What is a fashion entrepreneurs 2 most important commodities? Time and Money! When you have your own business you want to do everything you can to make it successful…the best website, advertising, writing 5 blogs a week, etc. It is easy to lose focus and find yourself doing a little of everything and before you know it you have very little money left and you wasted time on unimportant activities that do not drive your business forward. When you think of Time and Money as a limited resource you are then more judicious on how you spend them.
As a business manager, it’s important to place a value on your time and on the time of your employees. My time is worth more than my staff’s, and their time is worth more than an intern’s. Everyone understands this dynamic and plans accordingly. The key here is to understand that time spent cannot be replaced. So don’t utilize your time doing busywork and make sure you are performing high value activities. High value activities are the activities that produce your most important outcomes.
One of the biggest ways I see fashion entrepreneurs wasting money is doing to many things at once and not focusing. They either start with too many product categories, or they try a trade show once or maybe they run an ad only two times. Focusing and doing less things but doing them well is the way to go. These entrepreneurs expect too much, too soon from a strategy and then give up before they see results.
The Small Business Administration says 30 percent of all start-up small businesses fail within two years, and that number reaches 50 percent within five years. Many small businesses start strong, but then, within months, they’ve failed. With numbers like that it makes sense to husband your time and money very carefully.