What Are The Five Lessons For Entrepreneurs From This Case Study Questions
Coco Chanel Case study Questions
1. Identify five lessons for entrepreneurs from this case study. Why are they important?
Take a calculated risk. When you’re an entrepreneur, you can’t be afraid to dive in, and you certainly can’t be tentative. If you’re going to go for it, then you have to stick your neck out there with all the energy you have and make your idea come to life.
“I have it in my blood. You know when I was asked to do it, Chanel wasn’t trendy at all. The owner said, “I’m not proud of the business. If you can make something, OK. If not I’ll sell it,”and we made something out of it because he gave me total freedom.” (Lagerfeld, 2013).
This quote from Lagerfeld reinforces the risk that was involved, as he took a business that was failing and unpopular and reinvented it to be one of the worlds most iconic fashion labels. Risks can work out and Lagerfeld’s risk paid off in the end. His skills in the design industry and his passion for fashion, and creativity led him to not just reinvent the Chanel brand, but put it in the forefront of fashion.
Act like a brand. In 1983, Lagerfeld became the creative director, and instantly made changes to increase sales by attracting a new market aimed at younger clientele. Chanel became a brand with both functional and emotional benefits. The spirit of Karl Lagerfeld was in essence a brand positioning for the kind of business he was trying to create. “The importance of logo into today 's fashion is…