Archive for Category: Gen Y Entrepreneurship
Turning Your Idea into a Business: Guest Post from Yifan Zhang
Posted in Gen Y Entrepreneurship Generation Y/Millennials on January 10, 2011 at 5:46 pm
I’m so honored to be invited as a guest author for Lindsey’s blog! I’m the founder and CEO of a student-run fashion nonprofit called Styleta, which collects and sells designer clothing donations online – a virtual Goodwill meets Gilt Groupe. For all of you women who are thinking about blazing your own path as an entrepreneur, here are some tips to help turn your idea into a business.
- Research:
Always begin by researching your idea and the competitive playing field. A simple Google search (i.e. “designer clothing donation”, in Styleta’s case) can give you a brief snapshot of how many other companies are pursuing similar ideas and who they are. Start keeping a list of these competitors and some of the key metrics that you are interested in, such as annual revenue, target demographic, etc. It’s also useful to set up a Google Alert for keywords related to your startup idea – for me, I track “clothing donation” to see daily updates in the industry. Don’t panic if there are a few other companies in your industry! No competitors may be a sign that the idea doesn’t have enough value while 50 competitors may mean an overcrowded market. - Test:
Next, you want to test out your startup concept, ideally with the customer demographic you are targeting to see if the idea has legs. In starting a nonprofit, my job was easier because there was no need to protect the idea. I spoke to as many people as I could in all the industries in which Styleta would operate – retailers and boutiques for clothing donations, individuals about online shopping, and charities on partnerships. With a for-profit startup, it is wise to be more discreet, especially if there are no high barriers to entry. However, you can still create surveys, mock website designs, and even trial websites to test with trusted advisers — sometimes under the protection of a Non-Disclosure Agreement. One of my favorite resources is Weebly.com, a drag-and-click site to easily create functional websites. - Get Legal:
If you feel ready to continue pursuing your business, it is time to incorporate your company. There are huge debates in the entrepreneurship community about whether to form a C corporation (the big guys like Coca-cola and Microsoft are all C corp’s), an S corporation (similar to C corps but with tax and reporting advantages for small businesses), or a limited liability company (LLC). I won’t go into the details here –there are tax and reporting benefits to all three and entrepreneurs debate over the merits of each form – but I suggest you research the pros and cons and decide on the right fit for your business. There are many firms who can help you incorporate, or you can fill out your own paperwork. However, do apply for a federal employee identification number (EIN) so that you can apply for a business bank account. - Find the Money:
Getting the startup capital to fund your idea is tough. Nonprofit or for-profit, you will probably pitch to numerous donors/investors before getting a yes. My best suggestion is to begin tapping into your networks, whether from family, work or college alumni network, and keep in touch with supporters. Someone who isn’t in a position to invest may still be a valuable mentor and ally.
Good luck, and best wishes on the success of your startup!
Yifan Zhang founded Styleta.org as a senior at Harvard after realizing there was no charity focused on designer clothing donations. She currently serves as CEO and was recently named by as one of Women: Inspiration & Enterprise’s 50 Young Champions for Women. Contact Yifan at yifan@styleta.org or on Twitter @yifanz.
Declare the Month of NO-vember
Posted in Career Advice for Young Professionals Gen Y Entrepreneurship Generation Y/Millennials on November 5, 2010 at 9:00 am
A few years ago I worked with an excellent life coach who helped me deal with, among other issues, stress. She asked me to bring my calendar to one of our sessions and together we looked at the number of meetings, phone calls, networking events, personal events, deadlines and errands I tried to fit into every week.
“Um, any guesses why you’re stressed?” she asked with a smile.
It suddenly seemed so obvious. My calendar was packed. Overflowing. I was stressed because, like so many people, I was trying to do too much. I was saying yes to absolutely every invitation and project. In the process, I was saying no to my own sanity.
This exercise happened to take place in the fall, so my coach assigned me the challenge of saying no more often in the hopes of clearing more space in my calendar. I decided to declare the 11th month of the year the month of “NO-vember” and say no to every non-essential activity or obligation that came my way during those 30 days. My default answer to every invitation or non-essential assignment (obviously I said yes to existing project deadlines and client requests), became “no,” “not now” or “let me get back to you.”
Here’s what I experienced, and what you might experience if you declare your own month of NO-vember:
- I became clearer on what I really wanted to do. Because I challenged myself to say no more often, when I felt myself desperately wanting to say yes to an opportunity, I realized what I really wanted — which projects got me most excited, which networking events felt most valuable, which activities really moved my career forward. If you find yourself undecided about where to take your career, try saying no more often and you’ll find the right opportunities make themselves clear and become absolute “yeses.”
- I accomplished more of my short-term and long-term goals. By clearing my calendar, I had time to get things done and start on projects that had been on my to-do list forever. I ended each day with a true sense of accomplishment. I know this is a “duh” — when you have more time, you can accomplish more — but we often forget that if you want to get things done, you have to make time to do things.
- I had more energy. When you work too hard and run from meeting to meeting to phone call to phone call to drinks to dinner to bed, you have no time to stop and refuel. I really do love the buzz and energy of being busy, but the truth is that when I’m really busy and overscheduled, I don’t feel buzzed and energetic; I feel really tired.
And, perhaps most surprising:
- No one really noticed! I thought all of my friends, professional colleagues and others would react negatively to my nos. I thought I’d lose multiple opportunities. I thought I’d get angry emails or phone calls from people who felt ignored or rejected. Instead, almost every time I said no to something, the response was, “okay.” Could it be that other people say no all the time? As a long-time people-pleaser, this was a revelation. I though you had to say “yes” all the time to be successful. What I learned in my month of NO-vember is that it is absolutely okay to say “no,” “not now” or “let me think about it” any month of the year.
I hope you’ll consider saying no more often this month or any month. And, as you’ve probably guessed, if you have a request for me this November, the answer will probably be a polite but firm NO.
On Green Careers: An Interview with Shari Aaron, co-author of Climb the Green Ladder
Posted in Career Advice for Young Professionals Future of Careers Gen Y Entrepreneurship Recommended Career Resources on December 10, 2009 at 12:36 am
As green careers continue to grow in popularity, I’m pleased to share an interview I conducted with Shari Aaron, co-author of Climb the Green Ladder: Make Your Company and Career More Sustainable.
Lindsey: For those who don’t know, what is social entrepreneurship and the “triple bottom line”?
Shari: Sustainability, corporate social responsibility, green, and triple bottom line are all terms that refer to doing business in a way that is more sustainable. These terms refer to taking into account the social, environmental and economic impacts of the way we do business — hence, not just a financial bottom line but a triple bottom line.
There has been a cultural shift in society’s expectations that businesses should work to protect the environment and its people. In fact, 95 percent of CEOs report that businesses must address the social and environmental pressures of society (McKinsey & Co., July 2007) and mounting evidence shows that employees will drive companies’ efforts to address sustainability (MIT Sloan Management Review, Sept 2009).
Social entrepreneurs work both inside of companies and in their own firms to help advance a triple bottom line approach to business and society. If you utilize entrepreneurial talents inside of a company, you can be referred to as a social intrapreneur. The success of social intrapreneurs lies not only in their passion for sustainability, but also in their ability to translate that passion into a great pitch, a solid business plan, and positive, measurable results.
Lindsey: Can you share some examples of sustainable businesses? (more…)
3 Ways to Make the Most of a Jobless Summer
Posted in Career Advice for Young Professionals Entrepreneurship & Freelancing Gen Y Entrepreneurship Generation Y/Millennials Getting from College to Career Recommended Career Resources Unemployment on July 5, 2009 at 4:22 pm
Another summer weekend, another article about the tough job market for recent college grads. This week’s installment appeared in The New York Times Style section in the form of “Say Hello to Underachieving” by Alex Williams.
I’m very glad this topic is still on the radar screens of major media reporters. I just wish the articles would include some helpful suggestions for young people who find themselves in the tough position of facing the longest recession period since the 1930s. The Comments section of the Times article certainly included a lot of — ahem — suggestions, but I’m not a big fan of snark. So, I thought I’d share my three cents on how college students and recent grads can still improve their resumes without a traditionally “good” summer job or internship. (more…)
Guest Post: How to become America’s next top writer
Posted in Gen Y Entrepreneurship Generation Y/Millennials on May 25, 2009 at 6:15 pm
I’m happy to share a guest post by Julie Kraut, author of the new novel Slept Away and co-author of Hot Mess: Summer in the City, for which I interviewed her for this blog. Julie is a great young writer and generous in her advice to aspiring scribes. Here are her top tips:
There aren’t any reality shows about finding America’s next top writer. And I’m not saying there should be. I know that my writing process—sitting in front of a computer silently willing myself to focus instead of Google ex-boyfriends from college—wouldn’t make scintillating television programming. But still, without a Simon or Tyra barking directives from the television, an aspiring author might feel left in a lurch when it comes to launching a career. So, Lindsey asked me to write some tips on starting a writing career. And while this is a tough request as there’s no one path to follow to writing success or specific way to guarantee getting published, there are a few writerly must-do’s when you’re getting started.
1. Write. Writing is a pretty huge part of being a writer. That sentence might read stupid obvious, but it’s a fact that writing’s easy to talk about and hard to do. Having a book idea or writing aspirations is one thing, but churning out the pages to back those ambitions up is a completely different thing. So put your fingers to the keyboard, pen to the page, or quill to the parchment, and get writing.
2. Share. As hard as writing is, sharing your writing can be even harder. But you can’t get published if your work never leaves your hard drive. So, don’t be afraid of other people’s eyes on your words or editorial feedback. In fact, you should seek it out. (more…)
Tags: Julie Kraut, Slept Away
Considering Entrepreneurship: First steps to starting your own business
Posted in Career Advice for Young Professionals Gen Y Entrepreneurship Personal Branding Recommended Career Resources on March 15, 2009 at 8:14 pm
This Saturday’s New York Times featured a front-page story about how the recession is prompting some people to start their own businesses instead of looking for new jobs. It’s an encouraging story if you’ve ever considered the option of creating your own venture, large or small.
While some people decide to dive headfirst into entrepreneurship, others feel more comfortable dipping in a toe, then an ankle, then a knee before swimming solo. The choice is very personal and depends on your experience, finances and overall comfort with risk. But, if you’re thinking even just a little bit about starting your own business, it’s never too early to take actions that will set you up for taking the plunge when you’re ready. Here are some suggestions for first steps to take if you’re thinking about starting your own small business or becoming a full-time freelancer: (more…)
Stop bashing Gen Y workers!
Posted in Gen Y Entrepreneurship Generation Y/Millennials Managing Generational Differences on January 18, 2009 at 10:06 pm
I try to read everything in the news about Generation Y and careers. This means I regularly find myself plodding through frustrating stories about how the Millennials are “entitled,” “coddled” and “disloyal.” Friday’s article on MSNBC.com is yet another maddening example.
When did the Baby Boomers mantra “Don’t trust anyone over 30” turn into “Don’t trust anyone under 30”?
Why, during the worst economy in over 60 years, would anyone tell our youngest workers—our future leaders—that they are “not special” and “woefully unprepared”? If we said this about any other type of worker, it would be discrimination. Why is it okay to bash young workers?
I acknowledge that many Millennials (those born in the 1980s and 90s) are not as prepared as previous generations when it comes to some very important areas of work, such as writing skills and professionalism. I would argue in return that they are significantly more prepared in such very important areas as technology and globalization.
And yes, many young workers like to change jobs frequently. But this is a natural and understandable result of growing up in a time of unprecedented economic expansion, the dot com revolution and rounds upon rounds of corporate downsizings. Millennials know they’ll never work at one company for 30 years and retire with a gold watch. They’re not disloyal; they’re realistic. And, when they find a company that has adapted to the new realities of the workforce, such as Zappos.com, they do stay. (more…)
How to get a good job in a bad economy: 7 recession strategies
Posted in Career Advice for Young Professionals Communication Skills Entrepreneurship & Freelancing Gen Y Entrepreneurship Getting from College to Career Job Search Tips Networking Advice Networking and Personal Branding on October 19, 2008 at 3:50 pm
Job hunting is tough right now, but absolutely not impossible. The key to finding and keeping work in tough times is the same as in good times: action. The more positive action you take, the better your chances of landing a great gig. Here are 7 tips, and I promise many more in the coming weeks and months.
1. Be smarter, faster and better. I wish I could offer you a magic piece of advice about job hunting and working in a bad economy, a piece of wisdom that I’ve been saving for this type of situation. However, my best advice is to use all of the same job hunting and career management tips I always advise, but do them smarter, faster and better (which, by the way, is the title of a book I co-wrote with the fabulous executive coach Karlin Sloan).
Being smarter, faster and better means:
- Updating your resume to include examples of how you thrive in challenging times, how you excel at stretching a budget, how you can bring in new clients and new revenue right away.
- Making 5 calls a day to networking contacts, rather than making 5 a week.
- Attending one networking event a week, rather than one a month.
- Following up immediately after you meet someone or learn of an opportunity. Return calls right away, send a thank you email the same day you have an interview, send in a resume as soon as you learn of an opportunity.
In any situation, ask yourself, “What would be the smartest, fastest and best way to handle this situation?” and do just that.
2. Try new strategies. We all get into ruts — going to the same networking events, talking to the same people at our association meetings, setting up the same keywords on the same employment websites, writing the same phrases in every cover letter.
STOP!
The same old stuff will no longer cut it. As Albert Einstein said, the definition of insanity is doing the same thing over and over again and expecting different results.To get a job in a bad economy, you have to cast a wider net and be more creative than ever. Try some new and different keyword searches as you look for jobs online. Challenge yourself to attend networking events in totally new industries, towns or social circles. Start looking in the newspaper if you’ve never done that before. Look for jobs at small companies if you’ve always worked for big corporations (and vice versa). (more…)
Meet an Amazing Recent Grad: Marissa Davis, founder of NOLArize!
Posted in Gen Y Entrepreneurship Generation Y/Millennials on June 30, 2008 at 8:26 pm
A few months ago I gave a talk at the Smith College Social Entrepreneurship Conference. Among the other speakers was Marissa Davis (pictured in this photo, to the right of the yellow t-shirt), an impressive senior from Swarthmore College. Marissa gave an inspiring talk about the organization she founded as an undergraduate, NOLArize!
NOLArize! is an organization of college students across America who are partnering with their local communities to help rebuild New Orleans, “one community at a time.” Marissa, who was born and raised in Jamaica, graduated from Swarthmore in May and continues to run the organization while she works full-time.
Why did a busy student at one of America’s most competitive colleges decide to launch a nonprofit? (more…)
Quote of the day at WomenEntrepreneur.com
Posted in Career Advice for Young Professionals Gen Y Entrepreneurship on February 1, 2008 at 5:11 pm
I am excited to let you know that a quote of mine is featured as the “Daily Inspiration” on the homepage of WomenEntrepreneur.com today:
“Don’t curb your enthusiasm. Passion is often the key element that wins clients, jobs and supporters.”
- Lindsey Pollak / Getting from College to Career
Check out WomenEntrepreneur.com for more daily inspiration!
