3 words I would use to describe Sara Blakely.
Sara has built a multibillion-dollar business by trying, analyzing outcomes, and learning from the results.
New entrepreneurs will take away at least one concept from Sara that is actionable and will help grow their business in a sustainable way. Resist the urge to say that because you are not in the apparel industry or because you provide a service her MAsterClass isn’t for you.
This 3-part blog series is going to explore the most important insights I took from the MasterClass and how they can be applied to your business.
The first is to be obsessed with your product and champion your hero. Today we have a shorter and shorter attention span, always looking for the next best thing as trends come and go quickly. It was refreshing to have someone of Sara’s success tell us to stop and become an expert at one thing. Own it, champion it, learn it inside and out, try to do everything you possibly can with it before expanding your offerings.
Having an entrepreneurial mindset can be challenging as we are always seeing the next problem that needs solving, the next way to improve people’s quality of life and add value. Take care to narrow in on one product or service that people will come to know you for. It does not mean those other concepts and ideas aren’t valuable and can’t be executed down the road or by someone else. Don’t be afraid to share your ideas and let them become someone else’s one thing.
When resources are limited, as they often are for start-ups, concentrating all efforts on perfecting, promoting, and profiting from one product or service, one package or bundle gives you the financial capital to experiment with expansion. Losing focus, getting away from the vision and mission, not developing a clear brand makes it hard to build a customer base that knows you, likes you, and trusts you to deliver on your promises.
Sara makes an important point here: when "obsessing your product," don't promise benefits that can't be delivered. Set reasonable expectations with your consumers or clients and then deliver exactly what you said you would. This builds trust by completing the know-like-trust cycle with consumers.
“My revenue was $4 million my first year in business, off of one $20 item.” – Sara Blakely
The Accelerator has found great value in MasterClass sessions for our team members and clients. MasterClass is an online learning platform that lets you learn from the most inspiriting artists, leaders, and icons in the world. Sign up and learn more at masterclass.com