A Little (BIG) Lesson on Entrepreneurship
A Little (BIG) Lesson on Entrepreneurship
I had so much fun chatting with Emily Blumenthal (yes, THE FIT Professor & fashion powerhouse!) on her podcast, diving deep into branding and storytelling.
Emily has dedicated her life to the fashion industry and pushes her students to think critically, creatively, and strategically (aka, my kind of woman). And because she teaches Entrepreneurship, I couldn’t pass up the chance to ask her: What are the TOP 10 homework assignments every aspiring entrepreneur should do?
Below we’re going to explore what how she wants us to stretch our noggin and in italicized you’ll get my additional thoughts in some of her fab exercises.
Being the good millennial that I am, I got a pen and paper (oh yes), and wrote down the pro’s and con’s. Here’s what I came up with:
1. Write a Summary of a Business Article
Stay informed about the business world by reading and summarizing articles from credible sources. This helps sharpen your analytical skills and keeps you updated on trends.
Idalia: It sounds so simple but it today’s culture I recognize that we’re not reading articles (ahem TikTok does NOT count) as much as we did… and should. So let’s make this exercise really feasible and possible for y’all. Think about reading from three credible source (I personally like Forbes, Business Insider, TechCrunch). Then, summarize it in 3 sentences:
What’s the main point?
What’s an insight you can apply?
How does it impact your industry?
2. Create a Unique Selling Proposition (USP)
Define what makes your product or service stand out. Explain in one sentence how your idea solves a problem or fulfills a need better than anyone else.
Idalia’s notes: So here’s a “fun” exercise. Answer this: Why should someone choose YOU over competitors?
Wrong answer: “I sell trendy bags.”
Right answer: “I create handmade, eco-friendly bags designed for travelers who want function & style.”
Remember your USP should solve a specific problem and be crystal clear.
3. Explore the Business Model Canvas
The Business Model Canvas is a visual tool to map out the key elements of your business, including:
Customer Segments: Who are you serving?
Value Proposition: What unique value do you offer?
Revenue Streams: How will you make money?
Channels: How will you reach your customers?
It’s a powerful framework to clarify your strategy and identify potential gaps.
4. Conduct Ethnographic Research
Get out of the building! Observe and interview potential customers in their natural environment to understand their needs, pain points, and behaviors.
Idalia’s notes: Pssst, if doing in-person interviews is currently out of your comfort zone, take the first step by using social media! You can do IG polls where you ask your customers:
What frustrates them?
What are they willing to pay for?
Remember that the best business ideas come from listening, not assuming.
5. Perform a SWOT Analysis
Analyze your business idea’s Strengths, Weaknesses, Opportunities, and Threats. This helps identify internal and external factors that could impact success.
6. Rapid Prototyping
Create a simple, tangible version of your product or service to test your concept. It doesn’t have to be perfect—just enough to gather feedback.
Idalia’s notes: I couldn’t agree more, and this is so perfect no matter what kind of entrepreneur you are.
Selling bags? Sell 10 to friends before launching a full brand.
Offering coaching? Do 3 free calls to refine your method.
Start small, test, then scale!
7. Develop an Elevator Pitch
Craft a concise, compelling pitch to communicate your idea in under 60 seconds. Practice until it feels natural and convincing.
Idalia’s notes: You know me. I LOVE a PITCH! So if you’re still noodling with yours, you can start with answering all these questions (one sentence each):
Who do you help?
What problem do you solve?
Why should people care?
8. Conduct Market Research
Hit the streets to gather insights directly from your target audience. Use surveys, interviews, or casual conversations to validate your assumptions.
9. Create a Digital Strategy
Design a basic plan for using digital platforms to promote your brand, connect with your audience, and drive sales.
Idalia’s notes: Man oh man, ain’t this where I come in! Strategy is key. If you’re running circles with your social presence check out my online courses and labs.
10. Shark Tank-Style Final Pitch
Pull everything together in a final presentation. Pitch your business idea to an audience or panel of "investors" for feedback and potential support.
Idalia’s notes: The idea of pitching your business to potential investors may seem daunting. So the first step is imagining you're explaining your business idea to a friend in one minute. Make it sooooooo clear and exciting that they instantly get it and want in.
A great pitch = who you help + what problem you solve + why it matters.
Host Emily Blumenthal is a handbag industry expert, author of Handbag Designer 101, and founder of The Handbag Awards. Known as the “Handbag Fairy Godmother,” Emily also teaches entrepreneurship at the Fashion Institute of Technology. She is dedicated to celebrating creativity, craftsmanship, and the art of building iconic handbag brands, with her second book coming out in July with Genius Cat Books, "Savvy Suzanna's Amazing Adventures in Handbags." You can follow Emily @handbagdesigner or on her Substack, Handbag Designer 101.
Don't forget to subscribe to my FREE Substack for more in-depth strategy, free messaging (can't wait to connect with you), exclusive videos, online course discounts, andddddd live video sessions.
XX Idalia