Thread by @entreprenenture

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?

https://twitter.com/GEM_Hello/status/1021727181825761283

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?

#GEMChats

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:

gem-magazine.com/sylist-in-your…

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

gem-magazine.com/helping-penan-…

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:

gem-magazine.com/bringing-dress…

This week's thread was made possible from these sources:

yfsmagazine.com/2016/07/15/10-…

linkedin.com/pulse/5-big-mi…

29andseptemberstudio.com/blog/cuttingco…

entrepreneur.com/article/313164

themalaysiantimes.com.my/surviving-the-…

Unroll please @threadreaderapp