Lessons From Women at the Forefront of Small Business Growth

Women-led businesses are growing at a historic rate. In the U.S., women-owned small businesses make up 40% of all businesses in the country.

This momentum is exciting. But starting and growing a business still comes with challenges. Many women face funding barriers, industry biases and the pressure of balancing multiple roles.

To build successful companies and shape the future of business, women must develop the skills and mindset needed for long-term success.

In this article, we’ll explore lessons from legendary businesswoman Estée Lauder, insights from Comerica’s women leaders and strategies for success in today’s world. Whether you’re launching a business, leading a team or planning your next move, these insights will help you build confidence and turn your vision into action.

Lessons from History: Estée Lauder’s Blueprint for Success

When it comes to building a lasting business and breaking barriers, few stories are as inspiring as Estée Lauder’s.

She didn’t inherit a company or have a traditional business education — she built an empire from the ground up. Through innovation, persistence and a deep understanding of her customers, Estée transformed a small cosmetics line into one of the most recognizable brands in the world. Estée Lauder was the only woman listed on Time magazine's 1998 list of the 20 most influential business geniuses of the 20th century.

Her journey offers timeless lessons for today’s women entrepreneurs, proving that success is a product of vision, resilience and smart strategy.

What Made Estée Lauder a Standout Leader?
Customer-First Innovation: Long before “customer experience” became a business buzzword, Estée Lauder understood the power of direct engagement. She pioneered the free product sample — a strategy that allowed customers to experience her beauty products before committing to a purchase. This approach built trust and created lifelong brand loyalty.

Resilience and Persistence: Estée faced countless rejections in the early years of her business. Major department stores turned her away, doubting whether a woman-led brand could compete with established names. Instead of giving up, she kept pushing forward — personally selling her products, networking relentlessly and securing retail deals that helped her brand grow.

Control Over Brand Identity: Estée knew that brand consistency was key. She didn’t just sell beauty products — she sold an experience and lifestyle. She carefully controlled product quality, packaging and marketing, to make sure that everything reflected the prestige and luxury her brand promised. This level of attention to detail helped set her apart in a crowded industry.

How Women Business Leaders Can Apply These Lessons
Estée Lauder’s success can be translated into practical, modern-day actions that today’s women entrepreneurs can use to grow their own businesses.

Turn Customer Engagement into Competitive Advantage.
Estée revolutionized how brands interact with customers. And today’s business landscape offers even more ways to build loyalty. Leverage digital tools, social media and data-driven insights to create deeper connections with their audience. Plus, consider personalized marketing and exceptional customer service to stand out in a crowded market.

Adapt to Challenges with a Growth Mindset.
Estée’s persistence helped her overcome rejections. Instead of seeing them as roadblocks, she approached them as problems to solve creatively — adjusting her strategy, refining her pitch and finding new ways to get her products in front of customers. For today’s women leaders, pushing through challenges requires the same mindset of adaptability and problem-solving. Instead of letting setbacks define your success, focus on what you can control, explore alternative paths and remain open to new opportunities.

Own Your Brand Story and Vision.
Estée’s obsession with brand consistency was key to her long-term success, and the same holds true today. Actively shape your brand’s identity and messaging, ensuring that everything — from customer touchpoints to marketing campaigns — aligns with your values and goals. This means being deliberate about public perception, clear about differentiation and confident in what sets your business apart.

Leadership Lessons from Comerica’s Women in Business

Every successful leader has a story. And the lessons they’ve learned along the way can inspire others to grow. Sandra Felegy and Meghan Storey, two of Comerica’s women leaders in small business, have built successful careers by embracing mentorship, resilience, and strategic growth. Their experiences offer valuable lessons for women looking to lead, grow their businesses, and make an impact.

Sandra Felegy, Regional Director of Small Business Banking for California
Sandra Felegy began her career as a part-time teller in college, and through hard work, mentorship, and a willingness to learn from others, she steadily moved into business development, relationship management and leadership roles. Today, she leads a team that provides guidance and support to small business owners across California, helping them navigate challenges and grow their businesses.

For Sandra, leadership isn’t just about expertise — it’s about building relationships, staying confident, and helping others succeed.

The Power of Relationships
Sandra believes that strong relationships open doors and create opportunities that might not be obvious at first. Whether it’s through mentorship, networking or peer collaboration, she emphasizes that learning from others is essential for growth.

“The real steps that led me to where I am today were the steps taken to foster relationships and learn from various individuals within banking and outside of banking.”

She encourages women in leadership to actively seek out both mentors and sponsors, noting that mentors provide essential guidance, and sponsors are the ones who advocate for you and help move your career forward.

Advice for Women in Business
Sandra’s experiences in leadership have taught her key lessons that women in business can apply to their own careers:

• Own Your Expertise. Confidence matters. Speak up, trust your knowledge, and don’t downplay your experience — your voice adds value.
• Build a Strong Network. Having mentors for guidance and sponsors for advocacy can make a major difference in career growth.
• Support Other Women. Leadership is about lifting others as you climb, creating more opportunities for women in business.

Meghan Storey, Regional Director of Small Business Banking for Michigan
Meghan Storey’s career in financial services started in college, where she worked as a teller at a local credit union. Although she didn’t originally plan a career in banking, she quickly recognized the impact of strong financial guidance for individuals and businesses. Over time, she took on roles in residential mortgage advising and small business banking. Today, Meghan leads Comerica’s Small Business Banking team in Michigan.

For Meghan, great leadership is built on research, preparation, and resilience — qualities that have shaped her career and the way she supports business owners every day.

Balancing Strategy with Empathy
As a leader, wife, and mother, Meghan has a unique perspective on balancing personal and professional responsibilities. She believes that empathy is one of the most underrated leadership strengths, especially in business.

“You must hold people accountable while also having a level of compassion for things that happen inside the home.”

Meghan encourages leaders to approach clients and colleagues with understanding, recognizing that business decisions are often deeply personal.

Advice for Women in Business
Meghan’s career has given her valuable insights into what it takes to build and grow a successful business. She encourages women entrepreneurs to take a strategic approach and focus on long-term sustainability:

• Do Your Research. Understanding your industry, competitors and customer needs is essential. Make informed decisions based on market data, not assumptions.
• Invest Time in Learning and Growth. Curiosity and continuous development are essential. Whether it’s attending industry events, reading about market trends or building new skills, leaders should always be looking for ways to grow.
• Know the Difference Between Passion and Profit. Loving what you do is important, but not every passion is a profitable business. Make sure your idea has a clear market and revenue potential before diving in.

What’s Next: Trends Shaping Women-Led Businesses

Women-led businesses are driving economic growth, industry innovation and social change. Across sectors, female entrepreneurs are redefining what success looks like — not just by building profitable companies, but by creating businesses that prioritize purpose alongside profit. From ethical sourcing and sustainability to community-driven initiatives, women-owned businesses are influencing both the marketplace and the communities they serve.

As these businesses continue to grow, several key trends are shaping the future of women in entrepreneurship.

Trends to Watch

The Rise of Women’s Business Networks. More than ever, women entrepreneurs are intentionally seeking out and supporting one another. Networking groups, mentorship programs, and industry events designed for women in business are expanding, creating more opportunities for collaboration, funding and shared success. “I’ve seen more female networking groups than in decades past,” says Meghan Storey. “This tells me females want to do business with other like-minded women.”

Resilience in the Face of Adversity. Even with economic challenges, 56% of women-owned businesses remained profitable in 2024. Their ability to pivot, streamline operations and find creative solutions highlights the resilience and strategic thinking of women entrepreneurs.

A Shift Toward Purpose-Driven Business. Beyond financial success, many women-led businesses are prioritizing impact, focusing on social enterprises, ethical sourcing and community engagement. As consumers increasingly seek brands that share their values, women entrepreneurs are well-positioned to lead this shift.

Advice for the Next Generation of Women Entrepreneurs

As more women step into leadership and entrepreneurship, the path forward is clearer than ever: success comes from preparation, confidence and a strong support system.

Here is advice for those looking to start or grow their businesses:

• Believe in yourself. Trust your skills, experience and instincts. Confidence is key — own your expertise and don’t hesitate to take up space in your industry.
• Create a business plan. A strong plan keeps you focused and helps secure funding. Outline your goals, financial projections and strategies to set yourself up for long-term success.
• Secure funding early. Whether you’re saving, seeking investors or applying for loans, having a financial strategy in place ensures stability and growth opportunities.
• Build a strong advisory team. Surround yourself with bankers, accountants, legal advisors and mentors who can guide you through rough patches and help position your business for success.
• The best time to start is now. With the right plan, network and mindset, women can continue shaping the future of small business — and their own success stories.

Take the Next Step in Growing Your Business

Success in business doesn’t happen alone — having the right financial partners can make all the difference. Whether you’re just starting out or looking to expand, Comerica’s Small Business Bankers are here to help you navigate challenges and position your business for long-term success.

Looking to strengthen your business? Connect with a Comerica Small Business Banker today and explore Comerica’s small business resources.