Blakely started Spanx with $5,000 in savings, demonstrating the power of bootstrapping. She conducted extensive market research and created a prototype by purchasing hosiery from a local store and altering it. Without any formal background in fashion or business, Blakely's story highlights the value of self-education and resourcefulness. She then pitched her product to Neiman Marcus, a major retailer, which agreed to stock Spanx, marking the beginning of her success.