We had the pleasure of having Garet Stenson join our class on Wednesday the 19th. Garet ran a successful handmade wallet business a few years ago and offered nuggets of information and suggestions for those of us who are interested in entrepreneurship.
If I were to look back at this record five years from now, I want to remember:
-To get quality control agreements in place in case of defective equipment.
-When you can, personally sell your product face-to-face with the consumer (rather than via internet or by another employee); You can interact with your consumers, see what demographic they are coming from, you can prod them for what they are attracted to, what they use their wallets for, is it for themselves or a gift, and if it’s a gift, who is it for and what are they like? Garet pointed out that this kind of market research was simple as the consumers come to you, and you can also develop your product and understand your target market.
-“Don’t ever give a personal guarantee…” Garet couldn’t emphasize this enough. It seems he learned the hard way that a personal guarantee doesn’t cover anything.
-Start high with price; it’s easier to lower your prices over time rather than raise them. This statement seemed so obvious but I want to make sure I remember it. So I write it down.
-Trademark the brand if you can’t patent the item/technique.
It was very exciting to have someone speak with the class who had experience starting, running, and even closing his own business. I feel more confident in myself and am more aware of the pitfalls that can destroy a successful business. I still have hope that DB Clay will come back. Thanks Garet!
