Aerin and Jane Lauder on Building Businesses and Estée Lauder's Legacy

Aerin Lauder is preparing to celebrate 15 years of her beauty and lifestyle brand next year. She also serves as director of style, luxury and legacy at Estée Lauder and is the founder and creative director of Aerin.

Jane Lauder recently launched a venture capital firm called TAW Ventures, which is dedicated to the pet-care sector. Both Lauder granddaughters have built careers that combine beauty and entrepreneurialism.

They pointed to their grandmother, Estée Lauder, and Joe Lauder as early models. Aerin said watching the couple build the company taught her to create something she is passionate about, follow her dream, pay attention to detail, stay focused and remain true to herself.

Jane said she has been listening to the 'Acquired' podcast and was struck by the idea that successful entrepreneurs find a white space — something unique and differentiated. She added that differentiation is not enough on its own: a business also has to resonate with consumers, and finding that balance is the most important part.

Estée Lauder presented a glamorous public image and appeared to make the work look effortless, the sisters recalled, but the lessons they carried forward centered on discipline, focus and connecting with customers.