Sara’s Story
What product did Sara invent?
Spanx
What is the first stage of the entrepreneurial process?
Discovery
What does “Market” mean?
(People will buy it)
What comes after Discovery?
(Business Plan)
Sara Blakely sold Spanx first out of where?
(Her apartment)
How much money did she invest?
($5,000)
Entrepreneurs look for __________ in the market.
(Voids or gaps)
What does “Margin” mean?
(Sell for more than it costs)
What is “Resourcing”?
(Gathering money & people)
Who are entrepreneurs studying when they look for trends?
(Consumers)
What famous person promoted her product?
(Oprah Winfrey)
True or False: Discovery means creating a product without research.
(False)
Sara’s product solved what problem for women?
(Flattering under white pants)
What stage is the “grand opening”?
(Run the Business)
What’s another word for “capital”?
(Money)
What job did she have before inventing Spanx?
(Disney greeter & fax machine sales)
Give one example of a marketplace gap that was later filled.
(Drive-thru, iPhone, fast food, etc.)
Give an example of a product that meets all 3
(student choice).
What is “Harvesting”?
(Evaluating success/failure & future growth)
What is “bootstrapping”?
(Starting with limited resources)
500: What TV show is she known for appearing on as an investor?
(Shark Tank)
Quote challenge – Who said, “People don’t know what they want until you show it to them”?
(Steve Jobs)
What does “Mission” mean?
(Is it worthwhile? Does society benefit?)
List all 5 stages in order.
(Discovery, Business Plan, Resourcing, Run the Business, Harvesting)
Sara Blakely is now worth over __________.
(Billionaire)