5 Inspiring Lessons From The Story of Forever 21

The U . s . States hosts countless immigrants who travel all areas of the world, all for just one goal – to possess a taste from the American dream.

Initially from Columbia, Do Won Chang and the wife Jin Sook, the direction to the American dream wasn’t all rainbows and butterflies, however it was absolutely worthwhile. Do Won Chang and Jin Sook now own the multi-big fashion brand, Forever 21.

5 Training In The Story of Forever 21

Forever 21 is dubbed among the fastest growing fashion retailers on the planet. They’ve 470 stores worldwide plus they try to expand more in in the future.

For that couple team, their American dream is Forever 21. Jin Sook and Do Won Chang demonstrated the American dream isn’t impossible, that it is possible should you strive and make the time.

Chang once stated, “Forever 21 gives hope and inspiration to individuals who come here with next to nothing.”

Listed here are 5 inspiring training that exist in the incredible rags to riches story from the founders of Forever 21.

1) Big Things Begin Small

Do Won Chang was created from the low earnings family in a tiny district in Seoul. With little prospects with no symbol of a much better existence, at 21, Do Won Chang and the wife made the decision to maneuver towards the US and seek more possibilities.

The pair showed up in america without a penny. Armed just with a higher school diploma from overseas, they’d to operate three jobs to pay the bills.

Do Won Chang explains:

“I attempted everything initially when i first showed up in the usa: dishwashing, cleaning, working part-time in a service station. I attempted my hands at whatever challenging jobs I possibly could get. I Then got thinking about fashion and choose to begin a way business.”

With effort, the pair could conserve some cash enough to spread out their first store in Highland Park, L.A., it had been initially known as Fashion 21. Through the years, the organization is continuing to grow right into a full-blown retail giant.

Before they provided it big time, the pair experienced many struggles and difficulties. However, they understood this is of sacrifice and resilience. If you wish to be considered a effective entrepreneur, you need to possess both of these characteristics.

2) Success Needs Time To Work

Within the words of Do Won Chang, “You can’t get into business believing that success will come your way in just a few years.”

‘Making it big’ within the retail clients are especially difficult if you are an immigrant. With the potential of factors inside your business like language barrier and culture difference, you might have a restricted clientele.

Chang and the wife were patient enough and before lengthy, they could gain loyal customers outdoors the American Korean population.

Apart from persistence, Chang recommends that entrepreneurs read the industry they’re in and just how business works. Understanding of legal culture can also be necessary for flourish in any company venture.

Nothing comes easy running a business. Chang anxiously waited for 3 years before he and the wife could open their first store and much more a chance to progress. Success involves individuals who understand how to with patience reap results.

3) Become familiar with Your Target Population

“Our target clients are individuals their 20’s. Old people thought about being 21 again, and youthful people thought about being 21 forever.” – Do Won Chang

The truth that Jin Sook and Do Won Chang gone to live in the united states at 21 might have influenced their company name however the thought behind the amount is in addition to this important.

Among the tips for their success is really a obvious vision of who their target clients are. This is among the most significant stuff that most entrepreneurs ignore. Walking a 1000 miles within their customer’s footwear.

If you can to find out who your clients are, you are able to design services and products according to their preferences. With time you’ll develop a solid subscriber base.

4) Be Persistent

Success for that Changs didn’t come without struggles. In the beginning, they experienced lots of hardships as well as once they were old, bigger problems arrived.

Forever 21 has frequently been bombarded with copyright issues and lawsuits but the organization has surpassed all of them. A fiscal downturn also happened as the organization was still being on the entire process of expansion and even though they had to trim lower the amount of stores, they survived the current recession.

For Jin Sook and Do Won Chang, persistence is paramount to success. Should you persevere anything can be done, even during the most challenging occasions.

5) Continually Be A Measure In front of Your Competition

The couple team didn’t let their limited academic background stop them from carefully analyzing their competitors. The Changs understood that for his or her business to achieve success, they’d to standout using their company stores.

First, they observed that other stores offered too costly clothes plus they saw this being an chance. Forever 21 reprocessed high-finish clothes into quality versions but in a much affordable cost. People observed this and shortly the organization acquired a good following of consumers.

To achieve success, you need to be a difficult competitor. Study your competitors, find their weaknesses and employ that to your benefit.

Overall

Jin Sook and Do Won Chang are really inspiring people. These were immigrants who first found America with dreams and ambitions, now, they very effective entrepreneurs who built a business inside a foreign land.

Regardless of what you are or where you’re from, it’s easy to begin a effective business. Possess a plan, strive, and have confidence in yourself.

Regarding the prosperity of Forever 21 Do Won Chang states:

“That is really a reward that humbles me: the truth that immigrants visiting America, similar to Used to do, may come right into a Forever 21 and realize that all this was began with a simple Korean immigrant having a dream.”