Starting your own business is something many people dream of. Being an entrepreneur has its rewards, but it doesn't come without its challenges as well. In...
Starting your own business is something many people dream of. Being an entrepreneur has its rewards, but it doesn't come without its challenges as well.," It's a 10 Haircare CEO and founder Carolyn Aronson discusses her journey in entrepreneurship and some of the important factors to creating a successful business.
A piece of advice Aronson gives is"don't listen, don't listen to your doubters. Don't listen to the people who tell you you can't or you won't. And ultimately, think about the possibilities. So always think big, but also basically dot your i's, cross your t's.""So much of success is really what you learn along the way because you're constantly learning," Aronson adds." on Yahoo Finance is dedicated to promoting economic prosperity for all.
And So, one of the things I did see and I did my research is that you've had other businesses prior to 10, obviously, you started as a stylist, but you had another business.But let's also talk about some of the things that may have actually, you know, the, the mishaps and things along on that path.So actually the very first hair product brand that I created uh in 2000 completely failed and we lost everything.
So we had QC issues, you know, but we were trying to, we had so many different vendors, we were trying to manage them all and ultimately create one bottle on the shelf consecutively. So when you have one stop shop vendors where you can actually go in and have multiple services under one roof, it's so much more cohesive and that's what we learned to do.You know, the I think the statistics is like in the first five years, the vast majority of all entrepreneurs fail and obviously at the 10 year mark, it's even worse.
Do you have any big financial mistakes that you may have learned from along your path over 18 years or obviously in your first few ventures?But there was a point where, um, I, I, we were pretty much self funded along the way, but there was a point we got into a little bit of trouble. So what made you at that point say, you know what, I don't want to give up any ownership instead, I'd rather borrow money and obviously I got to pay them back, but I would rather take that chance than actually give up any piece of my pie right now.
Um and so really, these other brands are kind of built um somewhat on the back of, of what I've learned from its Italian. So you have to have that mindset when you're actually in the business and that's how you become a serial entrepreneur.Um My partner loves music and so, um you know, we've started a record label and we have a lot of friends within that industry and it was just very organic for us.Um I have a hair extensions line um recently started in the men's grooming industry, started a um it's called Rewind 10 A hair and beard color.
So look, you know, one thing that's just so prevalent now is everybody and their auntie is an entrepreneur, right?And I think that leads a lot of people astray.1st of all, everyone's a CEO right now, you look on linkedin, it's like CEO, CEO, CEO, OK? So truthfully, it's really in the beginning as to when you have to have that oblivion, you have to, it's even more so than just I believe in myself.It doesn't even ruffle your feathers to literally figure out.That's what we do for a living.So that mindset has to be there from the beginning and you really have to get over some really big challenges that maybe you never even thought were going to come your way.
Now that's you're putting up your entire life, your whole savings at that point and your home, I could have lost everything, but I've just done that again and again and again in my lifetime, I'm still doing it now.Obviously, to become a successful entrepreneur, it's a mindset thing, right? So, you know, there's just a lot of things, business wise that you should educate yourself about and not only that be willing to educate yourself on.Business law, go take some basic courses because those are things that are going to help you run your business.
Know how to read a balance sheet, know how to read A P and L know what IPA that is like, understand your machine and how it runs and that will help you set your business up and keep it running.Um You know, I think, I think as I mentioned before is the sky is the limit.I always say, put yourself in the way of success and you can start doing that at 18 years old.
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