Published on womenworking.com March, 2008
Strategy for Success: Seize Opportunity
Maureen Kelly,Founder, CEO
Tarte Cosmetics
Maureen Kelly was halfway through earning her doctorate in clinical psychology when she dropped it all to pursue a riskier, but unrelenting aspiration: her own makeup line. She spent free time during her last six months in school doing some initial research into the industry before she realized there was an opportunity in the market for natural, multi-purpose products for busy women.
It was a "now or never" moment. "There are some huge companies in the industry, and I knew it was going to be tough to break into, but I decided if I was going to go for it, I was going to give it my all," says Maureen. Without any business experience, she decided to launch tarte Cosmetics from her one-bedroom Manhattan apartment.
"I started with $20,000 in savings. I read business books, rolled up my sleeves, and learned as I went." Though her friends and family were hesitant about her decision not to at least finish school first, Maureen managed to rally their support. "For two years, our warehouse was my parents' basement. I'd get pizza and wine and everyone would come over and help me with press mailings and distribution."
Maureen’s Start-Up Strategies:
Be open to criticism.
"Back up research with second and third opinions. A lot of people are resistant to hearing that they might need to tweak their idea or concept, but if it's not truly original, it's not going to succeed. Seek and be open to anyone's input. You have to have thick skin when starting your own business. Not everything's going to be a home run."
Don’t take shortcuts.
"It was important to me that the integrity of the product was there, and that they were as natural as possible. First and foremost, you are your own customer. If you're not inspired to use your own product, who will be? Start out by not compromising quality and really going for what you believe in. Though it will cost more initially, you'll be more successful in the long run."
Know your weaknesses.
“You may not be a 'born entrepreneur'--you might just have an idea you're passionate about. You have to be able to realize your limitations and surround yourself with people that complement them. You can't do it all, nor should you. You have to step back sometimes and let your team flourish, because if you don't let them do things on their own, they'll never grow."
Do your due diligence.
"When negotiating pricing for a lip liner, I used a source who had supplied reputable brands, so I assumed he was reliable. I made the down payment and the person disappeared. It turned out he had done this to several other people in the industry. It didn't matter for them because they were owned by parent companies, but for me it was a huge deal because I had no money. Lesson learned: Get everything in writing and check references."
Don’t be too eager for the ‘big break.’
"We had the opportunity to launch the company to the next level when QVC approached us early on. But we said no at first because we were focused on controlling our growth. It probably wouldn't have been successful because we had some glitches at the time, and we didn't have the man power required for that kind of distribution. Once we felt tarte was where it needed to be I went on the show and the products were a hit! You get one shot to make a big break work, and you know whether you're ready or not."
Spotlight on Maureen
CHILDHOOD DREAM JOB: "Fashion designer. In a way my cosmetic line parallels that because our products are packaged in the latest fashion designs and fabrics."
FAVORITE BOOK: "The Memoirs of Cleopatra."
THE MOMENT SHE REALIZED HER SUCCESS: "When our lip glosses got on Oprah's 'Favorite Things' list."
PHILOSOPHY ON LIFE: "Life is too short. Do what makes you happy."
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