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.
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.
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.
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