Starting a new business is a risky trial, and there's no guarantee of success. Investopedia tells us that only a half of all companies remain in operation past five years. However, that's not a reason to panic just yet. With the right planning and mentorship, an entrepreneur can build and maintain a successful company easily. Michael Louis Maddaloni (@michaellmaddaloni) is a perfect example of this phenomenon. Starting as a producer and seller of Jewelry and t-shirts as a youth, he's now the proud owner and manager of several businesses, including the eponymous accessories line Michael Louis. Here, he explains what he learned as a budding entrepreneur that could help other first-time business owners.
Do What You Do Best - The Launch of Michael Louis NY
Michael's start in the online business world came from his brand Michael Louis NY (@michaellouisny). He started sketching designs while in college in New York City and eventually started producing and marketing these pieces himself. He had an innate talent for marketing and a flair for figuring out what people like. The result was a brand that grew in recognition over a short space of time. Eventually, the brand's popularity reached influential people, and the marketing snowball that is Instagram did the rest. Today, the brand remains committed to handcrafting exceptional leather products and is looking at expanding into different areas of the globe.
Rely On Your Mindset
Michael has always been someone who never second-guessed himself. He attributes his success to curiosity and a questioning nature. He notes that, as people grow up, they lose their interest and ability to question the things they see around them. Instead of thinking outside the box, they live inside it. Michael believes that entrepreneurs shouldn't be bound by the standards of thinking inside the box. A true entrepreneur always questions what's accepted. According to Forbes, Henry Ford once said that if he asked the consumer what they wanted, they'd have told him faster horses. Entrepreneurs need to think along those same lines.
Retaining Relevance Into the Future
Michael's businesses will always have relevance, and that's a crucial idea to note regarding the longevity of a business. His brand Michael Louis taps into the primal nature of humans to embrace their own unique identity by offering personalization and enjoy the finest craftsmanship. Lifestyle will always remain relevant, and curating products to enhance daily essentials makes for an excellent long-term business plan.
Moving From Strength to Strength
Michael has a successful series of businesses, but he's looking for the next challenge like any entrepreneur. He's looking at slowly increasing his staff over time and getting individuals he can trust to help expand his business further. Marketing strategies to reach out to more consumers are also part of his plan. His personal brand is also growing by creating a podcast and a book that he intends to release in the future. Michael thinks that anyone can do what he did once they stay true to their principles. Entrepreneurs may be surprised to learn that he's right.