Two startup principles for aspiring entrepreneurs
If there are two things Benzon M. Tan, who helped establish the Blued Clothing Co. in 1991, learned about entrpreneurship, these are: talent is more important than money and that partnerships are a walk in the park.
Taking advantage of college life, which usually serves as a warmup for the realities of adulthood, Tan, a business management major, tried his hands at fashion retail by helping a group put up a clothing line that had a specific target market in mind.
During the startup phase of the business, Tan learned the lessons that he shared. He added that students should be willing to take chances while they are still in university, where mistakes are not only forgivable but also correctible.
From being a supplier for Blued Clothing, Tan became the owner following the clothing company founders' decision to sell him the business.
Why does he think that talent trumps money? And that there is nothing to fear about partnerships?
1. Talent vs. Money
“Truth be told, aspiring student entrepreneurs should realize that there is more focus needed on talent rather than on money. They should be more innovative in their designs and product developments. The money will just follow,” Tan said.
2. Faith vs. Distrust
“There is no need for distrust; students should learn how to transact business based on trust. It also teaches them to learn how to study people – if these people are actually trustworthy,” Tan said.
Tan said he kept these two lessons in mind when he started his business, which was part of this thesis 19 years ago at the Ateneo de Manila University.
“I started as a supplier for the brand, and eventually I started owning shares of the brand, and continued to acquire until I was able to fully own the brand,” Tan said. “It started as a partnership with some other people who were able to provide the funding for the project.”
What makes the brand different among others is that it is something a college student would actually want to wear to school and at the same time is able to afford.
“Some of our clients now are those who have known the brand when they were still studying in the university. Now they have their own careers and families but they continue to patronize the brand,” Tan said, stressing that it also shows that the design of the brand appeals to beyond its target market of college students.
http://www.entrepreneur.com.ph/
Taking advantage of college life, which usually serves as a warmup for the realities of adulthood, Tan, a business management major, tried his hands at fashion retail by helping a group put up a clothing line that had a specific target market in mind.
During the startup phase of the business, Tan learned the lessons that he shared. He added that students should be willing to take chances while they are still in university, where mistakes are not only forgivable but also correctible.
From being a supplier for Blued Clothing, Tan became the owner following the clothing company founders' decision to sell him the business.
Why does he think that talent trumps money? And that there is nothing to fear about partnerships?
1. Talent vs. Money
“Truth be told, aspiring student entrepreneurs should realize that there is more focus needed on talent rather than on money. They should be more innovative in their designs and product developments. The money will just follow,” Tan said.
2. Faith vs. Distrust
“There is no need for distrust; students should learn how to transact business based on trust. It also teaches them to learn how to study people – if these people are actually trustworthy,” Tan said.
Tan said he kept these two lessons in mind when he started his business, which was part of this thesis 19 years ago at the Ateneo de Manila University.
“I started as a supplier for the brand, and eventually I started owning shares of the brand, and continued to acquire until I was able to fully own the brand,” Tan said. “It started as a partnership with some other people who were able to provide the funding for the project.”
What makes the brand different among others is that it is something a college student would actually want to wear to school and at the same time is able to afford.
“Some of our clients now are those who have known the brand when they were still studying in the university. Now they have their own careers and families but they continue to patronize the brand,” Tan said, stressing that it also shows that the design of the brand appeals to beyond its target market of college students.
http://www.entrepreneur.com.ph/
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