The Recession is Bullhonkey Nancy Brendas Story - When I Grow Up

The Recession is Bullhonkey Nancy Brendas Story - When I Grow Up This is part of  The Recession is Bullhonkey series, where I share stories of those who have gotten hired and/or started their own businesses (or sometimes both!) since 2008.  I love this one (heck, I love em all!) because it not only describes the start of a passionate company (with such a great purpose and mission), but its the story of the co-owners of MoolaHoop,  Brenda Bazan and Nancy Hayes. Theyve entitled it Taking the Leap. At MoolaHoop, we work with women who own or manage small businesses. Crowdfunding campaigns can raise funds that will help them grow their companies. Many of the women we work with came to small business ownership after other careers and are embracing the opportunities and challenges of the entrepreneurial life. They have taken the leap into entrepreneurship. In fact, we founded MoolaHoop as a result of our own “mid-life” career changes. We met at IBM 30 years ago and kept in touch through our own job changes and geographical moves within the company. Brenda left IBM after 25 years and worked for an organization that provided microloans to women in Africa and the Middle East. She also has experience as a small business owner and as a consultant to women-owned businesses. Nancy departed IBM after 20 years to serve as CEO of two different nonprofits. She then became dean of the college of business at San Francisco State University and subsequently CFO of the university. Now we are entrepreneurs. Why did we make the leap? We enjoyed our corporate careers and, importantly, our colleagues. But we each felt it time to experience more autonomy and to be able to “create our own future”, explore new opportunities and seek “life balance” And, we wanted to use our skills and experience in ways that would help others achieve their goals. We have long shared a passionate interest in the issues affecting women in business â€" first women in the workplace, then women as entrepreneurs and business owners. Women start 1,200 businesses each day, 40% of all new companies, yet receive only 4.4% of all conventional small business loans. As a result, women tend to use more personal debt than men to start their businesses (credit cards) and so their businesses start smaller and grow less rapidly. We wanted to address this problem. We tried a couple of approaches but in each one we were spending a lot of hours and helping just one business at a time. It was very rewarding to see those companies flourish, however, we felt this problem needed bigger solutions to help more women. We noted that there weren’t many options for funding that were debt and equity free (two things that put a huge burden on a small business). We speculated, could we adapt the crowdfunding model so that it could be used by women to raise funds for a project that would grow their business? And, thus MoolaHoop was born. At MoolaHoop, women entrepreneurs come to us knowing that they need money to grow their businesses and we help them define a project that will help to support that. As we mentioned, many of the women business owners we work with had previous careers and chose to “take the leap” into entrepreneurship. We find some common threads in our discussions with them about their journey. Too many of us know for years that we should make a change, but we allow the voices of doubt to prevent us from properly assessing our skills and readiness to take that step. Then we are not fully prepared when circumstances force a career change. Yet, you can make much progress planning your next steps while you are still employed. Here are a few: 1) Build your network Many people who have spent most of their career in one company do not focus on building their networks. Working for a large company with a strong internal support system may lull a person into strengthen only those relationships. If you are serious about evaluating a move, start now to broaden your professional network. Set objectives for the number of phone calls and lunch meetings per week that you will schedule with people outside your normal business network. These people can be invaluable when you leave- you will be surprised how many have a partner, neighbor, friend who can help you in your new venture. 2) Create a presence on Social Media Create an account on all the platforms and get to know them. Then pick the ones that seem most relevant to your new career choice. Start building your presence and your reputation as an “expert’ in the field by commenting on posts or even contributing yourself. 3) Establish relationships in the new area of interest Attend “meet-ups” and networking events related to your new career choice. Let people know you are thinking of getting involved in the field. Ask them to meet for coffee so you can hear their story â€" hint: people like talking about themselves! This is definitely a time to be listening to the ideas and advice of others who have forged the way. 4) Know the realities. Many people start business because they have a passion for something, but they have no idea what it is like to run a business in that field. It can be a big surprise when they learn about the details of that industry and what it is like to run a business. Ask to shadow someone (who won’t see you as a competitor) for a day. Offer to be an “intern” on weekends or evenings if you have a day job. Attend an extension class. 5) Do some Math Many small business owners are not comfortable with finance and budgeting. Yet, as a small business owner, you generally don’t have a CFO to do that for you â€" that will come later! You need to know what funders are going to want to see before giving you a loan or investing. When you are starting a business, people are investing in or loaning money to YOU. You don’t need to have a masters degree in finance, but you need to know the basics. 6) Celebrate the skills and experiences you have developed Even if you are not happy with your current career, you would be surprised at how valuable your skills and experiences can be to your next venture. Take an inventory of what you can leverage in your new venture. For example, we find that our broad experience in managing organizations allows us to bring lots of practical advice to the women entrepreneurs that we serve at MoolaHoop. 7) Quiet the negativity in your mind. It can be an intimidating thought to leave a career that has been a big investment for you. So, after you have learned all pros and cons of this new path and have assessed your readiness for the jump.be sure to give yourself a pep talk. Surveys have shown that readiness for a new business is very important. But, passion about your idea is a greater indicator of future success. So keep your eyes wide open.but follow your dreams. Above all, make a decision! You may find that you would rather stick with your current career and you can embrace it with vigor. Or, you may know it is time to take the leap. Either way, you will know that you chose the path that is right for you. Brenda Bazan, a former IBM executive, also served as the Development Director for an international Microfinance non-profit organization, where she developed educational programs and raised funds to start hundreds of womens businesses in Africa and the Middle East. Later, she worked as a consultant to women business owners in the U.S. She subsequently founded her own small business providing yoga therapy to children and adults with special needs. As co-founder of MoolaHoop, Brenda develops relationships with worldwide womens entrepreneur programs and professional development teams. MoolaHoop co-founder Nancy Hayes has more than 30 years of experience as a business leader and mentor, in for-profit, non- profit and academic organizations. Most recently, Nancy served as the Dean of the College of Business and subsequently as Vice President/CFO, Finance Administration, at San Francisco State University from 2005 to 2013. For each of the five years between 2006-2010, Nancy was named a Most Influential Woman by the San Francisco Business Times and was named to the papers Ever Influential list in 2011. She continues to be an expert media resource and commentator on strategy, leadership and global business trends and opportunities.