The Ability To Learn From Mistakes - Michael Kors

Mistake can defined as an error or fault resulting from defective judgment, deficient knowledge, or carelessness. Mistake also can be said as misconception or misunderstanding. Actually, mistakes are not all that brings negative effect. Sometimes, mistakes is the one that give us experience and usually we learn lessons from mistakes. Each man will make mistakes, but one should learn from the mistakes. The ability to learn from mistakes is very essential for everyone.

            The example of the entrepreneur that had the ability to learn from the mistakes is Michael Kors Michael David Kors born on 5^th August 1959 and he is a New York City-based fashion designer. He is the honorary chairman and chief creative officer for his company, Michael Kors Holdings Limited (KORS), which deals in fashion accessories.   Michael David Kors started his own fashion line on 1981 and had launched in high-end department stores in America including Saks Fifth Avenue, Neiman Marcus and Bloomingdales. The brand Michael Kors was introduced and sold as a luxury product. Slowly Kors had built his empire, but in the year of 1993, the designer’s company filed for Chapter 11 bankruptcy protection with total debts of $1.4 Million.

Kors learned from the mistakes he made and started all over again. Kors become designer of the LVMH-owned French fashion house Celine. After Kors bounced back, he launched a lower-priced line call KORS Michael Kors whilst also becoming creative director of Celine. Kors thought out of the box, not only selling luxury collections but also started lower-priced collections and in the end Kors further expanded his own brand by launching different product in order to meet the social demand such as menswear, accessory and a perfume line.