I am certain you heard that Kylie Jenner was on the August 2018 cover of Forbes magazine. A few things to note about this industrious young lady:
Kylie Jenner is just 20 years old.
Kylie Jenner is worth an estimated $900m.
Kylie Jenner started her business 3 years ago.
Kylie Jenner is a 21st Century Entrepreneur.
We can be like Kylier Jenner.
Forbes project that in the coming year, she will be the youngest self-made US Billionaire.
Kylie said in 2015 that she was insecure about her thin lips, and started to get Derma fillers for plumper lips. It is interesting to note that when she decided to start a business, her first product was a $29 ‘Lip Kit’. Obviously, she was intimately aware of the challenges women with lips like hers were experiencing and had a great idea for a solution.
Lesson 1: Engage in a business or industry you are knowledgeable about.
I see many people start businesses because Ms X, Mr Y, and Ms Z are successful in an industry. But they know nothing about said industry… at all. And wonder why after 6 months they cannot sustain their momentum.
Lesson 2: Engage in a business or industry you are passionate about.
Darren Hardy was so apt when he described the entrepreneurs life as a rollercoaster. As with every rollercoaster, there are plummeting dips, thrilling curves, and exhilarating climbs. All of these can result is a cacophony of emotions that will leave even the most tenacious reeling. The only way to ensure you stay focused is to play to your passion. If you do what you are passionate about, the chances of you quitting mid-stride is somewhat reduced.
Lesson 3: Offer solutions not just products
Kylie is a confessed ‘makeup-holic’; so what she offered prospective clients was solutions to the makeup woes she was intimately conversant with. From a non-invasive solution for thin lips, to sustainable (green) ingredients to myriad of options etc. She offered both tacit and explicit value. The key word for me is VALUE.
I have to own that even in my own business (a consulting service), conceptualizing and marketing my unique (never one size fits all) solutions for discrete clients is somewhat tough. But it is also thrilling. This what builds the bond of trust between you and your clients.
People buy from brands and individuals they trust!
The big question here is ‘do my customers and prospects trust me’? Again ask, ‘if I were a prospect, would I trust me, and do business with me?’.
If you answered ‘yes’ both times, great. But this is the place to start, not rest on your oars.
These lessons are presented to enable us introspect. We must think deeply about the business we are building and leverage the tools at our disposal.
I will complete the article next week, so please bookmark this site and come back for more.