Entrepreneurs and Female Entrepreneurs

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Sara began creating the first generation of Spanks which was one product that was similar to a girdle. Today Spanx has evolved from being a form of ladies undergarments to becoming a line of shapewear. The Spanx full product line is made for women and men. The women’s product line includes bras, panties, shorts, bodysuits, camisoles, slips, hosiery, and pants. The product line for men include v-neck and crew neck tee shirts, tank tops, boxer briefs, briefs, trunks, and athletic socks.

Characteristics of Entrepreneur That Helped Attain Success and Challenges Faced

Sara Blakely faced many challenges while traveling along her road to success. Many people failed to understand the concept of the product and because of this would not agree to manufacturing. Along with having her product idea constantly rejected, Sara had limited resources as she only had five thousand dollars saved. Sara Blakely was never afraid of failure as failure was instilled in her by her father at a very young age. Each day her father would ask her and her siblings to name something that each of them successfully failed when trying to attempt it. Sara Blakely was featured in Forbes for the World’s Billionaire issue. Sarah was able to see a product gap then create a simple idea and turn the product into a billion dollar industry (forbes.com). Sara has very important lessons for future entrepreneurs. First, never feel defeated from the first rejection, or multiple rejections, from a customer. Take the time to find out exactly why the customer has no interest in the product. A customer’s reason for disinterest could be a lack of fully understanding the benefits gained when using the product or service. Second, do not quit a day job just yet. Sometimes, creating a successful business takes hard work, time, and patience. Try to submit a resignation letter to the employer when business start-up is right on track. Third, do not look to others for validation. Sometimes relatives will try to talk an entrepreneur out of perusing an idea even if out of love or concern. Therefore, discuss aspects of the business only with people who can help make the product or service blossom. Finally, hire weaknesses. No one knows how to successfully manage all aspects of a business. It is important to be honest about business weaknesses and if possible look to hire individuals with strengths in those areas who can help to make the business flourish.

Final Thoughts

Sara Blakely is a source of inspiration to not only female entrepreneurs but to anyone with aspirations of creating a dream with limited finances. Through performing this research assignment it was learned that entrepreneurs should not be afraid of failure and should continue to pursue creating an idea or service that he or she strongly believes in. Sometimes an idea or service can be difficult for others to understand is it may simple be ahead of its time. With patience, hard work, and determination a business can be successful even if only at a small magnitude. This research assignment was both educational and inspirational.

References

Belvedere, M. (2013). My Own Butt Spanx Inspiration: Billionaire Inventor. Retrieved 09Apr2016 from http://www.cnbc.com/2013/10/16/my-own-butt-spanx-inspriation-billionaire-inventor.html

Fell, J. (2015). U.S. Is No. 1 for Women Entrepreneurs, But There’s Still Room For Improvement. Retrieved 09Apr2016 https://www.entrepreneur.com/article/247767

O’Connor, C. (2012). Top Five Startup Tips From Spanx Billionare Sara Blakely. Retrieved 08Apr2016 http://www.forbes.com/sites/clareoconnor/2012/04/02/top-five-startup-tips-from-spanx-billionaire-sara-blakely/#48a2fe725fc3

Stengel, G. (2016) Why The Force Will Be With Women Entrepreneurs In 2016. Retrieved 08Apr2016 http://www.forbes.com/sites/geristengel/2016/01/06/why-the-force-will-be-with-women-entrepreneurs-in-2016/#111489a04ce2

Coleman, S. (2014) Access to Captial by High-Growth Women-Owned Businesses. Retrieved 08Apr2016 from https://www.nwbc.gov/sites/default/files/Access%20to%20Capital%20by%20High%20Growth%20Women-Owned%20Businesses%20(Robb)%20-%20Final%20Draft.pdf

Retrieved from http://www.spanx.com/years-of-great-rears

Katz, J., & Green, R. (2014). Small Business Entrepreneurs: Characteristics and Competencies. In Entrepreneurial Small Business (4rd ed., C-1). New York: McGraw-Hill Irwin.