Role of Entrepreneurship in Fashion Industry

Introduction:
A good product acts as an influence to enhance the reputation of the fashion brand. However, the brand has to be presented in an interesting way by prioritizing the customer demand at every step. And this work is performed with utmost importance by the fashion entrepreneurs. Fashion Entrepreneurship is playing an important role in tackling the challenges of economic potential in the world. At the same time it is enriching the garment industry. Its main goal is to work for the expansion of the fashion industry.

What is Entrepreneurship?
The garment industry has developed into a unique industry due to the labor, talent and dedication of the entrepreneurs. An entrepreneur is a person who takes the initial initiative to set up a product or organization. In other words, a person who takes a new business initiative keeping in mind the risk is called an entrepreneur. And the initiative that an entrepreneur takes to implement his ideas is called Entrepreneurship. Industrial enterprise accelerates the economic development by utilizing the material resources of a country to the fullest extent possible.

Role of Entrepreneurship in Fashion Industry:
The journey of small entrepreneurs started from the eighties. In the late nineties, many of them started walking outside the definition of small entrepreneurs. The trend that started in fashion at the beginning of this period is only due to the entrepreneurs.

Entrepreneurship in Fashion Industry

Creativity is given utmost importance in industrial entrepreneurship. In this case, the entrepreneurs are promoting the local materials admirably. As a result, in the fashion industry, they are constantly highlighting the new indigenous traditions. They also plays a significant role in making the buyer aware. Buyers’ understanding has also increased. They are now more aware than ever about what is a local thing, what is our heritage, where is our identity. So that their interest in buying native clothes has increased. As a result, entrepreneurship is playing an important role in fashion.

In general, the discussion on the way of progress of the fashion industry is really about the development of technology, building a skilled workforce, building skilled technicians and engineers. But another important factor for this progress is entrepreneurship. The fashion environment in the world is constantly changing in different ways. The idea or fashion that is working today may not work tomorrow. So entrepreneurs have to constantly try something new. They have to think about the market situation and keep pace with the business. On the other hand, people have to move forward with the age. For that many clothing brands in the world have become useless today just to make some mistakes and not keep pace with the age. So it is very important to keep pace with the times. And in the fashion industries, entrepreneurship has taken this work very seriously. So the role of entrepreneurship in the fashion industry is undeniable.

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Entrepreneurship acts as an influencer to enhance the reputation of a good product or fashion brand. However, the brand has to be presented in an interesting way by prioritizing the customer demand at every step. Quality must be strictly controlled in everything from fabric to design and even swing. Timely media marketing and commercial continuity are also needed to deliver the right product at the consumer level. Entrepreneurship has also served as an influence on far-reaching marketing plans and the right placement for showrooms.

One of the main purposes of fashion entrepreneurship is to take risks and take advantage of opportunities. A successful entrepreneur knows what he has to take and what he should not take. Nowadays, new trends are emerging in the fashion industry. Entrepreneurs aim to bring new fashion to the market.

Opportunities for new entrepreneurs in the 100% export-oriented ready-made garment industry have declined. It has become difficult to set up small scale factories with low capital on the condition of safe working environment. As a result, new entrepreneurs are not able to enter the industry for fear of huge investment.

But times have changed. Many young people in the country are using their skills, abilities and innovative energy instead of looking for jobs. They are creating their own employment. Besides, they are also providing employment to many unemployed people. The government is also encouraging entrepreneurship.

To take the textile industry forward, new entrepreneurs must come up with creative plans. Only then will there be diversity in this industry and there will be value addition. So those who have dreams about this sector should not just keep their dreams in captivity. One can also realize their dreams by developing themselves as an entrepreneur.

Conclusion:
Entrepreneurship provides innovative ways to solve problems with innovative power, which takes society to a different height. It plays an important role in the economic development of a country, not just the fashion industry. This increases the use of indigenous resources in the fashion industry which improves local and native life. At present, young people can play an effective role in creating employment through entrepreneurship.

References:

  1. https://en.m.wikipedia.org/wiki/Fashion_entrepreneur
  2. https://www.fibre2fashion.com/industry-article/9245/entrepreneurship-in-fashion-and-apparel-industry
  3. https://www.sciencedirect.com/science/article/pii/S1877042812009160
  4. https://www.academia.edu/7241319/Entrepreneurship_in_the_Fashion_Industry_A_Case_Study_of_Slow_Fashion_Businesses
  5. https://irispublishers.com/jtsft/fulltext/fashion-design-entrepreneurship-skills-and-solutions-to-create-a-fashion-business.ID.000553.php

Author of This Article:
Nazifa Tabassum
Dept. of Clothing and Textile
Govt. College of Applied Human Science, Dhaka
Email: [email protected]

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