The Top 3 Entrepreneurial Lessons from Jessica Simpson

If you had dropped by Yahoo.com’s home page yesterday, a smiling Jessica Simpson would have greeted you.  It’s always nice to see someone smile, but it’s even more amazing when you learn they’re smiling to the tune of $750 million dollars. That’s right, Jessica Simpson, Inc. (not Jessica herself) is on the edge of breaking $1 billion in retail sales this year.

What? Jessica Simpson? The beautiful and yet sometimes clueless blonde who can sing but not act and who has been invading my TV in a never-ending supply of semi-cheesy Macy’s commercials? Her?

Yup.

While most of us may think of a tattered “former” rock star who seemed to have life together much more pre-Nick Lachey, Jessica has quietly been building an empire of licensed products where her name plays center stage. Be it jewelry, perfume, fashion clothing or shoes, Jessica’s got her name all over it and it’s selling like hotcakes.

Now as I read over the article discussing Jessica’s entrepreneurial accomplishments, I couldn’t help but think to myself if there is anything we could learn from this story.

The Top 3 Lessons from Jessica Simpson

Below are what I believe to be the top 3 entrepreneurial lessons you could learn from Jessica Simpson.

1. Be where your “attracted audience” is
   I’ve just started talking about your “attracted audience,” so simply put, be where the people who are currently around you and pulling from you are. For Jessica, it’s the fans that already know and love her as the rockstar.  She knows her fans want to look and be like her. Therefore she licenses her name on products that her fans would need to accomplish that goal. Fashion clothing? Check. Great smelling perfume? Check. Funky, cool shoes? Check.  

   Lesson: We hear it all the time, be where your customers are. Don’t make them search. Don’t make them come to you (unless that’s where they’re searching.) Put it right under their noses so it’s easy to find and easy to buy.

2. Partners that bring credibility, often can bring success
   In this case, Macy’s is benefiting from selling products that have Jessica’s name on them. She’s a style icon. She’s someone that young girls and women want to be. Her celebrity status brings credibility to the products that they’re something Jessica would wear, thus your teenage daughter should run out and buy. 

   HOWEVER, Macy’s also brings credibility to Jessica’s licensed products (thus, dollars to her business.) Macy’s isn’t known for carrying off-brand, low-value products. They only carry the best or at least better than “good.” By them stocking Jessica Simpson branded products, they’re saying that these products are of high quality and high style standards regardless of the namesake on them.

   Lesson: Find a partner that can help bring the credibility to your products and/or services, then form a symbiotic relationship where you return the favor in an effort to help one another grow. That’s the only way to keep the relationship going. Value for all.

3. Build products that come from your passionsNot long ago I talked about an idea generation exercise called a PGT Map to help you find business ideas you could be passionate about.I’m thinking Jessica must have completed that exercise because the products she licensed her name to? They’re all products that she’s stated in numerous interviews as things that that she loves herself. Her name could be on anything, but she stuck with what she loves, which is who she is, which is how your daughter can now look and be like her.Lesson: We can make products to sell our products, OR we can make products because we love our products. Which one do you think sells better? Which one would you be happier selling? I daresay that your passion will give you a greater opportunity to make success than just building and selling something because you can.

What do you think you could learn from Jessica Simpson?

And “No.” I didn’t just write this topic just so I could post a picture of the beautiful Jessica Simpson.