For Novice entrepreneurs, “innovation” is the key to success when starting your own business!
As generations change and the recent impact of the pandemic, the consumption habits of locals have changed. The phenomenon of “revenge spending” has made many luxury goods no longer luxurious. With the changing habits of customers, businesses must adapt to stay competitive. How can you make a name for yourself in the world of entrepreneurship?
Break away from tradition and innovate
During the epidemic, online shopping has become a daily routine, creating many business opportunities. “Life is hard, but you deserve a treat” and for women, jewelry is a popular choice. Diamonds and jewelry are no longer just for weddings, but also trendy accessories for everyday wear.
Jane, a new-generation entrepreneur who had studied a diamond diploma course at university, ventured into the diamond industry during the pandemic, starting with an IG shop and eventually opening her own diamond store. Her success was not by chance. After a long period of exploration, she understood the mindset of consumers and broke away from the industry’s traditional framework.
The “one size fits all” approach is no longer mainstream. Instead, emphasis is on design and uniqueness. Simple and elegant diamond jewelry is suitable for daily wear, work, or attending events and is more practical. Jane’s store offers both 18k white gold rings and “fresh and clean” style diamond bracelets. However, the most popular items are custom-made designs tailored to the customer’s preferences. Customers can choose the diamond circle ring style, the number of diamonds, engraving, and more to create a unique piece. With a high price range of $50,000 to $80,000, which is comparable to chain jewelry stores, these customizable pieces still attract many couples to purchase their perfect piece.
Friendly reminder: Gain industry experience before starting your own business!
Whether it’s working or starting a business, success doesn’t come overnight. Starting a business with little knowledge of the industry is too risky.
Before opening her own store, Jane worked at a diamond wholesale store for a year. She may not have become a “diamond expert,” but she gained practical information on dealing with orders from diamond stores and wedding ring specialty stores. She learned about the industry’s peak and off-seasons, competition, and purchasing patterns from different-sized companies, which cannot be learned from entrepreneurship books. Learning from the experiences of predecessors can reduce the chances of failure.
The most important thing is to learn how to deal with diamond suppliers. As the saying goes, “it’s not wat you know, it’s who you know.” Building good relationships with reliable suppliers guarantees the quality of the goods. Timing, location, and people are the three key factors for success in entrepreneurship. Rather than relying on luck, it’s better to be well-prepared.
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