The fashion industry is not for the faint hearted. Let’s face it. It is a tough business. Stores are having a hard time being profitable. Collections are struggling to do business. The industry finds itself competing with other industries for consumer dollars. Before people bought mostly clothing with their discretionary income. Now they are buying cell phones, computers, flat screen TV’s, renovating houses, and hiring personal trainers. There is a lot of competition for the same dollars.
That doesn’t mean that their aren’t companies out there doing incredible businesses. Brands like Free People, Steve Madden, and Zara are on their game and their results show. However, the industry is challenging so it is important to run your “A-game” if you are going and stay consistent.
I spoke with two young entrepreneurs this week who both told me the same thing. They hit obstacles in their businesses and lost motivation. They found themselves slacking off and were no longer doing the things they knew they needed to do to drive the business forward. The important fact they forgot is how you deal with obstacles is what defines you and your business. Every business hits obstacles. And every business owner gets discouraged. That is a fact of life.
“Obstacles don’t have to stop you. If you run into a wall, don’t turn around and give up. Figure out how to climb it, go through it, or work around it.” – Michael Jordan
When I started my consulting business I was very committed to its success. I had no plan “B” if it didn’t work out. I only had plan “A”. Which was to keep working on my business till it became a success. Like all businesses I hit snags. It is how I handled them that made my business flourish.
“Things never happen on accident. They happen because you have a vision, you have a commitment, you have a dream.” – Oscar de la Renta
How are you going to approach your business? Are you in it for the long haul? If so, pick yourself up and dust yourself off after any stumbling block and keep on keeping on.
Maria Pesin knows fashion, especially the business side of the fashion industry. Do you know how Manolo Blahnik got his start in the industry? How he leveraged a paltry 3 grand into one of the world’s most famous luxury brands? While she doesn’t take credit for Manolo’s success, Maria has walked a similar path on numerous occasions. The world of fashion is not silicon valley, and it has nothing to do with Madison Avenue marketing. In this industry there is ALWAYS room for something new and exciting, but you have to have your ducks in a row. If that’s what you need, believe me, Maria is the General Patton of fashion ducks!
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