Who is Alicia Yu?
A: My name is Alicia Yan Yu. I formerly worked in the finance industry, and then entered the fashion industry by providing luxury industry analysis. I run a Weibo account called Luxury Industry Analysis, which now has 1.8 million followers. In 2013, I founded Luxe.co, a unique business new media focusing on fashion, finance and technology. Luxe.co is also an industrial service platform providing media, education and financial services to investors, entrepreneurs and startup companies. After four years’ development, Luxe.co has been expanding its team and become the most authoritative business media in the field of luxury fashion and lifestyle in China. Our networks and readers community are exceptionally stronger than ever.
What inspired or motivated you to start your business venture?
A: I started to run the Weibo account Luxury Industry Analysis in my spare time in 2011. After I got tens of thousands of high-quality readers in two years, I decided to resign from the company I was working at, and started my own business. Back then, I was already quite familiar with the luxury and fashion industry, though I could not yet call myself a top specialist. In 2013, I founded Luxe.co, a business new media platform focusing on fashion, finance, and technology. As the fashion industry was emerging and fast developing in China at that time, I thought that it was important for us to understand the fashion industry as more than just from the perspective of a consumer. For most investors and entrepreneurs, they in-depth understanding of the industry’s financial and business operations. Luxe.co was first created to provide this kind of information especially for opinion leaders and business leaders in this sector.
A: I started my own business not because that I hoped to be called as an entrepreneur, but because I was eager to fill the gap in the market. When I felt that I would be a good fit to be the changemaker, it was time for me to start the journey. Being a .CO Startup Ambassador allows me to pass the crucial entrepreneurship to more young people who are working on their own businesses.
Do you have any advice for someone thinking about starting their own business?
A: First, I think it is essential to love your own business and not to hurry. If you are optimistic about what you are going to do, it is never too early for you to start your own business. Also, if you are not confident enough, it is never too late to start. During this time, we need to keep learning about ourselves and the market.
Second, today’s world is particularly beneficial to entrepreneurs because the Internet has broken many barriers. More people are supporting entrepreneurs, and investors are paying close attention to startup companies. However, the more opportunities and startups, the more competition you will have. You should be able to predict and fully prepare for competition you’ll face. You should also realize that you are choosing a new lifestyle when you decide to start your own company. You are going to try for a while and eventually build something out of nothing, and finally find your direction.
Finally, I think for entrepreneurs, your business is only part of your life, and you should also strive to live a complete life. For example, you should do something meaningful to society instead of just being keen on making money. One cannot always be successful in their businesses, but he or she can always do things to benefit the community.
Did you face any unique challenges as a woman starting a business or leading a team?
A: I believe that women have a little more advantage than men in terms of sensitivity for fashion. But when it comes to being an entrepreneur, women are supposed to shelve that dream and follow a conventional and expected business path. Female leaders should keep learning about team building and strategic management. They should also be less emotional, more open-minded, and more receptive to