Renowned Businesswoman Sophia Amoruso Gives Her Advice on Starting Over After Failure
In life, most people treasured and celebrated their success and milestones. Whenever we get successful in something or we’ve achieved our goals and dreams, this usually calls for a celebration. However, not all things that come in our life are paved with success and joyful moments.
Most of the time, we encounter failures more than success. What’s worse? Dealing with failures not only leaves us feeling depressed, but it also kills our motivation to keep going. How can we overcome our failure? The renowned businesswoman Sophia Amoruso shares her tips to help you cope this 2019.
The Business Journey
Sophia achieved her fame and time in the limelight when she launched her first business fashion retailer last 2006. What made her successful business phenomenal was the fact that she was just 22 years old when she started it.
Fast forward to 10 years later, her company continued to boom when they reached an astounding $300 million in their annual revenue. Sophia also landed on the prestigious Richest Businesswomen on Forbes’ list with a whopping $280 million net worth. Sophia thought back then her success would continue to flourish.
However, she didn’t expect her company would file bankruptcy protection in November 2016 after she stepped down from her position as an executive chairwoman (and she stepped down as the company’s CEO in 2015.). Boohoo.com, one of U.K.’s prestigious fashion companied bought Nasty Gal’s intellectual property rights for only $20 million in late 2016.
Following the controversy, Sophia, as well as her company faced numerous lawsuits for allegedly discriminating employees which prompted Netflix to cancel her series after airing the first season. She revealed how she reached her lowest point back then. However, despite her hardships, she remained resilient until she got back on her own feet again.
Helpful Tips
Have a Plan
Sophia revealed how she thought Nasty Gal was her everything. While that was true, since it became her bread and butter, it was important to plan her business well. She needes to get involved in activities in hopes for it to prosper. Her advicr, however, was that you should also prepare for the worst (just like how we avail of life insurance to prepare in case something happens to us).
Sophia says you should trust your gut. If you feel like your company isn’t doing well, re-assess your strategies to determine what works or not. Then, change your business model to so that it can withstand any upcoming threats.
Hold People Accountable
While it’s important to trust your co-workers since all of you are working hard for the betterment of your company, you should set some boundaries with your subordinates. Sophia says you shouldn’t just trust someone blindly and entrust a big or crucial project, role, or task that can make or break your business.
Hold on to those people who uphold your company’s goals, vision, and mission. Let go of those things that destroy your company to protect your business.
Find Support.
According to Sophia, she didn’t get any kind of business support when she launched Nasty Gal. Back then, e-commerce wasn’t booming yet. She didn’t connect with mentors and influencers in her industry which could’ve helped her venture unto the world of business-to-consumer retail.
Most of the experts she knew back then were working for her. While they gave advice here and then, they were holding back in fear of offending her and jeopardizing their jobs.
Unlike when she launched Girlboss Media, she made friends with mentors and influencers in the industry. Her professional network served as observers who give valuable and fresh insights into her business.
By sharing their ups and downs as they manage their respective businesses, they make it easier for them to persevere in their business as they give tips and encouragement to one another. Today, she and her company aim to provide support to other millennial business women out there.
More in Rich & Famous
-
`
Fulfill Your Bucket List Goal of Renting Madonna’s Luxurious London Home
Everyone has an idol or celebrity figure we look up to at some point in our lives. Our idols serve as...
April 20, 2024 -
`
Scottish Doctors May Now Prescribe Nature To Their Patients
When you’re feeling unwell, it is perfectly normal to have that desire to feel better because no one wants to get...
April 20, 2024 -
`
Did You Know Lyme Disease was so Similar to Coronavirus?
The world is under the influence of COVID-19, and medical practitioners are busy testing and healing its patients. But as if...
April 20, 2024 -
`
How Good Music Can Help You Achieve Prime Physical Fitness
A fаntаѕtiс soundtrack, especially when it’s ѕtill соld аnd dаrk оutѕidе, is еxасtlу whаt уоu nееd to both gеt уоu in...
April 20, 2024 -
`
Managing Emotions during the COVID-19 Struggle
The stress of modern-day life has given birth to fluctuating feelings in most of us. So many factors influence our behavior...
April 18, 2024 -
`
How to Minimize Your Costs When Moving Into a New Apartment?
The thought of moving into a new apartment may be thrilling enough as we’re about to open a new chapter in...
April 18, 2024 -
`
Experts Reveal the Role of Apple Cider Vinegar for Gas Relief and Bloating
One of the main symptoms of weight gain is bloating. Most people experience bloating, or the abnormal rounding of their bellies...
April 18, 2024 -
`
If You Are Planning To Get Botox Treatment, You Need To See This ASAP
Botox treatment is a procedure that involves injections containing Botulinum Toxins; these toxins can cause muscle paralysis when injected into skeletal muscles....
April 18, 2024 -
`
Experts Reveal the Truth Behind Benji Madden and Cameron Diaz’s Bizarre Marriage
While most of our favorite celebrity couples in the industry make a buzz on the internet with their whirlwind romances, some...
April 18, 2024
You must be logged in to post a comment Login