Let's discuss this thread in this week's #GEMChats for #entrepreneurs. What are some common mistakes that #startups, especially #fashion startups make that makes them less viable?
Let's breakdown the mistakes into sections of a business. These sections can take form within the Operational, Connectivity and Knowledge aspect of the #startup business. #entrepreneurship #womenentrepreneur

So let's discuss this. Feel free to mention us and let's talk!
Firstly, Knowledge.

Studies have found that 3 out of 4 #startups fail. Wall Street Journal (@WSJ) reported that fashion is one of the most difficult industries.

The lack of knowledge prior to starting and while running a #fashion startup can be a costly mistake.
One such example is the local #hijab brand, Bonafide. Their #entrepreneur #founder invested a six-digit investment in a product, which unfortunately was not validated for marketability. The mistake resulted in the build of dead inventory for the unfortunate #fashion company.
This can be prevented by having a plan. It can start with the very basics:

1. Defining your #customer and their needs.
2. Planning a year ahead of the #business and its trajectory.
3. Listing the existing competition and their USP, how is it different from yours?

Operations is a complex aspect of the business and as such, it is no surprise that many #startups make some of these common mistakes:

1. Badly managed cashflow
2. Getting proper #legal coverage (#contracts, #termsheet, etc)
3. Maintaining good customer service
According to @janehamillchi in her LinkedIn article, many #fashion #entrepreneurs make the common mistake of badly managing cashflow.

Read more here: linkedin.com/pulse/5-big-mi…
The founder of GM Ideology Business Training Centre, Mohd Ameir Rydhuan finds these two mistakes to be the biggest:

1. Poor customer service
2. Local #entrepreneurs spend too much time seeking out new customers

With customer service, focus on retention of existing customers!
Not forgetting Connectivity, #fashion #entrepreneurs must remember that social media is a powerful tool now!

Avoid the following mistakes:
1. Having no definitive #campaign strategy.
2. Over-automation of #social media accounts.
3. Turning social media into advertisement site.
To end our #GEMChats this week, check out our #article on #fashion #app #entrepreneurs: Ombre @ombreapp by @imranbsheik and his two co-founders:

If you are interested in how #social #entrepreneurship is making an impactful change in #Malaysia, check out our previous feature story:

Lastly, #fashion #entrepreneurship takes a leap forward with a new startup in Malaysia by Shuen Chiu, founder of Rent A Dress in Malaysia.

Read more:

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