The beauty industry has grown tremendously within the last two years. According to Forbes Magazine, “There are at least 40 prominent beauty startups today founded by women, making the $445 billion (sales) industry - one of the most prevalent places for women to selfstart their way to big-time success.” Privately owned beauty businesses are continuously being acquired as the years go by. According to Forbes Magazine, “Sixty-two privately held beauty companies were acquired in 2016, 38% more than the previous year and a record since 2012, according to analytics firm CB Insights. So far in 2017, there have been 14 transactions,” says CB Insights.
Chicago teen, Morgan Lyle, a senior at Kenwood Academy, has decided to make her mark in the beauty industry at such a young age by creating her own lip gloss line, ‘Morgan Jai Macquillage’. Lyle gives credit to her parents for inspiring her to become an entrepreneur, She says, “What truly inspired me to become an entrepreneur was my parents, growing up in a household where both of my parents were small business owner inspired me to own my own business and continue on that legacy.”
Although being an entrepreneur may seem like the ideal job, it comes with many obstacles that Lyle has had to overcome. “It’s hard as a new business trying to get your company to become noticed especially since there are popular cosmetic lines such as Fenty. Gaining a steady clientele and dealing with my competitors was definitely my top two obstacles.” Lyle says that there is nothing that she can’t overcome. Even through the obstacles, this young entrepreneur has continued to shine just like her glosses and her company logo which is “A touch of color with a lot of shine.” People can purchase products and learn more about Morgan Jai Macquillage, by following her instagram @morganjai_maquilage.