Fashion Business Insider

Fashion Business Insider Master the business side of the fashion industry. Contact Resources About 8 Characteristics of a Successful Fashion Entrepreneur By Eric Fitzgerald 8 Characteristics of a Successful Fashion EntrepreneurStarting, 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. Speak Your Mind Which traits do you need to practice? What kinds of things are you doing to improve? Leave your comments below. Filed Under: Entrepreneurship Tagged With: Mindset About Eric Fitzgerald With nearly 15 years of experience, Eric has worked with American and European fashion brands such as Calvin Klein, Juicy Couture and Diesel. His background is focused on key business areas like sales, merchandising and brand management. As a consultant, Eric helps entrepreneurs build profitable businesses in the fashion industry. Comments Emmanuel says: March 7, 2017 at 7:14 PM Hi Eric, thank you for this enlightenment, Reading your article has inspired me. I’m Emmanuel, a Young African fashion-entrepreneur, I have specific interest in female fashion and style.. My vision is to establish a line of Afro-inspired high fashion outfits but I haven’t been able to establish standard sketches for my designs.. I need your advice on easy steps to creating sketches for female designs Eric Fitzgerald says: March 8, 2017 at 3:28 PM Hi Emmanuel, Thanks for your comment. Sketching is often taught as part of a traditional fashion design curriculum. However, some fashion designers lack an artistic ability to sketch and use other methods to develop their ideas. You might consider taking some fashion drawing classes or hiring a freelance artist to work with you to capture your fashion design ideas. I hope this is helpful and I wish you the best of luck in your entrepreneurial journey. Ralph Striewski says: February 22, 2017 at 5:19 AM Hi Eric, thanks a lot for your excellent article, you hit it right in the middle. And thanks for the valuable comments. They all help a lot. We are a young German fashion label specialised in patent leather fashion and we wonder if you could recommend anybody for a brief coaching or mentoring or could we get in contact with you? Presently we are at a decision point and are looking for a specialist who could help to see the whole picture. Thanks a lot in advance, any advice will be highly appreciated, best regards Ralph http://www.arcanumfashion.com Designers blog: http://www.vanillapearl.net Eric Fitzgerald says: February 22, 2017 at 8:31 PM Hi Ralph, Thank you for the kind words. I’m glad that you find value in the website and this article. Please check out http://www.tailorconsultinggroup.com for more information on my consulting & coaching services. You can reach me directly through the contact page on that site. I wish you the best of luck with your business and I look forward to learning more about how I can help you and your business. kcee says: December 26, 2016 at 4:05 AM Eric As an upcoming fashion entrepreneur with just one isewing machine and no store how do i create awareness? Eric Fitzgerald says: December 30, 2016 at 5:58 PM Hi Kcee, Two words…social media. Technology and social media in particular, have changed the landscape for small brands struggling to get noticed. Instagram is usually the platform of choice for emerging designers but consider others like Facebook and Pinterest, depending on your target consumer. Be consistent – post regularly while reinforcing your brand image. Engage with your followers – trends come and go but authentic, personal brands stick around. Focus on real consumers – you don’t need 100K followers by the end of next week. Build your following organically to start and focus on growing a tribe of brand loyalists who will help spread your brand message for you. I wish you and your one sewing machine all the best! Ankita Tiwari says: December 2, 2016 at 5:26 PM Am very confused that should I startup my label or look forward for masters!! Eric Fitzgerald says: December 30, 2016 at 5:48 PM Hi Ankita, Thanks for your question. When to launch one’s own label is a decision with which most aspiring designers struggle. There are many factors to consider and each entrepreneur’s situation is different. In my professional experience, those designers that have had some practical experience working within the fashion industry often have an easier time deciding when is the right time for them to launch. Those with previous industry experience don’t necessarily find greater success than those without experience, but they do seem more confident in making the decision to launch their label. Spending time working in the industry provides perspective and an understanding of all the moving parts of a successful fashion business. If you’re trying to decide between starting your label or getting a higher degree, I would suggest looking for a position at a fashion brand first. The exposure will give you insight into a very competitive industry and whether you have what it takes to be successful on your own. Shawn Desousa says: November 17, 2016 at 9:09 AM Hi Mr.Eric Fitzgerald.My name is Shawn Desousa my fashion line is called Gwapnation.com I am just starting out is there any advice or direction you can help me with. With Best Regards Shawn Desousa Entrepreneur Eric Fitzgerald says: December 30, 2016 at 6:06 PM Hi Shawn, I checked out your website and my advice would be to add more to your “story.” Today, it’s not enough to just sell cool product, a brand must also tell a story. And the story must be compelling enough to get the consumer to want to learn more and ultimately “buy” into your story and brand. Give your customer a chance to interact with your brand before they make a purchase (email capture, social media, newsletter). Consumers want to know, like, and trust a brand before they are inclined to start spending. Tell us more about Gwap Nation and why we should be interested. I wish you fashion success! Gbadeyanka muminat says: March 24, 2016 at 7:12 PM Dis is indeed a gud write up…and dis as made me no wat it takes to b a real fashion entrepreneur and aw to move forward without any side attractiions or competitors around me Jenny Tombiga says: September 7, 2015 at 6:09 AM Thank you so much for this wonderful topic. I have always been thinking on when to start my Fashion Brand. How will I do it. How can I start. My passion is always been in Fashion. but I always doubt myself in a way that I don’t know how to start, I don’t have the financial to start my own fashion brand. After reading ‘8 Characteristics of a Successful Fashion Entrepreneur’ it helps me a lot. It helps me think straight to go for the dreams I have always wanted. Eric Fitzgerald says: September 10, 2015 at 3:19 PM Thanks Jenny! I’m happy that my article has helped you move forward in your progress of becoming the fashion entrepreneur you dream of being. I wish you much luck and success in your journey. Vernelle says: September 4, 2015 at 7:01 PM Eric, I really appreciate the information you’re sharing here. I’ve been working to create my business for almost 10 years now; however it seems like I’m always starting from scratch every couple of years instead of being agile. This post was a great reminder of what it really takes to continue moving forward. Since I have more of an artisan business being a Jewelry Artist & Designer, I’m trying to find the balance between creating handmade products and offering more line items that may be semi-hand produced or manufactured. Any tips or ideas on how to merge the two?? Eric Fitzgerald says: September 10, 2015 at 3:17 PM Hi Vernelle, Many designers need to balance the custom/hand-made portion of their product offering with a manufactured collection to maximize time and revenue. Rather than focusing on the differences of your different product offerings, think about how the target customer for those two sides of your business differ and how they are the same. By considering the customer you’ll ensure that you are offering your target audiences what they want from you while making sure that your vision and brand identity is part of your total product offering. Let me know if you need more help in this area. I offer strategic planning and product development/merchandising services to brands who encounter the same challenges you are facing. Sign Up for Email Updates from Fashion Business Insider! 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