Question

What is Baruch Shemtov's product, and how did he begin creating it?

What does your company do?

I design and produce a line of neckties and men’s accessories in New York City.



How did you decide to start your company?

As part of my high school dress code, I was required to wear a necktie to school every day. I eventually became bored with the neckties that were available, and I began sewing my own neckties. The response from my classmates was very positive, and I realized that there was a demand in the greater market for unique, luxurious neckties that reinterpret the traditional necktie concept.



What made you think your business idea would be successful?

My high school peers and I were looking for a new necktie concept, and I was confident that we were representative of a demand in the market outside the walls of my school.



How do customers find out about your company?

Customers are introduced to my brand in the retail store Takashimaya in New York, or through the press.



Where do you sell your products?

The neckties, bowties, and cummerbunds are available at Takashimaya in New York City (54th and Fifth Avenue). An online store will be launched this year to make the brand available globally.



How did you decide on pricing for your products?

My neckties are priced in line with the other luxury neckties available on the market. The costs of production are very high, since all of the neckties are made by hand in New York (in limited quantities) using the finest fabrics from around the world.

What are the best things about working for yourself?

As an entrepreneur, I have the opportunity to realize my creative vision in a very tangible way. It is incredibly satisfying to produce a product and witness the consumer enjoying it.



What are the hardest things about being an entrepreneur?

As an entrepreneur, it is necessary to be self- motivated, as you are your own boss.



What surprised you the most about being an entrepreneur?

The greatest challenge of an entrepreneur is to continuously evolve and develop the brand along with the trends in the market. The dynamic quality of entrepreneurship was a pleasant surprise for me.



What qualities does a successful entrepreneur need to have?

A successful entrepreneur must have vision, drive, commitment, and passion.



What are your future goals for your company and for yourself personally?

I look forward to expanding my brand into new product categories and expanding into new markets. I also look forward to translating the lifestyle concept of my brand into media ventures and television.



Do you have advice for teen entrepreneurs who are just starting out?

Wayne Gretzky is known for saying “You miss 100% of the shots you never take”. As an aspiring entrepreneur, it is essential to give your idea a shot.

Answer 1

Baruch Shemtov’s product: a luxury line of neckties and men’s accessories (neckties, bowties, cummerbunds) — handmade in New York from fine fabrics and produced in limited quantities.

How he began creating it: in high school he was required to wear a tie, grew bored with available options, and started sewing his own neckties. Classmates liked them, which showed there was broader demand and led him to turn it into a business.

What the company does: it designs and produces the necktie and men’s accessories line in New York City, sells through retailers (notably Takashimaya in NYC) and plans an online store, and positions the product as a luxury, handcrafted item.