| | MARCH 20209UNDERSTANDING THE COMPETITION, THEIR PRICE POINTS AND HOW YOUR MARKETING STRATEGIES WILL LEAD TO SALES & PROFIT WILL PLAY AN IMPORTANT ROLE IN MAKING THE PRODUCT AVAILABLE(COO) ­ these involve entrepre-neurs who give precedence to crea-tive works and aim to be recognized as the Designer, the other is Com-mercial Business Oriented (CBO) ­ these are the kind of entrepre-neurs who enter the Fashion indus-try aspiring to be self-employed, create a fruitful fashion business and achieve commercial goals. We can add a third category for those who are Fashion Industry Oriented (FIO) ­ these are the entrepreneurs who intend to be in a business that is relevant to the Fashion Industry through their creativity. The COO functions as a de-signer, while the CBO and the FIO would understandably function to-wards the commercial side of the industry. Studies have shown that the fashion entrepreneurs support-ed with the creative mindset, ex-hibit an evident hesitance towards the `Business' facets of the com-pany. Thus, it can be said that an inclination that resists the business characteristic of fashion indus-try, has a negative impact on the challenges that are met within the business aspects.Let's talk about the stakes in the Fashion industry combined with business challenges for the COO-preneurs (Fashion Entrepreneurs inclined to creativity).Entrepreneurship consists of many small actors that compete on the fashion market. On the way to a distinct position in the fash-ion world, many fashion entrepre-neurs, who start-up an own label, are confronted with challenges and a multitude of external obstacles. These companies need a strong business foundation to survive the troublesome first years of a new venture. Product: This is the first chal-lenge that a designer has to face. As freshmen, we are taught to be creative in our design thinking; but sometimes, the kind of work we create with all our passion, might not be accepted very well com-mercially. The point is to design a perfect blend of exclusive style and designs that is a commercial success; Be able to build a brand identity and have a story around it, and to know the consumers who would be interested in your style of fashion. You need to understand your consumers, their cultural background, professional and/or social status and of course their lifestyles. A personal touch with a sense of salability of your product is very important. If your creativ-ity does not support your busi-ness, your business will just not support your creativity. It is very crucial to comprehend that both go hand-in-hand.Finances: Major aspect of any business is the starting capital as a resource. We all know that no busi-ness can grow without funds. A business owner undeniably has to invest; invest bigger to reap great-er. Your investments in terms of resources will start showing from the product level to the growth of your brand. One should try and in-volve/include stakeholders, in-case your business starts to burn your pockets. However, a fashion entre-preneur should never stop conceiv-ing new ideas. If you are in search of investors for your fashion brand, always know that people do not re-ally buy clothes; they buy identi-ties, and once you establish a clear brand-identity, it becomes easier for you to sell fashion. Therefore, if you are looking to raise finances for your fashion brand, be strong with your business identity. Once you know it's thriving, sell the brand to the investor.Supply Chain Awareness: Fashion being a labor-intensive industry, entrepreneurs should be trained well to handle the techni-calities, legalities and compliances that come along with manufactur-ing. The growth of a fashion label is governed by its appetite to han-dle larger production while pro-viding abundant innovation with a great price factor and the best of the quality.Prof. Gulbash Duggal
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