Constant Beta

Being my Boss- Renee Wood

This 10th installment of Being My Boss is special. Most businesses want their customers to keep coming back - but Renee Wood, founder and owner of The Comfort Company, wishes otherwise.

The comfort company, a one of its kind company that specilizes in sympathy gifts for the grieving. And within four years, it's sales have grown to a half million dollars.

Read on to learn more her story and the her struggle to strike a balance between her right brain and left brain.

You were on the Oprah show?

Yes. I started by business after reading an article in the preimier issue of O magazine. The article was called, "Make your dreams come true." It was about being able to start a business and having it be about your dreams. That's where I started thinking that I could do something that really fulfills me. I wrote a letter to thank them after I started my business and they had me on the show for the 5th anniversary of the magazine.

So is that where you got your idea?

No, the article really just propelled me into officializing my business. I started my business about 4 years back. Infact, we just celebrated our 4th anniversary in Nov. I could have never imagined being a business owner. My background is in social work. I worked as a medical social worker in a neo-natal unit. I worked in a patient load where there was a high mortality rate. I was through my job, always in touch with grief and loss issues. I thank God- I haven't experienced the loss of a loved one yet....But I watched my patients go through it...When you see something like that, you wish there was something more that you could do.

I think the seed for my business was planted then. It's really a chain of events that led me into starting my own business. During that time, my sister-in-law lost her father unexpectedly and I looked for a sympathy gift for her and didn't find anything. So I end up designing a pendant for her. I designed it, made it in wax first and then got it made in silver. It was a long process, but she really appreciated it. After that, friends and family around me started asking for the pendant and I end up making 150 of them! They all sold and it got picked up by a catalog. Everything just fell into place.

But the real breaking point was 9/11. My husband was a pilto for United American airlines and we were not sure what was going to hapen to his career. He lost his job and at that moment, I understood that I was going to start a job. I had just had my third child and I didn't want to go back to corporate America. I loved being a social worker, but I wanted to be able to put my kids first. So that's when I decided that I was going to start my own business.

What did you do next?

First it was a hobby and then it became a necessity. It was very difficult in the begining. I didn't have a business background, my husband didnt' know anything about running a business... We didn't have money to invest... I knew I needed a website but I didn't have the money to pay someone to do it for me. I had to learn it myself. I didn't even have an email address before I stared ! It was a huge learning curve for me. I would put the kids in bed and then sit on the computer. I'd log into various forums and ask around until my questions were answered. Some strangers I met on those forums were awesome -they helped me so much.

How did you market such a business? It is a unique idea but no one wants to be marketed to about sympathy gifts.

I did have my items in some local stores and I had goten some press in our local newspapers. That's how I began getting my first orders. I didn't spend a dime on marketing. My business spread via word of mouth. The first time I got an order from Texas, I thought-- I don't know anyone in Texas, how is this possible? Because it was only local people who knew about me! But then I started getting orders from Arizona and other pars of the country. It was great.

I didn't know anything about Search Engine Optimization but I think there were so few people doing what I do that when I typed in sympathy gifts in Google, my site is number one. But once I learnt that, I sat down again and figured out SEO.

About 2 years into the business, I thought I played around with Pay Per Click. But I just didn't have time to stay on top of the campaign. I was getting enough business already so I quit Pay per Click after 4 weeks.

How exactly does this business work? Does it not get emotionally demanding?

I try to go to as many trade shows and merchant marts around my area (Chicago) I try to meet artists who will do custom work for me. We did some research and when it comes to loss, people want two things from people 1) Acknowledgement of their loss 2) Not to mimimize it.

So the more specific gift I have for their loss, the better I am able to serve my customers. And yes, this busienss is very emotionally demanding. When I worked at the hospital, it was a 9 to 5 job. When I was done, I came home and I had a life separate from my job. But now, my business, my life, my job is all one thing. It can get very challenging to keep them separate.

It is difficult.. having 4 kids and then readin some of the stories that come in or having to help a customer what kind of engraving or letter they want for a lost child or a loved one. You can't help but take that home with you, It's just there all the time. I step back a little from it on weekends, but I'm always keeping my eye on the email, checking in for new orders, answering questions...

Finally last year, we had to seperate the business from the household. We found an office space and a store room. And things have been MUCH better. I also just hired a woman to work with me part-time.

What was the most difficult challenge or task you had to overcome in your business?

It took me a VERY long time to gain confidence in myself. Enough confidence to make business decisions. I remember one of the first things I did for a product that I had recently introduced -- it was a tear drop bottle. In 19th century, over the loss of a loved one women collected their tears in bottles. I re-introduced them and I added a beautiful foil-stamped card with it. It cost me $800 to print those cards and I remember being extremely upset about that expense. I just wasn't able to think of it as a business investment, instead it felt like I just wasted a ton of money.

One of the biggest mistakes I made with myself to grow when the business naturally was growing. That was not a good decision. When the business started to grow, I should have taken it outside the house, gotten a office.. I kept smothering the fire. My concerns that I wasn't going to make good decisions ....it came down to not having built up this steady stream of successes that would make me feel comfortable. Social work and business are very different-- two completely different sides of the brain.

What would you advice budding entrepreneurs?

Just one piece of advice -- Fake it till you make it. I didn't have a steady stream of successes behind me and so I didn't feel confident about my business or myself until much later. I wished I could've known to fake it-- but I've learnt now that if you act like you are successful, you will become successful. Do what you need to do for your business -- invest in yourself, your business... let it grow organically. I was risk averse and may have missed out some opportunities. Do what it takes.

And what's the best thing about being your own boss?

That I can work my day around my family's needs. Hours can be greulling, but they are what I want them to be.

Being my Boss Elsewhere

In typical Being My Boss fashion, Gautam Ghosh published a fascinating interview with Naukri.com's  (India's largest job portal) CEO Sanjeev Bikhchandani. After Naukri.com went public, the company has now launched similar sites for real estate 99acres.com and matrimonials (jeevensaathi.com)

Biggest learning for CEO Sanjeev Bikhchandani? "I learnt to sleep on flights"

Read the interview here.

Evolving Vox - Russell D'souza

College entrepreneurs fascinate me. Partly because I always wanted to start something of my own in college and partly because I was too chicken to actually start it.

I had the opportunity to speak with Russell D'souza of Evolving Vox about this company and being a young entrepreneur. He shared one deadly piece of advice -armed with that simple knowledge, any of us has the chance to become start the billion-dollar entreprise.

I spent 4 years of college waiting and searching for the right time, and the right idea. I'm afraid neither exists. All you need to know to be an entrepreneur is, a simple idea AND the simple understanding that now, is the right time.

******

Russell D'Souza and Jack Groetzinger started Evolving Vox, a a temporary furntiure ownership business, late last year. Join be in conversation with one-half of the team, Russell D'souza.

Tell me about Evolving Vox? What a strange name!

So Evolving Vox is a furtniture rental company. Right now, we serve only Darmouth College. Darmouth students can log on to our website, pick what they want to order, add it to a shopping cart and pay for it. They can choose the length of the lease on each piece of furniture. Once we recieve their order, our job is to deliver the furtniture and on an assigned date, pick it up from their apartments.

About the name, Evolving Vox is derived from our school motto... play on a Dartmouth College tradition. It holds a special meaning to Dartmouth students.. It's not something everyone would understand but people here, know what it means.

Did you have prior experience in starting your own business?

No. We have no previous experience but my friend and business partner, Jack ,and I are very entrepreneurial. Dartmouth is a liberal arts college and doesn't really offer business courses at the undergrad level. Skills we gained to run this business didnt' really come from our college, Dartmouth doesn't focus on imparting entrepreneurial skills in undergrads. We both had internships in Boston last summer with consulting firms and that's where we picked up some skills. But I think we've just learnt a lot from doing it.

How did you get this idea? It sounds like a no-brainer. I remember furniture was such a hassle in college. You needed it but you didn't want it...

We got the idea early last year when we noticed the amount of furniture waste that accumulates at the end of semester. The real idea came from targetting the waste. The reason we liked this idea -- it was risk free. It didn't require that much to set up. We never had a business plan and we still don't have one. The first step we needed was a website. The goal was that students should be able to rent furniture online in less than 5 minutes.

We actually only started the business last fall. We weren't sure what to expect but....it was unbelievable. Within a week, we had to stop taking orders. We were anxious to see what would happen. We had about 45 orders for futons alone. We didn't want to deal with more because we wanted to be sure we could handle it logistically first.

How does this work out? Did you buy the furniture to rent it out?

No. We didn't buy anything at first. We didn't place the order for the furniture until we had the orders coming in. We got the furniture from wholesalers. Dartmouth runs on a trimester system so between trimesters, we have bulk storage that we use. But most of the stuff is always rented out.

So this business didn't really require a capital or any investment? I'm surprised no one thought of this before.

Not monetary, no. Yes, we are surprised too. We have made people's lives convenient. I was unprepared for the response. Everyone we have talked with or served talks about this idea. Even people we don't serve have gone out of their way to email us and tell us what a good idea it is. It is such an intutive idea that almost everyone goes, why didn't I think of this before?

What about profits? Are you seeing any yet?

The furniture rental business is impossible to operate on a profit within the first year. There is strong potential in the furniture rental business and we have an edge over other rental companies by having actual people on the ground. We have contacts with students and that helps spreading the word. We haven't spent a single dime on marketing. We sent out flyers, emails to listservs and passed around flyers to our friends. It was very low-budget. Also, people know you on campus and that helps. It's easier to trust someone you know...

We are in talks with Cornell University right now. We have a ground-team set, it is imperative to have a ground team. They have access to dorms and emails that rental companies don't.

Besides, we have a good sense of where the company is headed. We don't really want to handle the operations and administrative tasks of the business. We would like to sell our branches at some point, just the delivery and leasing process. But we'd like to keep the ability to franchise it. Ofcourse, we would use a different name, Evolving Vox wouldn't work universally. We are adamant, we have no desire to keep the nuts and bolts, the operation end of the business. I think we will be able to sell it this winter.

Is this decision because of competition or are you just not intersted ?

Competition - there's really nothing that we can do about it. Press is great, it helps us build credibility but it's a double-edged sword. The more recognition we get, it enables people to hink that anyone can put this together. But it's not like we are the first kids to do this. At Harvard, you can rent micorwaves and refrigerators but people haven't seen what can really be done with this rental business. It will be a matter of time before everyone catches up. But I hope by then, our business will be thinking in a newer directions. But anything can happen, there's really nothing we can do.

Jack and I are both working in Boston now. We are both consulting. The way that we see our future with EV it’s not time intensive. The business can run by itself with little supervision.

Speaking with you, I get a sense that Evolving Vox is more of an experiment for you guys...to test out your entrepreneurial spirit. I don't mean that in a negative way, I think it's great but I get the feeling that you are doing this to see how far you can go and what you can learn from this experience. Am I right?

You got that right. You put it well. It is definitely an experiment. If you ask both of us what we want to do in 10 years, it is definitely something of our own. Even though we have lost money so far, there's no doubt that we will end up making money. Most entrepreneurs fail like 5 times, I believe in starting modestly and learning from my mistakes.

Too many people focus on coming up with this really cool world-changing idea of reinventign the wheel. Yes, maybe youtube.com can be that idea but... they all started out because somebody saw something in their life that was an inconvenience and they wanted to do something about it. Youtube founders were just sitting at their dinner table and wanted to put up their home videos online. They didn't do it expecting this huge reaction. Small inconveniences are something in your life that can be made better. I think that's what students should look for.

What mistakes have you made to date and what have you learnt from them?

Well...we knew very little about the way futons work, in terms of mechanism. The futons we got intially weren't really the good ones. You could feel the frame through the mattress. Our company prides on delivering good quality... so it wasn' something we wanted to deliver. We end up having to spend $20 more each mattress and upgrading them. We could have done something else.. tested out that mattress or just stuck with it,  but it was really tough in making that last second decision. We lost a couple thousand dolars but in the end, we definitely did a better thing by not compromising on quality. The decision was a no brainer for us, but it hurt us. It was just something we had to do.

Lesson well-learnt. That decision of yours must have won you some very loyal customers. What are future plans with EV?

There's a realization now that you can take crazy college kids and learn from then. It's really the internet, it's a whole new ball game. Tuck School of Business at Dartmouth offers a student consulting service that help out new businesses. Such a service will help us tremendously in figuring out next steps and what we can do with our business. We haven't been accepted yet, they have an application procedure - but we hope we will be expected!

What's so fantastic about being a student or a college entrepreneur?

I think what is really fascinating about being a college entrepreneur in this day and age is.. there are so few barriers to entry in starting a new company. Not just young people or college entrepreneurs, anyone can start a new company on a little or no budget. There are a number of riskless opportunities. We talk about new ideas all the time. You no longer need a storefront: credit cards, secure payments, Business2.0 is fascinating. But I find that most new businesses are looking to make immediate profits. I think if you have a good service, you will find a way to make money.

The best thing about being a college entrepreneur is that everyone wants you to win. You have the network of your college: friends, alumni, professors. The CEO of the largest furniture company in New England is a Dartmouth alumni. He took time out to speak with us. He didn't give us anything concreate but point us- people are willing to talk to you. They'll say, "I can't help you but I'll give you more contacts."

Your advice to aspiring entrepreneurs?

One of our professors said that Everyday people see million dollar ideas and just don't recognize them. That sums it up. My only advice is to Start. Don't wait for inspiration or that big idea to strike! Just do something.

Being My Boss - Nandini Mukherjee

 Nandini Mukherjee started the Indian Bread Company, a warm fusion cafe in East Village, in Nov 2003. Much has already been written about her food and restaurant. I don't think it is possible to go wrong with Indian fast-food, especially when you have an innovative menu that includes naaninis and naanwichs! (a play on paninis and sandwiches)

I haven't met many women restauranteurs so I thought it would be fun talking to Nandini and getting her perspective on being her own boss. She also is a winner of Make Mine a Million contest and I'd like to follow her success here on Being My Boss. Nandini touches on two very important aspects that haven't been given as much face-time on Being My Boss yet.

1) The importance of joining associations and clubs that support entrepreneurs. "The resources that become available to you are phenomenal."

2) Taking time off from your business is just as important as staying foccused and putting in 16-hour days.

Read on!

Nandini, you are an architect, right? How did you end up as a restauranteur? 

Haha, yes. An architect. I was born and raised in India. After finishing my bachelors in architecture in India I applied to a lighting program at Parsons that caught my interest. As a student, the best thing about New York was to go out and try different kinds of food. I loved eating out.. often craved Indian food but apart from shanty restaurants that sold two day old curries for cheap, I didn't find a good enough option. How could it be possible? How can there not be fresh and flavorful food at affordable prices in New York!?

So that's how the idea for Indian Bread company materialized? 

Yes. Well, I do come from a business background. It sounds cliche, but I knew I always wanted to be my own boss. I've enjoyed doing creative stuff. I was doing handling my own projects in India. But when I got here I realized that if I wanted to have my own architectural firm, I would need atleast 10 years experience of working for someone else. I wasn't going to wait that long! No way. Everything was opportune -I met Rupila, who was my room-mate at Parsons and who later became my bussiness partner in the company. And my best friend, (who then became my husband!) got involved, so the team sorta just built itself.

Ok. So you identified a need and found a great idea, the easy part was done. What happened between then and starting your restaurant? 

Haha yes, The story is not so glamorous anymore! 90% of restaurants fail within the three years alone. Neither of us had any background in the industry. We studied the industry and the market for the next 6-8 months. I would go upto restaurants and just ask them if they'd let me sit in their kitchen and just watch. I must have watched atleast 5 kitchens -- it didn't come naturally to me. I also took classes at the culinary school.

One sec, you mentioned you watched kitchens? Did they allow you? What did you say to them?

Yes. I said that I wanted to start my restaurant at some point but I wanted to learn more about the industry and asked if they'd let me watch their kitchen. I was very unobstrusive...almost invisible. And people are nice you know. What did I have to lose?! Yea, some restaurants said no. Said that they don't allow anyone in their kitchens, but 5 said yes and I got what I wanted. What's the worse anyone could have done!? Said no. This was very important. All this education that I sought out about the industry, without that we couldn't have made our projections or worked out our costings, the equipment... we were learning all this first-hand.

I also spent a lot of time looking for a location. I'd learnt enough to know that location was prime in starting a restaurant. One day I was walking in East  Village and saw a sign; this guy was selling his store..It was serendipity. I got in touch with his landlord and it worked out smoothly. We had seen a ton of places with the brokers but this.. just happened!

My readers wonder if all entrepreneurs have a business plan. Did you have one?

Well, we didn't have one but we needed one because we were looking for investors. We had no idea how to put one together. So we went to the Small Business Center and they helped us put together our plan. And then one day before we were going to sign our lease for the restaurant space, our investor told us that he wanted a higher stake in the company and wanted to change the agreement. That was so last-minute, it took us by shock. It just didn't seem right to keep such a person on board then and we made a decision to start this restaurant without his backing. We had to take the plunge: I dipped into my savings, my husband invested his savings and Rupila got the money from her friend. We put together about $120K out of which $40K we kept aside as working capital, which included money for the rent.

But ofcourse, losing the investment we had based our business plan on also meant major changes in how we initially wanted to do everything. We had to slash down our budget. We could only hire one cook and two sandwich makers. And Rupila and me decided to work full-time.

How did you market your restaurant?

We didn't have the budget to hire a PR firm or even a budget for marketing. While our restaurant was under construction, this woman would stop by and ask us about our concept and the idea. Turns out, she was the food editor at NYmag. We were so unprepreared for what came next: you know, when you are opening, you have a certain idea in mind. We were in a prime location in Soho, Yes. But you don't expect it to be like through the roof. But right before the opening, we got a review in the NYmag and that day, we were sold by out evening. It was crazy, it was fun. It was unbelievable. Press makes such a huge impact. We still keep receiving random press mentions here and there.

Absolutely. People get to know about you. And luckily for us, it hasn't been necessary. We've been getting this attention very consistently since 2003 when we opened. There is no point in wasting money in advertisements: if you put an ad yourself, it just doesn't get the kind of attention a press endorsement of word-of-mouth does.

I agree. Also, I think that you cannot market a bad idea or a bad concept, no matter how huge your budget is then. I think a lot of entrepreneurs get mired down in thinking that everything requires money.

Yes. We are probably guilt of that as well. When we decided to do without the investor, we cut costs where we thought it wasn't possible. Rupila and me are both creative and we are both architects. So we designed the interiors of our restaurant ourselves and it was a great lesson. Because we lost that backing, we had to trim the edges everywhere and had that not happened to us, we could have never thought we could have done it.

Did you ever feel like giving up, like it wasn't worth it? 

No. When we started, we had no idea what we were getting into. And then after the investor backed out, Rupila and me had to work full-time for the restaurant. We end up working 16 hour days and we were doing that for one full-year. At the end of the year, she wanted to move on. It was very tough at that point. I was faced with two options. 1) to either sell the business and take our share or 2) to buy out my partner's share in the company.

We had worked so hard for this restaurant, I wasn't ready to give it up yet. So I had to buy out her share. It was mutual, there wasn't a falling apart as such. I took out a home equity loan and paid her. But then it really hit me. That this business was now mine. I was aware that the business was going to need more time to succeed and I just had to stick it out.

Was that a good decision then?

It was. Infact, we recently won "Make Mine a Million." American Express is the founding sponsor of this program. 40 women business owners are chosen nationwide. And at this major event, each business owner delivers a 3 minute business speech that is voted live by the audience and judges. This year, Hilary Clinton, Suze Orman, Dani Levy of Daily Candy were judges among others. The event is televised so even viewers can send in their votes. And out of the 40, 20 are chosen are winners. It was a fantastic experience. You meet so many entrepreneurs from all over, it really opens you up.

The winners recieve help to build a million dollar enterprise. There are a couple areas I'm being helped in - American Express gave me an unsecured line of credit. And about 180 mentors who are specialists in their areas are available to you. Count me In, an organization that supports women's financial independence also made a loan available.

Cisco had another contest for the 20 winners out of which 5 were chosen to recieve a complete technology package. I won that contest as well and they are in the process of setting up our tech plan and providing us with equipment and support.

I would strongly recommend  entrepreneurs to participate in such events. Especially women, since we tend to bond well and work together. Being an entrepreneur at most times is a very solitary affair and to find other women that share your sentiment is good. You learn so much from each other and you meet so many people.

Some other organizations for women entrepreneurs are, Women's Venture Fund and the National Association for Women Business Owners.

Did you ever feel at a disadvantage because you were a woman entrepreneur?

I've always totally enjoyed being a woman. I don't think I've been side-lined or faced anything like that yet. Infact, when people see that I am a woman, they want to talk to me. Also, when I meet other women entrepreneurs, it is an instant connection. I think an entrepreneur as an entrepreneur. You know it. They know it. We all go through the same things. It can be a little easier or a little more difficult for someone else, but essentially, it is all the same.

How has your business changed since you first started it?

For one, I don't put in 16 hour workdays anymore! It actually stopped at the end of the second year. I've been phasing myself out. If I want the business to grow, it is not feasible for me to be there all the time. Now I concentrate more on the vision, networking, looking for new areas to expand into.

We do a lot of office and corporate catering and that's been picking up. We were the only South Asian fare at the Republican convention. The event planner for the event had to come to the restaurant and tried our food and she loved it. She asked me if I'd like to be in the event and that w would be catering for 1000 people. We pulled it off and it recieved a lot of media attention. It made other events possible.

Right now we have a couple things we are planning. We want to expand into a multi-unit enterprise. In New York itself for now, in certain areas taht are major hubs. Maybe after that we want to hit other cosmopolitan cities like Boston, Philadelphia, DC...

As I always ask - what's your advice to aspiring entrepreneurs?

1. Be active in organizations that support entrepreneurs. And especially if you are a woman. It is a very good support system.
2. Break down your goal into small deliverables. To achieve one big goal can be very daunting. If you break it down, into things-to-do list, it is more encouraging. It's hard to get people to believe in you when you first start, which is why setting smaller milestones helps. You know you are going somewhere and you know you are on track.
3. It is very important to take time for yourself. I cannot stress that enough. I was working with my Make Mine a Million mentor and we talked about this. I admitted that I actually feel guilty about taking time off. My business is always on my mind but I've learnt that taking some time off actually helps me focus better on my business.
4. I couldn't have done this without my the support of my family. It is so important to surround yourself with people who encourage you. Just that positive attitude can do wonders for your own psyche and your business. Build your support system and keep yourself surrounded by it at all times.

I'm glad you mentioned about taking time off. I am hardly an entrepreneur but my friends are very successful business owners and I see them agonize over their business even when they are on vacation. It must be hard to step away but it is important.

It is so important to step away from it. You burn out if you don't realize it. It is very difficult to delegate. I had big problems delgating and allowing others to handle my business but you know what, you can't do every tiny thing. I love traveling and am an amateur photographer, so I now take time off consciously from my work to puruse my hobbies. And I return renewed and fresh.

What's the best thing about being your own boss? The flexibility to plan my schedule and the direction I want my business and life to take. That's what makes it worth it.

Being My Boss - A reflection

I've recieved many emails from you about the Being My Boss series. My original intent was to publish 101 interviews with entrepreneurs and stop there but after 10 amazing interviews, I don't think I ever want to stop. Speaking with these people, has been incredibly uplifting and gives me a strong sense of purpose as I continue hunting for stronger stories and entrepreneurs.

The idea of working for oneself, and being happy doing it is incredibly enchanting. Just this morning on my way to work my cab-driver stuck up a conversation with me. It was early and I was still slightly groggy from staying up late last night to finish Season 4 of 24 (my newest addiction) But when someone so willingly opens themselves to you, your only choice is to sit up and listen. My driver was 47 years old and had just quit his job as a leaking specialist with a manufacturer or large vaccum furances. A job he lucked into because even though he had a full scholarship to an esteemed college in Philadelphia, he dropped out after 6 months because he just wasn't comfortable in teh company of rich, privileged kids.

I asked him if he was in-between jobs and he hesitated a little before admitting that he's never been happier and quitting that job has allowed him to pick up on educating himself. He doesn't know how to use a computer and 'I'm too poor to own one," but "I know how to use the catalog computers at the library," he said. His voice lilted with pride when he said he was learning everything he could about cognitive sciences and brushing him his literature. As we turned onto the curb, he quietly mentioned that he wants to be a writer and now he has the time. So heartfelt. I could only give him a fat tip but if I was a millionaire, I'd have bought him a computer. It is stories like these... I don't know if he'll grow to become the next Gladwell. But I do know that some of us spend a lifetime not realizing that quitting someone else's dream to follow your own is what it takes to find contentment and happy-ness.

This guy, was happy. So happy that he felt the need to spread the gospel about his new life to random strangers who perhaps wouldn't judge him and would share his pride.

I looked at all our Linkedin profiles and realize that it's not who we are that defines us, it's what we do. Our profession, our affiliations, those ivy league schools, THE job.....and if what we do will define us, why not do something we believe in?

I think there's an entrepreneur within each of us, only a matter of bringing him/her out. One of you asked if it's easy to approach these entrepreneurs and have them agree to do an interview. My answer - you'll be surprised.

It never is easy, from what I hear. From managing personal relationships to the business, weighing choices between spending more time with the kids or flying cross-country to seal the deal, being your own boss is perhaps the most difficult job. So far, I end my interviews by asking "What's the best thing about being your own boss,?" Begining today, I've added one more question, "What's the worst thing about being your own boss?" I didn't want to protray the grit of it initially but with almost 10 stories down, we are well-aware being your own boss has some wonderful merits. The time now, is right for the second side of the coin to be rightfully displayed.

Being My Boss- Sharelle Klaus

The food blogsosphere has been buzzing lately about DRY Soda. I've picked up random posts about this 'great new drink in original flavors' thats only '50 to 70 calories.' Intrigued, I googled the company and browsed through their site. With any new business, two things excite me the most. 1) The idea - is it new? has it been done before? what's so hot about it? and 2) The execution - even a boilerplate idea, if executed well can mint in the millions. With DRY Soda, everything just seemed so..right and well-done. I immediately got in touch with Sharelle to hear her story and let's just say, Being My Boss has not featured a business with such a quick turn-around before. I only wish Sharelle included her story on their company website.

A few things that I'd like to highlight about DRY Soda:

1. When a high-end culinary soda started gaining traction in the night-club scene, DRY Soda the embraced change, even when it wasn't a part of the plan. It's important to allow your business to morph into what it's customers want it to be. You can have a certain image and a vision for your business but your customers can create a completely different one. Do you embrace it or resist it? In this case, emrbacing it AND assisting it was a wise decision.
2. Sharelle shares a very useful tip towards the end of the interview- -- You don't just get one chance. I haven't featured someone who's failed once before and then started a new business and this is a much needed perspective. A dot.com failure didn't stop Sharelle from plunging into entrepreneurship the second time around.
3. I cannot stress more the importance of networking and building relationships. Every entrepreneur's story has showcased the importance of maintaing contacts and meeting people. In this case, when Sharelle didn't know anyone in teh food industry, she hired a PR firm that had great connections in the industry. IE -  When she didn't have the connections, she found a way to create them.

So let's get started with the idea? How and when did it come to you?

I'm just one of million people that loves pairing wine with food. I think Food and Wine magazine is probably my favorite magazine. Anyways, I have four children. They are now 2, 4, 8 and 9 so yes, I've been pregnant a lot and I was never able to drink wine. So we'd go to these fancy restaurants and my husband would have fifty thousand wines to pick from and my drink otpions were next to none. By my fourth pregnancy, I thought this was crazy. I figured there had to be a solution or some sort of drink for non-wine drinkers or even pregnant women. Thats when I realized there is a gaping hole in the beverage market for this kind of market. There should be something for everyone... So I came up with this idea of a non-alcoholic beverage that could be paired with foods. I looked around, read up everything I could about the beverage industry and once I was clear that the niche was unfulfilled, I decided to take the plunge.

My husband had, at one point, worked for a food company. He put me in touch with the company's food scientist who taught me the basics of the industry and gave me a one hour primer course on making soda. Through him, I went through all levels of the company to learn about the industry. From the sales point of view to the scientists. He then put me in touch with flavor houses in the area and I created the first flavors. It took us about a thousand taste tests to get the flavors right...I had the vision and I knew exactly what it would be like but getting there was challenging. I wanted the flavors to sort of replace wine and champagne for non-drinkers so I had to think about what kind of foods would go with the flavors.

That, in a nutshell was the begining.

How did you get the initial money to fund your business? Creating a consumer product is a huge undertaking...

Hah- Yes. We took out a home equity loan and I managed to get a small $50K loan from the local Small Business Association chapter. I have a business and high-tech background. I worked for PWC for a number of years.. and also served as the President of Forum in Women Entrepreneurs. I met a lot of investors through my connections there. You know, all my life I knew I would be an entrepreneyr. I even had my own internet business in the dot.com days before the bust. It was called planetsquid.com, a website for 10-13 year olds. Ofcourse, after the dot.com bust, the business failed but I knew at some point I'd go back to doing my own thing. And in hindsight, I realize now that I wasn't so passionate about the dot.com nor am I passionate about 10-13 year olds!! My favorite thing to do is go out to dinner and so this business jsut made sense. I'd go back to it in a hearbeat, even if it went bust but internet, I wouldn't return to it.

So in a way, every step I took was leading me to this. The woman who had hired me as the President of Forum for Women Entrepreneurs was incredible. She put me in touch with vineyards owners and winery owners who were interested in investing in my business. And once we hired our PR firm and had secured ourselves in a few high-end grocery stories and restaurants, it became easier to find funding. All in all, we recieved 1.5 million in funding. And we are looking to go on a second round of funding sooon.

What were the next steps?

Next step was to hire a design firm. I wanted to have a modern, unique bottle that looked great with a champagne flute on white-tablecloth. I hired a fantastic design firm and they designed the bottle, the logo-- everything. Infact, we've won several awards for the design of the bottle.

It's funny, but even before the produt was ready I went to a local PR firm that had great connections in the restaurant industry and sold my idea to them. So I had been thinking along the lines of building a brand from the very begining. We launched in August 2005...

Within a year? That's quick and in most cases impossible.

Yes. I tend to work quickly... I know it sounds crazy. It was. I was at home taking care of the kids, that was my full time job! But my husband works as a consultant so his flexibility afforded me to move along quicky. .

You mentioned earlier that you hired a PR firm and a design firm. How were you able to afford these costs?

Yes. I had hired the PR firm even before the soda was developed. I sat with him and talked with him about my strategy. Every CEO has what they are good at and taht's important to them. My passion in this company is this brand and building it right. Everything I do is about this brand and that's where the press and marketing comes it. It was integral for me to meet my vision for this company. And when it is a consumer product, brand is number one. That's why I spent so much time, energy and money on it. I foccused on every detail of the brand. I started this company with very little money. But I knew what I needed for this company to succeed. When you don't have the resources, you have to get creative. So I found creative ways to pay my design firm and my PR firm. With my design firm, I paid them a small fee and said that I woul pay them over the next 2 years as the cases sold. It was a risky proposition, but it paid off.

With the PR firm, I found Richmond PR because they handled PR for this chef in the town who always managed to get an insane amount of press. I knew for my business to succeed, I'd haev to hire his publicist. I'm a huge proponent of educating yourself and I read books on PR and tried to do it myself but I realized that one thing I lacked and a PR firm had was connections. Esp. in the food and restaurant industry. That was one thing I learnt - Utilize other's connections when you can. Connections are the number one thing you can get from anyone. I had to also find a creative way of paying them. If you get somebody to believe in you, they see the future. And they see that you will be a very good client to them in the future. Every place I went into, I wanted them to trust me. So I sat down with my PR firm and negotiated a good deal with them. And now to tell you the truth, I couldn't have done it without them. They got me initial meetings at every white-tablecloth restaurant in the city. Within weeks, I had confirmations from high-end restaurants that would carry my product.

So what have you learnt about owning a little-over-a-year old business? How are you managing the growth?

Our growth strategy has been to keep strong focus on our target market, that is high-end grocery stores and white-tablecloth restaurants. But we've noticed an interesting phenomena that we didn't quite expect when we launched DRY Soda. It's becoming pretty big in nightclubs and bars and is becoming very popular as a mixer. It's a cool looking bottle, and the flavors are also intersting without being overly sweet, so I guess it hit a chord with there. We didn't try for this to happen nor was it a part of oru plan. Infact, 70% of our restaurants are also using it as a mixer in drinks. So it was interesting and although we were not prepared for this interpretation of our product, we haev embraced it. Now we work with mixologists and bar-tenders and come up with special cocktail recipies that use DRY Soda. Other non-traditional markets we are exploring are spas and maternity places.

We are a very nimble company, we can change swiftly and can be very laser-foccused at the same time. There isn't any other culinary soda as such but after we launched we noticed another brand trying to go after the market we were targetting. But because we are small, we can quickly adopt to the situation.

So are you still doing this alone?

No! I've learnt to delgate, it was the hardest thing to do. But I hired a bunch of extremely smart women. I have about 11 employees now and it's an all-women team. My COO, CMO and CFO bring the skills that I lack. I was doing it all by myself and it was very challenging. Operations are not my strong suit, I'd rather concentrate on the larger goal and the brand and moving things along. And I'm very fortunate to have found these people. You need a whole array of skills to be a successful entrepreneur and if you don't have them all, you hire someone to fill in the gaps. I'm more confident with this team as we go for our second round of funding...

What's the feedback you've recieved for DRY Soda?

Jinal, it's just amazing to create something and then have people tell you that they love it. It wasn't our plan to enter retail but we recieved so many emails from people who wanted to buy DRY Soda for events that we had to get into retail. We can now process orders on teh phone and online. When your customers want something, you've gotta give it to them!

I've got emails from about 60 countries that want DRY Soda in their stores and restaurants. That's gratifying. So many readers write in to say thanks! In my company, whenever I hire a new employee, I have them do live demos and attend events. It's a very positive experience to hear live feedback from your customers. Ofcourse, there are people that don't like it, but 99 times out of 100, you will get people telling you how much they love it.

How do you balance work and family?

I have to leave in 45 minutes to watch my son's Christmas play at his school. It is very hard. I travel a lot for work but I'm learning to delgate and travel less. But sometimes, people just want to meet the CEO.. .My husband is very supportive, he stays with the kids when I'm not around. I spent every spare moment with them but sometimes it's hard. Just this morning, my son wanted me to snuggle with him in bed a little longer and I couldn't. It gets very exhausting. Every minute counts. I don't have a single minute I can waste. My two girls are home-schooled so I get to see them often. I'll take them with me to the office and they help out around the office. It's a very child-friendly office. For our holidays package, all the kids came in and helped us stuff the boxes and gift bags. It's all about finding unique ways.. not always easy but not impossible.

:-) I know. A lot of women entrepreneurs I've interviewed echo that sentiment.

What are your top 3 pieces of advice for aspiring entrepreneurs?

• Encourage relationships and connections. Value them and nurture them. You will never know when you'll need them.
• Find people smarter than you and get them on your side.
• For businesses that need funding, I highly recommend finding angel investors that are well connected in your industry. I cannot tell you how valuable they are. My investor helped me get almost every employee and distributor. They are also an incredible source of wisdom and experience.
• Also, don't be afraid of failing. I failed in my first endeavor - and I learnt so much that I wouldnt' change that experience for anything. You can try again and again - you don't just get one chance. Really, don't be afraid of failure.

And finally, what's the best thing about being your own boss?

Umm. I guess the best part for me is that I'm learning so much from people on my team. It just so cool that they believe so deeply and care so much for this business.

Plans for the future?

Haha- plenty. For now, we expect our revenues to reach 1.5 million by end of 2007. That's a good plan for now!

Being My Boss - Larry Smith

Traversing through the tangled web of media giants, Editor+Publisher & Entrepreneur Larry Smith added a page or two to his own story.

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We've sterotyped entrepreneurs. They aren't always software geeks nor are they freak students that are catapulted to stardom for a wildfire invention. The founder of SMITH magazine wouldn't fit anywhere. Not even a year old, SMITH magazine is about everyady stories -of ordinary people and extraordinary people, waiters and actors, unemployed folks and millionnaires. All kinds of people, all kinds of stories. Follow the story of Larry Smith, founding Editor and Editor-in-chief of SMITH magazine on the newest installment of Being My Boss.

Why SMITH?

SMITH has been in my head for years now. Back in 2002, I was working at Yahoo! Internet Life Magazine. It was like Wired meets Entertainment Weekly. That's where I first witnessed the power of personal media. I saw how readers were really becoming a part of the story online and it struck me that people wanted to contribute to the internet. This was before blogs and user-generated media became the web-mantra. However, with the bubble burst, Yahoo! Internet Life went under and I lost my job. That's when I wondered: what next?

Living in East Village and working at Yahoo! had put me in touch with some very interesting people from all walks of life. Around that time, reality TV was picking up steam and everything just sorta clicked. A magazine that celebrated story-telling just made sudden sense. I knew there was room for a reader-generated magazine.

So I went with my idea to a brilliant designer named Robert Priest (Former Art Director of Esquire, GQ, and US Weekly) and asked him if he'd be interested in working with me on my idea. Miraculously for me, he agreed. We put together a prototype and then knocked on every editor's door in the New York media world. Graydon Carter, Isolde Motley, Eric Schrier, Don Welsh, Clay Felker, Kurt Anderson - it can be a tireless but fascinating game. I begged for face-time with editors. Here I was going to these big media companies, throwing in catchy phrases like citizen journalism and they looked at me like I was crazy. One editor even asked me, "What is a blog?" Granted, it was 2002 and blogs weren't so widely popular but you'd expect a magazine editor to be aware of the next movement. Anyways, a couple people got it but no one wanted to greenlight my project. It was a little disheartening.

Even though people expressed interest in the idea, no one wanted to fund it and make it huge. I wanted to do a print and web version at the same time but it takes a lot of money to go print first. I was advised to start with the web version but I was too stubborn. In hindsight, I'm glad I didn't get a business partner because that would've meant losing my creative freedom with the magazine. Perhaps?

It's funny if you think about it -I understood inherently in my bones that a great medium the web was for story-telling and I didn't listen to my own advice. We all have very high standards. I didn't want a web version: I wanted a print version first. When I couldn't find investors, instead of quitting and giving up the idea, I adapted. I could have done it sooner though. This magazine should have launched in 2002.

You are a writer. Is your transition as an entrepreneur difficult?

Good question. I had worked on a bunch of startup magazines before, so I was aware of the grind. But years ago, I recieved a fantastic piece of advice from the editor of Esquire. He said, "Freelance writers are sales people -You are selling your piece whether you know it or not." And you know what? He's right. Sub-consciously, I've always been a salesman. With your writing, you are competing for your reader's time. You are selling -making a case. Saying READ ME- I'M WORTH YOUR TIME.

Taking my prototype to media companies for funding was like going to venture capitalists. So even though I call myself a writer or an editor, I'm very much an entrepreneur.

Why is your magazine called SMITH?

Because it is one of the most popular last names in America. We also launched it on Jan 6th -National Smith's Day. One of those goofy holidays that exist. It was perfect!

What drives you to work everyday?

Yesterday I was at a party and I met an intriguing woman who works as a dominatrix. My immediate reaction was, "WOW- she must have a story!" And I asked her if she's be interested in keeping a diary about her job on SMITH mag. And she said, you know what- maybe! I'm meeting her today to talk more about SMITH and hear her story. THIS is what motivates me. Every single day. People have amazing stories to share, only if you are willing to listen. I'd be sitting at a resutaurant and just chatting about what I do and the waiter will tell me, I have a story for you. And it's just like that. Random people with amazing stories. Where else can I meet such people ?

Advise for apsiring entrepreneurs?

• Know your market. If you know and believe in your market, no matter how many times people say don't do it, don't listen to them. Do your homework right.
• Say yes to any opportunities: big or small. As a writer and an entrepreneur, I said yes to everything. Every bit of work that came my way and it paid off.
• Start small. Don't be afraid to deviate from the original plan. I wanted to start bigger. I wanted a print magazine first but I realize now that small is beautiful.
• Don't be afraid to ask for help. I learned that 9 times out of 10 people are usually nice. I just went to people and said, hey- I'm working on this new magazine and could I speak with you about it? People are amazing! I went to the editors of ReadyMade magazine and they could've easily looked at me as a competitor. Instead, they just laid it all out for me. I wasn't afraid to cold call anybody and it just amazed me how fantastic and helpful people can be. What's the worst they can do? Say no!

Best thing about being your own boss?

I have a vision that I really believe in from my soul. And unless I am my own boss, no one will let it the vision come to reality. This is why I'm glad I didn't get investors. SMITH mag could've turned into someone else's vision otherwise. Your vision may not be correct, but you'll never know unless you try it.

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And in case you were wondering, SMITH magazine is launching its first print version early next year. Small to big --- not so bad after all! 

Being My Boss - Savvy, Smart and Seventeen

Weina Scott, had no idea that a birthday gift from her parents for her 13th birthday would lead her to become one of the youngest business owners ever. Weina, now 17, taught herself programming and html from a book her parents gifted her. Tuned into her online life, she started creating websites and programming them for fellow internet-users. By the time she was 15, Weina was comfortably generating her own pocket money.

Last July, with the help of an online friend, she became a co-founder of Switchpod, a podcast hosting website. Her partner did all the design, advertising and marketing, and Weina wrote the program and maintained the technical aspects of the site to keep it going.  The site gained momentum and word spread via grassroots marketing. Her partner posted about SwitchPod on every online forum and message board. It was when the site started pulling in paid users that other companies sat up and took notice.

"We recieved a few buyout offers before but they didn't want to give us any control," says Weina, "and we weren't interested in that." So when a major internet company offered from $200,000 for the site plus an integral part in the site's future, Weina and her partner jumped at it. They made the sale this August.

"Life hasn't changed much after the sale," says Weina. " I work 20 hours a week." The only difference is now, both Weina and her partner are paid a cool $40,000/year. Weina's one advice to aspiring entrepreneurs is: If you are good at something, stick to it. Don't give up.

Being My Boss - Jason Wachob

Being an entrepreneur is part serendipitous. Often, it’s like shooting arrows in the dark hoping one of them will hit the bulls-eye. Jason Wachob, is the dictionary definition of an entrepreneur. Spirited, hungry and not afraid of failure, Wachob is on his second entrepreneurial adventure. From stylish cheesecakes to one-stop shopping website, Jason’s journey will motivate you and leave you wanting more…

A history major and basketball player at Columbia University, Jason worked his way through college. Knowing well that there wasn’t a trust fund waiting for him after graduation, he took an internship on Wall Street to learn how people in New York were making their money. At that point, paying off student loans was the most important task at hand. For four years he worked on Wall Street, paying off his student loans and saving money. “I liked it, but that was just it,” says Jason. He was sure of quitting and he began to look around for ideas to start his business. “I always had a strong entrepreneurial spirit and I knew it was time.”

Jason grew up in a household that cherished traditions. Christmas preparations in his family start as early as August. A few years ago Jason decided to try his hand at contributing to the Christmas dinner and decided he’d make cheesecakes for the family. Weeks of practicing with ingredients, quantities and time- Jason had nailed the perfect recipe for the cheesecake. Thus was the beginning of Luscious Living – the most stylish cheesecakes I’ve ever seen. A series of chance meetings with the right people pushed Jason along the tumultuous journey of operating a food-based business. A close buddy from Columbia helped him design his concepts and the business was ready to go.

The initial plan was to supply Luscious Living Cheesecakes to every grocery store in the area and  major retailers like Costco’s and Whole Foods. Although the business was doing well, the cheesecakes weren’t at any major grocery chain yet. “To take it to the next level became a challenge. Doors kept slamming and I was frustrated. We knew we neededa  change, but what?”

And then serendipity struck.

At a Columbia University event, he met with a friend who mentioned that his market research class did research for startups as a case-study. Jason agreed to let the students use his business as a case-study and by the end of the semester he had solid knowledge about his company’s target audience and the market. “It didn’t translate into sales, but the wealth of knowledge I left with was amazing.”

At the end of the semester, Jason launched his own research and dissected his brand. “I learnt that gift-giving was a strong niche market and my cheesecakes fit in perfectly there.” The more he thought, the more sense it began to make. He decided to ditch his efforts to push his brand into grocery chain stores and instead focused on positioning his cheesecakes as the gift item and sold them exclusively online “I also started focusing a lot on the low-carb, low-fat cheesecake. That was another niche market.” With two new ideas, Jason breathed life into his brand again and made it a self-sustaining business.

Jason is a voracious reader. During our interview, we started talking about books and he read a few titles off the shelf of his library. He peppered our conversation with book recommendations, site recommendations and anecdotes he had read. I was both envious and amazed. Envious of his exuberant energy and amazed with the possibilities his mind. He also often referred to Steve Jobs’ “connecting the dots” speech. “It’s funny,” he says, “but that dots-idea has been very predominant in my life.” And as his story unfurled, I saw it how.

“I had built a nice clean business with the cheesecakes and I don’t have to do much for it anymore. I was ready for another challenge,” said Jason as he narrated the story of Onegoodie, By targeting the low-carb and gift markets, Jason had really understood the power of niche markets and with one eye on trends, he began to bounce around ideas centered around niche markets. Again, serendipity struck.

“A friend of a friend introduced me to a guy who was interested in starting a niche shopping site.” The concept was based on the already successful idea of woot.com. The intent was to target the entire family by providing one product a day for a great price. The minute he heard the idea, he knew it. “I wasn’t sure what I was going to do with all the useless information I’d picked up with the cheesecake business."

But another dot connected and his cheesecake experience in supply-chain management and dealing with manufactures and distributors became indispensable with the new business. Onegoodie.com had a soft launch early this August. They emailed a few friends and let the word spread. Slowly blogs and other online sites picked up on it and before they knew it, the site was inviting tons of traffic.

By the end of my interview with Jason, I’d come to expect ideas for yet another business in the pipeline. Jason laughed saying, “I don't know abou the future right now, but for now all my energies are focused here.” And so be it!

Jason's Advice to Aspiring Entrepreneurs:

1) Don’t find reasons why not to do something. A lot of people get mired down in writing endless business plans. I understand the importance of a business plan but listen to your guts. You have to go for it, wherever it leads.

2) Don’t be married to making something work. Don’t be married to make it something you thought will work. Be open to change and accept it.

3) Now is the right time.

"What I love about Being My Boss: that the buck stops with you. I love it that I am building something, contributing something, shaping something and creating something. The greatest thing about being an entrepreneur is taking an idea and executing it. "

Just wanted to say...

....that I've been learning so much in the past few weeks. Ever since I started "Being My Boss," -- I've been searching high and low for new businesses and the brilliant minds behind those businesses. One thing that starkly stands out about each story is how beautifully connected all those dots are. So for every time you kicked yourself for majoring in theater or even dropping out of school to pursue you whims- don't lose faith. There will come a time, when even that dot will fit in perfectly lwith your life like the missing note of a sonata. So now I don't ask myself too many questions about some of the things I've done in my past, and some of the jobs that I've quit. I may not understand it now, but I'm assured in the long run.. in the big picture... it all connects somewhere, somehow.

In the coming weeks, I've lined up an impressive set of interviews. So don't forget to check back. I'm just begining to learn this self-promotion bit and am shamelessly asking you to return to this blog. Simply because, the stories of these people deserve to be read and circulated and re-read. Starting this week, I will also publish a set of links to stories about entrepreneurship and being your own boss from around the internet. And any comments or suggestions to make this better are more than welcome. Email me at jshah28@yahoo.com