The Chief Executive Officer, Mykmary Fashion House, Micheal Onyemah, has said that a sound knowledge of the principles of business is needed to make entrepreneurs succeed.
He made this disclosure at his Lagos office over the weekend.
He said, “It takes more than just creativity and passion to succeed as a fashion entrepreneur.
“It requires a solid understanding of business principles and strategies that can help drive sales and grow a successful fashion business.”
Speaking to a group of journalists during a press conference, Onyemah noted that to sustain a fashion business over time, it was necessary to have a steady stream of customers.
He said, “This necessitates a focus on brand development, cultivating loyal customers, and consistent marketing and selling of your services and products.
“Sewing is a valuable skill, but it is not enough to make a profitable business.”
According to him, the ability to market and sell products and services is what generates revenue and is essential to building a sustainable business.
He emphasised the need for fashion business owners to be empowered with tools and the know-how to improve their businesses’ sales, increase revenue and help their businesses get off to a flying start.
He mentioned that the goal was to ensure that fashion business owners could make their sales and multiply profits, which in turn could enable them to run a business that could fund their desired lifestyle.
“However, many of these entrepreneurs have the skills but they often lack the necessary business acumen to succeed in the industry,” he said.
Meanwhile, Onyemah said to bridge this gap, he had decided to start an online fashion business school that aimed at empowering fashion entrepreneurs with the knowledge and skills they needed to run successful fashion businesses.
He added, “By equipping these entrepreneurs with business skills, they can turn their passion into a profitable venture.”