About few successful and unsuccessful entrepreneurs.
Small Business & Entrepreneurship
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Transcript of About few successful and unsuccessful entrepreneurs.
“The formula to success has three parts: You have to be
daring, you have to be different, and the third part is most important - you have to
Ms. Essie WeingartenFounder and President Essie Cosmetics, Ltd. provides nail polish products worldwide. It offers its products through retailers, distributors, and salon owners. The company was founded in 1981 and is based in Astoria, New York. As of June 25, 2010, Essie Cosmetics, Ltd. operates as a subsidiary of L’Oréal USA, Inc.
SUCCESS STORY• She identified the need for different colours of
nail paints which back then was limited to a small set of colours ranging from pink, nude, beige and red. She wanted to introduce more colours.
• Targeted women in Vegas with disposable income than anywhere else. Varying from dealers, dancers, cocktail waitresses, showgirls who had to be well groomed, well dressed as they were in front of the public at most of the time.
• She went to all of the beauty salons in fancy casino-hotels and left samples of her nail colours. Within 10 days, every single one had called to place an order.
• Once Essie’s exciting, vibrant colour palette hit Vegas, women visiting from all over the U.S. spread the word.
• Another attraction was the wacky names for her nail pains, with colours range from a deep-green colour called Sew Psyched to a light-delicate blue called Rock the Boat and much more.
• Turning point in her life was when, in the 1989, Queen Elizabeth’s hairdresser wrote a letter to Essie requesting an order of a pale-pink polish called Ballet Slippers because it was the colour of choice of Her Majesty. Yes, she delivered it with perfection.
• And today she’s become a style maven.
Carol Gardner started her company with 24 greeting cards in the middle of her living room. Within 6 months, over one million cards had been sold. Today Zelda Wisdom products can be found around the world and the list of licensees is impressive: Hallmark, Russ Berrie, Andrews McMeel Publishing, Macmillan Publishing, Running Press Publishing, Westland Giftware, Antioch Publishing, Micro Thin, The Paper Magic Group and more. She is the author of Princess Zelda and the Frog, a children’s book which reimagines the story of the princess and the frog as a modernized fairy tale starring bulldogs in costume.
SUCCESS STORY• Zelda Carol’s dog was her biggest inspiration
which gave birth to a business that has been valued at an estimated $50 million.
• Carol came up with the idea of greeting line card which was not focussed on any occasion but just to make people smile.
• Researched the market to find out only about 15% of the greeting card line was made up of smaller companies, and most failed and was focussed only on special occasions.
• She decided to brand her dog and use real-life dog on her greeting cards to stand out in the market.
• With that, Zelda Wisdom, which has books and licenses cards and calendars, to name a few of its lines of business, was created.
• Her another strategy was to add ‘Wisdom’ because they were going to have pieces of wisdom on each card because Zelda is a smart dog and she was going to give people motivation.
• Carol used innovative marketing strategies to make her cards stand out amongst all the other greeting cards in the New York stationery shop.
• Every booth was similar, pastel coloured -- and Zelda Wisdom were black and white. They had set up a television monitor to show all the press they had already received and they took out a full-page ad in the show’s catalogue with a huge photo of Zelda dressed as a bee that said ‘Why Bee Normal?’ That got everyone’s attention, including the big companies.
Chris DeWolfe and Tom Anderson
Myspace was founded in 2003 by Tom Anderson and Chris DeWolfe.
The company operates Myspace.com, a social networking site with some 35 million users. As a result of stiff competition from rival Facebook (with its 500 million users), in 2010 the company shifted away from providing general social networking services, adopting a strategy of what it calls “social entertainment" - music and video content sharing for a younger "Gen Y" audience (aged 13 to 35). Such efforts were deemed too little too late for former parent company News Corp, which sold the majority of beleaguered Myspace to digital ad firm Specific Media in 2011.
WHAT WENT WRONG?• The site was slow to innovate, had no real
understanding about itself as a brand, held minimal financial control and seemed unable to keep up with its ever-ageing audience.
• Lack of loyalty to its usersMySpace failed to adapt and appeal to its original market as they left their mid-teens and became young adults.
• Lack of innovationMySpace had less of innovations as compared to its competitor Facebook. MySpace failed to adapt to its customer’s changing needs and lifestyle.
• Lack of understanding about itselfThe site had repositioned as it became obvious it was never going to compete with the leading social networking websites in its previous state. It had admitted defeat.Brands should adapt to the changes within their market, but never make reactive decisions and change the market they operate in altogether.
• Lack of controlNewsCorp has admitted the losses are neither “acceptable or sustainable” and its president Chase Carey said the social networking site was a “problem”.
Nobody is a “Failure” but a
T MEGHANA SHREE