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Home»Entrepreneurship»He started his business with just $2,000 and has since grown it into a global brand.
Entrepreneurship

He started his business with just $2,000 and has since grown it into a global brand.

prosperplanetpulse.comBy prosperplanetpulse.comJuly 15, 2024No Comments6 Mins Read0 Views
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In 1989, 25-year-old Michael Aram was living in a studio apartment on Christopher Street in New York City, designing books and posters for the Metropolitan Museum of Art by day, and drawing and painting by night. Around that time, the young artist happened to befriend some people from New Delhi, India, and decided to visit them. This decision would change his life and lead him to become the founder of the luxury home and jewelry brand that bears his name.

Images/Photos Courtesy of: Michael Aram

When Alam arrived in India and saw the local artisans at work, “it was like going back to Biblical times,” he says. He was particularly drawn to the metalworkers and impressed by their craftsmanship, even though the items they made were basic and utilitarian.

“I just thought, I want to work with these people Creating beautiful and artistic things“But they were making functional objects, and my mind was set on decorative arts. How can I make that bowl beautiful or that forged piece functional?“

RELATED: He started a creative side hustle in his garage that’s now worth $225 million.

So Alam learned the craft during his time in India, and built up a collection of five pieces, including a silver-plated brass servery set made from twigs he found on his morning walks, and stainless steel bowls with hand-hewn rims and “sledgehammer marks.” He brought the pieces back to New York, where some of his friends encouraged him to sell them, but others were less than impressed.

“My friends in India used to tease me and say, ‘Oh, your rotten metal looks like something a cow would eat,'” Alam says. “They were very rugged, handmade and artisanal.” At the time, the prevailing design aesthetic was “high-tech,” Alam explains. “Everything was polished metal and had an industrial look.” Handmade elements, which are “ubiquitous in the design world today,” were out of fashion.

Image courtesy of Michael Aram. Piece from the 2007 Butterfly Gingo collection.

“‘Michael, if you can make this, I can sell it.'”

Still, with only $2,000 in his bank account, Aram listened to his backers and decided to give the venture a go. He found a sales representative in SoHo who worked with designers making metal art, furniture, jewelry and handbags. The group had about five artists, Aram said.

“and [the representative] “He said, ‘Michael, if you can make this, I can sell it,'” Aram recalls.

So Alam got to work. He drained his bank account of $2,000, traveled to India, spent $200 on the way in Paris, and then went to work with $1,800 in his pocket. He made various quantities of the pieces — “50 of this, 20 of this, 10 of that” — and shipped them to New York.

The salespeople brought the pieces to a design show, Aram flew home, and by the end of the event, they had a ton of orders. One piece even made it onto the cover of a magazine. Neiman Marcus Magazine.

Related: 15 Young Founders Reimagining Everything from Artificial Intelligence to Carbon Removal, Sustainable Fashion, and Pizza!

“I was 25 years old. It was terrifying. But we made everything and shipped everything.

With an order for 16,000 cutlery sets backlogged, Alam needed funds to create his designs. His parents were able to secure him a loan of about $50,000. “I was 25 years old,” Alam says. “It was terrifying, but we made everything, shipped everything, and [after that point]Since then, we’ve never had to borrow money again. We’ve reinvested that money back into the business.”

This strategy has earned the company a global reputation today, 35 years after its founding: the brand has attracted notable clientele such as British Royal Family and the Pope (who were presented with a Noah’s Ark sculpture in 2016), and its products have been featured in the dining rooms of the Four Seasons Hotel and in the home departments of renowned retailers such as Neiman Marcus and Bloomingdale’s.

Additionally, the company has flagship stores in New York, Miami and Canoga Park, California, and is currently expanding with a new location in Valencia, Spain.

Image courtesy of Michael Aram. Pieces from the Butterfly Ginkgo Gold collection, available in July 2024.

Related: 10 Growth Strategies Every Business Owner Should Know

“I run my business the way my grandfather ran his business.”

Alam has always loved business and thought of it like design, “creating something from nothing,” but calls himself an “accidental entrepreneur.” Though he’s been in business for more than 30 years, he still considers his approach “very unconventional.” “I run my business the old-fashioned way, the way my grandfather ran his business,” Alam says. “It’s not all about leverage, partners, 3PLs, not owning anything. I ran my business the old-fashioned way.”

“I like possessions,” Alam added. “I like to control things and I want to be as vertical as possible. I don’t know if that’s the smart way to do it, it’s just the way I’ve done it.” The wholly foreign-owned company continues to operate in India, which Alam sees as “very central to our business” to this day.

Alam said while many brands focus on marketing and PR, he has always stuck to the objects and believed that products can speak for themselves and tell a story even after decades.

At one time, his office was on the floor above the New York store, and he “loved hearing what customers had to say about the products,” and when introducing themselves, people would call him “a collector” rather than “a customer.” “I don’t tell them to say it,” Aram says. “That’s how they identify themselves, because they feel it’s special.”

Related: Are You Really Listening to Your Customers? Probably not, but you should.

“So, in a sense, anyone can be an entrepreneur now.”

“When I made those five interesting films, I never thought for a second that this would become my life,” says Alam, “but India has taught me so much and guided me to this point.” Starting out as a young entrepreneur, Alam attributes much of his success to his willingness to forge ahead despite major obstacles, such as not being able to open a bank account or run a business legally in India before economic liberalization.

“Ignorance has been my greatest weapon,” Aram admits. “Ignorance and luck.”

Image courtesy of Michael Aram. Pieces from the Butterfly Ginkgo Gold collection, available in July 2024.

It’s generally harder for unknown designers to break into retail these days. Alam says the barrier to entry is higher because stores can’t be as agile or take as many risks as they could back then. But while one door may be closed, Alam believes another is wide open for aspiring entrepreneurs: online platforms like Etsy, Amazon, and Facebook Marketplace.

Related: Top Secrets to Starting a 6-Figure Etsy Side Hustle That Generates Passive Income (According to 3 Practitioners)

“you [something] “You could cook something in your kitchen and sell it on your computer, and potentially never leave your house,” Alam said. “So now anyone can be an entrepreneur, and I think that’s great.”



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