Tuesday, 19 July 2016

8 CHARACTERISTICS OF A SUCCESSFUL FASHION ENTREPRENEUR



Starting, running and growing a business is a lot of hard work. Along with long hours, sacrifice, and a ton of stress, each day brings new obstacles to overcome. Simply put, entrepreneurship isn’t for everyone.
So, the question is, “Are you cut out to be a fashion entrepreneur?”
Although there isn’t a secret formula for success, there are common traits that successful entrepreneurs share. And when it comes to the unique business of fashion, some of these traits are downright necessities.
Let’s look at eight characteristics that can help you become a full-fledged fashion entrepreneur.
Determination
Success doesn’t happen overnight. A business takes time to start and grow. And even more time to be successful.
There’s no rush. The fashion business will still be there in the morning.
There will be difficult times. Things will look impossible. You will want to give up and throw in the towel. But you can’t. You need to fight off those urges and press forward. Persevere!
Determination is the difference between those who quit on their dream and those who turn their dream into a great success.

 Passion
There are countless books, seminars, and MBA programs that teach how to be successful in the business world. But this is the one characteristic that only you can bring to the party.
This is your “why?”
This is the reason behind why you do what you do. The work will be hard, the hours will be long, and the pay will be low. And to top it all off, there is no guarantee of success!
Your passion will motivate you through the tough times and it needs to come from inside of you.  Don’t count on money to be your motivating factor.  Your passion comes from a deeper, more meaningful place.

Resilience
Successful fashion entrepreneurs are not afraid of failure. Things don’t always go to plan. And sometimes things completely fail. Get comfortable with the idea of failure. It will happen to you.
But do not be defeated. Successful entrepreneurs see failure as an opportunity – a chance to learn from their mistakes.
So when, not if, you get knocked down, you must get up, dust yourself off and keep moving forward.

Confidence
Confidence is part of any entrepreneur’s success. You must be confident in yourself – that you can manage what might come your way.
But too much confidence can be a bad thing. You must believe that your business has a shot, but not that it will be a definite success.
Ego can easily get in the way of success. And we certainly have enough egos in fashion. So check your ego at the door. Because, in the beginning, along with being the CEO, you’ll probably also be making the coffee and taking out the garbage.
The balance lies in having no doubt that you are competent to run and grow your business but not being overly confident that you know everything or that you can do anything.
It’s when we are certain of success that we are most likely to fail.

Vision
As the creator of a brand, you must possess a clear vision of what you want your brand to be. Your vision defines who you are, what you want to do and where you want to go.
Your vision cannot be vague. It needs to be developed, detailed and definite. It needs to be clear.
Your vision is your beacon of light, guiding you on your journey.

Flexibility
Fashion is a fast-paced industry, constantly changing. As an entrepreneur you need to be flexible – able to adapt to the changing demands of your business.
Successful business people stay agile. They adjust to new information and developing circumstances. Most successful entrepreneurs find themselves running a very different business than they set out to create at the beginning.
Learn to act quickly before new ideas and opportunities lose their spark. Being agile means the difference between building momentum and starting over from square one every other day.

Effective Communication
Your ability to communicate will affect your ability to influence others, your ability to develop relationships, and ultimately, your ability to produce results.
Without good communications skills it’s impossible to effectively sell. And as the founder of your company, you’ll find yourself constantly selling. Selling your vision to prospective investors. Selling your products to potential clients. Selling your employees on why they shouldn’t jump ship when things inevitably get rough.
Success of your business will depend on your ability to communicate your ideas and vision to get people to buy into your brand.

Risk Tolerance
As an entrepreneur, you must be comfortable with risk.
If something feels risky, do you focus on the likelihood of failure? Or the potential for reward?
Sensing risk may just be a sign that you are onto an opportunity – one that’s worth exploring or seeing through to the end. Most people sense risk and stop. They never find out how many opportunities lie on the other side of that risk.
Entrepreneurs take risks. And they take action.
Smart entrepreneurs are able to identify and mitigate business risk. But when the time comes, they step out of their comfort zone and engage risk by taking action.

So, how did you score? Do you have what it takes to make it on your own in the fashion industry?
The good news is that these are not traits that we are born with. These traits are taught and learned. Some of us have learned these early on. Others have had to learn them later in life.
Developing these traits is a matter of practice. If you want to get better at one, two, or all of them, you’ll need to start practicing them. And now is as good a time to start as any.


By Eric Fitzgerald || fashionbusinessinsider.com

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