As Baruch students, we feel inclined to choose a business major such as finance or marketing. From there, we apply for internships at renowned companies in hope for a full-time offer. But why spend the rest of your career working for someone else? Why not start your own company?  That’s what Sara Blakely, the owner of Spanx, did.

 

 

Sara Blakely was an LSAT exam failure, Disney World ride greeter and a fax machine salesperson before she became the billionaire owner of Spanx. The famous pantyhose and undergarments start-up company started off as an idea to an irritable problem Blakely, along with other women had.  She spent her entire life savings, $5,000 and the next 2 years planning the launch of her product, researching patents and searching for hosiery mills. She started off with her product in Neiman Marcus stores, and then expanded to other luxury department stores such as Bloomingdale’s, Saks and Bergdorf Goodman.

 

Spanx raked in $4 million in its first year and $10 million the next. Blakely made the Forbes’ Billionaire list at 42 years old, the youngest self-made woman to grace the magazine’s cover. Blakely also has plans to expand her operations to international markets. Currently, Blakely is estimated to be worth $1 billion dollars and just decided to become a part of the Giving Pledge.

 

Here are some of Blakely’s tips for aspiring entrepreneurs:

1.      Don’t let the first “no” (or five) stop you – Rejection is inevitable. You will need to get used to it and learn how to overcome it.

2.      Don’t quit your day job just yet – Be smart about your dreams. Blakely was still working at her day job during her first few years of creating Spanx; she wanted to make sure that Spanx was on the right track before resigning.

3.      Don’t seek validation from others – You may want to get feedback from your friends and family but it is better to tell people who can help you move forward with your product. Looking for validation can stop potential multimillion dollar ideas.

4.      Hire your weaknesses – Blakely was a charismatic salesperson but needed someone familiar with business planning and hired the current CEO, Laurie Ann Goldman.

5.      Never stop evolving – Although she made her fortune off of women’s wear, Blakely knew her company needed to grow to keep up with consumer demand. Now, her company offers apparel, swimwear, men’s wear, active wear in addition to her original products.

 

Students at Baruch may feel that working for someone else is essential to having a successful career. However, starting your own business is a viable alternative. If you believe in an idea and work hard to bring it to fruition, the opportunities can be endless!