Like all other consumer-based industries in recent decades, the beauty industry has undergone an enormous change. There are a lot of reasons for this.

The internet has impacted every possible business on the globe. This is partly to blame for the changes within the beauty industry. But I think the beauty industry is also very cyclical.

It goes through periods when larger brands and corporations are very powerful. Then it switches to periods where small businesses dominate the industry.

Until around a decade ago, the beauty industry was all about the big companies. We’re all familiar with Estee Lauder, L’Oreal, Avon, and Revlon. They’re the most well-known beauty brand across the world.

But we’re now at a point in the cycle where the beauty industry is much more consumer-driven and customers are much more excited about smaller businesses. And it’s not just the beauty industry. It’s also the fashion and food industries too. The small players aren’t faced with the same challenges that they use to be.

The Internet has enabled any business, no matter how big or small, to become global. They can create a stunning website and build their social media accounts to grow an audience quickly. The internet has given businesses the chance to grow but that doesn’t necessarily mean they will have the resources to keep up with this growth.

But this is much less challenging than it used to be. It’s less expensive and requires fewer resources. The barriers to entry are much smaller but you usually need a large volume of resources to keep your business going.

The biggest shift in the industry is the move towards smaller businesses. The second biggest shift is the shift in consumerism.

The beauty industry is now more personal and consumer involvement is tenfold what it was just 15-20 years ago.

The beauty business is quite competitive and fast-paced, but there are three important traits that will help you succeed. Jihan Thompson, the co-founder and CEO of Swivel Beauty, believes persistence is number one.

Persistence means not giving up, whether you’ve heard no a million times or you’ve tried and failed. Keep figuring out solutions, advance your online beauty education, hone your craft, and keep improving. This level of persistence and not taking no for an answer is incredibly important.

Number two, be a risk taker. Be willing to say yes when others say no. Be willing to put yourself out there, even if it feels a little bit scary. Your willingness to take risks helps get you to that next level in your beauty career. It will put you in a position for massive opportunities for growth. Put yourself out there.

Take those calculated risks. No matter how scary they are, those are the ones that are going to really help grow your career.

Lastly, Thompson says to focus on being business-minded. While the beauty industry can be such a creative field, it’s also super important to have business acumen. Think about how you’re going to strategically grow your business and invest in your ongoing beauty education. Contemplate how you’re going to get from where you are to where you want to go, your dreams and goals, and the steps you’ll need to take to get there.

Don’t be afraid to think about the business side of things too at the start of your beauty career. When you put all of those traits together – you’re persistent, a risk taker, and understand the business side of what you’re doing – it creates a triple threat and helps you grow in your business.