That's how they do it!
Shilpi Shastri
Inclusive Finance through Data-Driven and People-Centric Business Practices
A good idea does not exist if it is not implemented. Many of us have great ideas and the caliber to turn them into reality. However, at least for me, what usually comes in my way is either the fear of failure or over-analysis or self-doubt to a point where I start telling myself that it was not a good idea in the first place.
However, there are some who face their fears and pursue their dreams despite that while embracing the challenges which come in their way. They think differently and leverage a spur-of-the-moment inspiration to turn a simple idea into something tangible. This article is the second in a series of two to celebrate their journey and identify key factors behind their success. (You can read the first one here in case you missed it.)
Once again, here are those awesome leaders! My sincere gratitude to you all!
Jessica Witte Dyer , Laurie Michelson , Diane Branco, Christina Dorando , Jillian Hernandez , Anna Novosyolok , Kristin Karotkin , Catherine Tucker Willhoit
Motivation that leads to action
The most interesting fact I found about these entrepreneurs is that they created their enterprises from scratch. Almost all of them are the first ones in their family to leave well-paying jobs and start a business. They had an idea, saw a brief window of opportunity which motivated them, and they just decided to go for it.
Passion for creating something special
Passion plays a significant role in shaping entrepreneurial dreams. E.g., Laurie’s love for art and her own artistic flair sparked her desire to create a space, now called Hair Cult studio, which aims to foster a nurturing environment for budding hair artists and create a culture of harmony and collaboration.
Drive for impact
Christina has always been passionate about education and its impact on children and community. A postgraduate in international educational policy from Harvard, Christina’s life took an unexpected turn when the startup that she was working with, faced the brunt of 2008 global crisis and dissolved.?Encouraged by her mother, she took up a job as a teacher at a daycare.
It turned out to be a pivotal point in her life as she saw the immense connection between the quality of primary education and the development of young children. In 2010, Christina established her own school starting from 35 children in a rented space at a local church then to now a multi-million-dollar network of schools.
Urge to break free from the normal
Entrepreneurs Diane and Jillian decided to break free from the monotony of corporate life to build something of their own.
As her daughter turned five, Diana felt a strong need to gain more control of her time from the 7 to 7 corporate schedule and build something of her own while having the opportunity to spend quality time with her daughter. As she did her research, her idea took her to setting up her enterprise as a daycare and early education program which is now well known in Hoboken for its dedicated and loving staff, and safe and nurturing practices.
Jillian’s journey started when she decided to help one of her friends set up an educational franchise business. It gave Jillian an incredible opportunity to learn deeply about the education sector firsthand. Motivated to create something meaningful, she decided to give up her corporate job and launch an education start-up herself. Help poured in from her friends and social network who helped her find a place and good teachers to start with which now is a large organization known as the Brunswick School with the mission to create a diverse and nurturing community of students, families, teachers and staff.
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Unmet needs of their children
Most interestingly, motherhood does turn out to be a breeding ground for new ideas and creativity.
New mothers Kristin and Catherine struggled to find a family-friendly place where they could hang out carefree while their toddlers played near them. They started talking about creating a space of their own, and their café The Hive was born.
Joey No Nuts café owner Jessica took inspiration from her own daughter to develop the concept of her café. Her daughter has a peanut allergy so Jessica and her husband developed their own coffee shop concept with a nut-free menu to cater to those who have such allergies.
Similarly, AlphaMinds Academy started as a weekend activity for Anna along with her job in investment banking doing project management. With the objective to create an immersive educational experience for her children to learn their native language Russian, she started organizing math and chess classes in Russian for her and her friends’ kids. The demand for these classes rose rapidly and soon Anna’s initiative turned into an enterprise and Anna decided to take it on full time.
The secret mantra – Do not overthink!
And the first step is taken just like that! With belief in themselves, positive attitude, and a bit of naivety (“of course I can do this!”), they took their first step.
They found some space available, got seed funding from family members (spouse, parents etc.) and started at a small scale. They were not looking for perfection, they embraced progress and the learning that came with the whole experience of setting a business up from scratch. This helped them focus on “how” to solve the problem, rather than doubting oneself and thinking “why” it could not be solved.
Investing in oneself has the maximum returns
Problems are like a necessary evil for every business and these leaders have become adept at solving them. However, working at the top comes with its own share of responsibilities and challenges. Staff and customers look up to the top leader for all answers so one must be constantly in the mindset of problem solving. The pressure can be overwhelming and stressful and affect our judgement and decision-making capability.
Talking to a coach has been identified as a particularly effective way to navigate during tough times. A coach provides a new perspective, challenges our assumptions, pushes our boundaries, isolates emotions from reason, shows us the big picture, breaks down complex problems into manageable issues and helps prioritize what matters the most. An ideal coach is someone who brings in strong business acumen along with mentoring skills. While there is cost associated with hiring an expert, these leaders mention that it is one of the best ways to invest in oneself and wished they had done it sooner.
Reflections
As multiple studies have confirmed, Covid-19 hit hard the small businesses and women-owned businesses were disproportionately impacted. There are ongoing efforts to bring those struggling businesses back on track. However, I believe that it is equally important to celebrate the success of those who fought hard and brought themselves on the path to recovery. Through these conversations, my aim was to bring out some shining examples of resilience, grit, and creativity. I am thrilled to find the uncommon amongst the common and raise a toast in their honor. Hope to continue bringing more such stories in the future.
Great article Shilpi Shastri ! Thanks for telling these stories!
VP, Life & Health Sustainability Lead, Swiss Re
2 年A great read Shilpi Shastri. Thank you for sharing the stories of these strong women. Helpful to better understand what drives female entrepreneurs. I am inspired.
Product Management & Ops l Digital Payments| Cross-Border Payments| Agile Methodologies| Data Transformation| Go-To-Market Strategy |
2 年Brilliant write up Shilpi. You have captured the essence of taking the plunge and take the first step to convert one's passion into full time enterprises. However, start at small scale is the key. Also, surely agree with the fact, the more you overthink, the more you find reasons not to do it. All these experiences are so motivating and inspiring.
Product Enthusiast | Banking Domian Expert | Sustainable finance
2 年Very well written.