Currently when you hear the name Ralph LaurenYou might think of iconic polo shirts, colorful sweaters or even their branded fragrances. Not many people know that Ralph Lauren started his fashion empire with just one product: the ties.
In 1967, relationships were close and easy. Lauren wanted to bring a tie to market that was wide and colorful where traditional ties were narrow and monotonous. As a saleswoman at the time, Lauren presented the idea to her manager Abe Rivetz.
Rivetz refused. What does someone with an entrepreneurial spirit do next? go out alone, of course.
Many entrepreneurs fail in the first year, however Ralph Lauren sold more than $ 500,000 of its flagship product under the name Pole In the first twelve months, that’s more than $ 3.8 million today. Today the parent company generates more than Annual sales of $ 6 billion.
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What was the entrepreneur’s secret formula? These are some of the subtleties that led to its success.
Don’t expect success to find you
Many aspiring entrepreneurs are slow in business and quick to make excuses. “I’m about to do my MBA”, “I haven’t perfected my place yet.” Y. “I want to wait until the time is right”They are thought traps that will hold you tight. Even though Lauren only had one product idea, she knew it was worth pursuing that idea. That about fashion history.
In her high school yearbook at the time, Lauren was known as Ralph Lifshitzwrote that his goal was to become a millionaire. With just a high school diploma and a few business classes, she pursued her dreams. Today it is valued at $ 7,000 million.
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Lead with visions and let the knowledge come
When Lauren first stepped into the fashion world, ties weren’t something to write home about. They were not seen as accessories, but as functional items of clothing. Lauren changed all of that with her vision, inspired in part by attending her first polo game.
Instead of following the example of the existing industry, he sold ties that matched his ideals and beliefs. Although he was turned down by the department stores, he tried to sell his ties to, Neiman marcus He finally took the chance and ordered 1,200 units.
Lauren later confessed to Vogue in 1982 that she didn’t even know how to make a tie. He found it out clearly and when the department stores started asking about them, they found that their consumers were eager for a new fashion trend.
Anyone can copy success, but only truly successful entrepreneurs can go their own way. Lauren proves that you can beat the copycat crowd by focusing on your own vision.
Image: FashionStock.com | Shutterstock.
How to find your product unique
It can be scary to bet everything on a single product or offering, but you don’t have to be completely blind to it. You should keep this in mind when putting your strategy together.
- Look for holes in the market. Becoming the best can be expensive, challenging, and time consuming. Find ways to be different or go against the grain and it will be easier for you to stand out.
- Start and then iterate. LinkedIn co-founder Reid Hoffman jokingly said this “If you are not ashamed of the first version of your product, you started it too late.”. It is unlikely that you will get a successful annotation on your first iteration. Instead, optimize to learn.
- Let consumer behavior guide you. Instead of doing something that nobody wants because your mom told you it was a great idea, look at the actual behavior of your prospects. If your answer is lukewarm “Oh that looks good …”Go back to the work table. When you start listening “Can I buy this now?”, You are on the right way.
A lot They believe that they need a perfect set of requirements to get off to a successful start. Ralph Lauren proves that is wrong. You don’t need full products, completely counterfeit brands, or a fleet of venture capitalists to assist you. All you need is A good product based on what you represent as an entrepreneur.
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