As an entrepreneur, Sara Blakely knows that the journey is full of twists and turns. It’s all about how you handle obstacles and turn them into opportunities. Don’t be fooled into thinking that there will be days or weeks without any challenges – that’s just the norm. And it’s all about having the right mindset and being prepared for the ups and downs that come your way.
How to build a support system as an entrepreneur
But who do you turn to for support when you’re the boss? Sara found her tribe early on by joining an entrepreneur group, even though she was the only woman in the group. She found solace in being surrounded by like-minded people who were going through the same struggles she was. And that’s why she highly recommends finding others who are in the same boat as you.
Sara also created her own board of advisors – a support system made up of people who make her feel good and give her the energy and pep talks she needs. She wrote down the names of the four or five people in her life who always made her feel confident and her best. And when she was going through the valleys – which happened often as an entrepreneur – she would pick up the phone and call them.
So if you want to make it as an entrepreneur, surround yourself with the right content and support. It’s what will get you through the ups and downs and keep you moving forward.
Being a calculated risk-taker in entrepreneurship
Sara Blakely knows all about taking calculated risks. After all, she is an entrepreneur and risk-taking is in her blood. But she’s not just any ordinary risk-taker, she’s a smart one! Before quitting her day job, she made sure she had landed big accounts like Neiman Marcus and Saks Fifth Avenue. She was still selling fax machines during the day, but in the evenings, she was packing and shipping Spanx to these major department stores that she had landed through cold-calling. Sara was patient, waiting until she was confident enough and it made financial sense to take the leap and quit her day job. She wanted to make sure she had a steady income and benefits until she was absolutely certain she could do both. So, take a cue from Sara and be a calculated risk-taker, it will pay off in the end!
Entrepreneurs should start small and being mindful of taking on investment
Sara Blakely was recently reflecting on a conversation between Jeff Bezos and Warren Buffet, where Bezos asked Buffet why nobody copies his investing philosophy. Buffet simply replied that nobody wants to get rich slowly. And according to Sara, this also holds true for entrepreneurship. Many people are in a rush to become a hundred-million-dollar company overnight and raise as much money as possible. But Sara encourages entrepreneurs to check in with themselves and be willing to start small.
Starting small is exactly what Sara did when she launched Spanx with just $5,000 and today, she still owns 100% of the business without any outside investment. In the early days, she wasn’t even aware that taking on outside investment was an option. But this organic approach ended up working in her favor.
Sara cautions entrepreneurs to be smart and prudent when considering taking on outside investment. While it can be tempting to have easy access to money, it can also lead to overspending and losing control of the business. But if you do decide to take on investment, make sure you have a solid plan in place for how you will use the money wisely.
Time management and prioritization for entrepreneurs
Sara Blakely is all about maximizing her time as an entrepreneur, because let’s face it, time is the most precious resource you have. In the early days of Spanx, it was just her, and she had to be everything from legal to marketing to product development. But she quickly realized that the constant barrage of tasks was draining her and not allowing her to focus on what she was truly great at.
So, Sara got creative and started “bucketing” her time. Thursday was all about product, Wednesday was focused on marketing and branding, and so on. This not only allowed her to make more informed decisions but also gave her team a roadmap to follow. And while it doesn’t always work perfectly, it’s a guide to fall back on when things get hectic.
But, it’s not just about managing your time effectively. It’s also about being self-aware of your strengths and weaknesses. Sara quickly realized what she was best at and delegated the tasks she struggled with to others. Because at the end of the day, your best contribution to your business is going to be what you’re best at. So, make sure you’re spending the majority of your time doing what you’re great at!
Becoming a successful entrepreneur – Figure It Out as You Go
Sara Blakely, the founder of Spanx, never went to business school and that’s what made her a successful entrepreneur! She believes that not knowing how things are “supposed” to be done can become your greatest strength and lead to doing things differently. After 20 years in the game, she’s still learning and growing every day.
Sara encourages finding the confidence within yourself to be willing to learn and grow, because we all learn from observing or being taught. She suggests closing your eyes and imagining how you would do your job if nobody showed you, just to get in that space.
Entrepreneurship, according to her friend Reid Hoffman of LinkedIn, is like jumping off a cliff and assembling the plane on the way down. And that’s exactly what Sara did! She took the leap and learned as she went, and now she’s soaring.
Where Courage & Drive Comes From
Have you ever wondered where courage comes from? Sara Blakely, founder of Spanx, is here to share her secret! Despite people thinking she’s fearless, she’s actually afraid of heights and public speaking. But where does her courage come from? Gratitude! Sara feels grateful for who she is and the opportunities given to her, knowing that women before her weren’t given the same chances.
This gratitude propels her forward, giving her the courage to face her fears, call on those doors, speak on TV shows, and stand in manufacturing plants. It’s all for the women who came before her and those around the world who don’t have the same opportunities. When you make your journey about something bigger than yourself, amazing things happen!
If Sara Can Do It, So Can You
Sara Blakely, the mastermind behind Spanx, has a journey that’s not only unique but also inspiring! With 100% ownership of her business and self-funded from the start, she built a global brand without any advertising for 16 years! All through her creativity, authenticity, and vulnerability, she connected with her customers in a genuine way.
Sara saw an opportunity in the market and took advantage of it, inventing a product that didn’t exist before, writing her own patent, and creating a whole new category. And with just $5,000, she built a product and a brand that women around the world love. Let her story serve as a reminder that anyone can achieve great things if they believe in themselves!
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