Following their recent talk on Italian TV channel Rai3 during Milan Fashion Week on how to run a successful fashion business well known creative directors and influencers The Kistermann sisters sat down with Thrive Global to share their insight on the subject. The sisters, Lisa and Jessica, have a diverse and impressive background, having founded a number of successful online ventures.
Born and raised in Florence, Italy, the twin sisters come from multicultural roots that extend back to German and Greek ancestry. Having studied in London International Business and Russian, they never thought about running a successful fashion company until founding CrimeLondon. With a strong entrepreneurial and creative side they have built the digital side of the business to be one of the top sneaker brands in Europe – @crimelondon,
The world needs new influential entrepreneurs. Entrepreneurs create jobs, lift the standard of living, usher new technology into society, and keep competition alive in the marketplace. Starting a business is difficult, and it’s crucial that the next generation has as much ammunition as possible. We are all relying on you to carry on the proud tradition of innovation. Influencers influence the masses and people value their opinion and taste.
During their meeting with Thrive Global, it was apparent that the Kistermann sister’s unwavering determination enables them to spot opportunities and solutions in circumstances. Thrive Global has asked The Kistermann Sisters what traits a successful company founders like themselves should possess. They concisely lay out their excellent list of below:
1. Passion. You will fail. That is part of the game says Lisa Kistermann. Your failures are most likely to lead to success if you get involved with something you believe in. Starting a business just for its own sake will leave you directionless, burned out and ultimately, back where you started. Choose an interest that you can be passionate about. Marrying charity to traditional business models may be a great way to combine the things you – and potential consumers – care most about.
2. Define your market. You’ve heard this before. It’s one of the most common mistakes that entrepreneurs make. Go with something that makes sense for your scope. If you’re a small startup and still a student, staying local or targeting fellow students might be the best direction. The Internet gives us almost infinite reach, but it’s vital to narrow your market down to what is realistic, and stick with those who have a reason to be interested.
3. Price point. Risk taking is important in any new business venture, provided that it is sensible. Consider providing your product or service at the most basic level possible (also called minimum viable product). A small investment up front can hook new customers/donations before risking more money. Your target defines the ideal price. Survey your defined market and adjust accordingly. You can always reevaluate your prices as you grow.
5. Utilize, but don’t over-use, social media. Young people are always eager to jump online, and that’s not a bad thing. But it is important to think carefully before plastering marketing materials on the Internet. Social media is obviously a powerful tool. Focusing it on your business can get word out quickly and cheaply. That said, be careful not to put all of your eggs in the online basket. Experiment and measure results, then constantly evaluate and decide what is working, and what you are wasting resources on.
6. Look for mentors. The beginning of any venture can be exhilarating, frustrating, liberating and terrifying all at once. Remember, although younger generations can be more tech-savvy than those who have been in business for years, there are still basic principles that are refined by experience. Many communities offer networking opportunities for entrepreneurs young and old. Take advantage of this, and you may be surprised at the wealth of knowledge your colleagues have to offer.
These tips won’t earn you certain success says Lisa and Jessica Kistermann, but every bit of knowledge you can gather before you begin your entrepreneurial career can help you avoid serious mistakes.
(Lisa Kistermann, Victor Cruz, Karrueche Tran, Jessica Kistermann)