Founder, Chairman, CEO, and Designer of Tory Burch LLC, Tory Burch is a living example of ‘AMERICAN DREAM’. A successful fashion icon, her company is now valued over $3.5 billion.
Take a stroll down any lane from New York to Paris and you’ll notice women carrying the appealing logo having ‘double-T’ engraved on their handbags, ballet flats, and clothes.
The brand is widely known for its preppy shoes, accessories, and clothes. This lady is not only known for transforming preppy clothing into contemporary and hip, she has effectively established a giant multi-billion dollar empire in the span of less than a decade.
There are so many powerful business lessons, which we can learn from this fashion mogul. Burch’s empire has grown from a small staff of merely 20 employees working from the table in her kitchen to a large employee base of 3000.
Burch has certainly outpaced fierce competitors like Coach, Michael Kors, Chanel, Valentino, and many more, even though her journey began much later. Now she is leveraging her influence and experience for the greater benefit of her foundation, which aims to empower female entrepreneurs.
Business lessons from Tory Burch are found to be highly appealing and motivating to budding entrepreneurs and well-established business empires across the world.
Here are the most powerful business lessons, which we can learn from the almighty empire of Tory Burch, and implement, in real life.
The ratio of success becomes higher when the brands are relatable to the consumer base. The hint of a personal approach to the brand is the key element for appealing your customers. Burch uses the powerful medium of social media to offer an authentic appeal into her life and company. You can follow similar strategies in your business, by using social media in order to present your people, goals, ethos, and vision.
Networking is very important. Tory Burch Foundation annually hosts more than 10 events for networking. Attend some networking events every month, which will provide you with an opportunity to network with new people, establish contacts, and broaden your business horizon. Look forward to establishing authentic relationships with your employees, mentors, influencers, and clients. This will pave the way for your business success in future.
#Feed Your Passion
Burch followed her passion. You should feel passionate about the work you do in order to strive for success. Dream big and take the small and practical advancements to transform your dream into a reality. Don’t shy away from taking risks, as it is known to be the biggest factor in achieving a successful business. Instead of trying old, traditional techniques, go for something new. Discover, reinvent, and think out of the box.
#Right People, Right Positions
The success of an organization highly depends on working with a right team, which means by placing your staff at the real position they deserve. Stay loyal to your company, staff, investors, third-party people, clients, and most above all, remain loyal to yourself. Loyalty is one of the most powerful business lessons that we need to learn nowadays. When you have wrong individuals working at the wrong position, it will eventually affect your entire company. Loyalty is a hard lesson to learn, but stick through it.
Success never arrives overnight. It needs patience, dedication, hard work, confidence, and tenacity to drive your business in a positive direction.
Winding it up with a powerful quote from Tory Burch on entrepreneurship, “Entrepreneurs have a great ability to create change, be flexible, build companies and cultivate the kind of work environment in which they want to work.”
Read our business magazine, Industry Leaders Magazine, for more articles on leadership.