100UE Fundee Blog: My Crowning Jewel
Founder: Veronica Chapman
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January 6, 2012: And the Oscar Goes to . . . Veronica Chapman, My Crowning Jewel
Veronica Chapman’s My Crowning Jewel, which makes sleek, stylish head wraps for women, formally launches this spring. To help spread the word, Chapman has put together a Hollywood-style promo for her company. Dramatic music, title cards and some killer product shots — check it out:
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December 7, 2011: It’s a Family Affair, Literally and Figuratively
If there is one thing I’ve learned from my love for groups like the Jackson 5, the Sylvers and Sly and the Family Stone, it’s that there’s nothing greater than employing the collective talents of family members to pursue a common goal for success — and My Crowning Jewel is very much a family business.
I came up with the idea for My Crowning Jewel while visiting my Aunt Luisa, who is now MCJ’s chief designer. I’ll never forget that day: I had had it! I no longer wanted to rely on the hideous and ineffective head wraps currently marketed to black women to protect our hair.
After conducting some initial market research, I presented my findings to Luisa, and she started designing a line of “Jewels” — beautiful head wraps that stay on. But then something else happened: Both my uncle and my father, entrepreneurs who have since sold their ventures, witnessed our excitement and marveled at the beautiful “Jewels” Luisa designed. They joined our team — thereby contributing 58 years of sales, marketing and operations experience. Additionally, two other aunts and my mother contribute an immeasurable number of skills, ideas, support and love.
Together we have identified beautiful fabrics; designed three lines of “Jewels” — “Day,” “Night” and “Red Carpet”; established a relationship with a great U.S.-based manufacturer; and found a Web designer who is building a dynamic online store for us.
I’ve also found an extended family in the 100 Urban Entrepreneurs mentoring program. The way I feel after weekly group calls with the entrepreneurs is how I imagine it must have felt to be a new artist in Motown’s heyday: thankful for the opportunity, and excited to be in the company of others who are also striving for greatness.
I truly believe that no one can achieve anything alone. The advice I’ve received from my fellow entrepreneurs and my 100UE mentor has informed many of my business decisions — from the e-commerce platform I chose for My Crowning Jewel to how I’m approaching my first photo shoot for our Web site. As I continue to prepare for My Crowning Jewel’s launch, I feel truly blessed to have a community of people who are invested in the company’s success — and I look forward to inviting My Crowning Jewel’s future customers into the family!
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November 7, 2011: Assessing Total Startup Costs and Setting a Target Date for Profitability
Even if I had all the money in the world, the true key to a profitable business is execution — and 100 Urban Entrepreneurs’ mentoring program is all about helping us develop strategies to ensure success.
My Crowning Jewel designs beautiful head wraps for women who value excellence, style and grace. We believe that whether women wrap their hair at night to protect it, or for any other reason, they can still look fabulous! After all, a queen should never relinquish her crown!
The last two weeks of my entrepreneurial journey have been dedicated to finding the best fabrics for our Jewels; pitching My Crowning Jewel at pitch events; and finalizing the fourth iteration of our business plan.
One element of the plan is the “Funds Required Statement.” We’ve calculated our total startup costs to be $250,000. Among other expenses, this figure encompasses the cost of securing design patents; manufacturing costs; insurance costs; equipment costs; and packaging costs.
Our Jewels will be sold primarily through our Web site, through which we’ll be able to establish a great rapport with our customers and promptly respond to their feedback. By using effective marketing and promotion strategies, and by providing an exceptional product and great customer service, my team and I believe we’ll be able to meet our sales goals and achieve profitability by our third month of operations.
With hard work and dedication — and the great guidance provided by 100UE’s mentors, I’m certain we’ll do just that — and soon women everywhere will be overheard saying, “I received My Crowning Jewel . . . it’s a wrap!”
