QStarting and Owning Your Own Business

answered January 5th, 2010 by Phoebe Wright
A

” What are the best and worst aspects of having your own company?”

 

The best aspects of having my own company have to be the opportunity for adventure, flexibility, and creativity.   There is no better feeling than coming up with an idea and people actually buy it.  The worst aspect would probably be feeling like I should be doing more all the time.  When starting a company from scratch or running a smaller company, it takes a long time to build a reputation, steady customer base, and profitable product line.   Years.  Coming from the corporate world, I naively expected it would be months.

 

“What advice do you have for women who want to own their own business at some point in the future?”

 

If you have the drive, do it now.  It takes a huge amount of energy and commitment.  Every entrepreneur I know who started with a corporate career wishes they’d started their companies earlier.  I followed the strategy of learning in the corporate world and then switching.  I’m of the view that I would have been just as well off to start a business in my 20s.  There is a learning curve either way. Also, I worked at a number of start up businesses and I thought their biggest mistake was giving freebees and discounts.  I told my friends this 25 years ago and they have a $10,000,000 revenue business today.  They say that it was their most important tip.

 

 

“What skills helped you the most when you started your company?”

 

The key skills that helped me were creativity and relationship skills.  Listening to lots of people led me to design the Advanced Business Practice Program.  Relationships helped me get it launched.  We’ve delivered to hundreds of senior managers and directors.  It’s just a great program.

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