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Business Ideas – 3 Business Lessons From Calvin Klein by Evan Carmichael
Today we’re going to look at how a young entrepreneur had to decide between launching a fashion business or supermarket business. He chose fashion and created on of the most recognizable names in the industry. This is the story of Calvin Klein and the top 3 lessons that you can learn from his success.
“I think fantasies are for the birds. If there’s something I want, nothing stops me.” – Calvin Klein
Calvin Klein (born 1942) is an American fashion designer and founder of the company that bears his name. As a young child instead of playing sports like the other kids, Klein spent his time indoors teaching himself how to sketch and sew designs. He didn’t have many friends and would often accompany his mother on shopping trips throughout the city on her quest for discount clothing.
After graduating from the Fashion Institute of Technology in New York, Klein was practically broke, still working part-time at his father’s grocery store, and decided he would take his $2,000 life savings and start his own business. He started by designing a line of coats. The company’s first major step to success came by accident a year after its inception, when a businessman got off the elevator on the wrong floor and happened to wander into in Klein’s office. This businessman turned out to be a coat-buyer from the major department store Bonwit Teller. After placing an order for $50,000 worth of coats, he told Klein, “Tomorrow you will have been discovered.” In its first year, the company booked $1 million worth of business.
In 2002, Klein sold his company for $400 million and $30 million in stock. Before the sale, Calvin Klein Ltd. had 900 employees and worldwide sales of over $3 billion.
Action Item #1: Be The Expert
Action Item #2: Reach A Wide Audience
Action Item #3: Stay Focused
” I think fantasies are for the birds. If there’s something I want, nothing stops me.”
” You can’t advertise for one group. Otherwise, you end up having a very small business!”
“Doing everything as well as possible meant survival.”
Being young and taking advantage of it: Mara Zafiu
Mara Zafiu just finished high school. Actually her graduation was in the same day when she came to share with us what being young and full of initiative mean and how this can change your future perspectives.