Kate Spade is an award-winning designer, former CEO, and let’s face it, a godsend to anyone who’s ever held a handbag. Here’s what Kate Spade can teach us about starting a business!
Sometimes the best ideas are the most obvious
When Kate Spade first launched her handbag brand, it came from a simple idea. Her husband simply said to her, “Why don’t you do handbags? You love handbags!” That was it—what lead to a multi-million company was brought on by the simple, obvious love for handbags that Kate Spade has. Another lesson of course: follow your passion and you can’t go wrong!
Find a gap in the market and fill it
When Kate Spade decided to start her company, she saw a gap in the market and decided to fill it with her own designs. Stylish, sensible handbags weren’t as common in 1993, and when Spade recognized that gap in the market she filled it with her fabulous designs. It’s a useful lesson to any entrepreneur—solving a problem is the surest way to ensure your business’ success.
You don’t have to just be one thing
Too often we get caught up in what we “should” be, and often that hinges on being just one thing. People think they should be a writer OR stylist OR CEO OR designer—pick only one thing and go for it. But you never need to limit what you could achieve—Kate Spade was all of those things, and she continues to expand her empire each day!
Don’t be afraid to move on
Almost 10 years ago in 2006, Kate and Andy Spade sold their company for $59 million. They started the company in 1993. “We just said, ‘let’s make some bags and see what happens,'” said Andy in an article for Women’s Wear Daily. They had seen the company through many highs and lows, but they had decided to move on. Sometimes you have to say goodbye to good things to make room for great things!
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