Podcast Ep. 24: Let Go of Perfectionism & 4 More Lessons for New Entrepreneurs

Listen on Apple Podcasts | Listen on Spotify


Having worked with over 500 entrepreneurs since 2014, it’s been fascinating to watch the highs and lows that we all go through when starting a new business. It’s cliche to say, but going out on your own is certainly not for the faint of heart. So if you’re one of those people who is starting a new brand, a new venture or even just a new project, this episode is for you.

Resources mentioned in this episode:

Book a call to learn more about launching your brand through Factory45



TRANSCRIPT

Having worked with over 500 entrepreneurs since 2014, it’s been fascinating to watch the highs and lows that we all go through when starting a new business. It’s cliche to say, but going out on your own is certainly not for the faint of heart. So if you’re one of those people who is starting a new brand, a new venture or even just a new project, this episode is for you.

As a mentor, consultant and entrepreneur myself, I’ve had the unique opportunity to observe and dig into some of the most common lessons for new entrepreneurs. So today, I want to share the ones that I think could benefit any aspiring entrepreneur who is considering starting a company:

1.) No one ever really feels “ready.”

As with most big decisions, timing is rarely perfect. And yet, one of the common objections I hear from people who want to start a fashion brand but can’t take the plunge, is that they’re not ready. The timing isn’t right, their finances aren’t right, their relationship isn’t right, their full-time job isn’t right for starting their own business. But unless you have the confidence of Beyonce, it’s unlikely you’ll ever feel fully prepared. You can come up with a million excuses to talk yourself out of it, and yes it is scary… but here’s the secret: no one else feels ready either.

2.) Networking is one of the most powerful resources you can leverage.

I can’t count the number of times we’ve been on a Factory45 live class when someone says they’re looking for X and someone else says they know someone who has X. Whether it’s a garment factory in Brooklyn or a natural dyeing contact or a suggestion for a rare type of “seaweed” fabric, the Factory45 crew does an incredible job of leveraging the network.

Going further, I’ve seen first-hand the power of the referral. Doors have opened for fabric options and production partners, simply by saying “so-and-so” referred me. The response rate is tenfold.

3.) Don’t be afraid to push for “better.”

There are so many stories of entrepreneurs in the Factory45 program who couldn’t find what they were looking for, whether it was fabric or the right manufacturer or their ideal colorways, but they wouldn’t take “no” for an answer. And do you know what happens 99% of the time? With the right resources, network, connections and persistence, they eventually get where they wanted to go. There is a time to push and there is a time to concede. You’ll know when you should keep pushing.

4.) Let go of perfectionism.

After all of these years of working with Factory45 entrepreneurs, we’ve had a heavy presence of self-prescribed perfectionists. Coming from all different career backgrounds, there’s been a steep learning curve to adjust to the idea that “good enough” is really “good enough.”

In the case of entrepreneurship, perfectionism can hold you back. It keeps you from clicking “publish” on a content. It inhibits you from ordering the sample yardage. It tempts you to throw in the towel over a minor technical glitch.

The most effective entrepreneurs know that it’s more important to get your message / brand / product out into the world than it is to wait until everything is perfect.

5.) The fashion industry is changing.

This has never been clearer to me than it is now. The slow fashion movement is real. And I’m so excited for the companies coming through Factory45 to be part of it.

If you’d like to be one of them, you can book a free consult call with our Director of Enrollment to see if Factory45 is the right fit for helping you launch your brand. Just go to factory45.co./apply