There are usually a number of reasons for the success of a business enterprise in a particular industry but the most critical factor is the entrepreneur himself. He is the person who conceives a simple idea to exploit a shortage in the market caused by the customers’ wants and expectations and the products or services that are currently available. He is willing to take the necessary risks and overcomes all obstacles to ensure that his business succeeds. He is undeterred by the competition in such market or the presence of established businesses, as he knows that he will be providing a unique commodity or service that will give him the competitive advantage in the market. The William Lauder affair with the beauty and cosmetic history of the USA and the globe is an example of the above!
In the international cosmetic industry entrepreneur in William Lauder is a top name today. He is the grandson of Mrs. Estee Lauder, a dynamic and illustrious entrepreneur in her own right. She along with her husband founded the Estee Lauder Corporation in 1946. Like all illustrious entrepreneurs, Mrs. Estee Lauder spotted a shortage of quality skincare products in the cosmetic industry at the time and exploited this shortage vigorously. In spite of her company’s modest beginnings, she entered the competitive market with only four skincare products. Yet the popularity of her products propelled the Estee Lauder Corporation to become a prominent name in the American cosmetic industry and set the industry’s benchmark standards in a short span of time.
Taking inspiration from his grandmother’s success in the American market, William Lauder was determined to make the Estee Lauder Corporation a name to reckon with in the international arena. From the beginning of his association with the company, he knew that the path to success was to carry on the family’s tradition of innovation even in an established company. Even when he was responsible for nine premium products of the company, he formulated and implemented a number of corporate strategies to ensure these and many new products were a runaway success in the international market.
He increased the brand portfolio of the company and increased them to 25 brands. He looked over the online operations of the company and won the confidence of customers. The goodwill increased. The William Lauder affair with the company brought in rewards and recognition. It gradually became an iconic company not only in the USA but across the whole world!
