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Spelman Economist Launches Course Blending Beauty and Business

Miesha Williams, Ph.D., associate professor of economics at ÌÇÐÄ´«Ã½, is bringing her economic expertise into a bold new space with the launch of a new course, "Entrepreneurship in the Beauty Industry" which is designed to bridge economics, cosmetic science and entrepreneurial strategy.

With a research background in macroeconomic policy and racial disparities — and recent experience as a visiting scholar at the USC Price School of Public Policy — Dr. Williams brings a unique, multidisciplinary approach to this new offering. The course is open to a range of students across disciplines, from economics majors to cosmetic science minors, and equips them with the tools to critically assess the viability of beauty product ideas through the lens of economic theory and entrepreneurial practice.

"This course is centered on the 'Lean Start-up' entrepreneurship pedagogy and is supported by concepts from managerial economics," Dr. Williams stated. The Lean Start-up framework, developed by Eric Ries, will introduce students to a disciplined, evidence-based approach to launching new products, encourage rapid product iteration, customer feedback, and data-driven decision-making — principles essential to thriving in today’s fast-paced beauty sector.

"The first learning point involves assessing economic feasibility of a beauty product through supply and demand. This will help them determine whether there is a market for their product idea and how pricing strategies could affect success," said Dr. Williams who also serves as vice chair of economics and director of the management and organization program.

Another core topic offered in the course is scheduling feasibility of a beauty product through production optimization choices.  Production plans that support a successful product launch are important to know when determining consumers demand. Third, the course encourages students to consider technical feasibility by identifying potential risks in product development and estimating the costs associated with those risks.

Finally, students will research operational feasibility by identifying their product’s market niche and value proposition. These foundational learnings will position students at the intersection of economics and enterprise—giving them the insight to turn product ideas into market-ready realities.

“The benefits of this course include its focus on the beauty industry which will serve to support the cosmetics science minors who want to improve their business acumen; its use of economics concepts that will cultivate the entrepreneurial skillset of developing a feasibility study; and a final product that will help students  decide if it is in their comparative advantage to work alone in the development of a business idea, or hire help as they go on to pursue innovative and entrepreneurial ventures,”  Dr. Williams said. 

With the global beauty industry valued at over $500 billion, Spelman’s new offering empowers students — especially Black women entrepreneurs — to enter the market not only with great ideas but also with data-driven strategies to make those ideas thrive.