July 13: In today’s era, young people are coming up with startup options for employment. This step has given rise to the concept of entrepreneurship. Whether it is in fashion or any other field, it is developing with the advancement of the internet. The fashion market is no longer limited to stand-alone stores or boutiques. Designers are availing all the benefits of modern technologies such as e-commerce, 3D printing, digital avatars, or AI-based marketing strategies. Fashion entrepreneurs are becoming prudent in the field of management also. Like, innovative ideas, decision making, visionary leadership, economic development, and ethical steps toward the environment.
Namrata and Saubhagyaa feel delighted to share their experience on entrepreneurship of the Vincitore group.
- Entrepreneurship- the fashion industry entrepreneurship has gained magnitude across the globe in recent years. It is an amalgamation of the creation, administration, and employment with many options. The fashion institutes should prepare the graduates to work as freelancers or self-employed. They should cover some vital areas like fashion and apparel design content, entrepreneurship content, business content, legal aspects, and communication skills.
- Elements For Entrepreneurship- Few characteristics that an entrepreneur needs to have to be successful are:
#Audacious: An entrepreneur should be able to handle any risk on the way with intelligence and patience. It is a vital element for a successful entrepreneur.
#Original: A person who comes up with new ideas. He should be smart enough to adapt to the latest technology with different strategies.
#Leadership: The owner should have leadership characteristics and impart proper guidance to the employees. That results in the success of the company.
#Pliability: An entrepreneur should always be ready to cope with any challenge.
#knowledge: A business owner must be updated with and meet changing market trends.
- Different Entrepreneurs- Like many others, entrepreneurs in the fashion industry are divided based on Economic Development, Business Type, Technology Used, Motivation, Growth, and Entrepreneurial activity.
- Challenges- The apparel industry faces challenges due to the frequent change in fashion trends. Like:
# Synchronizing customized orders and inventory.
# The increased cost of logistics and taxation policies.
# Poor management of deliveries, stock rotation, returns, and cancellations.
# Hard to maintain a balance between multiple sales channels.
- Future of entrepreneurship
Entrepreneurship is becoming a solution for unemployment. The young generation looks forward to entrepreneurship as it finds scope for profit. The Government of India and other organizations are running various schemes and strategies. Many institutes have added entrepreneurship to their curriculum with workshops and seminars. That gives knowledge to an individual at an early stage. The duo is likely to see a hike of Vincitore Lifestyle shortly.
- Covid-19:
The Covid-19 pandemic affected almost every sector. Entrepreneurs faced significant challenges as there was more or less a stoppage of trading activities. Only some enterprises were unaffected to some extent. Fashion entrepreneurs were fighters who survived that difficult time.
- Future scenarios:
India is moving ahead to shape its future by entrepreneurs and thus has become the third top country to invest in startups. Having an internet facility and innovative ideas, an entrepreneur can show his mark in the fashion culture. He can access the global market for numerous buyers and suppliers. The fashion company will scale up soon because of automation, computerization, robotics, telecommunication, and other advanced technologies.
Entrepreneurship in the fashion and apparel industry is seeing change, opportunities, innovations, and economic growth. Fashion students are looking forward to their own business rather than taking a job. Entrepreneurship in this industry will gain a bright future.
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