Misha Kaura, JD/MBA Class of 2022, is an entrepreneur in the fashion industry. She is offering inspiring advice for young entrepreneurs who seek to defy the odds. Even though recent figures show that more than half of all businesses make it past year 5, which is a worrying statistic for anyone looking to take the world by storm with their company, the key to success is hard work, smart moves and a touch of luck. Misha has talked us through the steps which you need to take to become a successful entrepreneur.
Finding Your Niche or Your Industry
The industry which you launch your business in should be relatively easy to find because you should always base this on a passion which you have. There is little point in launching a business within the telecoms market if it is something which you just don’t care too much about. This is why Misha decided that the textile industry was for her, she has long cared for fabrics and textiles and it was a no brainer for her when it came to what industry she wanted to work in.
Research Your Market
You have to remember just how important the weeks and months before launching your business really are in terms of getting the education that you need, once the business is launched it will be too late to make time. It is for this reason that you need to spend this time on researching your market so that you can hit the ground running when you launch. You need to understand who your competitors are, what the customer trends are like, what the customers want and how you can best operate and expose gaps in this market.
This process before launching your business will involve a lot of education and it is vital that you take this time to really learn about business. You need to learn about product development and production, financial management, management, marketing and all other aspects of the business which you are about to launch. You will of course learn more by the experiences which you have but this foundation should be built before that happens.
You cannot look to have a massive impact on the market and turn the industry upside down with your business, if it happens organically then great, but you should really have an eye on slowly building your business up. The slower that you build the better a foundation you can put in, the better that you can learn and the stronger your business will be as a result. Don’t try and shoot for the moon straight away, get the basics right and that will serve you well going forward.
Follow these steps to give yourself the best opportunity of success as an entrepreneur.