Student Entrepreneur Interview
– as told to Aseet Debata
Milton Berle’s quote “If opportunity doesn’t knock, build a door” has inspired many young lads to construct path for themselves. As a part of our student entrepreneurship, in this issue, we are in conversation with a very beautiful and dynamic young lady, Vidhi Sanghavi from PGDM-RM. Vidhi, who loves creating art ranging from charcoal to jewellery has done her bachelor’s in management studies from Narsee Monjee. Vidhi started Allette Fashion this year itself and here’s what she has to say about her experience with her venture.
What is your venture all about? And what prompted you to start it?
Wow, the age old question just doesn’t seem to leave our backs. So here it goes 😛 . Having lived in Mumbai all my life, the urge to start a venture of my own was even stronger. Because even with our shoddy infrastructure, low wages and sky touching rental rates, the city has certain advantages: a readily available network of resources, target groups aplenty, access to capital and the ever present dream that you could be the next Dhirubhai Ambani.
For as long as I can remember I have had an obsession with fashion. I studied business models for bags, clothing, home décor, etc. But jewellery was the thing I was most passionate about and hence this line. It was also the most convenient option in terms of capital investment and logistics. The USP of my brand is “affordable fashion jewelry”. So the target consumers aren’t celebrities but young, confident and trendy women who like to keep up with changing fashion fads.
Do you belong to a business family? Did your parents support your venture?
Although I do belong to a business family, my family business is nowhere connected to my venture. My parents were very supportive and encouraging when I discussed with them the idea of starting something of my own. In fact a lot of their inputs made this idea a reality.
How do you manage funds for running your business?
My brother did the initial investment. It took a while to break even and to actually start churning out profits. But once the cycle was in motion, I repaid him his money and now the business runs solely on the profits and the savings.
Did you encounter any hindrance while starting your venture?What challenges do you face in sustaining your business?
None in particular, because I had spent considerable amount of time doing research and homework. Just the usual anxiety whether it will do well, what if I don’t recover my costs, etc. But planning in advance helps overcome all these doubts. Now, over the time I have developed a strong and loyal customer base and hence sustaining is not the prime issue I face.
Are you into E-Retailing or you own a retail outlet?
It is a virtual store on Facebook and there is no retail outlet as of now.
How do you promote your products? Throw some light on your presence in social and digital media.
Since I operate only via Facebook, Facebook Ads are of great help in promoting the page. Tie ups with already established e-commerce websites really helps in boosting sales. Distributing hand-outs with newspapers is another useful medium for effective marketing.
Who are your key competitors? How do you tackle competition?
There are a lot of similar ventures which do pose a threat, but offering competitive prices, good quality and customer service is the mantra to tackle them.
Where do you see your business five years down the line? Do you have any plan to expand or diversify your business?
Certainly I hope my business continues to grow and I can continue to accessorize women of all ages, cultures, and life styles. This is my passion and I would love to diversify into bags and clothing with time.
What is your message for budding entrepreneurs?
I had read this somewhere and it is glued in capital letters in my head ‘Whether you think you can, or you think you can’t-you’re right.’ – Henry Ford.
Dear readers do please visit Allette Fashion on facebook.com/fashionatallette and keep shopping 😉
Here are images of some of her products:
