I told my youngest daughter this morning that I am trying to write a quick article about a different Billionaire each week. This week I was planning to write about either Warren Buffet or Sarah Blakely. I asked my daughter to choose between these two for me, and since she is familiar with the ‘Spanx’ brand, she chose Sarah Blakely.
My daughter is 14 and she is familiar with the Spanx brand. I have not really heard of Spanx before this year, or if I have, never thought much of it. That is until one evening when my girlfriend and I were pondering applying for a patent on a goofy sock idea we had (that’s another story). While searching for information about patents I stumbled upon the story of the creation of Spanx and it’s founder, Sarah Blakely.
Here are some things that strike me about the meteoric rise of Ms. Blakely and the Spanx brand:
- Ms. Blakely scored low on the LSAT. Boy can I relate!
- She went to work for Danka selling fax machines door-to-door. This sounds like a brutal job to me, but I’m sure this experience provided the spark and sales skills she needed to start her own successful enterprise.
- To build a prototype of her idea, she went to hosiery manufacturers in North Carolina. She promptly discovered that the female undergarments industry was dominated by men who never actually tried the garments out they were making (at least none that would admit to doing so). She stumbled upon a complete lack of female influence in the production of undergarments for women!
- Her Dad taught her it was OK to fail, and apparently even encouraged it. Robert Kiyosaki (‘Rich Dad, Poor Dad’ author) is constantly harping on the Public Education System for not allowing kids to feel comfortable with failure. Many people who are afraid of failure may never try to do something hard or new, and thus may never realize big success.
- Ms. Blakely worked full-time at Danka while she was working on Spanx business and only quit in 2000 when Opra featured her product on the Opra Show.
- In the ideation of the ‘Spanx’ Brand name, she wanted to create a name that had a hard K sound in it, like successful brand names Coca-Cola and Kodak.
- Spanx first year revenue was $4 million. Second year revenue was $10 million. Then she signed a contract with QVC and sold 8,000 units in the first six minutes of operation!
Forbes estimates Ms. Blakely’s net worth at $1.08 Billion today.