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From Passion To Profit: Lessons from 4 Beauty Moguls

Left to right: Amy Liu, Monique Rodriguez, Katerina Schneider, Anastasia Soare.

The beauty industry is a titan of business. With its total revenue sitting at approximately $571 billion1, it’s a formidable industry even in times of recession. But how can someone break in and stand out in such a huge industry like this one? We spoke to four women founders in this space to hear their stories on how starting as a primary consumer helped take their own companies to the top of their game:

Anastasia Soare, founder, Anastasia Beverly Hills 
Amy Liu, founder & CEO, Tower 28 
Monique Rodriguez, founder & CEO, Mielle Organics 
Katerina Schneider, founder & CEO, Ritual 

While their stories and paths to success may differ, their shared challenges and experiences as women founders who turned their passions into profitable businesses can be a source of inspiration for entrepreneurs in any space looking to take their industry to new heights.

Turn “no” into “not yet.”

The path to success isn’t linear, and entrepreneurs tend to receive numerous rejections and passes. But as these women will tell you, it’s not about how many times you hear no, it’s about what you do afterward. Navigating the top tiers of the business world can’t happen without turning a “no” into “not yet,” especially if you talk to Katerina Schneider and her team at Ritual.

“Being told no is one of my favorite things. I love the word no. It’s something that fuels me,” Katerina said. “If someone said no to you, sometimes it means it just hasn’t been done before.” 

Treating a rejection as a comma instead of a period can help you strengthen your confidence.
 

Embrace your story.

How do you use confidence to fuel and further your success? While entrepreneurship is an individual journey with no one-size-fits-all formula to achievement, starting with your own authentic story is a constant of every successful founder. Consumers connect with brands that tell a story.

“The truth is, the way you look, the way you walk through the world, it’s all affected by confidence,” said Anastasia Soare. “If I have to give advice to my or others’ younger self, it would be to never give up and be who you are. You are perfect the way you are. Just be confident, believe in yourself.” 

You can use confidence and self-assuredness to guide you, whether you’re trying to break into a new challenge or riding at the top of your game. Both internal and external confidence are an impenetrable force for your business’s success. When you believe in yourself, no amount of “no” can stop you from achieving what you know is waiting for you. When you assert that confidence by embracing your story and who you are, people will wonder why they ever thought to doubt you in the first place.
 

Let purpose fuel your work.

Whether you started a company from the ground up or were brought in to manage a well-oiled machine, business is hard. You do what you do because you love it, and because it brings you purpose. Your confidence comes from understanding and embracing that purpose. 

“I think you are just fueled by your purpose and you know why you want to do it, it'll get you through those tough times. It's a lot of hard work, especially in the beginning because you're not getting a lot of that feedback,” said Amy Liu.

Monique Rodriguez added “I think the ones with a solid, genuine, authentic story and connection with the consumers are the ones who are going to supersede.”

Starting or running a successful business begins with a strong sense of purpose and refusing to lose it along the way. If you want to learn more about starting or financing a business, speak to your Goldman Sachs team for information and resources. 

¹ Statista, Beauty and Personal Care Worldwide, 2023
 

This material is intended for educational purposes only and is provided solely on the basis that it will not constitute investment advice and will not form a primary basis for any personal or plan’s investment decisions. While it is based on information believed to be reliable, no warranty is given as to its accuracy or completeness and it should not be relied upon as such. Goldman Sachs is not a fiduciary with respect to any person or plan by reason of providing the material herein, information and opinions expressed by individuals other than Goldman Sachs employees do not necessarily reflect the view of Goldman Sachs. This material may not, without Goldman Sachs’ prior written consent, be (i) copied, photocopied or duplicated in any form, by any means, or (ii) distributed to any person that is not an employee, officer, director, or authorized agent of the recipient. This material is not an offer or solicitation with respect to the purchase or sale of any security in any jurisdiction. Investing involves risk, including the potential loss of money invested. Past performance does not guarantee future results. Neither asset diversification or investment in a continuous or periodic investment plan guarantees a profit or protects against a loss. Information and opinions provided herein are as of the date of this material only and are subject to change without notice.
 

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