The State of Fashion for the Emerging Luxury Entrepreneur

January 24th, 2010 | Author: Guest Blogger

The luxury fashion market has been in the headlines of every major city for over a year now. Stocks are down; prices are lower than ever, marketing teams are being called in. Branding is strategically evaluated bit by bit, over the worlds leaders like LVMH, Gucci Group and Hermes.

“The reality is people love luxury, they love brands, they love shopping…what has changed is their understanding,” Steve Sadove, Chairman and Chief Executive of Saks, said during a panel discussing the state of the luxury segment at the National Retail Federation’s annual convention.

With all research going back to the idea that it is customer service and unique additions is what will keep the big brands alive. Customization has become key – everywhere from Hermes with their engravers hitting the stores to scribe personal perfume bottles, to Prada’s made-to-order stores. Even Chanel and Dolce and Gabanna are literally “asking” clients what they want.

But it is even a more interesting situation when looking at the entrepreneur.

If consumers are shelling out large dollar amounts only for the labels they know and rely on because of longevity and branding practices… what happens to the luxury entrepreneur?

I am of the opinion that partnerships are the best way to go right now.

Take for instance Furio Apparel. Both originally students of Rhode Island School of Design Catherine Furio and Parker Manis, have a business plan that exceeds the general “We want to make pretty clothing”.

Their vision links with short film makers, jewelry design, and industrial design allowing them to “incubate” young talent as well, while their collection and business grows. They invest in their own community of artists. Spring 2010 even brought on artisans from The Crochet Guild of America, who gave the brand pieces to insert within the garments.

This gives a young business a greater success rate by allowing them to explore other areas of the design business, essentially making the risk of investment less, because with every dress could come a coffee table or a short documentary.

If the fashion industry is all about “the new” it is important that the business world embraces newness as it were and rewards those who have thought outside of the box to be able to do it different and better than others. “The consumer directs, the customer requests but the brand decides.” Jeff Fardell , CEO of Mexx.

Those should be words to live by for an emerging luxury entrepreneur.

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About the Blogger: Lynn Furge is the Creative Director of Nolcha: Fashion Business Services; a leading operator of educational, event outlets, and business-to-business services devoted to fashion entrepreneurs and related retail businesses. The Nolcha platform includes Nolcha.com, an online fashion portal delivering business education and services; Nolcha Fashion Week: New York, currently held during New York fashion week providing key exposure to press, buyers, and industry figures for emerging and independent fashion designers from all over the world to break into the New York fashion market, in both apparel and accessories; events during London Fashion Week with key partners and Independent Retail Week in New York and Chicago, an initiative to drive business and increase revenue for small fashion retail brands.

Becoming an Entrepreneur: Things to Consider

Becoming an Entrepreneur: Things to Consider

January 22nd, 2010 | Author: Guest Blogger

This past October I had a conversation with a member of the United States House of Representatives about health care reform. During our conversation, the Congressman made an interesting comment to me about entrepreneurship; he said that the biggest concern with health care costs now are that they prohibit people from becoming entrepreneurs.

When deciding whether or not to pursue an entrepreneurial opportunity, you are forced to choose between a job with a steady salary and health benefits or starting your own company with no salary and out-of-pocket healthcare fees that can cost you thousands of dollars each year.

The lack of salary is not as prohibitive for entrepreneurs as people build up their own cushion prior to leaving their 9-5 job knowing they will not have a salary while starting their business. But losing all of the various benefits that come along with a full time position at an established company can be a hindrance to budding new entrepreneurs as they loose these benefits, including the group rate costs of health insurance and a reduced cost for health insurance as some of the employees costs are picked up by the employer.

Different people will have different opinions on the health insurance dilemma for entrepreneurs. Insurance brokers will try and sell you a plan for your company stressing that it is a tax deduction, while others will tell you that you don’t need insurance right away since you can always go to a clinic or to just buy the cheapest insurance you can find in case of emergencies. But at the end of the day, this is just one of the decisions that people need to consider before starting their own company.

Some others include:

1. Do I need to quit my job – Can I continue working at my 9-5 job while working on my company at nights and on weekends so I can maintain a salary and benefits or do I have to give it all up and focus 100% on my new idea?
2. Should I try and raise capital right away – Do I need money in the company to cover benefits and expenses or should I keep as many shares as I can to myself and live on a shoestring budget until I am making a profits or ready for partners?
3. Should I rent an office – Do you need a place to work every day and pay rent or can you work from home until the company gets going?
4. Should I incorporate – Often people are very quick to incorporate so they can say that they have their own company. With LegalZoom and MyCorporation, it is so easy to do, but people often don’t understand what they are doing or the long-term effects of their decision now. The type of corporation you choose now may not be the best in the future should you need to bring on investors.

At the end of the day, entrepreneurs need to realize that while they have an idea that they believe in, starting your own company is much more than just an idea. When starting your own company, many decisions will affect not only your cash flow but your personal life dramatically. You will essentially be married to your idea and your business and you must devote all of your efforts to it. Entrepreneurs need to make sure that if the business fails, it is a result of the business and not because issues in their personal life caused them to shut it down. Being able to say that you gave it your best shot is all anyone can ever ask for.

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About the Blogger:

Aron Schoenfeld, is the co-founder of DreamArtists Studios (www.dreamartists.com), a boutique music production company specializing in music for television, commercials and film. Aron also serves on the Board of Advisors for New York Entrepreneur Week and the Bergen Newspaper Group. For more information about Aron, please visit his website at www.aronschoenfeld.com

AOL Interview: An Entrepreneurial Lesson

AOL Interview: An Entrepreneurial Lesson

January 20th, 2010 | Author: Gary Whitehill

Recently AOL’s Daleela Farina interviewed NYEW founder Gary Whitehill on a myraid of subjects, including: his journey as a serial entrepreneur, thoughts on inspirational leadership, the vision of NYEW and plans for The Relentless Foundation in 2010.

The article can be found here.

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Stop At Nothing. Achieve Anything.

Gary Whitehill is the Founder of The Relentless Foundation and New York Entrepreneur Week (NYEW), both of which reflect his entrepreneurial drive and relentless energy.

In 2009, The Relentless Foundation inspired the creation of New York Entrepreneur Week (NYEW), an unprecedented gathering of entrepreneurs, from innovation-minded start-ups to multi-million dollar revenue generators who are given the chance to learn, connect and leverage opportunities to help drive economic change.

The Entrepreneur Week movement continues to grow, with events planned in more US cities and around the world.

Additionally, Gary believes kids should have the ability to create the world they want, and that those who are driven to achieve must also be given tools such as entrepreneurship to learn, grow and express themselves.

Gary supports people and companies invested in driving social and economic change.

The Advice Most Important to Entrepreneurs in this Economy

The Advice Most Important to Entrepreneurs in this Economy

January 18th, 2010 | Author: Guest Blogger

When I look back over the advice given by entrepreneurs featured on NewsonWomen.com in 2009, it becomes clear what entrepreneurs think is important. The number one topic mentioned again and again by entrepreneurs on how to be successful is “people” – who you work with makes the difference.

The second most popular piece of advice mentioned is finding your “niche” and capitalizing on the opportunities it presents. Coming in third for advice on the road to success is the “customer”, and treating your customers well so they become loyal. This is an unscientific study, but interesting nonetheless.

I was not surprised to find very little mention of financing or advice on how to fund a business in my review, even in this year of economic hardship. Entrepreneurs are by nature creative and innovative, and most aren’t trained in the area of finance. It’s well known women receive only a small share of the venture capital dollars available, so what choices do women entrepreneurs have? I guess it comes down to banking or bootstrapping (using your own money, growing internally and maintaining control of your company).

What do entrepreneurs know of finance and of bankers? When they seek financing, are they focused on the banker’s needs as well as their own? As a banker, I came from a traditional background well versed in the five C’s of credit:

• Collateral
• Character (the entrepreneur’s)
• Cash flow (capacity to repay)
• Capital (the money invested by the owner)
• Conditions (economic environment, money use etc.)

Today’s financial mess is in a large part due to many bankers forgetting these simple rules. Bankers should be somewhat risk-averse, a far cry from the entrepreneurial personality. But these personalities don’t necessarily need to collide. They need to understand each other. Entrepreneurs need to understand the value of the five C’s of bankers. And bankers need to learn the five C’s of entrepreneurs – courage (to take the right risk), control (of their company and their destiny), commitment (to their dream and to growth), compassion (to their people and to their customers), and collaboration (among all). If this happens, 2010 could be the beginning of a beautiful friendship.”

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About the Bloggger:

Alice Krause, former Deputy Credit Executive of Chase Bank’s retail businesses, is Founder of the award winning www.newsonwomen,com, the daily news site that focuses on women’s achievements. News on Women reports on what women are doing in business, education, science and technology, philanthropy and the arts.

Sales Magic is Bogus: Understanding the 80/20 Rule & Trigger Points (Part 2)

Sales Magic is Bogus: Understanding the 80/20 Rule & Trigger Points (Part 2)

January 18th, 2010 | Author: Gary Whitehill

In their profession, top sellers obsess over one critical rule: What is the 20% I do which makes 80% of the difference in the acquisition and retention of my customer?

This is not rocket science folks- just simple mathematics.

However, it does require a highly skilled salesperson to recognize the 20% which does in fact make 80% of the difference. So then, how do you recognize this 20% sooner rather then later? Well, to be truthful, it can be complicated in certain industries, but overall it boils down to a few things:

• Time – The longer you spend understanding your customer, both in person and through your own independent research, the more successful you will be in every stage of the sales process.

• Energy – It is contagious. If you’re high energy, your customer will be as well. High energy = high engagement, high engagement = more likely sale. High energy can easily tip the odds of a sale in your favor

• Persistence – On average, it takes 5 “no’s” to get a “yes.” Don’t simply take the first “no” as the customers only answer in the sales process and leave (as 99% of sales people do). Instead, expect and embrace the “no,” because the sooner you get all 5 out of the way, the sooner you’re going to make the sale.

• Enthusiasm – Believe in yourself, your product and the process by which you make the sale. If you don’t, you’re mediocre at best at the sales profession.

Leveraging each of the above points to learn about your target consumer is a crucial first step in understanding their purchasing triggers in both short and long-term contexts.

Next, take what you’ve learned from your customer (constructive feedback) and immerse yourself in their purchasing mentality. Devote a considerable amount of time and energy toward understanding every one of their tastes/habits/likes/dislikes. This is not meant to be an overnight exercise- the more time you spend reflecting, the easier it will be for you to identify with your customer.

Once a salesperson understands their target consumers purchasing mentality, they can then begin the process of honing their presentation into a few concise, actionable and repeatable steps. Over time, this makes all the difference in the world between selling just the industry average and selling in excess of 200% more then the next closest sales representative.

——Stop At Nothing. Achieve Anything.

Gary Whitehill is the Founder of The Relentless Foundation and New York Entrepreneur Week (NYEW), both of which reflect his entrepreneurial drive and relentless energy.

In 2009, The Relentless Foundation inspired the creation of New York Entrepreneur Week (NYEW), an unprecedented gathering of entrepreneurs, from innovation-minded start-ups to multi-million dollar revenue generators who are given the chance to learn, connect and leverage opportunities to help drive economic change.

The Entrepreneur Week movement continues to grow, with events planned in more US cities and around the world.

Additionally, Gary believes kids should have the ability to create the world they want, and that those who are driven to achieve must also be given tools such as entrepreneurship to learn, grow and express themselves.

Gary supports people and companies invested in driving social and economic change.

Avoiding Risk: The Opposite of Being an Entrepreneur

Avoiding Risk: The Opposite of Being an Entrepreneur

February 12th, 2010 | Author: Guest Blogger

Recently I was at a business networking event in New York. And a man was doing a good job presenting his product to the audience. It was high-end with nice “green” features that he was hired to design for his client, who operates in a very competitive industry. But there was no indication of the environmental features of the product, a key selling point.

After the presentation, I asked him what was up with that. He said his company has been around for 50 years and they are not about to change. How’s their business doing? “Struggling. Sales are way off and more competition is setting in daily.”

Businesses are in serious trouble when are not taking on bold, new ideas. Especially today with the economic climate, fierce global competition and technology shifts.

A product or service can work really well when it is first introduced. But if you become complacent, you most likely quickly will end up struggling in business. We call these businesses “shooting stars”. And they are everywhere, especially now. So how does one break out of this dangerous predicament?

Create a mindset for implementing bold, new ideas. A new way of thinking.

For it is your current thinking that has gotten you exactly where you are today. All fine and good, unless you’re not happy with where you are!

What if you think beyond “reason”? Into the realm of theUnReasonable—stretching yourself beyond what you thought possible?

If you do, there is a whole new world of possibilities awaiting you. And there is an important distinction: there is a difference between being UnReasonable and being unrealistic or irresponsible in creating your bold, new goal.

Six steps for implementing abold new idea:

1. Ask powerful questions—When you want results to happen beyond what you normally see or expect, you must reframe your thinking. For example, instead of, “How can I make money this month?”, ask, “What is the fastest way to generate $10K in the next six weeks?” Your brain goes to work answering that question instead.
2. Manage limiting beliefs—These may be your blind spots or you may be well aware of them. First ask others who know you to help you determine what trips you up. For example, you feel you are not a “numbers person” and therefore cannot keep track of your business’ finances.Next, determine workarounds or solutions to that belief.
3. Shake the cobwebs out—Often times we’re deep in our routine. And we cannot fathom breaking out of it to a better or more-efficient way of getting it accomplished. For example, you get a coffee and perform social media posts on Facebook and Twitter for two hours each morning. To break out, assess the impact of your actions to the original purpose for doing your routine.
4. Build a support team—This is crucial for really stretching yourself. It is easier for others to see our blind spots that we don’t see for ourselves. Create your team of like-minded, committed people that are “up to” serious things in their lives will and will move mountains for you. Or contact me and I’ll get you onto one of our teams.
5. Create your strategy—Break down your bold, new idea into the three top components. Take your support team and determine fresh and innovative ways to build a powerful set of solutions for achieving what it is you want to achieve. Build a plan around this.
6. Perform Risk Analysis—Compare the magnitude of the potential consequences to the probability it will happen. Break down your bold new direction into the possible risks involved. Assign potential consequences and probabilities to them. From there create a plan to hedge or protect yourself if you decide to pursue your new, bold idea.

In the end, it really does depend on your comfort with risk. True success, no matter how you define it, is directly correlated to your stomach to risk. And how you manage it.

Action Steps for the Week:

Answer the following questions:

• What is the #1 thing holding you back from getting to the next level?
• Are you sure that is what is holding you back? Or is it really a limiting belief? For example, “I don’t have the finances to hire a marketing expert to help me.”
• Instead, what is your powerful question? In our example, “What is the best way I can bring on a marketing expert this month using the resources I have to offer?”

Once you create an answer to your powerful question, create a game plan. Get your support team together to discuss what they think and how you can make it better.

What pieces are missing? What people do you need to bring in to complete the strategy? What measures are you going to create to determine if it is working?

And, how will you minimize your risk?

From here, you are ready to rock. Implement it as soon as you can to keep the energy and momentum moving.

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About the Blogger: Stefan Doering is the creator of BEST Coaches’ groundbreaking 90-day “UnReasonable” program which brings to the table his almost 30 years of hard-earned business savvy and 4-plus decades of pure heart.

Stefan started his first company at the age of 17. His later companies included the leaders of major companies and institutions as well as multi-millionaires and billionaires as investors, board members and mentors, and had household names among their clients.

The Fundamental Choices and Right Questions for Entrepreneurs

The Fundamental Choices and Right Questions for Entrepreneurs

February 7th, 2010 | Author: Guest Blogger

After over a year of working with a variety of clients – individuals and companies – I have realized there are two crucial factors that determine long-term success: the choices we make now and the questions we ask about our future.

You may think that’s awfully obvious. But my experience shows otherwise. My consulting practice is geared to showing clients how to prioritize what they have to change, so that they can make real progress – in business, or in life. Too often companies are focused on their direction and execution, without truly understanding the intention and sense of purpose that drives them. This impacts their ability to make fundamental choices or ask the right questions to move them forward.

“I have a manufacturing crisis”, “I need to hire someone now”, “I have to decide whether this partnership will work” … these are typical client dilemmas. Here’s where it becomes interesting. Because for most clients their obvious course is to try figure out what choices they have to make to immediately improve their situation, and to answer questions that solve current problems.

Instead, I encourage clients to value a strategic perspective. I push them to think about fundamental choices, not short-term trade-offs. A fundamental choice is a conscious decision to act in a way that will ultimately lead to you and your business being focused on your purpose. It often depends on the kind of transformational questions you ask. Not “what can we change?” But “why are we making this change?”

Purpose is a journey. My first step is to measure how purpose-centered each client is: do they know who they are and what is important to them, and why they do what they do? My next step is to show them how their brains are hard-wired for certain behaviors, and how, unless they truly understand the pattern that makes them successful, they will have trouble making decisions, solving problems and communicating ideas.

When you have your purpose blueprint in hand, it’s easy to start creating better strategies. So it’s at this point that I help clients prioritize what’s really important to them. I show them what they have to change if they want a better or different outcome.

Right now many CEOs and companies have been sucked into the turbulent economic vortex and it’s affected their ability to think strategically. I understand its Business Survival 101. But I’m willing to bet that the people who choose to continue to focus on what they stand for and where they want to get to, will weather this storm much better than those whose mindset is only how to survive.

Even in times of pressure, remember that your choices should lead you towards creating more meaning in everything you do. And when you ask questions, focus on the end you want to achieve, and not the situation in hand.

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About the Blogger: Janine de Nysschen uses change and purpose dynamics to come up with unique strategies that address complex problems for businesses and executives seeking to increase impact and performance. Her clients range from Fortune 100 companies like Microsoft to entrepreneurial start ups and non-profit organizations in the US, Africa and Australia.