One Of My Most Expensive Mistakes...
Sophia Amoruso
Investing in winners at Trust Fund, NYT Bestselling Author, Serial Founder, Keynote Speaker. Returned the dress I wore on the cover of Forbes. ?? Pitch us at trustfund.vc ??
Do you have memories of choices that, if given the chance, you’d go back in time and do completely differently?
For the most part, I believe that the struggles I’ve experienced have been lessons I needed to learn (which, by the way, I completely acknowledge is a privileged experience). Regardless of who you are, however, money is a thing. And anyone can make expensive mistakes––I know I’ve made more than I’d like to admit. Let me share one with you...
When I wrote #Girlboss, I immediately applied for the trademark in a variety of categories, including online video, podcasts, events, apparel and accessories. As soon as I did, my attorney got a letter from Hugo Boss opposing my application, citing that “Boss Woman,” one of their brands, was too similar.
Realizing it would have been suuuper expensive to duke it out with their attorneys over this, I made a compromise: I signed away my right (called a settlement agreement) to create any apparel and accessories, eyewear, and handbags with the Girlboss name on them––and in return they allowed me to register the Girlboss mark in online video, events, and podcasts. I figured that since I was already running a fashion business (I was still at Nasty Gal at the time), it would have been weird for me to launch another clothing line anyway. By the way, this was a permanent agreement. So I essentially Little Mermaided my brand.
And then I left Nasty Gal and founded a company called Girlboss.
Never expected that one. So when I focused 100% on building Girlboss, it turned out that I couldn’t do merch in any of the categories we wanted to. We did, in bootleg fashion, but could never have really done it at scale because of the fact I signed away Girlboss’ soul to Hugo Boss. So I spent three years and tens of thousands of dollars on intellectual property attorneys to renegotiate with Hugo Boss to try to get the rights back, which never ended up happening. All because of one short-sighted decision to not fight for the mark that in retrospect, I know I could have won.
It literally hurts to think about this. But I don’t want you to go through the same pain.
If you join me in Business Class, I’ll give you a roadmap to success that’ll bypass big, expensive snafus like these. ??
Are you ready to learn from my mistakes? Book your seat here.
Doors close on Friday and we kick things off on Monday, October 12––so this isn’t something you can sit on.
Economist at Retired
4 年Sorry, Sophia. I just wrote, short of space then. If you deem the book to be satisfactory, can you kindly write a short review in your newsletter for which I will be most grateful. I live in Melb. Warm wishes
Economist at Retired
4 年Hello Sophia, so glad to read yours. I keep a diary too. What a delight to spot you--congratulations on your brilliant success. We share this in common-- training. human capital and leadership, the key to productivity and growth. Please allow me to humbly introduce my 6th book--see below. I am a humanist and my motto is:The future of the world depends on compassionate and moral ideas and sentiments, without which all human endeavours would be futile. Ran my management consulting firm for 3 decades-retired, now full-time writer. THE GENTLE ART OF TAO LEADERSHIP-A 21ST CENTURY PERSPECTIVE,?out in early Nov 2020 with Simon & Schuster as worldwide distributor. ? It's on ethics in business and ethical leadership. ? The book complements Western literature on the subject and is the only book of its kind in terms of approach and content- it paraphrases 44 verses from the 81 in the immortal classic Tao Te-Ching (600 BCE CLASSIC OF THE WAY & OF VIRTUE) by Lao-Tzu. The book is likely to attract much interest in view of paucity of such literature, especially in the West. I hope ir can add some value to your aspirations. Best wishes sincerely Meng Lim, PhD econs, Paris (1974), Fellow of Econ Dev Institute, World Bank, USA
Social Media and Influencer marketing | content creator| online marketing sale
4 年Isadora Cerri
Business Owner at HFJ Sports in Sialkot-Pakistan
4 年Interesting! I like