The Profile Dossier: Martha Stewart, America's First Self-Made Female Billionaire
The Profile Dossier: Martha Stewart, America's First Self-Made Female Billionaire
“I love the challenge of starting at zero every day and seeing how much I can accomplish.”
Long before there were social media influencers, there was Martha Stewart.
In the year 2000, Stewart was everywhere. She had two magazines, 27 books, a weekday radio show, a syndicated "AskMartha" newspaper column, a TV show on CBS, a website, a merchandising retail partnership, and a catalogue.
As a result, she earned the title of America's first self-made female billionaire.
Stewart had built a billion-dollar enterprise whose only real product was Martha Stewart herself. The entire operation hung on Stewart's public image and reputation.
And for a long time, it worked. Stewart was the goddess of domestic bliss ... the ultimate homemaker ... the perfect hostess. And then she became something she never thought she'd be — a convicted felon.
After lying to government investigators about a suspicious stock trade, Stewart was charged with insider trading. She was incarcerated at Alderson Federal Prison Camp in West Virginia for five months.
“It could’ve taken down the brand; it did not,” Stewart said. “But I must tell you that rebuilding is a lot harder than building.”
Whether you like her or not, she's a ruthless perfectionist who's mastered her craft, stayed relevant through the decades, and used her skills to build a billion-dollar empire.
READ.
On building an empire: Stewart took something that was largely dismissed as "women's work" and turned it into a billion-dollar business operation. She was a gardener and an entrepreneur. She was an artist and a CEO. She owned her own corporation in her own name. Stewart's success showed what it took “to get where she is, where most men aren’t and can’t." This juicy 20-year-old profile chronicles the ascent of Stewart's personal brand before her own name came back to haunt her in just a few short years.
On re-building a brand: The world was shocked by Stewart's dramatic reversal of fortune. In 2004, she was incarcerated at Alderson Federal Prison Camp. But because Martha is who she is, she began plotting her comeback since the day she got convicted. When she got out of prison, she landed a daytime TV show deal, a $30 million satellite radio deal, a DVD deal, a music deal, and many more deals. "I have learned," Stewart said, "that I really cannot be destroyed." This is the first profile of Stewart after she re-gained her freedom and got ready for redemption.
On her latest act: Stewart wants you to know she's an early adopter. She bought her first computer in 1982. She owns a Tesla. And she loves CBD. "That keeps you very on your toes, it keeps you extremely avant-garde, it keeps you current. I want to be current," she says. Here's what Stewart has been up to during quarantine. (Hint: it involves living on her farm and drinking Martha-ritas).
LISTEN.
On leading a life of twists and turns: In this podcast interview, nothing is off-limits. Stewart recalls what it was like growing up in New Jersey as one of six kids, getting her first book deal, serving time in prison, working on a TV show with Donald Trump, and collaborating with Snoop Dogg. "Prison was horrifying," Stewart says. "No one — no one — should have to go through that indignity."
On re-gaining her freedom: When Stewart left prison, she released a new book and launched two TV shows. She explains why she chose to voluntarily serve her prison sentence before filing an appeal. "It was a business decision," she says. "The last five months has really helped me focus on some of the problems inherent in being both parodied and admired.”
WATCH.
On becoming America's tastemaker: Well, here's an interview you don't see every day. Stewart sits down with Alex Rodriguez and Barstool's Big Cat to discuss how she was the original influencer years before social media ever existed. "I never thought about doubting my ability to reach a large group of people," she says. "In the 1980s and early 1990s, social media was really PR. It was reaching people through newspapers." This is an amazing conversation.
On building her brand: The key to a longstanding brand? Experimentation paired with laser focus. When building her empire, Stewart tried many different things — TV shows, book deals, and all sorts of partnerships. "[Entrepreneurship] is an exciting process. I'm trying all new things," she says.
On being an early adopter: Stewart's most incredible achievement has been that she's kept her brand relevant through the decades. How? By being an early adopter of new technology. Her first magazine issue came out in 1990, and it was done digitally. "We created it on an Apple computer," she says. "We used Adobe long before other magazines. We were probably one of the first design teams making home goods using a 3D printer. It's all about adapting and adopting technology to your business."
TECHNIQUES TO TRY.
How you do anything is how you do everything: Stewart believes that every day of your life requires your full energy and effort. When you don't take your work seriously, others won't either. "I think baking cookies is equal to Queen Victoria running an empire," she says. "There's no difference in how seriously you take the job, how seriously you approach your whole life."
Perfectionism breeds success: Stewart approaches every endeavor by aiming for perfectionism. If you're going to be a teacher, you better be able to perfect your craft, she says. "You cannot teach a math equation and have an imperfection in it," Stewart says. "You cannot teach a chemistry formula and have something go wrong. That’s not good. You can’t make a recipe that’s half good, or will only work up to a point." It starts with an eye toward perfectionism and it ends with success.
Fiercely promote good ideas: When Stewart was starting her business, she knew that newspapers were hungry for fresh faces and new ideas. "I had a lot to say and a lot of trusted advice to give," she says. If you're struggling to get your ideas out there, Stewart offers the following recipe: 1) a good idea, 2) passion for the idea, and 3) interesting content that backs your idea. "One morning, I woke up and said, 'I think I'm a brand now.'"
Never go down the same road twice: Stewart doesn't mean this figuratively...she means it literally. Because she's curious about discovering new things, she diversifies her route home. "If I'm going to go down 23rd Street to my office every day, I know every nook and cranny on that street," she says. "But if I go down 21st Street, I might see something I haven't seen before." Changing up your daily routine in small ways may lead you to discover something new that sparks a fresh idea.
Learn how not to give a damn: Stewart doesn't care if you like her. Her brand is about helping you master the domestic arts — but it doesn't give a damn whether you think she's warm, fuzzy, and likable. This column explains how Stewart's success is isolated from the need for likability. The article notes, "Martha’s attitude provides a refreshingly clear path to success: work hard, know your value, and have enough confidence in your work and value to keep pressing forward whether or not people seem to like you." Commit to yourself and to your vision rather than letting external opinions take up valuable real estate in your mind.
QUOTES TO REMEMBER.
“Build your business around something that you love – something that is inherently interesting to you.”
“Never make a big decision without sleeping on it.”
"Life is too complicated not to be orderly."
"Without an open-minded mind, you can never be a great success."
"Seek out people to work with who are brimming with talent, energy, integrity, optimism, and generosity."
“It is within everyone’s grasp to be a CEO.”
“I admire the courage and self-reliance it takes to start your own business and make it succeed.”
"The more you adapt, the more interesting you are."
“I love the challenge of starting at zero every day and seeing how much I can accomplish.”
"My new motto is: When you’re through changing, you’re through.”