Dr. Mario McCoy knows what it takes to turn an idea into a successful business venture. As an MLK Entrepreneur of the Year award winner and the founder and CEO of NCMPRBL, he actualized his business from concept to fruition based on his values, creativity and sheer ambition. He believes that anyone can follow in his footsteps by embracing their incomparability and has five tips for aspiring entrepreneurs.
Fail Fast, Fail Forward
Why wait to start your first (or next) business venture? Dr. McCoy advises you not to, proclaiming, “Fail fast, fail forward. The best time to start a business was yesterday.” You are an entrepreneur, and as such, taking risks is a part of your job. That doesn’t mean you can’t take a calculated risk, but you will never achieve your goals if you stagnate in doubt.
It’s no secret that the past few years have been a struggle for business owners, but it doesn’t mean your business can’t succeed. You may need to adjust your plan and implementation to fit the current climate. The bottom line is: If you want it, you have to go for it, despite the challenges, because not acting on your ideas will keep you running in place and no successful business owner likes the idea of being in a hamster wheel while others are advancing.”.
Find an Underrepresented Niche in the Market and Fill the Need
With NCMPRBL, Dr. McCoy created a unisex wrist watch brand that would appeal to the modern minimalist all over the world.. Why? Because as a young Black millennial who loved watches, he was well aware of the difficulty in finding a fashion accessory that spoke for his community, and his life experiences with what he likes to call “advancing your look.”
Like Dr. McCoy, you’ll want to choose a product that fills an area of need. To identify a niche market, you should start by looking at your target audience, researching the market, and creating a product that speaks to them. However, as a word of caution, don’t just jump into a market because it’s a niche. Of his own business, Dr. McCoy believes, “Your story is yours, and no one can tell your story better than you can because you own it.” Your brand should fit your experiences and personality to have a personal understanding of the market you are targeting. This gives you an advantage over your competitors due to the effortless ability of being able to speak the language of your target market.
Create Over Conform
Dr. McCoy believes that creativity will bring more people to your door than conformity. Create a product line that expresses your authentic self, and you will have the best chances for success. Remember that if you try to be everything to everyone, you will likely end up not appealing to anyone at all.
“As a company, we are most proud of not compromising our values of Focus, Advance, Quality, and Experience to exemplify where the foundational component of our catalog built to give you a feeling and a look when wearing an NCMPRBL,” he stated.
Choose a Product You are Passionate About
If your products aren’t something you would want to buy, how can you expect others to be enthusiastic about purchasing them? When you have a passion for what you are doing, it shows, and you can create a product line that will resonate with others who share your enthusiasm. For Dr. McCoy, that passion was watches and fashion accessories because he has loved them since he was a child.
And it was that love that helped him understand his vision for the product. NCMPRBL is successful because he understands what the people who buy his watches want to feel when they wear them.
“I want for our products to exemplify self-worth and personal happiness, every time you wear something, whether it be a watch, or any fashion accessory bearing our N logo” he said.
Consider the same for your product lines. It makes no difference whether you sell fashion accessories, convenience items or services. People buy products because they want to get something specific from them. Ask yourself: What kind of experience are you trying to create for the end-user? Like Dr. McCoy’s clear vision above, you’ll want to be sure you know exactly what emotions you are trying to provoke.
Work Within Your Ethical Framework
Dr. McCoy built his company on the idea that he could succeed without compromising his values, and it made him stronger.
“We are most proud of not compromising our values of ‘Focus, Advance, Quality, and Experience’ to exemplify the ‘Don’t be regular, be NCMPRBL’ mantra for our clientele,” said Dr. McCoy.
And by keeping to this ethos, he has managed to scale his business quickly and create a wealth of success in a challenging market. The bottom line is, when your business reflects your authentic self, you have the best chances of building lasting success.
About Dr. Mario McCoy
Dr. Mario McCoy is the Founder and CEO of NCMPRBL Watches. Handcrafting limited edition collections that feature a minimalist design, the timepieces can be found all over the globe. With a core focus of creating the ultimate fashion accessory to be a feeling and a look for the modern minimalist, each collection is a limited release and helps fund Legacies Live Forever’s bi-annual Create Over Conform Scholarship Program. Find out more at https://ncmprblwatches.com