The Women Entrepreneurs Blog @ Simon

The Business of Fashion

2008-12-03T13:42:33-05:00

Andrea has always been interested in fashion so it’s no surprise that when she started a company it was fashion-related. Andrea is only 23 years old but she is the proud owner of Studio 28 Couture, a website where consumers can design their own dresses and then have their one-of-a-kind pieces tailored to perfection by Andrea’s expert seamstresses.

Andrea started the business in February 2007 when she was just a junior in college and nope she wasn’t studying fashion, she was an Optics major at the University of Rochester. Andrea had few resources and contacts but she knew she wanted to start a business. Studio 28 Couture was the perfect answer. She could draw on her html coding skills to design the website, custom-made dresses meant there would be no need for inventory and best of all the business was in line with Andrea’s interest in fashion.

With an idea she was passionate about Andrea jumped right into the entrepreneurial pool and started swimming to success. She funded her business with her own savings and is proud to say she built the company on her own. Her drive for success has landed her in the pages of BusinessWeek among the top 25 entrepreneurs under 25 and her website has even been featured in People magazine’s StyleWatch.

But what makes Andrea even more special is the fact that she’s running a successful business while holding down a steady job at an Optics firm. “It’s a fast-paced lifestyle,” Andrea says. Depending on the week, she can work as little as five hours or as much as 20 hours on her business. This means time management skills are extremely essential and developing them is part of her advice for young entrepreneurs.

She also recommends ensuring you do something you love. “It’s the only way you will put in the time needed; you have to be driven. Things won’t always work out the way you want but you have to be driven enough to get over it and find a solution.”

Are you ready to Lead? Part II

2008-12-01T09:00:33-05:00

Last Wednesday, we shared some of Jess’ views on the qualities and characteristics of effective leaders...please visit last Wednesday’s post and return as we continue to share Jess’ views…..

Leaders facilitate idea generation

Leaders who are attentive, approachable, and compassionate make subordinates feel appreciated and at ease sharing ideas and soliciting feedback. Without such support, creativity, innovation, and productivity suffer. When I worked at Booz Allen Hamilton, the global consulting firm, I learned to emulate my manager who visited team members at client sites to demonstrate concern for their well-being while away from company headquarters. Have you ever felt that your contributions to a project were underappreciated and, as a consequence, felt like not contributing as much in the future? As a leader, you will have an opportunity to be inclusive and considerate, helping to ensure that no one else is made to feel that way.

Leaders champion their ideas

Effective leaders identify and seize new opportunities or seek to create them. Unfortunately, sometimes “leaders” are overly regimented and advance within an organization simply because they have been there the longest. If you have an idea of a product or process innovation, draw attention to it, build a constituency behind it, and politely challenge entrenched leaders who would otherwise shun risk and change. “Leaders” who are neither proactive nor dynamic and who do not welcome change fail to inspire confidence among subordinates and put their jobs at risk.

Leaders give back to their communities

Finally, leaders embrace their communities, imparting knowledge and experience to sustain and deepen mutually-beneficial relationships. They volunteer as mentors, instilling compassion and responsibility in others through guidance and support. While focused on your career, find time and ways to give back to those communities which have nurtured your professional and personal lives.

Effective leadership is not only about being a compelling communicator or taking on positions of authority. It’s also about using personal traits and skills to inspire devotion and action in others. It is about understanding and exhibiting those personal qualities and characteristics that allow us to influence and have a lasting impact on our professional lives and personal interactions.

*Jess is concentrating in finance and entrepreneurship at Simon. His views on leadership were shaped, in part, by his experience as a former Federal government employee and Senior Consultant at global consulting firm Booz Allen Hamilton. After Simon, Jess intends to continue working in the homeland security industry. Rabbi Matthew Field of Temple Beth El in Rochester inspired a small part of this essay.

**This article was first published in Simon's School magazine - the World According to Simon (WATS).

Web tip of the week - Pick-up the Phone, Get Out of Your Chair and Talk!

2008-11-28T06:00:00-05:00

"The reason that we have two ears and one mouth is that we may listen more and talk less."
-Zeno Greek philosopher

This is an important concept pertaining to business communication. It is at the core of what is wrong with our growing over reliance on one-dimensional digital communication tools such as email, texts, IMs, Tweets, blogs, etc. Yes, I believe these are valuable tools to enhance communication. My concern is that they only flow one way; they are open to misinterpretation and they make it easy to avoid creative or difficult face-to-face discussions. In short, they are not replacements for good old fashioned conversation or dialogue.

The best managers are all great communicators. A strong interpersonal relationship with your employees, suppliers and customers will make you better at your job. Today, the best ideas, the best products and the best companies are the direct outgrowth of collaboration and teamwork that comes from communication.

The next time you start to email the person sitting next to you, get out of your chair and start a conversation instead. There is nothing like it!

Are you ready to Lead?

2008-11-26T12:27:38-05:00

If you want to remain CEO of your company, leadership skills will be very important. As company head, you must be able to energize employees to produce excellence. But what makes an effective leader? Below, I invite you to read the thoughts of one of my colleagues - Jess Sadick - as he shares his views on the qualities and characteristics of effective leaders.

"Leadership is an important part of our education at Simon. At Orientation, we are invited to attend the Jensen Leadership Seminar and during the academic year the Kalmbach and Farash Lecture Series introduce us to accomplished executives with inspirational personal stories.

In the classroom, Senior Lecturer in business communication, Dan Struble and the Center for Leadership Development teach us that effective communication is an essential component of leadership, and we complete three quarters of assignments intended to hone our public speaking, writing, and presentation skills. We are fortunate to have more than a dozen active clubs in which to seek leadership roles. With all of these experiences, we should be able to define the key qualities of effective leadership.

If Simon is where “Thinkers Become Leaders,” let us stop to think about leadership for a moment and what personal qualities and characteristics may be expected of us as leaders once we embark on our post-Simon careers. What will be expected of us in terms of our behavior and human interactions? Here are my thoughts:

Leaders aren’t afraid to ask for help

Confident in their abilities yet cognizant of their shortcomings, leaders seek the company of people whose talents supplement their own. Asking for help is probably one of the most difficult things one can do. It requires acknowledging our own limitations and allowing ourselves to be vulnerable enough to seek help when we cannot accomplish something on our own.

Even the best among us acknowledge and thank those who help them. Competitive cyclist Lance Armstrong has been known to divvy up his prize money among his crew. Golfer Tiger Woods may seem invincible at times, but he rarely swings a club during a tournament without first consulting his caddy.

Asking for help is not a sign of weakness or vulnerability. Rather, not asking indicates insecurity, while pretending we have all the answers portends trouble. An effective leader acknowledges his or her shortcomings and is unafraid to seek help when necessary.

Leaders seek skilled mentors

To develop and demonstrate leadership, aspiring leaders identify mentors whose achievements they admire and whose qualities are worth emulating. It is important that, in our professional and personal lives, we seek to identify and secure the support of mentors who can help us to navigate unfamiliar waters and make the right decisions. It is easy to quickly become overwhelmed with work and family responsibilities. Taking time early on to seek a mentor or two promises to be a worthwhile, long-term investment we can each make in ourselves.

Leaders build effective teams

Leaders harness individuals’ collective energies and talents by fashioning teams whose members think independently but act collaboratively. Leaders trust in their subordinates’ abilities and potential and, accordingly, delegate responsibility, earning them devoted, confident subordinates.

Leaders engender team cohesion and cooperation by successfully managing and mediating across different perspectives and cultures. And, rather than succumb to defeat, leaders remain optimists and involved. When I came up short 26 votes for student government president at my alma mater, I forged a coalition with the president-elect and served, instead, as his representative to the faculty. Our unity strengthened the students’ hand. It’s easy to be bitter when someone beats you for an elected position or a promotion, but consider that others may be gauging your response. Try to recommit yourself to the cause, get your head back in the game, and show why the next such opportunity should be yours.

Stay tuned for Part II of Jess' views on leadership.....

*This article was first published in Simon's School magazine - the World According to Simon (WATS).

New Media Women Entrepreneurs

2008-11-24T12:45:12-05:00

The McCormick Foundation has a great site aimed at women entrepreneurs. Recently they awarded three outstanding women $10,000 each as winners of the New Media Women entrepreneur's contest for innovation and creativity in new media.

The site caught my eye on a recent search in Google to see what's new in this space. I love the dark red background resembling a lip-stick slash (reminiscent of my own marketing to women blog), and the lipstick font used in their title [NMWE]. Very creative and female friendly.

Here are the three winners' blogs:

ECHO: A public art and civic journalism project to produce and collect stories tied to physical locations throughout Atlanta. [Stories are powerful marketing and connecting tools - shouldn't all cities have a stories blog?]

LATINA VOICES: This website was created for our Latina friends. It covers topics around immigration, healthcare, politics, education and culture. Not full of fluff...this is a content rich idea.

NORTHWEST NAVY NEWS: This is a community site to serve "the 140,000 active-duty Navy and Coast Guard members, reservists, base employees and retirees in the Puget Sound area." Another "connecting" site, this offers a community across time and distance barriers, for our military families.

It's clear that women are involved in new media, in creating more and better ways to connect, and in looking out for each other. As entrepreneurs, let's remember this fundamental female flavor of who we are and what we do. Women together, accomplishing great things.

Do check out the site and the blogs and their Funding Guidelines for the coming year.

Web tip of the week – capitalize well

2008-11-21T10:10:55-05:00

Most often the greatest challenge facing the entrepreneur is a ready source of capital. No doubt you have scoured all of the available sources and have come up short to launch your enterprise.

In today's severe economic environment, borrowing from a commercial bank is going to be even more difficult. It will be hard to secure an uncollateralized loan even if you pledge receivables and inventory. You may have to pledge stock and most likely, sign personally for any loans.

Don't be surprised if your spouse is asked to sign as well and if you have a partner, she/he will be asked to sign personally. A bank note in that form will often permit the bank to pursue either partner to collect on the loan beyond the corporate entity.

In a nutshell, try not to launch the enterprise until you are capitalized to reach specific hurdles.

Make sure you don’t lose the lesson

2008-11-19T14:41:08-05:00

I run the school magazine – the World According to Simon (WATS) – and let me tell you, “it ain’t no walk in the park.” Don’t get me wrong, I love the magazine to death but producing it definitely isn’t an easy task, especially since we increased frequency from quarterly to monthly. That being said, I wouldn’t change a thing about the experience because it has been so educational from an entrepreneurial perspective. These are some of the lessons I’ve learnt during my time running the magazine:

Choose your team very wisely. These are the people who will support you. They should be excellent at what they do, very committed and complementary to each other. If they aren’t, you will find yourself overburdened with work and putting in longer hours than you expected. Choosing a great team requires evaluating people on what they bring to the table and forgetting relationships like friends, family, significant other etc. In re-organizing and expanding the WATS team I had to pass over friends who could do a reasonable job for persons who could do an excellent job.

Make sure you have excellent time management skills. There just aren’t enough hours in the day so you better know how to effectively manage the ones you have. I am currently doing three courses, working on this blog, working at the school writing center, managing a magazine, producing a newsletter, helping to run the entrepreneurship club and still working on my business plan. Beyond these duties there are still breakfast, lunch and dinner events to attend as well as guest lectures. Of course you can’t work all the time so I still need to hang out with my friends. My appointment book and Outlook calendar have become my greatest allies. They help me to effectively manage my time so I don’t break commitments left, right and center.

Have a “can do” attitude. Something unexpected will always pop up - someone can’t complete an article on time; someone can’t find the photograph you wanted; someone can’t interview the person you wanted or someone can’t lay out the magazine. As an entrepreneur you’ll have to put out lots of fires so you better think you can handle them. If you don’t, you’ll spend too much time worrying and complaining instead of looking for ways to rectify the situation.

Things always look a lot better on paper. Nope I’m not talking about comparing people to their resumes; I’m talking about comparing ideas to reality. All my friends and colleagues know I say this a million times and I even wrote it on this blog the other day – ideas are easy, execution is hard. I’ve personally seen this with all the great ideas I had for not only the magazine but for the newsletter I produce. There are so many constraints be it time, funds or human resources that prevent you from carrying out your ideas the way you want, which brings me to my next point -

You better be able to adapt quickly. As you are presented with constraints, you have to be able to change your strategy. This doesn’t mean sacrificing quality, this means finding alternate routes to obstacles placed before you.

Have a strong passion for what you do. I know it’s cliché but there’s a reason why it is - because it’s true. There’s no way you can consistently put long hours into a task and do all the work necessary to produce excellent results unless you love what you’re doing (or you’re a masochist). I put long hours into producing WATS. People often know that if they’re looking for me on campus, the WATS office is a good place to start. And guess what, I don’t feel any agony, I love it! I never think, “Oh man, I have to work on that magazine again.” I love seeing the publication come together and be on the “stands” on time. I love the feedback ,good or bad, because it lets me know what I’m doing right and what I could do better.

Your experiences in life, large or small, always teach you something. Make sure you don’t lose the lesson.

Twitter, Tweet, Twurl: The New Online Connector

2008-11-17T09:37:36-05:00

If you're like most women who want to become successful at their entrepreneurial venture, you're wondering how to get the most value out of being on the net. That could mean hiring a web designer to design a website (yes, there are web designers who will do this for a reasonable price), or it could mean starting a blog, which can be easy...or not. Depends on your comfort level with web design and HTML.

Or, it could mean...something else.

Here are some options for website creation, if you want to explore that option: GoDaddy - where I recommend you purchase your domain name, or tap into Cazbah (a local site that offers simple design, SEO and marketing) and not break the bank.

IF you're not ready for that website, because, let's face it, a website is more than a bunch of pretty pictures online - your website must describe you and your services with the proper keywords to get noticed by the search engines - you might consider creating a blog.

Blogs are not all that hard to build. And, they are not all that easy. To look professional, you need to be using a tested and true blog platform. The most popular ones are Wordpress and Typepad (this blog is built on a Typepad platform). These tools allow you to choose a template and have your blog (which is a form of a website) up in minutes. The danger is in creating something that is not reflective of who you are and what you do. Remember: you are what Google says you are. If you create a blog and write in it three times a week, but you're not using the right keywords, Google will add you to its directory where it thinks you belong, and not necessarily where you want to be.

So, while you're contemplating a blog or a website, or both - you can actually do something else that will bring you attention, help build community, and give you insight into how to move forward with your new business. You can Twitter.

Twitter is a conversation tool. It's a connecting tool. It's a way to meet people in short sound-bites and get noticed. Here's how Wikipedia describes Twitter: "Twitter is a free social networking and micro-blogging service, that allows its users to send and read other users' updates (otherwise known as tweets), which are text-based posts of up to 140 characters in length."

There is a learning curve, but you can get a LOT of advice on the net. You can visit the Twitter handbook and visit this site for Twitter apps that will help you use Twitter effectively. Or, you can be really brave and sign up and start following me... y2vonne ... and see what kinds of conversations I have with the Mommy bloggers who Twitter, marketing professionals who Twitter, and many, many others.

One word of advice is to sign up and lurk..for a day or a week. Watch and see what people are talking about. This means "following" people - to do that, click on some of the Twitter names on my Twitter page and follow the ones you think are good for you and your business.

And, pay attention to the folks THEY follow. Before long, you'll have a nice little community going and you'll be marketing your new business on the net. Just don't be rude or forceful. Be subtle. Talk to your followers and they'll talk back.

Any questions?

Web tip of the Week – "Don’t be afraid to talk about your idea"

2008-11-15T10:53:32-05:00

In my entrepreneurship class, we often have to get up in front of the entire class and talk about our ideas. You may think it’s absolutely crazy to tell an entire classroom full of people your idea, but it’s really not. These exercises have three great benefits:

They force you to express your idea very succinctly and communicate it in a way that people can easily understand. If they aren’t getting it, then maybe it doesn’t make a whole lot of sense or maybe you aren’t quite clear on what you want to do.
You get to listen to if your idea sounds like the craziest thing in the world. It’s quite easy for things to sound normal in your head but completely insane when they escape your lips.
You open yourself to getting some great feedback. Telling your ideas to others can help garner some new perspectives that can help you develop your idea even further.

So, next time you’re thinking of holding your idea close to your chest just consider all the great benefits that can be derived from sharing. And for those of you worrying about people stealing your idea remember one thing – ideas are simple, it’s the execution that’s the tough part.

Belonging to the Entrepreneur's Club

2008-11-12T03:50:00-05:00

You want to be an entrepreneur and wonder if you have what it takes. What it takes is the incredible desire to belong to one of the most dynamic, thrilling and exclusive clubs in the world.

Getting into the club is easy. You have to start a business, any business, and you have to find other organizations with other business owners to introduce you to other business owners. Sounds reasonable, sounds simple. Not so...this club is different from all other clubs. Let me explain.

Like the game of golf, it's easy to get started but it isn't very easy to stay with it and practice the way you should. So, too, with this club.

Anyone can start a business and anyone can meet other business owners, but the real members of the club share some incredible experiences. Conversation is fast and exciting. The learning curve is steep. It's a great place to belong but best of all, the members become mentors to each other. Every member understands and wants to help the other person succeed.

Sure, you think the competition would be out for the kill, but in the entrepreneur's club, every member knows and shares the same world and wants to share their knowledge. Of course, to be a member you have to accept the pros and cons of the membership...

Members know that problems and concerns will follow them home every night and awaken them in the morning. These members know what it is like to wake up at 3 AM in a sweat because the revenue is not enough to pay the expenses. As a member of the club, they know the families of their employees depend on them to make it work, each and every day.

The members of the Entreprenur's Club make fast decisions because they have to. They know the agony of letting an employee go, and the pain of ruining a person's day. And they share the worry of those 3 AM nightmares.

On the other hand....

They know the thrill of success that only a business owner feels. The highs are so high they erase all the lows. The customers who love your product. The sales that reach $1,000,000. The people who love to come to work. The total satisfaction of working alone on a Sunday morning. Ask any one of the members of the Entrepreneur's Club and you'll see they all have great stories to tell.

Once you have been a member long enough, and done your due diligence, this club rewards you with community prestige. You will be asked to speak at luncheons. People will want to take you out to lunch just to get an idea or two. Standing in a crowd, someone will always recognize you, and more importantly, feel they want to meet you. These are some of the benefits of being a long-standing club member.

One of the best books on this was James Collins' and Jerry Porras's first book, "Built To Last". It is not a book about charismatic visionary leaders. It is a book about the timeless qualities of the people who make their companies successful. And the interesting thing is, they are all members of the club.

Last but not least,this club just loves women members. There are still too many male members and every woman who joins is a breath of fresh air. Women have new ideas, new ways of approaching problems, and new ways of expressing enthusiasm.

So, if you have been thinking of becoming a female entrepreneur- go for it! Live it, love it, and welcome to the club!