The fashion industry is encompassed with glamour but beyond the red carpet, the five-minute runway shows and photo shoots is an industry that needs funds to run just like any other.
Taking a peak behind the curtain, one would see that a lot of fashion entrepreneurs sway towards the creative part of the industry and neglecting the business side of it – which is the most important if you want to have a sustainable business.
To educate the young fashion enthusiasts is Rufai Oseni; a broadcaster with over 15 years of experience, an author and an all-round business man.
“Entrepreneurship is moving from one venture to another, consistently failing but without losing your sense of enthusiasm,” Mr Oseni said. He emphasized on the importance of not being afraid to fail because failing when starting a business is almost a guarantee.
“Timing is everything.” Mr Oseni gave examples of some technology that would have been rejected if they actually came decades earlier. To break into your market, one must know when to do so.
On innovation, he gave a few sources where an entrepreneur can get one, with the primary focus being the customers. Watching trends, peer review and branding also being on the list.
After speaking extensively on the business side of fashion or any other business, he ended the session by giving a piece of advice: “business is a rational venture that needs an emotional fuel.”