Business Success Factors - Essay Example

Regardless of the definition of success, there are numerous common characteristics and skills shared by numerous entrepreneurs and managers. This paper discusses the success traits and skills of Marc Jacobs and Louis Vuitton.

Marc Jacobs

          He is an American fashion designer and heads Marc Jacobs Fashion Company in France. In addition, he also heads Marc by Marc Jacobs. Marc Jacobs is a successful entrepreneur with more than 201 retail ventures in 82 countries. Since 1997, while still running his ventures, he has been working for Louis Vuitton Company as the creative director (Grigoriadis). Recently, his success made Times Magazine rank him among the 100 most influential people in the world.

Louis Vuitton

           This is a France-based Fashion House started by Louis Vuitton in 1855. It is one of the leading and successful fashion houses in the world. Its monogram is well renowned as it is featured in its products which range from leather goods to shoes, jewelry, watches, sunglasses, and luxury trunks (Richard 750). This fashion house owns boutiques and departmental stores across the globe, which act as its selling points. Moreover, the Internet has been a contributive factor to its high sales. 

Success Factors

           A successful business cannot be built by one individual alone. This is a task that requires a team that is devoted to the business and its success. Marc Jacobs promotes cohesion and teamwork among the employees. This promotes a good relationship between him and the subordinates. Craven notes that Marc Jacobs’ workers are loyal to him and that they love him. Levy asserts that Marc Jacobs discusses issues about fabrics with his staff.  In addition, Marc Jacobs motivates his employees. About Walker and Brown, employee motivation is a fundamental factor that leads to business success and promotes good relations between the employer and employee (580).

           A successful entrepreneur believes in the business. Marc Jacobs believes in his company’s products and items. This is a trait that allows Marc Jacobs to have the desire and zeal to attain his objectives and goals which have led to the success of both Marc Jacobs and Louis Vuitton.

           Risk-taking is a trait that greatly leads to entrepreneurial success. Marc Jacobs is a risk-taker and is not afraid of anything. This has made him venture into different markets in the world and design more products. His companies have continued to produce new items and products which have brought about success and a greater market share.

            Every entrepreneur has a motivating and inspiring factor that keeps him moving. Marc Jacob draws his inspiration from an art wall gallery when starting up a new collection. Craven describes Marc Jacobs as very innovative, creative, and aggressive. These factors have greatly contributed to the success of both Marc Jacobs Fashion House and Louis Vuitton Fashion House.