This information comes from when I watched the Fashinnovation webinar on the 5th and 8th. This is a blog on the advice they offered and how I interpreted it. One day, I hope to be a successful entrepreneur and use this advice.
1. Research and educate yourself
It is important to research and educate yourself when entering an industry. You must know your competitors and the state of the industry. These factors can set the standards for your business. This include expectations, price, and overall goals of the business. It is also important to do market research to see what your target audience is or what they want. Educating yourself can also lead to a sector of the business that is overlooked and you could fill the hole in that industry. This will instantly give you the upper hand. Research and education also lead to new ideas in existing products and services.
To be a successful business you must ask yourself two questions. What are you selling? This seems simple but it is more complex than, “I sell purses.” A good example is Harley Davidson. Yes, their product is motorcycles, but they are selling freedom. That is the message that the commercials and the company is selling to intrigue customers. Basically, what does your company stand for?
2. Have a set brand and become a name brand
Next what is your company first in? What do they do better than anyone else? This is important because this is the chance for your company to be a name brand. A name brand is a brand that you first think of when it comes to a product. It is great to be a name brand because you will have the first in sales.
3. Invest in innovation
While being a name brand will greatly help with your company lasting longer, if you do not innovate that will not last long. It is important to move fast because every product has an expiration date. Products are easy to replace with a newer and better version. You must continue to think of new ideas. The top phone was once Nokia and now that company does not exist. The two big tech companies are Samsung and Apple which release new products constantly. This shows that innovation always surpasses being the first to do something.
4. Be Authentic and Transparent
This is an increasingly important fact when it comes to business. Many young people are pushing to know where products come from, is the company sustainable, or even if it treats its workers well. It is all about social responsibility and a company will not survive in the long run without being socially responsible. As social media has proven, people are ready to point out when a company is not doing something ethical. The internet is also ready to find out how honest a company is. For example, Diet Prada is solely dedicated to showing a company’s failure to be socially responsible.
5. Collaborations and Partnerships
You are only as good as the people you work with. If your supplier is not transparent with their actions, then your company is not transparent. It is also important for all your partners to have the same values as you. This makes the partnership more authentic and more likely to have a common goal. Saying those values and your intentions in the beginning of collaboration are very important. This can heavily alter how the partnership works and how you and the other parties interact with each other. It makes conversations and goals easier to achieve. Before entering a partnership or collaboration, you should evaluate your own weaknesses. When looking for a business partner, you should be looking for someone who fills your weaknesses.
6. Be Inclusive
By being inclusive in your business core, allows your brand to reach more people. In the age of e-commerce, people want to see models that look like them in clothing brands, so that they can visualize themselves in the clothes. This is one reason the company Pretty Little Thing is doing so well currently. Inclusivity is also a desire from people to show body positivity. Though the models can not be the end of inclusivity. There must be represented within the company. There is a lack of diversity in board rooms currently. It is our duty to increase this by having inclusivity as a core value that forms a company’s beginning.
7. Communicate on a Personal Level
People want to talk to people. Bots and other AI’s cannot replace the human experience, or they cannot do it as effectively. People want and like people. For a company to last it must provide hospitality. A bad experience can make a person change products very easily. While on the other hand, a good experience develops brand loyalty. For ads and marketing, it is important to do so with emotion. This means having the company’s values backing that promotion. It is important to remember that you are serving people. It does not matter if it is a service or product. Be people-centered when running a business.
8. Be Everything to Everyone
One way to ensure your company lasts is if it is more than one thing. Be the media, fashion, service, etc. By being everything for people you are ensuring you have a name. It also increases revenue streams. Though it is important to remember that when entering a new industry, you cannot follow your existing business plan. All industries need different tactics to enter.