The Martha Stewart Guide to Entrepreneurship and Making a Comeback
“As an entrepreneur, you will find great joy and satisfaction in making your customers’ lives easier, more meaningful, and more beautiful.” –Martha Stewart
If you are at all a crafty person, or if you want to be, then there is one name you should know: Martha Stewart. When it comes to all things unique, inspiring, and crafty, hers is the name that rules them all. I grew up watching her show, all the time marveling in the things she would create. She was the one to truly inspire the do-it-yourself (DIY) movement!
One of Martha's many impressive crafts: teacup pincushions made from sweaters!
By now, some of you are probably thinking: “isn’t that stuff for the birds?” Nope. Whether you’re male or female, Martha’s how-tos can be used from baking to home improvement! The enterprise that she’s built has rarely been matched, and few business men have matched the national success she has created. All businesses can learn a thing or two from what this clever gal has to say, because she’s always thinking about the topics that provide value to her fans.
For instance, even though this businesswoman was painted in a negative light for a while, her comeback can really teach you a thing or two about becoming a success.
Her business empire, which shares her name, was involved in publishing, TV, retail merchandising and direct selling. Even when she was imprisoned for sketchy stock trading, people thought she would break down and never recover, but instead she made a name for herself even in prison. She was dubbed by her inmates as “M. Diddy” and was also the informal liaison between the administration and her fellow inmates. How often do you hear about things like that?
The Martha Stewart Show may head to web-only.
Despite her still-enormous fan base and comeback, I was very surprised to hear that her show may be switched to a web-only base. To me, Ms. Stewart has never ceased to surprise in business and she always seems to make the most out of where she is (which is amazing, being that her show is just that — she really stands by what she does). She is still a very lucrative figurehead when it comes to name recognition and success. After all, the entire internet is starting to outweigh television and cable these days. Many people now opt for internet subscriptions as opposed to paying for cable.
Personally, I’m excited to see her move because then I would get to actually watch her show (I’m one of those previously-mentioned people who doesn’t do cable). I believe that she will absolutely make a comeback and make even more of a name for herself online. Viewers are already spending more time on sites like Hulu or Netflix, and many television networks are offering streaming content now to keep up with the demand. After all, Martha has such a wide variety of products and services — from weddings to pet furniture — so there’s no reason why she couldn’t excel online if she had enough advertisers on her side. Also, I wouldn’t be at all surprised if Hallmark (the channel that canceled her show) became a sponsor of the web series within a year of its launch!
Martha's full of advice!
It’s clear that Martha is no slouch when it comes to really knowing what is best for a successful endeavor:
“My advice to you as an entrepreneur? Take off your shoes and step into your customers’ shoes for a while. Take a walk down their street and ask yourself: ‘Is there a use for my idea in her life?’” –Martha Stewart
Key takeaways from Martha Stewart’s successes and failures over the years:
- Always provide value to your audience. The two quotes I mention in this blog alone demonstrate Martha’s passion for giving customers what they want and need. Most of her products and services excelled because there was a demand for them that wasn’t being filled already. Are you doing everything you can to become a valuable resource for your audience?
- Roll with the changes. Even though the Hallmark Channel decided to axe her show, that didn’t stop her from finding another potential outlet via a web series. Don’t put all of your eggs in one basket (unless it’s a fabulous Martha Stewart creation, of course); instead, have a backup plan in case you’re forced to change it at the last minute.
- Everyone makes mistakes, so start learning from them. We can all agree that Martha’s stock trading debacle was a huge no-no! Lying is never the answer. However, she served her time, admitted to her mistakes, and then started thinking about her next move. Don’t let a few mistakes get you down — let them steer you away from future issues.
What do you think? Do you think that Martha will survive going to web-only viewings? Do think that this is a decision Hallmark will regret? With a little research, I think you might surprise yourself as far as your opinion about dear Martha.