The extraordinary Tory Burch is back to offer her wisdom and insights. The renowned business mogul recently graced Forbes with her presence, divulging the secrets behind being a successful entrepreneur. Despite its alluring appearance from an outside perspective, starting up your own venture can be quite challenging – both emotionally and mentally taxing at times.
Burch told Forbes:
“I think it’s innate and inherent in you if you’ve found what your passion is. When I gave a talk at Stanford Business School everyone wanted to be an entrepreneur. That’s like the new doctor/lawyer ambition. That’s wonderful but you have to find that passion in order to be that entrepreneur. You have to be a certain person to be an entrepreneur. You can’t be so caught in structure. You have to be able to deal with things when they are not structured.”
Lo Bosworth, the founder of Revelry House, warned aspiring entrepreneurs that they must be willing to take on any task when starting a business. Instead of having distinct roles and duties within their company structure, new business owners may find themselves handling everything from customer service to product development as she informed E!’s, Catt Sadler.
“You have to be prepared to do everything. Be prepared to have a lot of uncomfortable conversations because you have to raise so much money. I do every job at the business. You should not start a company if you aren’t prepared to clean the bathroom. Also, be prepared to not get a salary for a long time. The past year and a half have been the hardest year of my life. It’s incredibly stressful both mentally and physically and you’re not going to see results for a really long time. The financial stress is really tough. You have to be really creative in how you get by.”
Being an entrepreneur is a far cry from simply going in one direction. Instead, it’s more akin to balancing along a tightrope that has wildly unpredictable curves and dips above dizzying heights – like traversing mountains and deep crevices at 70 feet off the ground!
The latest research from the U.S. Bureau of Labor Statistics reveals that almost six out of ten businesses fail within their first four years, and yet female entrepreneurs launch with a startling eight times less funding than their male counterparts! Being an entrepreneur is tough, especially for women- but it doesn’t have to be like this. With passion, dedication, and hard work anything is possible; start your entrepreneurial journey today!
“Be prepared for anything that might come your way and it’s all about how you deal with it and the end result and how you learn from it. In business, there will always be challenges and it’s about how you grow from those challenges, how your team grows.”
It is amazing to consider that Burch had her beginnings at a kitchen table, and now she’s the CEO of a multi-million dollar company with 3,000 employees! Business Insider notes that even though Michael Kors and Coach have been around for much longer than her brand line, Burch has continuously outpaced them. Even when faced with severe adversities like her ex-husband opening rival retail lines such as C. Wonder or during other challenging moments in life – which we’ve all experienced – she never lost sight of helping others while simultaneously looking fabulous herself!
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