To make a name for yourself in fashion, especially a household name, there is a lot to learn about timing, trends, egos. Vera Wang has mastered many of those lessons in the 20 years she has led her own namesake company.

Wang made a list of 20 nuggets of wisdom she has gained in her career, not only as her own boss but reaching back to her time competitive ice-skating (she was a contender for the 1968 US Olympic team), as a Vogue editor, and as a designer at Ralph Lauren.

1. It's not just about what you design, it is whom you dress

Wang tackled the red carpet long before she launched her runway collection.

"I jumped into celebrity dressing when it was pretty new. There had been a moment of Scaasi with Barbra Streisand and Bob Mackie with Cher, but not in more recent times, so I jumped in with Valentino and Armani, and there was an article in Women's Wear about how I was dressing Sharon Stone," Wang says.

Stone's 1998 Oscar-night combo of a purple skirt by Wang and white button-down shirt was publicity Wang never could have bought. Wang still has a strong awards-show presence, but, she says, it is tougher now. "Now it's the fashion Olympics to get people to wear your stuff. The Oscars are killer."

2. Timing is everything

Even though her preference was for sportswear, the opportunity in fashion in the late '80s-early '90s was eveningwear and bridal because those were big, expensive show-stopping pieces in the spirit of Christian Lacroix. Now, Wang says, in this era of Theory and Topshop, she probably would do the reverse and start with contemporary, everyday clothes.

3. It is better to be lucky than smart

Sometimes the big break comes from something out of your control. Wang points to Jason Wu, designer of Michelle Obama's inaugural gown and many more outfits since then. He is a young talent worthy of all the hype and praise, but there are other still-undiscovered designers who are, too.

"Smart comes into play when you recognise the lucky break you've been handed and make the most of it," Wang says.

4. Nothing is new in fashion — it is about how you reinterpret it

There are only so many ways a garment can be sewn to be functional and flattering, Wang says. The challenge for the designers is to twist it and make it their own.

5. It is not about the money. It is about the money, always

"We creative people don't like worrying about it, but to be in business today, you have to face the reality of the business climate," Wang declares. "I've redefined my business model constantly."

Wang's current partnerships include more affordable lines at US stored Kohl's and David's Bridal. Business deals that make sense while maintaining integrity allow her to let the creative juices continue for her primary collection, which is costly, she says.

6. Relevance is relevant

Right now, in 2010, women want clothes that move seamlessly within their lifestyle and within their budget. If you cannot mix a collection piece with something from a mass retailer, rarely will it see the light of day.

"Women don't run around in ball gowns, I'm sorry to say."

7. Everyone deserves true fashion at any price

No matter how much something costs, high or low, it is an investment by the shopper, and she should be getting something that looks good. Style should be democratic, Wang says.

8. Fragrance is about the most personal thing a person can wear

"Fragrance makes a statement about who you are," says Wang. You want to be a girlie girl? There's a scent for that. Rebel rocker? There's a scent for that, too. City sophisticate? Check.

"Girls can attain fragrance and incorporate it into their daily lives and not spend a fortune."

(And the messaging incorporated into fragrance ads really helps define your brand to a larger audience, she adds.)

9. A pair of shoes or boots can create attitude in a second

You are not wearing the same persona in ballet flats as heels, and clunky Uggs create a different aura altogether, says Wang.

10. Fashion is expressive

Building on the shoe-attitude theory, use accessories to change your outfit depending on your mood, but keep the core pieces classic. Change proportions, wear fine jewellery with T-shirts or a chunky necklace with a gown, she advises. But then keep those pieces and wear them a new way next year.

"Twenty years ago, fashion was all about rules: You wore a pump to a luncheon and a certain Hermès bag. Now it is about what works for you: be preppy, downtown or Goth, or be all of those on a given day."

11. In design, all people have is their own barometer to guide them

Yes, there are larger cultural trends that designers need to be aware of, but Wang says if she is not "feeling" a particular colour or silhouette, no matter how popular, it will not work in her collection. If she does not believe in something, how can she persuade others to?

12. "I have spent my entire career styling, dressing and designing only for women. Never underestimate the client."

Wang says she does not give a thought to what men will think of women wearing her clothes. If the woman feels pretty and sexy, she is pretty and sexy. Winning her over is all that matters.

13. Ready-to-wear: always out of my comfort zone

The runway is Wang's chance to show off who she is and her aesthetic. (Think artful and dramatic.)

She says: "Designing this is a torturous process. It's never easy for me, but that's been good. I always push myself out of my comfort zone. I don't see a reason to do it if I don't."

14. It takes courage to put yourself out there

Reviews can be hard to read, she says, because the reviewers are ignoring the bravery it takes on a designer's part to churn out collection after collection — on a strict schedule — to an often fickle audience. A filmmaker, for example, often can reshoot something or extend a deadline when something is not working. A designer does not have that luxury.

15. Bridal: conservative, flamboyant — you never know

The bridal collection has to have much broader appeal and be targeted toward the client's tastes, Wang says. Most brides are not as influenced by fashion trends as they are the vision of the wedding dress they always have dreamed of. She considers herself more of a costume designer in the spirit of Edith Head than a taste-maker when it comes to bridal.

16. Dressing athletes is a crazy winning, and losing, sport

Skating was such an important part of her own life that she gets very emotionally wound up with the skaters she has dressed, including Nancy Kerrigan (pictured), Michelle Kwan and Evan Lysacek, she explains. She wants the clothing to contribute to a performance instead of hamper it, which could happen if things are not cut perfectly.

17. You are not always successful

"I had to learn to dust myself off and try again. That's my real story. I went to Vogue, and I was not getting the big jobs, and then I went to Ralph Lauren. I didn't feel like there was much more I could do at the time there, and I think that's given me the opportunity to struggle. You have to struggle to appreciate the successes in your life. It is not real otherwise."

18. You're only as good as your team

No one can do it all, Wang says, herself included. Fashion is not unlike a team sport, where there are a handful of people who get the glory, but it took many to get them where they are.

19. Keep fighting. Do not sit on your laurels

If you hang back, even just one season or one awards show, someone else is waiting to take your place, she says.

20. Everyone's journey/route is different

Wang says she tries hard not to compare herself to other designers, businesswomen, wives or mothers. Everyone makes choices based on their own situation, and no one else will ever understand those decisions fully, she says, they can only second-guess them.

"I've tried to create a life for me that is complete. The truth is, everyone's route is different. It doesn't mean one is better than the other — they're just different."