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MC > Sara Blakely > Flashcards

Sara Blakely Flashcards

1
Q

Why should you stay connected to the WHY?

A

The why is what fuels and keeps you on track with your intense journey. Ask why? all the time.

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2
Q

What are the three parts of Purpose?

A
  1. What are you good at?
  2. What do you enjoy?
  3. How do you want to serve the world?
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3
Q

Why should you find out when your ideas come to you?

A

So you can min/max it. Find out when you get your ideas, and make the most of them.

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4
Q

What should you do when you get your ideas?

A

WRITE THEM DOWN. Then filter them. If you don’t write them down, they will slip out of your head.

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5
Q

What word should be your best friend in business and WHY?

A

Why. Ask yourself, Why does this exist? Why is it done this way? Why hasn’t anything in this place evolved in a while? Why will bring you ideas and explanations.

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6
Q

How can you filter your ideas?

A

Filter it by asking if it’s possible? Is it in my expertise?

Think about:

  • Difficulty level
  • Cost
  • Manufacturers
  • Weight
  • Shipping
  • Human Resources
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7
Q

Why should you name ideas early?

A

Because naming them makes them tangible and easier to chase after.

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8
Q

Why shouldn’t you tell everyone your idea immediately?

A

Because people will discourage you and will stop you from chasing your purpose. Retain absolute faith that you can and will prevail in the end, regardless of the difficulties, AND at the same time confront the most brutal facts of your current reality, whatever they may be.

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9
Q

Who should you tell about your idea?

A

Partners, Lawyers, Manufacturers, and people that you NEED to make your product.

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10
Q

What do you gain from patenting your product? If you answer that, you know whether to patent or not.

A

Some companies patent the product in order to stop people from copying the product immediately and also for marketing purposes. If you can gain a large value from it you should.

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11
Q

Is it worth it to chase the copy-cats?

A

No, It would cost millions of legal fees and most importantly lost time to chase people copying your patent. The best thing you can do is continue to innovate and level up so they are stuck trying to figure out what to do next.

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12
Q

Can your business be something other than a tangible product?

A

Yes, it can be providing a service.

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13
Q

Why is differentiation SO important?

A

You need to know your closest competitors and what you can do to differentiate from them. You should be able to stand up and tell how you and your product/company are different, and be able to do it quickly + confidently. (you have one shot, don’t f*%# it up)

You have to make it easy for them. (Here’s what I am, Heres why I’m different, and here’s why I’m the best option)

An exercise you can do:

Name your 3 closest products to this idea that exists and ask:

What do I like about them? What don’t I like about them? and How am I different?

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14
Q

How does your reaction to events affect you?

A

You can either react in a way that will propel you forward or hold you back.

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15
Q

How does self-doubt affect “entrepreneurs”?

A

You have to be able to manage your self-doubt as an “entrepreneur”. Sometimes the biggest enemy of a person chasing success is themselves.

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16
Q

What’s the caveat of not caring what others think about you?

A

Not caring what others think of you doesn’t mean you don’t care about them.

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17
Q

Why must you regulate the noise?

A

You can’t let the noise get to you. You need to regulate what is useful or not. Most of the noise is toxic and hurtful. Hit the pitch back, and into the stands.

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18
Q

What’s the point of aiming high?

A

You aim high because even if you fall short, you’re still higher than the rest.

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19
Q

How can you redefine failure?

A

The biggest failure is not trying.

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20
Q

How can you honor the feminine principle in business?

A

Business doesn’t have to be completely cutthroat, you can care about your competitors, and the ability to be vulnerable can be very strong.

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21
Q

Does everyone really have a million dollar idea?

A

Yes everyone does, but almost all never take the next step. They never act on their ideas.

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22
Q

What should you do to validate your idea?

A

Think, Would I buy this? Would this be my first choice? Would customers honestly like this?

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23
Q

Where does your idea start?

A

Your idea starts in a crude form that you can use to show manufactures and investors. It’s going to look bad, but as long as you know it’s a good idea and are confident, you can bring it to fruition.

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24
Q

How does feedback effect your product? How does it effect yourself?

A

Ask the people testing your product, What don’t you like about it? How can it be improved?

25
Q

How can you turn the objections of your product into positives?

A

You need to see future objections by consumers and turn them into positives, or explain why it has to be like that.

26
Q

How does wholesale price ratio relate into the retail price of your product?

A

Your retail price should be 5 times the wholesale price.

27
Q

Who should be your #1 thought while building and tuning your product?

A

Your customer. You should always be thinking about how the customer views the product and what their objections and feedback will be.

28
Q

What’s the problem with ‘newness for the sake of newness’?

A

Business people will often innovate just to make their product seem different even though the innovation has no value.

29
Q

How do you know your product is ready to sell?

A
  • It solves the problem
  • It gives you the results you’re looking for
  • It’s the best option out there

You usually have a gut feeling that you’re done tuning your product. You have done all that could be done and you are just stalling if you continue trying. Sara Blakely believes you should spend a reasonable amount of time to create a great product before releasing.(unlike the Lean Canvas MVP model). It can really damage your business if you iterate on the customer. In the beginning you should get the best product out instead of improving on the customer.

30
Q

When do you pivot or abandon?

A

You have to pivot or abandon when:

  • It doesn’t solve the problem
  • It’s not giving you the results you’re looking for
  • It’s not the best option out there
31
Q

When does iteration stop?

A

Iteration never stops. What works today isn’t going to work 2-3 years down.

32
Q

What’s the three most important things in your “business plan”?

A
  1. Make it
  2. Sell it
  3. Build Awareness
33
Q

Do you need a business plan?

A

No, not all great companies started with a full layout business plan. As long as your are starting on firm value you can figure it out along the way.

34
Q

What do you need to sustain your business, and why must you focus on it?

A

Influx of funds. You need to be selling stuff and making a product that people will buy. People have to be willing to buy it, or you have to be making considerable amounts of money off of the service.

35
Q

Why is NO a compliment?

A

People will say no to your idea because it’s new. It can be a compliment because you know that it is different, and that’s what is necessary for success.

36
Q

Who is in control of whether your product gets excepted?(for the most part)

A

You. You have to have no doubt that you have the best product in the world or investors will go the other way.

37
Q

What’s important to think about when finding manufacturers?

A
  • Proximity
  • Language barrier
  • Experience
  • Size
  • Connections
  • Financial stability
  • Collaboration
38
Q

Why must you ask ALL the questions possible and not assume anything with your product and manufacturers?-

A

Because the manufacturer doesn’t understand the consumer as well as you

39
Q

Why must you ensure the best quality for the consumer?

A

Because just cause the manufacturer makes something and says its a certain size or uses this material, doesn’t mean it’s going to be good for the consumer. You have to be hands on and actually wear/use it

40
Q

What makes the magic of your product between you and your manufacturer?

A

Communication. You need to be respectful when communicating with your manufacturer. Both sides must be allowed to talk when working things out.

41
Q

What is an easy way to kill an early business?

A

Buying too much product and not being able to afford it.

42
Q

How can you negotiate minimums with manufacturers?

A

Manufacturers have to produce a minimum amount of your product, so you need to make sure it’s a good and affordable amount.

43
Q

How can diversification in manufacturers, distribution, etc protect you?

A

You never know if a manufacturer is going to go under. Diversifying makes sure you always have a back up, and ensures the best quality. You also need to make sure that the entire product can be made.(gusset with spanx)

44
Q

What’s a critical part in selling a product?

A

You can’t sell your product, you need to sell the problem and how you will fix it.

45
Q

How does humor and vulnerability help in sales?

A

It makes it real and not scummy. If your intentions are right and you add this you will be more respected.

46
Q

What are the four personality types that you will sell to? Explain them?

A
  • The Director- Wants you to get to the point. If you’re pitching to the Director, be concise. Don’t spend too much time dwelling on the problem before you present your solution.
  • The Socializer- Wants to get to know you. If you’re pitching to the Socializer, tell your story, starting from your early background.
  • The Relater- Wants you to connect with them and care about them personally. If you’re pitching to the Realtor, talk about how you care deeply about the people whose problems your product will solve.
  • The Thinker- Wants to know every detail about your product. If you’re pitching to the Thinker, explain the problem you’re solving analytically, and get to the nuts and bolts of the materials and methods you’ve used to solve it.
47
Q

What are the two types of listening?

A

Verbal and Non-verbal. Have to pay attention to non-verbal cues.

48
Q

What are some ways to turn No’s into a Yes?

A
  • Share a past example where a buyer or manufacturer who previously told you no but has since told you yes.
  • Give them time to consider what you’ve offered before asking them again, who knows what could happen.
  • Use humor. Don’t take yourself too seriously, and maybe even play on the fact that you’re obviously trying to sell something (what Sara refers to as “calling out the humanness of the situation”). If you can gently mock your position, people will feel more relaxed around you and may be willing to give you a try.
  • Don’t ignore timing. If you get a yes, strike while the iron is hot. Use that
    yes as a case study to show all of your no clients why they’re making
    a mistake.
49
Q

How did Sara leverage herself? What can be learned from this?

A

Sara went hands on and sold the product herself the first two years. Teaches that you must control your own success.

50
Q

How do you get over the fear of selling?

A

JUST DO IT. Practice.

  • Take a straightforward public speaking class
  • Take an acting or stand-up comedy class (you’ll learn the importance of good timing and delivery)
  • Take a debate class (will push you to anticipate objections from the other side)
51
Q

When first starting what are the two types of building awareness? Which is better to start?

A
  • Organic marketing. Natural growth.(word of mouth/social media)- Organic growth is necessary when first starting since you can’t afford regular marketing.(I personally think that unless you have a very cool/sophisticated marketing plan, the budget should be nothing.
  • Paid marketing
52
Q

Fun?

A

Make it fun. Make it different.

53
Q

How should you speak to the customer?

A

You HAVE to speak to the customer, not AT the customer

54
Q

What’s the result of assortment for brand growth?

A

You slow your growth. You should, for the first 2 years, focus on one great product and build a customer base and then slowly diverge.

55
Q

What should your hero product be?

A

It’s your number one product that you focus on making as best as possible. You should only have one product for the first 2 years and then you can diverge from it.

56
Q

What are the 4 P’s of your business?

A

Product, Price, Placement, and Positioning. Focus on these four!

57
Q

What must you keep in mind when pricing your product?

A

What the perceived value of your product is.

58
Q

What are the three tiers you have to choose for your product to be?

A

1 Premium
2 Mid-tier
3 Value-based

59
Q

How do discounts play into tiers?

A

It lowers the perceived credibility or value of your product. Once customers get used to getting your product or service at a discounted rate, it’s very hard to go back to your standard price. You can only go down in tiers.

MC (6 decks)

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