Role of the Entrepreneurial Personality in Developing a Fashion Brand - Dissertation Example

Fashion like any other entrepreneurial undertaking demands the traits and other factors that are required for the development of a successful business. It is big business and can be used as a niche area for economic development. The fashion industry is very competitive and so to develop a successful fashion brand, excellent entrepreneurial skills are key ingredients. This is especially true in a globalized environment where businesses have to compete not only locally but globally. Additionally, the technology has brought businesses and customers closely together; therefore, placing increased pressure on the entrepreneur to find new ways of increasing competitive advantage.
Since the late 1990’s the term entrepreneurship has become a hot topic in both the private and public sectors (Chell, 2008). It is thought that entrepreneurs have a personality that sets them apart from others in society and so it is important that the characteristics of the particular personality are clearly identified. The need for economic development is dependent on identifying individuals who have the capacity to develop successful businesses and in so doing create wealth for themselves and the society. Bridson and Evans (2004) indicate that the fashion retail market has been criticized for a lack of differentiation and a challenge in sustaining long-term competitive advantage. Branding has been seen as a response to the problem. Imaginativeness, creativity, and innovativeness are some of the characteristics that are common to successful entrepreneurs and this is critical to the development of a fashion brand. While these are key requirements to remaining in the fashion industry, they might not be enough.
According to Chell (2008), entrepreneurship has been a hot topic throughout the past decade. This, Chell (2008) states has been fuelled by the ‘get rich quick' mentality in the case of individuals while the Chef Executive Officers (CEOs) and heads of multinational corporations (MNCs) were labeled ‘fat cats’. Entrepreneurship is not only confined to the private sector but has been seen as a way in which governments can grow economies and in so doing grow the wealth of their citizenry.