‘If you haven’t cried at night and questioned your worth, you haven’t been an entrepreneur.’
Last 7 February, Valentine Chan, Co-Founder of Sober Beauty, shared her authentic journey with the IPWS community. Revealing the ups and downs, her insights bared raw details of the successes and failures – advising the audience that entrepreneurship is the best and worst decision.
For non-entrepreneurs or those looking to take the first step, Valentine provided valuable lessons on what it takes to be a resilient entrepreneur. Especially reframing challenges as lessons for growth can apply to everyone across industries. Equally, her sharing resonated with fellow entrepreneurs and enabled them to understand that they were not alone in facing such challenges.
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Key Takeaways
Don’t take it personally
Launching a business can be very personal. You developed the products/ service from concept into reality -so criticism can feel like personal attacks. And it could just be that one negative comment which counteracts all the other positive comments. Part of the entrepreneurial journey is learning that everyone will have opinions and to take them with a ‘pinch of salt’. Protect your mentality from those who discourage you, so you are not personally influenced.
Build brick by brick
Rome was not built in a day. Building a sustainable business often involves wearing many hats simultaneously. Instead of hiring experts in the early stages, it is best to go back to the basics and learn each aspect of your business including the technical side such as Tabao e-commerce. This can save a lot of pain, money, and equip you with inside knowledge in the long run.
Get ready to negotiate and trade favours
Being a startup means you are a ‘small potato’. Unfortunately, suppliers can be hesitant to be your partner as you are not a big corporation or famous brand.
Meeting the minimum order quantity is a challenge for many startups, and it’s important to rethink such issues by negotiating and trading favours. Sometimes it may not succeed but it’s important to cut losses, move on, and reframe setbacks as learning curves for you to grow and improve.
Focus on the business and long-term goals
Entrepreneurship involves letting go of your ego and prioritizing what’s best for the business. It is a difficult pill to swallow – especially if you previously worked in big corporations. Setting clear long-term goals enables you to step back from short-term obstacles and concentrate on what is best for the business.
Think twice before taking investments
Startups can struggle with cash flow and scaling up. Bringing in investors is an attractive and quick manner to resolve such issues.
However, be wary of investors who set unrealistic profit targets or require a controlling share of the company – as this often results in long-term problems. For example, the founder loses control of the company or the vision is neglected for profits.
Therefore, finding the right investor who adds value and understands the vision is crucial to sustainable growth.
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Speaker Spotlight
Valentine Chen
Valentine Chen is the founder of SOBER BEAUTY, the first Chinese vegan certified and clean beauty makeup brand. Having previously worked at L’Oreal and Estee Lauder in Paris and Shanghai, she has 10+ years experience in product development and branding.
Q: What inspires you to continue as an entrepreneur?
A: The idea of creating beauty inspires me. And seeing your effort and hard work actually turning into something meaningful, despite difficulties is very motivating.
Q: What advice do you have for younger women in cosmetics?
A: Brands and products are much more than just colors, functionalities, its about creating beauty that evoke emotions, connections, and dreams.
