University of Rhode Island
TMD 402 Spring 2012 "Entrepreneurship"
Les Wexner by Lydia Rosenberg
It is sometimes easy for an entrepreneur to be successful in some areas but not always hold the responsibilities that are necessary throughout their career as Les Wexner did. He received an education at Ohio State University and obtained a degree in business administration, which became a useful tool. He is the founder and CEO of Limited Brands. In 1969 he was able to make his business public. As time went on and throughout the years he decided to expand and purchase additional companies such as Express, Lane Bryant, Victoria Secret, Henri Bendel, Limited Too, and Abercrombie and Fitch. Les was good at starting new projects but would forget about them and therefore they would eventually start to fail. He realized he had to start selling businesses and making changes, so he did so. He even changed the name from The Limited Inc to Limited Brands to express the alterations he was actually making. Les was also into trying new things and remained determined even when others did not think it was a good idea. He is responsible for Easton Town Center in Ohio. He wanted an outdoor mall, but had to compromise because of the weather that occurs in Ohio and it ended up being half out and half in. The town center is also known to be an entertainment and residential area. Les Wexner has definitely assumed the risks of a business but at the same time was able to manage, be innovative and successful in the end.
Toute La Nuit Loungewear by
Reasons for starting businesses always vary; Karen Judge’s reason was because she wanted to relate to other women and at the same time wanted to add her own touch to the products. Therefore she developed the small business of Toute La Nuit Sleepwear and Loungewear Company. It is based out of San Francisco, California. In English, the name translates to sweet and sassy. Because she had her own jewelry business prior to her desire to create this one, Karen was familiar with what it takes to start and own your own small business. All of her cuttings and patterns are done in San Francisco as well; local production will benefit a company in different ways. Running your own business isn’t always easy when trying to generate an income for yourself, she has been open for 4 years and still has not been able to break even. Some characteristics that are important for an entrepreneur are personal characteristics, interpersonal skills, critical and creative thinking skills. It is important for Karen to withhold these characteristics in order to remain successful.
Dov Charney: American Apparel by Carly Rosenberg
Some entrepreneurs may have the right idea to get started but end up on alternative paths. Don Charney is an entrepreneur and the creator of American Apparel. He grew up in Canada and during high school would import Hanes and Fruit of a Loom t-shirts and add graphics he designed. He had in interest in designing and clothing from a young age. He created a vertically integrated manufacturer, distributor and retailer based in Los Angeles, California. Because every aspect of production takes place in California, this is the key that sets them apart from other retailers. It is really important to Don that everything takes place in the US and that there is no outsourcing, because most companies do rely on this for the survival of their business. While he is known for his passion for clothing he is also known for scandals, sexual harassment lawsuits, and walking through the factory in his underwear. There have also been several Racy Ad Campaign’s that have been associated with this company. While Don Charney had a successful idea as an entrepreneur, the company is currently in debt from expanding too quickly and has faced many challenges along the way. Besides establishing a good idea and objective efficient managing becomes extremely important to remain a successful entrepreneur.
Fast Fashion for Him and Her by
The motive that an entrepreneur establishes behind a company can determine its success. Erling Persson who is the founder of H&M opened an initial store in Sweden. This chain is now extremely successful with its fast fashion. The amount of money spent on marketing is significant at $349 million as part of their technique to being a success. They also use mannequins to demonstrate an image of what a customer would want to look like. In the end, these looks ultimately get the consumer to come into the store. H&M has also done several collaborations with people like David Beckham, Jimmy Choo and Comme de Garcons. H&M faces competition with companies like Zara and Express. It is important that the main team found in Sweden, stays on top of the methods such as marketing and utilizing mannequins to keep H&M on top of their competitors.
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