Nordstrom Swot Analysis: Fill & Download for Free

True affluence is created by creating it for others, in the process you create it for oneself.For example, you develop a product that will help people do x. By helping them you are then helping yourself succeed. The key is enduring wealth.Since I was a child, I dreamed of creating a luxury brand. At 23 years old, I created and made this collection, below, it sold to every Nordstrom, Neiman Marcus and Bergforf Goodman:Whether you are 25, 30, 40 years old, it’s all the same. It’s when you have clarity you will be ready. I hate putting an age on being successful.That being said:You need to have a business plan.You must surround yourself with the right people.You must understand what “success” and “wealth” entails.Business PlanA business plan can seem very overwhelming at first, but if you break it down to its’ simplest pieces it's not as bad as it seems. A business plan is a living breathing document. It's always changing as you move along in your path.Why is it important? Because it brings your idea to life. It gives words to your thoughts and dreams. It shows investors, bankers, partners, family members and anyone you wish to involve you have razor-like focus. We are visual creatures, when it's on paper, people can see your plan becoming a reality.Since this isn't a question about business plans, I will touch upon this just a little bit. Three most important parts: Executive Summary, Mission Statement, Vision Statements.Many people will try to take you down a path that may deviate from your vision. You will always be able to look at your mission and vision statements and use it as a litmus test. Is doing x a part of my mission statement? Will it take me to my vision statements?Executive Summary - even though the Executive Summary is the first part of your plan, it is actually written last, after you have completed your business plan. This is a summary of the business plan you created.Mission Statement - this is your raison d’etre or your reason to exist. For my own brand, twenty some years ago I wrote, “We are a luxury goods brand everyone involved is proud to be a part of.” This included the factories, the retailers, the customers and the employees.Vision Statements - these state where you are going (these are not mine, only examples):We compete head-to-head with the world’s luxury good brandsWe are sold on the global marketplaceWe make the finest widgets in the worldWe are the top ten widget maker in the worldTom Ford once said during an interview that he wanted his brand to be one of the top five luxury brands in the world. That's a vision statement. It's something that is being strived to get to or become.You can find any example of business plans on the internet. It should include the Executive Summary, Mission and Vision Statements, SWOT analysis, your product offering, management team, the overall marketplace and where you see an opportunity, marketing plan, distribution channels and of course the financials. At the end of the plan you can put pictures, press, etc.You have now brought your dream to life! As you move along your path, you can tweak the financials, add or subtract items, etc.Who You Surround Yourself WithIf you don't read anytbing else, please read carefully. There's a reason why sayings such as “birds of a feather flock together” have existed for a long time.Whoever you surround yourself with, executives, consultants, board members, money people, lawyers and accountants - it will dictate your success.What may seem on a resume as impressive may not always equal a good match. And remember, you are going to bed with someone who has their own experiences, their own issues and the people they surround themselves with as well. If you need a trademark filed, use a trademark attorney not your neighbor, a divorce attorney.The hardest part is finding the right “consultants”. A teacher at a big business school may seem very impressive, but may not be of help if there is no real world experience. Someone who has been selling his whole life may not make a good head of sales.Make sure you surround yourself with people that can inspire you, assist you and make you want to better yourself and pursue excellence.On the flipside, if you are selling widgets and the dream is to go public, surround yourself with people that have already went down that path. The more you can close the learning curve, the better.Investors will want to see who is going to help you succeed, who you have to help you fill in your weak spots.“Success” and “Wealth”Success is very jealous, the moment you ignore her, she will leave to find someone who will give her attention. Complacent? That too.I know many entrepreneurs who are moving and shaking and yet don't feel “successful”, when in fact they are very successful. When you’re in the thick of things, it’s not easy. Even when you get to the top, you have to fight to stay there.“Wealth”, what does that mean? To one person it can be $100,000, to another it may be $1MM or $100MM. It's all relative.Success may be jealous, but wealth needs to be respected. Money is an energy and like any other energy on earth, if your don't respect it and harness that energy, it can destroy.Look at many successful people that squandered their wealth. The lottery winner who won millions only to be broke after a few years.Again, on the flipside, take what you make and re-invest wisely and watch your wealth grow. Get a good money manager (again surrounding yourself with the right people).Notbing happens overnight, it happens slowly, with hard work and long hours. If this is an arena in which you thrive on, it can be very fulfilling and the rewards great.Just be smart.