Welcome to the era of millennials where 21-year-olds are becoming not just millionaires but billionaires. Take for example, Kylie Jenner, who was voted America’s richest self-made millionaire. Her cosmetic company – Kylie Cosmetics, was valued at $900 million dollars by Forbes in 2018.
Here are some important business lessons that we can learn from make-up mogul, Kylie Jenner:
Create a niche
Cosmetics is already a billion-dollar industry. Yet, Kylie created her niche with an exclusive product – the Lip Kit. It consists of a lipstick and lip liner of the same colour at an affordable price. The result? An amazing hit and a completely new niche created Kylie. She found her space in a booming market.
Networking increases your net worth
Kylie Jenner has leveraged social networking to connect with users. Be it her photoshoots, events or new products. She has used the platform smartly and sharply to engage with her audience and increasing her net worth through her network.
Stand out in the crowd even when you are famous
Being from a celebrity family – The Kardashians, the easiest thing for Kylie would have been to be a part of her sister’s (Kim Kardashian) ventures. Instead, she broke the mould and decided to create a name for herself. And guess what, she ended up making a brand for herself. A billion dollar one.
— Kylie Jenner (@KylieJenner) November 30, 2018
Don’t multitask. Just stick to your core.
You must be thinking Kylie Cosmetics manufactures and distributes its own cosmetics? Guess what? You are wrong. Everything is outsourced. After all, when you have technology and expertise around you, why take the headache of being a one-man-show. Instead, collaborate and see your profits accelerate.
Let money do the hard work
Kylie started her company from the money she earned from her modelling assignments. At that time, it was around US$ 250,000 and today it is worth a billion. Lessons learnt: Invest money and then let the money invest more money.