I recently had the privilege of being invited to speak on a panel hosted by Women's Economic Ventures, a Southern California based non-profit organization which I've been involved with in various capacities for the past couple of years and whom I'm very proud to support. The audience was comprised of women who are in "pre-entrepreneurship" mode, meaning they're currently assessing their business ideas, skills, and resources in order to determine whether entrepreneurship is the right path for them to pursue as a next step in life.
During the course of the evening my co-panelists and I pulled from direct real-world examples from our respective entrepreneurial journeys and shared these insights with the audience members based on our individual area of expertise. After the direct Q&A from the panel moderator, the floor was opened up to general Q&A from the audience. Not surprisingly, the audience members were extremely astute and it was really a pleasure to respond to their very well thought out questions.
The evening ended and I, along with the other panelists, said our good-byes and left. Given that these types of events are highly enjoyable for me, I drove home feeling very fulfilled by virtue of the opportunity to be of service to future entrepreneurs in such a meaningful way.
The good feelings didn't end there...in the past week since I participated in the panel discussion several of the audience members have sent me emails thanking me for my time and sharing their impressions regarding some of my insights/tips/ideas, etc. which have resonated with them. Then the other day at my office as I was going through my mail, I received a thank you note which was signed by several of the audience members along with personal notes expressing their gratitude under their signatures. Of course, this note was the best piece of snail mail which I had received all month and it totally made my day!
So why am I writing about this and why should you care? Well, there are actually many reasons, but here are the top three in my opinion:
If you're an established entrepreneur or business owner, you might want to explore the possibility of carving out some time in your busy schedule to mentor other existing or would-be entrepreneurs. There are well-publicized statistics indicating the tremendous increase in entrepreneurship in the US in the past 2+ years since the recession. There are ample opportunities for established and seasoned business owners to share their expertise with those who are just starting to go down that path. Your advice and insights will be highly valued and it will be one of, if not the most rewarding experience of your life - I highly recommend it.
On the flip side, if you're a budding (female) entrepreneur, I wholeheartedly encourage you to seek out mentors for your business. Ideally they would be in the same industry as you're seeking to establish yourself but they don't necessarily have to be. Get out there and don't be afraid to ask for help. You never know until you try but make it a point of your business strategy to surround yourself with strong advisers and mentors who can either be of direct assistance to you or who may have someone in their network who can. Give it a try - be kind and respectful but go for it.
As the numbers of entrepreneurs increase in our society, we need to have more organizations such as Women's Economic Ventures. The work that they to do educate, inspire and in many cases, help (women) entrepreneurs seek funding is priceless, both for the entrepreneurs as well as for those of us who benefit from the goods and services produced by those entrepreneurs. They are the vital link between the new entrepreneur just starting out and the experienced and seasoned entrepreneur who has a wealth of wisdom, experience and advice to share.
My own personal experience with mentorship of other entrepreneurs/business owners has been an incredibly positive and fulfilling one. We each face challenges in our daily lives and once you commit to becoming an entrepreneur, you essentially sign up for embracing challenge on a daily, if not hourly basis. If you've been down that road and have been lucky enough to make it, then there is nothing more rewarding than to know that you're making a difference in the life of another person by extending a helping hand to continue that chain of positive influence past yourself.
After all, none of us got to be where we are without the help of others and so in my humble opinion, it is a duty and a privilege to do the same for others.
On a recent sunny Los Angeles afternoon, I had the pleasure of sitting down with Tricia Paul, owner and creator of The Tote All Bag, an ingenious and fun product that enables the user to stylishly transport daily essentials from purse to gym bag to backpack, etc. A busy wife, mom, and entrepreneur, Tricia talks about how she became inspired to launch her business and how she took the next step which was to translate her vision into reality. For any budding entrepreneur, I think her story is an interesting and inspirational one. In particular, her story may serve as that much-needed inspiration to women who may have similar aspirations and who just need a little push of encouragement. For your convenience, I've included a company snapshot below followed by the actual interview. Enjoy!
Business has been in operation for approximately 1.5 yrs
Product description: Purse organizer/Bag organizer made of funky, fun, hip fabrics; helps to keep daily essentials organized from bag to bag.
Price point range: $10 to $40
Customer Profile: Busy people – any busy person who carries essential items: students, moms, women, children. Target customer consists of every age group from teens all the way to adults
As far as the inspiration is concerned, a few years ago while watching “The Big Idea” hosted by Donny Deutsch, I was struck by something he said which stuck with me. He said that ifyou produce something that makes your life a little easier there is a very good chance it will help someone else too. I was struck by the concept of just trying out an idea – to do it for myself and hope that others like it. I kept this in mind and from the earliest product prototypes to the present styles, I try to make the items as pretty and as useful as possible.
Q: Do you have prior entrepreneurial experience? What motivated/inspired you to believe inyour ability to launch this product/business idea?
Q: As a busy mom, wife and entrepreneur, what advice do you have for other busy women with similar responsibilities/roles who also wish to start a business but who need some encouragement in helping them get over the (decision) hump? How do you go from coming up with the initial product idea/thought to deciding you’re finally going to go for it?
TP: The most important thing is to just believe in yourself and your abilities, to commit to your idea, and just go for it. For me it was staying up late at night researching manufacturing ideas, finding the right methods and people, taking my kids fabric shopping with me, using every opportunity to think about and further my idea. My advice for others is to go ahead and take the leap – believe in your product and try to make it simpleand cost efficientto produce.
Q: Describe your business financing – is it self-funded or did you have outside financing?
TP: The best part of the experience for me has been getting to see people using and enjoying the products or selecting my products for gift-giving. I’m also constantly inspired by my customers as they often come to me with questions or ideas which lead to newproduct ideas so there’s a constant creative loop between me and my customer base. I enjoy seeing the versatility of the products as they are used and I also enjoy the creative side of the business.
Q: What has been the biggest challenge and how did you overcome it?
TP: My biggest challenge has been finding dedicated “ME” time to spend on thinking about the business in terms of strategy and planning in the midst of everything else going on in my schedule. I’m trying to take a disciplined approach of using the time that the kids are in school to focus on addressing the other sides of the business that are just as important but are the things that I can’t always make the time to work on.
Q: As a mother of boys as well as a girl, what are the lessons/messages that you hope your children will learn from observing their mom in her role as an entrepreneur/business owner?
TP: I try to teach all of my kids to believe in themselves, to have a good work ethic in life and to be confident in themselves as well as in their ideas. It’s important for them to realize that you have to work for what you have and to be passionate about something – it’s not so important what it is but I want them to be passionate and excited.
Q: It takes a certain level of self-confidence and courage to start a business. Who are the members of your inner circle/support system network who provide you with encouragement when things are good, as well as in those challenging moments when you need some extra support/motivation? How has your role as an entrepreneur changed your own perception of yourself? Has it enhanced your own self-confidence?
TP: My husband is there to encourage me when things are going well and he’s also there to support me in those moments when I have some self-doubt. My parents also give me constant encouragement. They reassure me that they won’t be disappointed if one day I decided to walk away from the business or if the business didn’t do well. For me personally, the role of business owner has given me a little bit of myself that I may have felt that I had lost after becoming a wife and a mom. It’s added to my self-confidence because the business is 100% my own domain where I’m ultimately the one who makes all of the decisions. I’m enjoying being “the boss” and I also enjoy being able to focus on creating a product and building a business.
Q: The current economic climate poses challenges in particular for small business owners and entrepreneurs. What have been some unanticipated advantages and disadvantages of launching/promoting a business in the current climate?
TP: Right now there are lots of special deals on supplies and fabrics. Vendors and suppliers are willing to make deals in order to get the business. On the customer side, even though people don’t want to indulge on extravagances, they still want something a little bit special. The price point of my products allows people to still afford the little luxuries which aren’t expensive so it’s not considered a hardship for my customers to buy my products. As far as disadvantages, I’ve noticed that there are a lot fewer people out shopping –there’s less foot traffic in terms of shoppers. Then again the people who do come out actually seem to bebuyingfor the most part. There’s generally a lot less traffic in boutiques, etc.
Q: How have your friends been inspired by your role as a business owner? What are your observations and/or what are some of the reactions that they’ve shared with you?
TP: In general everyone has been very supportive and positive. I’ve got a network of close female friends and each of us has our own business so we’re constantly on the lookout for good deals that can come in handy for each other. This network of fellow women entrepreneurs has also grown into a great support system.
Q: Name one or more women (past or present) who inspire you or who, in your opinion, represent the empowerment of women and a brief description about the reason behind your selection(s).
TP: I’d have to say Oprah is definitely one of my inspirations because she is a completely self-made woman…she educated herself and built a huge empire through hard work and dedication. Katie Couric, too, because even though she lost her husband,she’s been able to go on to reach new heights, changing to a more high profile job, all in front of the public eye. She’s also a mom who puts family first while balancing the demands of a powerful position/career.
Q: How do you define the empowerment of women and why is it important for women in our society (including young women) to feel empowered?
TP: It’s important to be passionate about something or else you’ll lose yourself. Believe in yourself, believe that you’re equal, find something that you love, focus on it and especially in those difficult life moments, dig deep and go to that place.
TP: In the next year I’d love to expand and develop new product lines such as key chains. Ultimately I’d love to get my product into stores, especially L.A. area boutiques. I’m also planning on expanding my website capability so that I can do more commerce through the site. In general I plan on promoting my business a lot more.
As much as I like to rely upon logic and my reasoning skills to think analytically about various situations in business as well as in everyday life, I have to admit that there is also a place for things that we just can't explain...things that are not easily understood by the analytical brain but just feel right somewhere deep in the solar plexus, or in other words, in our gut.
One of the lessons I've learned in life is that if the same idea comes to you independently from various trusted sources, it's worth a closer look and even if nothing comes out of it, doing some due diligence is never a bad thing.
In the past few weeks, through some colleagues and friends of mine, all of whom I hold in the highest regard and whose judgment/advice I value and trust, I've been introduced to a company by the name of Shoeboxed.com. Effectively what this company has done is to turn a nasty little chore (i.e., the organizing of receipts and business cards too) into a seemingly thriving business. The North Carolina-based company has various pricing models (free to $49.95/month) catering to individuals and small business alike. You just send them your receipts without the need to take them out of the shoebox :) They scan them, categorize them and then they shred the originals (after backing them up and all of this is done in a secure technological environment according to their website).
Especially as we approach the extension tax filing deadline (September for California corps and October for individuals) not to mention the year-end tax strategy preparations, a service such as this seems to make perfect sense for all of the busy individuals and small business owners who have already have so much to do that the mere thought of organizing their receipts can give them the hives, raise their blood pressure, etc.
I haven't used the service, so I can't vouch for it personally however it has come highly recommended by several trusted individuals who are very close to me and based on that endorsement alone, I think it would be worth a try. Also, it seems to be the brainchild of a few scrappy, young entrepreneurs out of the NC area and I'm a firm believer in innovative young minds coming up with ways to make all of our lives better....if you try it and have some feedback, please feel free to share.
