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BUSINESS STRATEGIES

6 tips from fashion designers to help you start your own clothing line

You have a passion for fashion, but turning your passion into a profitable business takes certain know-how. So, where do you begin? Well, there’s no need to remake the wheel, at least not when you’re starting out. A good place to start is by looking at the people who have been there and done that. Heeding the advice of established fashion designers will help you get your clothing line off the ground. So here are six tips from fashion designers to help you get started on your own clothing line:

  1. Don’t compromise when it comes to your business

Ralph Lauren tells a story about trying to sell his ties to Bloomingdales and how they wanted him to make all sorts of changes, and they didn’t want to use his label. At this point in time, Ralph Lauren was in desperate need of a sale, but he wasn’t about to compromise on his design, “Six months later they called me back, and they said, Ralph, we can’t find your ties anywhere, and we want to buy them.” What we can take away from this is that if you believe in your designs and your business, don’t change for anyone. Wait for the buyer who understands your vision and wants you for you.

  1. Actively seek out new ideas to improve your business

“You can’t just lie down and say something will come to me. You have to make an effort,” says Karl Lagerfield. This means that you can’t just wait for inspiration to strike, you have to be continuously coming up and experimenting with new things. Fashion changes quickly, so you have to be ready with new ideas to revitalize your clothing line and keep it top of mind.

  1. Find a partner for your company

“Don’t start up alone. You need a partner in crime: someone who will invest the same blood, sweat, and tears as you; a sounding board for ideas; someone you can implicitly trust,” says Nicholas Kirkwood. A partner can make or break your business, so choose this person wisely. They should be as passionate about your business and designs as you are.

  1. Don’t separate the creative from the business side of things

“I’m always thinking, “Ok, what is the end objective? What are we trying to create? What’s the concept? Who is the customer profile? What’s the price point? What’s the distribution model?” explains Alexander Wang, as he discusses how, when he’s designing, he’s not just making something for its sake. He’s designing with a specific customer in mind. When he’s considering materials, he’s also considering at what price the garment can be sold at. When he’s looking at a collection, he’s not just looking at how everything looks together, but how it will be sold and the method of distribution. In other words, be creative, but keep in mind the particulars of your business when designing.

  1. Concentrate on the feeling you want your designs to evoke

“The only way to advertise is by not focusing on the product,” says Calvin Klein. What he means by this is that if you want to sell clothes, you should sell the feeling wearing said clothing is intended to evoke, rather than the pieces themselves. Focus on what the target audience will get out of wearing your designs versus someone else’s. Why is your shirt the better shirt, what will it do for your customer that other shirts won’t?

  1. Step into your customer’s shoes

“I know who the Versace woman is because I wear the clothes myself,” says Donatella Versace about her clothing line. The important point that’s raised here is knowing your customer. Who do you envision wearing your clothes? What are their hopes? Their dreams? What style of clothing do they prefer? What is their purchasing capacity? It’s essential to have a clear idea of your target audience. You have to be able to speak their language and connect on their level. Once you have a good idea of who your target audience is, do some research to solidify their image. For example, are they mostly eCommerce shoppers, or do they prefer brick-and-mortar stores? This will help you to know what distribution models to use and how to advertise.

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BUSINESS STRATEGIES

Pandemic planning for business in the era of Coronavirus

 

In addition to the severe health and humanitarian effects of the coronavirus pandemic, entrepreneurs worldwide are facing business crises. Customer demand is collapsing, and there are significant regulatory modifications and supply chain interruptions. Employees have had to be laid off, there’s an economic recession, and on top of all this is continued uncertainty about what the future will hold.

In the same way that the health and humanitarian effects of this crisis will need to recover, so to will businesses need to find ways to return to normal. Impromptu responses won’t work; companies need to start laying the groundwork for their rehabilitation now.

Your rehabilitation strategy should answer five important questions:

  • Where is your business positioned during the pandemic, and where can you position yourselves afterward?

It’s essential to understand your business’ position in your industry so that you can make appropriate strategic decisions. Ask yourself, who are you in your industry, what role do you play, and who are your main competitors? It’s also important to consider the direction you’re headed in. Are you able to shut down and then reopen without consequence after the pandemic? Is it possible to recover lost ground? Will you be bankrupt, or will you come out of the lockdown as a market leader?

  • What is your plan for a full recovery?

Once you know where you are currently positioned, you need to make a plan to direct you to the position you want to attain post-pandemic. This plan should detail the steps you need to take today to achieve your goals tomorrow. In other words, what do you need to do to get through this crisis so you can resume your business when the pandemic ends?

  • What changes can you expect the pandemic to have made to your company’s culture and identity?

Your company’s culture and identity will likely change as a result of the pandemic. Crises can foster feelings of collective endurance. On the other hand, they can also create feelings of distrust or self-interest. For this reason, it’s essential to consider how the perspective of your employees might have changed. Ask yourself, how prepared was our company to deal with this crisis? Is this ongoing situation bringing people together or driving them apart? How will your employees view your company when the pandemic is over? Your answers to these questions will tell you what you can achieve once the pandemic is over.

  • What projects do you need to undertake to solve your pandemic-related problems?

The answers to the questions outlined above should give rise to a series of projects for dealing with your pandemic-related problems. What will be challenging is deciding which projects take priority and coordinating initiatives to future-proof your company. Be cautious about starting several projects that involve the same resources, such as specific individuals, or particular departments like IT. If you try to start too many projects simultaneously, this may result in a fight over resources that could delay or derail your strategic response.

  • Are you ready and able to execute your business’ plans and projects?

Last but not least, you need to evaluate your business’s preparedness. Can you successfully undertake the projects you’ve outlined, especially if a lot of your employees are working remotely? You need to assess the resources you have and the speed and quality of your decision-making processes. The results will determine if you’ve prepared yourself appropriately to tackle your pandemic related problems and come out on top.

If you undertake to answer these questions thoroughly, you will end up with a strategic response to the pandemic to see your company through to the other side.

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BUSINESS STRATEGIES

Don’t let your company fail – Develop a business mindset

A business mindset is a way of thinking that allows you to discover and view problems as opportunities and then take those opportunities and turn them into a business. This mindset is a particular way of looking at the world of business. It enables you to understand how to execute your idea for the greatest chance of success. By developing this type of mindset, you increase the opportunities for your company to succeed.

A business mindset is more than just a set of rules to follow; it’s a way of thinking. For this reason, every entrepreneur’s mindset is different. What we’re going to do is give you an idea of what you need to consider to develop an entrepreneurial way of thinking. Use this list to help you discover opportunities and then turn them into a business.

  1. Find a customer and develop a business to meet their needs

While you may think that developing a product should be the first step in your business, you should actually find your target audience first. Once you’ve determined who your customer is, you need to figure out what their needs are. The best way to do this is to talk to them. For example, if you want to work in the beauty industry, find beauty product customers, and ask them what needs they have that aren’t currently being met by the industry. When you know what problems need to be solved, you can come up with a product or service to meet the needs of your customers. This ensures that once your product goes to market, there will be someone there to buy it. In other words, find your customer, find their problem, develop a business around solving said problem.

  1. Always be looking at the future of your company

As in chess, you should always be looking three steps ahead. This means that rather than asking yourself, “What is happening at this moment?” ask yourself, “What will be the result of the action I’m taking today?” Something may benefit you in the present, but it could come back to haunt you in the future. Therefore, before you make any decisions, you need to look ahead to determine what kind of impact your choice will have on the future. For example, if you launch a seasonal product, what will happen when the season changes? Will you have excess inventory? Will you have another product lined up and ready to go? You can’t expect to buy one lottery ticket and have it be the winner; you have to have a vision of the future. You need to think long term about where you want to end up and examine all the necessary steps to get there.

  1. Build an Entrepreneurial Network and Build your Business

A strong and diverse entrepreneurial network provides you with a community of knowledgeable and enterprising people. This community can help you build your business by giving advice, learning opportunities, funding, and potential partnerships. To begin constructing your network, start by reaching out through social networks. Be honest about why you’re contacting someone and be conscientious of their time. You may also want to attend industry or business-oriented events. This will enable you to meet valuable people in person.

  1. Get Comfortable being Uncomfortable

A good business mindset involves putting yourself in situations where you don’t know what you’re doing. There’s a first time for everything, and no one knows everything about what they’re doing the first time they do it. You should try to do things that you find hard because you’ll likely be the only doing it, or one of few. This puts you at an advantage. Remember, the only real way to learn how to do something is to actually do it. So you can’t just learn about running a business, you need to actually run one. If you think that you only have a certain level of ability, you’ll never achieve anything beyond that. You have to believe you can improve yourself, that you can teach yourself anything so long as you try enough things and push yourself hard enough.

  1. Be the Designer of Your Own Destiny

Lucky people don’t necessarily have more advantages than you. It’s not the universe, but rather their own steam that is propelling them forward. What looks like luck is actually them putting themselves out there more. In doing so, they’re creating connections that eventually lead to opportunities. You may start a business, and it may fail, but if you never try to start another company, you’ll never be successful. A business mindset is all about focusing on your successes and learning from your mistakes. It might take you ten failed businesses before you have one that’s successful, but that’s business. There is no luck. You’re in charge of your destiny through the decisions you make and the actions you take.

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Entrepreneur

11 “You Got This” Quotes for Entrepreneurs

Times may be difficult, but, as the old cliche goes: “it’s always darkest before the dawn.” We know that being an entrepreneur isn’t easy, and some days it may feel like you have no leg to stand on. Sometimes you need a little encouragement that everything is going to be okay. That’s why we’ve collected 11 quotes to help motivate you and reassure you that “you got this!”

Quotes on Making it Through Economic Downturns

  • “Tough times never last,” says Robert H. Schuller, “but tough people do.”

This is a singular time in our lives, but like other unparalleled periods of history, this too shall pass. What matters most is staying strong, so don’t give up.

  • “The credit belongs to the man who is actually in the arena, […] who errs and may fall again and again because there is no effort without error or shortcoming.” – Theodore Roosevelt

Life is filled with failures, challenges, and setbacks. There will always be situations something gets in your way, but what matters is that you don’t let it stop you. You may make mistakes, you may lose, but as long as you’re still fighting, you’ve got an opportunity to succeed.

Quotes About Taking Risks in Business

  • Roy Ash advises that an entrepreneur will likely take on a mouthful more than he can swallow, in the hopes that “he’ll quickly learn how to chew it.”

Even if you aren’t sure the way to do something (like adapt your business to a pandemic), you’ve got to be confident in your intelligence and skill to figure it out. A lot of people are too scared even to try something like turning a brick-and-mortar store into an eCommerce business, but that’s what sets entrepreneurs apart.

  • “A ship in the harbor is safe, but that’s not what ships are built for.” – John A. Shedd

The best way to learn is to step out of your comfort zone and experience new things. You may fail, but if you put your business out there, you’ll learn more than if you continuously work with a safety net.

Quotes About Overcoming Failure

  • “I have not failed,” said Thomas Edison, “I’ve just found 10,000 ways that won’t work.”

As an entrepreneur, it’s essential to have a growth mindset. This means viewing your mistakes not as failures but as learning opportunities. Businesses are complicated and full of challenges; you can’t possibly get everything right at first. The goal, therefore, is to adapt and evolve, so that you become more knowledgeable and resilient.

  • “Don’t worry about failure;” says Drew Houston, “you only have to be right once.”

All that’s really required is one good product or service. It doesn’t matter how many bad ideas came before it; what matters is the idea that sells. So rather than focusing on your failures, focus on your successes.

Quotes about Making your Entrepreneurial Dreams Come True

  • “Every time you state what you want or believe,” says Oprah Winfrey, “you’re the first to hear it.” She continues, “It’s a message to both you and others about what you think is possible. Don’t put a ceiling on yourself.”

Go for the things you want in life. If you don’t try for what you want to do, then you’ve already failed. Give yourself a chance to succeed instead of closing off your options.

  • “[…] You don’t choose your passions; your passions choose you.” – Jeff Bezos

If you don’t love what you’re doing, if you’re not passionate about it, then you’ll find it hard to work at it. Instead, you should choose to work at the things that you’re passionate about, the stuff that makes you anxious for the next day to arrive.

  • “Logic will get you from A to B. Imagination will take you everywhere.” – Albert Einstein

Don’t constrain yourself with the probable, consider the impossible. Remember, at one time people didn’t think it was possible to fly to the moon, now we have people who live in space. So let your imagination run free, anything is possible, we just don’t know it yet.

Quotes About Working Hard for Your Success

  • “The price of success is hard work, dedication to the job at hand, and the determination that whether we win or lose, we have applied the best of ourselves to the task at hand.” – Vince Lombardi

Success doesn’t come from sitting around and waiting; you have to apply yourself. Regardless of whether you fail or succeed, if you’ve worked hard, then you know that what you’ve done is worthwhile.

  • “Success is not what you have,” says Bo Bennet, “but who you are.”

The work you put into something, the care you give to a product or service, is the determinants of success. That means that your success isn’t measured by whether you can afford to buy new things, but whether you gave your best effort to the project.

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Entrepreneur

Top 7 entrepreneur time wasters

The life of an entrepreneur is stressful. Part of this stress comes from realizing that there’s only so much time in a day. As an entrepreneur, you manage a number of tasks and responsibilities, which could lead to you working long hours and even weekends. While you may put in all this extra time willingly, it won’t help your stress levels. To be successful, you need to figure out how to manage your time correctly. This means addressing how your time is wasted:

  • Time Waster #1: Neglecting to Plan Out Your Entrepreneurial Priorities

Improvising your day can make it hard for you to accomplish your main priorities. If your day is loosey-goosey, you’ll find yourself being pulled in various directions and handling multiple challenges throughout the day. As a result, the things that really need to get done may fall by the wayside. It’s therefore essential to establish what your main priorities are and how you’re going to get them done. So, either the night before or first thing in the morning, sit down and write out what needs to get done, how you’re going to get it done, and how you’ll schedule the time for doing it in between your other responsibilities.

  • Time Waster #2: Responding too Frequently to your Business Email

Email communication is a huge time-suck. You can easily get caught up in answering emails instead of accomplishing things. If you keep your email open all day, you’re likely to be pulled away from what you’re doing each time a new message comes in. To prevent reading and answering emails from sucking up your time, designate email hours throughout your day. Turn off your notifications and only check your inbox when your schedule tells you to. This will prevent you from being continuously distracted.

  • Time Waster #3: Not Spending your Working Hours Doing What You Do Best

As an entrepreneur, you may find it challenging to delegate even small tasks to your team members. It’s hard to let go of the control, but the truth is you’re needed on the big stuff. In other words, you need to use your time to do what you do best. Other people can accomplish everything else. Make sure to hire people that you trust so you can let go of the reins with confidence.

  • Time Waster #4: Taking Too Many Business Meetings

Business meetings are essential, but they’re not always necessary. You must figure out what meetings you need to be in and which ones you don’t. Always request an agenda for each meeting, so you know what’s being discussed. This will help you determine whether your presence is needed. You should also keep an eye on how long the meetings you do attend last. Some meetings go on longer than necessary. This is another instance where an agenda comes in handy. This will allow you to keep everyone on topic and move things along as necessary.

  • Time Waster #5: Getting Distracted by New Business Ideas

You’re an entrepreneur because you’re passionate, creative, and inventive. Just because you’ve started a business doesn’t mean these qualities are going to disappear. As a result, you’ll likely find yourself tempted and distracted by new ideas that will move your company into new directions. While some of these ideas may be worthwhile, the majority will only waste your time. For this reason, you need to resist following every instinct and instead focus only on what’s most profitable or most interesting.

  • Time Waster #6: Thinking you Can Multitask

It might seem like multitasking gets more things done, but in fact, it lessens your productivity. Our brains have a finite amount of attention and productivity. When you switch back and forth between different tasks, your attention becomes focused on the act of shifting gears and is less able to focus on the new job. As a result, you’ll find it challenging to give the necessary focus to any of your tasks. To get the most out of your day, it’s best to just work on one task at a time. When you’ve completed one thing, then you can move on to the next.

  • Time Waster #7: Trying to Make Everything You do in Business Perfect

If you have exceptionally high-standards, you’ll end up spending more than the necessary time on a task. You may even find that after you’ve completed something, you continue to go back to it to try and make it “perfect.” Perfection is an unattainable goal that destroys productivity. It can also be harmful to your health. It’s not easy to get over this mentality, but you should start by simply focusing on completing your work. You can always come back and “perfect” your work later, and in doing so, you may find that your work doesn’t need as many improvements as you thought.

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BUSINESS STRATEGIES

Do you have what it takes to build a business empire?

Creating an empire is every entrepreneur’s dream. However, not every empire succeeds. The world’s most successful people didn’t become that way by accident. They worked for their achievements, pushing for them over the course of a lifetime. They also have a particular set of qualities. These shared qualities helped these entrepreneurs build a business empire.

We’ve created a list of the qualities that are integral to building a business empire. As you read through this list, ask yourself, does this sound like me?

  • Entrepreneurial Vision

You know exactly what you want to do and can visualize yourself doing it. You understand what needs to be done to achieve your vision and can conceive of how to get it done. You engage in intense but targeted networking and are open to new people and new ideas.

  • Courage in Business

You know that building a business empire takes courage. You have a strong will and a vision that encourages you to take action, focusing more on what’s possible than on possible adverse outcomes. You don’t overanalyze situations or spend a lot of time thinking about consequences; you just take action.

  • Belief in Your Entrepreneur Capabilities

You have a strong belief in your ability to succeed in your business venture. This is what drives you to success, along with your vision. Your inner belief drives you against all hurdles. You stop at nothing until you hit your mark. You think outside the box and use any obstacles as a learning tool to increase your chances of success.

  • Ability to be a Self-Starter in Business

You understand that if something needs to be done, you need to do it yourself. You create objectives and parameters to ensure that your project follows a specific path. You are highly proactive. Rather than sitting around and waiting for opportunities, you make opportunities happen.

  • Discipline and Focus Regarding Business Objectives

You are solemnly focused on making your business a success. You are keen to reduce distractions and hindrances surrounding your objectives. You have clearly stated strategies and have outlined tactics for attaining your goals. You strictly follow your business schedule, and you observe your spending and investing habits to ensure that you adhere to your personal and business principles and ethics.

  • Confidence to Take Risks

You have never questioned whether you’re worthy of success. You are confident in the knowledge that your business can succeed, and this confidence pushes you to take significant risks that will reap big rewards. In so doing, you engender confidence from your clients and investors in your abilities.

  • A Thirst for Entrepreneurial Competition

You know that companies are often created when entrepreneurs believe they can do something better than what’s currently being done. Therefore, you have a thirst to win, striving to be the best business out there. You take competition positively and come up with strategies to develop better products or services that will draw interest from the market.

  • A Mind Open to Business Opportunities

You see every situation and event as a potential business opportunity. You continually generate ideas about efficiency and workflows. You are open-minded about new ideas and can find the business side in everything around you.

  • Entreprenurial Creativity

You can make connections between seemingly unrelated situations and events. You formulate solutions from the synthesis of ideas. As a result, your products and services are placed above similar products in the market.

  • Knowledge of What Product to Sell or Create

It’s not enough that you believe in your product. You’ve studied the market and have customized a product based on the market’s needs. Your process for choosing a product to sell or create is as specific as possible. Your process is well-defined and measurable so you can determine weaknesses, modifying the process as needed, and limited financial loss.

  • Passion for Seeing Your Business Empire Built

You know that passion is vital for any entrepreneur, but especially if you want to build a business empire. Therefore, you love what you do. You’ve read and researched all the ways and techniques to create an outstanding and long-lasting business. You’re willing to invest countless hours to make sure your business succeeds because you get joy and satisfaction that goes beyond financial rewards.

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Entrepreneur

8 personality types of entrepreneurs

Why is identifying your personality type important? As an entrepreneur, it’s essential to pick a business venture that matches your personality type. This is because your chances of success increase significantly if you work on something that makes you happy. So how do you identify your personality type? We’ve listed eight personality types common to entrepreneurs accordig to the psychological enneagram of personality. Read them through thoroughly and find the one that you identify with.

  1. You’re an entrepreneur who believes in improving the world

This personality type is called “The Improver.” The Improver is a person who seeks to build a business that will improve the world. You seek out noble causes and run your business with a high sense of integrity and ethics. You also expect your employees to operate with integrity and pursue ethics. Luckily for your employees, you also believe in creating ideal workplace conditions. However, you do hold them to a high standard and tend to be highly critical, demanding perfection from both your employees and your customers.

  1. You’re an entrepreneur who provides a high level of assistance and advice

This personality type is known as “The Adviser.” The Adviser tends to help the people around them, particularly their customers. You will do everything in your power to please your customers, providing a high amount of advice and assistance. Your business is customer-centric, and you firmly believe in the adage, “the customer is always right.” However, you should be cautious about placing your clients’ needs above the needs of your business. You don’t want to sacrifice your chances of success in trying too hard to please your customer.

  1. You’ve built your business around your personal brand

This personality type is known as “The Superstar.” The Superstar centers their business around their charisma and high energy. You are the life of the party, becoming the center of attention in any room. You take charge in the boardroom and are highly motivated. However, you’re also super competitive and self-obsessed. Be wary of your high ego and confidence in your abilities, as well as your tendency to be a workaholic as this may damage your chances of success.

  1. You’re a highly creative entrepreneur

This personality type is called “The Artist.” The Artist tends to build their business around their unique talent and creativity. You are incredibly creative, but sometimes too modest to take recognition. You can be very demanding but also very dedicated to your work. You are most likely in marketing or web development. You also tend to be quite sensitive and aren’t great at handling criticism. Try not to make rash decisions and try to be open about taking constructive feedback.

  1. You’ve created a business that is meant to make a mark on the future

This personality type is called “The Visionary.” The Visionary builds their business around a vision of the future and the philosophy of the founder. You want to make an impression on the future. You understand your capabilities and how you can use your abilities to bring about change. You aren’t impulsive, and you seek to understand the workings of the business world. However, you may overthink and be slow to react. You tend to go at your own pace, seeing your plan or dream come to fruition as you envision it.

  1. You’ve built a company that is focused on fixing problems in a systematic way

This personality type is known as “The Analyst.” The Analyst is focused on fixing problems and finding solutions in an organized and systematic fashion. You are likely involved in the engineering, computer, science, or medical fields. You take pride in helping your customers find the ideal solution to their problems. However, you tend to over-analyze everything and are wary of trusting people around you. As a result, you often isolate yourself.

  1. Your company is full of life, energy, and optimism

This personality type is known as “The Fireball.” The Fireball is a person who is energetic and full of life. You will be very optimistic about your business and will run a fun and engaging company. You are highly motivated and extremely dedicated to your business. You tend to be impulsive, so be wary of over-committing yourself to clients. This could throw your business plans off and may overwhelm you in the long term.

  1. You’re an entrepreneur with an incredible ability to lead

This personality type is known as “The Hero.” The Hero has an uncanny ability to lead their business through any challenge. You see yourself as a world savior and your focus your business on changing the world. You are strong-willed, and you believe that you can overcome any challenge. However, you should be cautious about taking on projects that are too big. Your strong belief in your leadership abilities makes you think that no challenge is too hard, but this is foolhardy.