Oprah Winfrey - The Story of an Entrepreneur
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Case Details:
Case Code : LDEN006
Case Length : 14 Pages
Period : 1957-2000
Pub Date : 2002
Teaching Note :Not Available
Organization : Infosys
Industry : Media and Entertainment Countries : Japan
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Excerpts
Oprah's 'Rags To Riches' Journey
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The 'Talk Show' queen, Oprah, was born out of wedlock to
Vernon Winfrey and Vernita Lee on January 29, 1954, in Kosciusko (Mississippi,
US). Named Orpah Gail Winfrey, she became Oprah after Orpah was misspelt in her
school records. Her parents separated when she was very young. Following this,
she was sent to live with her grandmother, Hattie Mae Lee (Hattie), on a small
farm. Hattie laid the foundation of Oprah's career when she taught her to read
the Bible.
At the age of three, Oprah spent hours reading Bible stories to the animals on
the farm. Hattie also taught her many lessons about God and faith. These lessons
inspired her (at that tender age itself) to become strong and help people in
need... |
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The Oprah/Harpo Empire
During the 1990s, Oprah expanded her business
into many areas besides the television. She entered various fields
such as publishing, music, film, heath and fitness and education. In
1994, Oprah's initiatives for the protection of children against
abuse were rewarded when the then US President, Bill Clinton signed
the 'Oprah Bill,' a new law designed to protect children against
abuse.
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Oprah - The Entreprenuer
Despite the fact that she was the owner of a huge business empire, Orpah
reportedly did not even know how to read a balance sheet and did not follow
any corporate models. She had declined offers from many companies such as
AT&T, Intel and Ralph Lauren to be on their boards, stating that 'she did
not understand what she would do on their boards.' Oprah was once reported
to have hoarded $50 million in cash, which she called her personal 'bag-lady
fund,' as she was afraid of investing in the stock market, being totally
ignorant about it. |
Interestingly, she did not like being referred to
as a businesswoman. Commenting on her 'ignorance'of doing business
the 'usual'way, she said, “If I called a strategic-planning
meeting, there would be dead silence, and then people would fall out
of their chairs laughing.”
According to analysts, Oprah was not in the
'business of business,'she was in the 'business of soothing souls.'The kind of intimacy Oprah enjoyed with her audiences was something
that reportedly no other talk show host had ever achieved. Oprah's
message, 'You are responsible for your own life,'acted as her
unique selling proposition (USP) just like 'convenience'and
'everyday low prices'(the USPs) of McDonald's and Wal-Mart,
respectively...
Excerpts Contd...>>
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