 9 and 10 of Shark Tank On the cover of Forbes magazine for youngest self-made billionaire at a age of 27 Net-worth of $1.1Biliion USD
WHAT IS SPANX? Spanx is an American company that sells undergarments, leggings, swimwear and maternity wear in over 50 countries Founded in 2000 Employs about 750 people
WHY DID SHE CREATE SPANX? Sara Blakely had to wear pantyhose as part of her dress code while marketing fax machines door to door She didn t like the lines and the seam that would show through her open-toe shoes She decided to create a different type of pantyhose that would fit her standards She did her own marketing and modeled her own products during meetings Her products were labeled as Oprah Winfrey s favourite things when she sent it to the Oprah Winfrey Show Started working on the company full time in 2000 This Photo by Unknown Author is licensed under CC BY-NC-ND
WHO IS THE TARGET MARKET? Mostly targeted towards women but now, there are things for men too
IS IT MARKET-PULLED OR IDEA-PULLED? Both since it was an idea that she had but also something that was needed
LESSONS TO LEARN TO BE AN ENTREPRENEUR FROM SARA BLAKELY Identify your support systems: find the people in your life who are there for you and make you happy Remembering and staying connected to the reason why you created the business will help you through the ups and downs of the journey Keep going, no matter what: No matter how many times you fail, keep going, you need to accept failures, she didn t give even after a year of no product development Stay motivated When you are looking for employees, hire the people who are culturally fit A prototype can be the difference between success and failure biggest difference between a successful and failed idea is whether you take action, research and study the strengths and weaknesses of your first prototype and compare it to the others on the market
FUN FACTS ABOUT SARA BLAKELY Gave all her employees $10,000 in cash and 2 first-class tickets to any place because she was able to keep her position as Executive Chairwoman for Spanx Originally wanted to become an attorney but changed her mind after getting low on the Law School Admission Test Has a class that teaches on being a self- made entrepreneur
CITATIONS Who is she? - https://en.wikipedia.org/wiki/Sara_Blakely What is Spanx? - https://www.forbes.com/profile/sara-blakely/?sh=79985f1476bb Why did she create Spanx? - https://www.masterclass.com/articles/sara-blakely-founder-of-spanx Fun facts about Sara Blakely - https://en.wikipedia.org/wiki/Sara_Blakely Lessons to learn to be an entrepreneur from Sara Blakely: https://leaders.com/articles/women-in-business/sara- blakely-spanx/
