Tory Burch’s top tips for building a lasting and successful career
Tory Burch attributes her business acumen to advice her grandmother gave her when she was young: “You never learn anything with your mouth open.
The American businesswoman and philanthropist launched her eponymous fashion label in 2004 – and she tells CNBC Make It that she quickly learned the importance of being “a good listener and a great networker” early in her career. career.
“When I started this company, I hadn’t gone to business or design school, and while I had access to capital, I didn’t raise a lot of money,” says Burch. “I went around to about 150 friends and family members and said, ‘Invest what you might be okay with losing’, because I was afraid to take people’s money. .”
The best antidote to contempt and self-doubt, adds Burch, is to “embrace your ambition” and set a clear vision for your career. “Don’t minimize your accomplishments and think big,” she says. “You also need to keep your head down and view negativity as just noise.”
Burch’s lifestyle brand is estimated to have sold at least $1 billion worth of clothing, shoes, accessories and fragrances last year, Forbes reports, but it’s not the only company to its credit. In 2009, the designer established the Tory Burch Foundation with a mission to invest in women-owned small businesses and support women’s economic empowerment through access to loans, education and mentorship.
Burch emphasizes the importance of self-confidence to career success and hopes to help young female entrepreneurs cultivate this skill. She previously told CNBC that she received her “fair share of condescending pats on the back” during her debut.
“I remember when I was meeting with potential investors – all of whom were men, by the way – I presented my business model, in which our foundation was embedded,” she recalls. “Goal-directed business was unheard of at the time, and it was dismissed as ‘charity work‘… It only made me more determined.”
The Tory Burch Foundation offers a one-year scholarship program, which helps founders of start-up companies grow and grow through access to capital and a business scholarship, among other resources, as well as a biennial summit, which takes place on June 14. and features speakers like Julianne Moore and Mindy Kaling.
Women still receive a small fraction of venture capital funding – according to a recent study by PitchBook, companies founded by women received just 2.1% of venture capital dollars invested in the United States the year last.
This is an important gap that Burch hopes to help fill through the scholarship program. “It’s quite ironic because women are the best investments,” she says. “Research has shown them to be reliable in loan repayment and to be innovative business thinkers.”
She continues, “People still don’t fully understand the positive impact women can have in all areas of business, whether as CEOs or founders. But women are a critical part of what will help fix our economy in the wake of the Covid-19 pandemic, and fix our world.”
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