The Women's Center for Entrepreneurship hosted an amazing speaker, Savannah Hayes, on February 9th. This speaker event was free for Chatham students and open to the public. The idea of the event was to learn about making your dream job a reality. To build up to this, Ms. Hayes talked about her life and background. She primarily talked about how her internships under strong women led her on her motivated track of following her passion. She then realized she didn't want to work for other people for the rest of her life, she wanted to work on her own schedule. After realizing that her passion was in the textile industry, and her heart was in designing, she started the Savannah Hayes studio, where she designs textiles for the making of fabric, pillows, blankets, etc. Check out her Instagram @savannahhayesstudio, or her website to learn more about what she does.
During her talk, she mentioned a lot about playing to your strengths, something that is also outlined in Managing Oneself (Drucker, 2016). She talks about her success came from her becoming good at things she could (ie. picking up photography pretty easily), that she had strengths in, and delegating tasks she wasn't so good at (or just didn't want to do, like accounting) to outside people who specialize in that task. This allows her to focus on and do better at the things she enjoys and is good at. She has been able to excel by harnessing her best work points to something she loves doing.
Something I learned from this, that is also mentioned in the book, is that there a lot of benefits to starting your own business as a sole proprietorship. Ms. Hayes makes her own work schedule, which allows her to have the flexibility of raising her daughter. While her daughter is young, she is able to minimize her work hours so she can be at home as much as possible. When her daughter goes to school, she will be able to easily ramp up her work hours schedule to be closer to full time, or even more, if she wanted. She runs on her own time, and doesn't have to answer to anybody. She also is free to design and make whatever she desires. She does not have to bounce her ideas off of someone else before sending them to production. By naming the company after herself, she was able to acquire the business name for free. In the end, Savannah Hayes gets her dream job, and her family, too.
Sources
Drucker, P. F., Kanter, R. M., & Kantrow, A. (2016, October 17). Managing Oneself. Retrieved from https://hbr.org/2005/01/managing-oneself
Cierra's BUS105 Blog
Saturday, April 21, 2018
Friday, April 20, 2018
Company Me - Slow Your Roll: A Sustainable Fashion Store
Personal business plan
Slow Your Roll is committed to
promoting slower fashion. Due to the toxic
effects of the fast fashion industry, we aim to promote buying secondhand,
fixing clothes you already have, swapping with friends, and upcycling fabrics
that are still viable. We will buy
unwanted clothes, hold periodic sewing workshops, make custom clothes from old
ones brought in; lessons included, and host clothing swaps for the local
community to bring their clothes they are ready to give up in exchange for
others.
Business Environment
This business will be competing
in the retail industry. The retail
industry has been showing steady growth trends form 2006-206, and is expected
to continue this growth through 2026 (U.S. Bureau of Labor
Statistics, 2017).
Minimum wage, raw material cost of textiles, and the unemployment rate
all effect the supply and demand opportunities in this industry. Everyone needs to be clothed, but the money
in people’s pockets determine what they spend on clothes. The design of this company is that it is affordable,
even when the economy is not booming. It
will help people to buy clothes for less, or fix what they already have, at the
fraction of the cost of buying new clothing.
Entrepreneurship and strategy
I feel the first hurdles with promoting
and selling is having enough startup capital to do initial marketing. To sell, I would first have to get my name
out there, which usually requires an investment of capital.
Funding would be sought out
through places like Honeycomb Credit,
and competitions in Alpha Lab and Awesome Pittsburgh. These resources are often utilized by
startups to get their feet off the ground in Pittsburgh.
Management
Managing myself in this business
would be similar to how I manage myself in everyday life – playing to my
strengths while understanding my weaknesses.
I must not strive to be the best at everything, as that is impossible,
but be the best at what I know I can excel at.
Following the guidelines of Managing Oneself (Drucker et al.,
2016), I will be motivated by knowing that I enjoy making a difference in people’s
lives and for the planet. I will also be
moved to work harder because I love networking and socializing, so spreading
the word about my new business will be seen as fun, not work. I realize everything will not happen as I
have planned it, but I will be prepared to adapt to any obstacles thrown my
way.
Marketing
Promotion would be based around
the idea of slower fashion. Advertising
would be targeted at eco-conscious groups and groups that look for fashion
trends, but at lower prices. These would
include college students, progressive neighborhoods, people who attend museums
and cultural events, local coffee shop regulars, and those who search for other
forms of making their lives more sustainable.
The product would mostly come from what people bring in to sell/fix/recreate. The price
would be determined by how comparable products are sold for on the market,
and be sold 50%-70% of that cost. We
would pay people 10%-20% of what we would buy them for. The place
that this would all happen in would be a store in the Strip District of
Pittsburgh. There would also be features
that could be bought online, as well as a place to request services online. Promoting
would happen through flyers at local restaurants and coffee shops, and social
media postings. This marketing mix would help Slow Your Roll
get off the ground as a start up and start benefitting the people of the local
community.
Accounting and finance
Assets: Cash = $500, Inventory-Clothes
(purchased from customers) = $500
Liabilities: Rent + building expenses
= $500, Money paid for inventory = $50
Owner’s Equity: Earnings = $200
As we are investing in clothes
primarily, they will be modeled on mannequins and placed on the website and in
the store front as soon as possible. This
will be a long and continuous investment process as the cycle of clothes in and
out of the store should be constant. I
would plan to have monthly checks of inventory, and see what really hasn’t moved
and base workshops and sales off of older inventory to make room for the
new.
Information systems and operations
Google Analytics would play a key
role in figuring out what kind of people look at our website, and how to better
cater to their interests. This would
also help to track our sales, to find trends of when business is good and not
so good, and times of day we are most popular.
Social media will also be used, as a way of gauging interest in
particular events and when they should be held.
Sources
Drucker, P. F., Kanter, R.
M., & Kantrow, A. (2016, October 17). Managing Oneself. Retrieved from https://hbr.org/2005/01/managing-oneself
U.S. Bureau of Labor
Statistics. (2017, October 24). Employment by major industry sector. Retrieved from
https://www.bls.gov/emp/ep_table_201.htm
Monday, April 9, 2018
A lecture by Rebecca Harris
Rebecca Harris is the current Executive Director for the
Center of Women’s Entrepreneurship at Chatham University, and has been for the
past 9 years. Before which, she was the
Founder and President of Harris consulting, Director of Marketing at WGTE Public
Media, Interim Director of Marketing and Development at the University of
Toledo College of Law, Co-Founder and Co-Publisher of Toledo Area Parent News,
and the Founder and Executive Vice President of Nettle Not Company. She completed her Bachelor’s degree in
communications at Northwestern University, her MBA at Temple University, and
was part of the 27th class of Leadership Pittsburgh. To learn more about Rebecca Harris, view her
LinkedIn profile here.
Her extensive
background and diverse experiences is why Ms. Harris was brought in as a guest
lecturer to talk about entrepreneurship.
One of the concepts from the lecture by Mrs. Harris is her
experience with starting a business under different forms of ownership, particularly
sole proprietorship and partnership. She
talked about the pros and cons of each, and how she would choose her ownership
form in the future. Shem mentioned
wanting to be the sole proprietor, or shareholder with the most stake, but be
surrounded by people she trusts with different responsibilities according to
their strengths. The obstacles that come
with starting a business were also discussed.
We talked about how she had to get creative when it came to finding
funding and sponsorship for starting the parent magazine she was once a
co-founder of. Product design was a
topic we covered, when she came up with a way to allow people to swim in the bay
without getting stung by jellyfish, but someone else simultaneously come up
with a similar design; this competitor took her out of business when his design
for storage was more efficient.
A lot of articles I have been reading recently relate to
women entrepreneurs, and women emerging in economic development. Mrs. Harris’s lecture was not only related to
women being more prominent in the business world, but also empowering. It is motivational that she has had so much
experience with trial and error in the entrepreneurial world, and now focuses
on “intrapreneurship” - being an entrepreneur for ideas within an existing
organization.
I really enjoy how this article talks about women emerging in the social innovation sector. It specifies India, but the themes are
applicable worldwide. SSIR mentions how
the workforce demographic of India is changing, and how this transition
challenges, “traditional understandings of the meaning and value of ‘women’s
work’.” It is shown in the reading how
social enterprise is appealing to women as it offers more variety in types of
jobs. It would make sense to presume
that from this survey-based opinion, entrepreneurship is also becoming more
prominent I women, because starting your own business means it can be whatever
you want to make it.
Monday, March 12, 2018
My Role Model: Caitlin Fadgen
Caitlin Fadgen joined the Pittsburgh
Downtown Partnership (PDP) in August 2017 as the Economic Development manager.
She is responsible for the implementation of the PDP’s economic development
strategies, including research and data analysis, business outreach, and
efforts to enhance the public realm through management and place making. She is
also responsible for managing the Paris to Pittsburgh building façade and
sidewalk activation grant program. Prior
to joining the PDP, Caitlin worked for the Sports and Exhibition Authority of
the City of Pittsburgh and Allegheny County (SEA) as a Sustainability Analyst.
While working at the SEA, she served as a LEED Project Administrator for the
LEED for Existing Buildings O+M Platinum certified David L. Lawrence Convention
Center re-certification. She also worked for PPG Industries in research and
development prior to earning her MBA and Master of Sustainability from Chatham
University. Ms. Fadgen earned a B.A.
from Washington & Jefferson College and is also a LEED Green Associate.
When asked about her studying skills that she
picked up over her years of school, she had some good advice:
“Every person is different when it
comes to choosing their preferred study environment, but I have always found
that I study best when I am by myself in a comfortable and quiet place with
access to lots of caffeine. I need total silence in order to concentrate or
read anything effectively. I have found that I always retain information best
when I write/type it out, especially when prepping for essay-based exams. For
presentations, I typically write everything out that I want to say in a word
document and then read it several times over (sometimes out loud) so by the
time I need to present, I have it all memorized and I don’t need any notes!”
Ms. Fadgen had several tips on building a good resume. She stressed
that a large part of it has to do with what profession you are pursuing. Finding a job that will help build your
resume with skills for your desired profession will get you far:
“My resume always changes based on
the job for which I am applying. It is important to tailor your resume based on
the position that you want to pursue so that you can highlight certain skills
that are in the job description.
I think that it is important to
note that once you have a job, even if it’s not where you see yourself in 10
years, it is possible to seek out opportunities within your current role that
will help you gain experience for when you are looking for your next job title.
Opportunities for building your resume might not always be apparent or present
themselves in your job, so it is on you to look for those opportunities either at work or through a professional
networking group – there are so many of these groups in Pittsburgh across a
wide variety of industries!”
Caitlin had some interesting insights on
getting the most out of campus events.
She emphasized her go to way of getting the most out of your networking
efforts:
“The number one thing is to have
business cards with you on hand to pass out to the connections that you make. If
you give away your business card, the person who you are talking with is likely
to give you theirs in return. Once you have their card, it is always a good
idea to follow up with an email after the event to say that it was nice meeting
them and if you want, ask them to grab coffee.
A thing to note about having your own business
cards when you are a student – even though you don’t have a job yet, get some cards
printed with your name, major, and your graduation date/year, you can include a
Chatham logo or just make something simple with a pop of color. Having your own
business cards goes a long way.
Don’t be afraid to drink at
networking events."
“Landing an internship as a
college student is a daunting task and sometimes it can be hard to find one
that fits your interests (and that is
paid, too!). I have found the most success in this area by using Chatham’s
network of professionals to land an internship and through contacts that I’ve
made in previous jobs. I believe that the best way to find an internship is
through other people. There are also a variety of local newsletters that will
have job postings and internship opportunities in them - my favorites are Next
Pittsburgh and the Green Building Alliance’s newsletter.”
Being my former co-president of Chatham’s
chapter of a business and sustainability organization on campus, Caitlin may
have been a little bit biased when asked how to get involved on campus in a
meaningful way and to build skills… her answer was “Net Impact!” of
course. She also added:
“I have developed strong skills by
asking for feedback and incorporating it into my work. I also always make sure
someone else reads over things that I do before I submit it even if that
someone is my mother, it’s always best to have more than one pair of eyes to
inspect your work.”
I compared this interview with the Chatham Insight article,
“Not Your Average Orientation: Sustaining Students’ Momentum”. This article is relevant to Ms. Fadgen as she
was in the dual degree program advertised here.
In talking with Ms. Fadgen more, she expressed the importance of
applying sustainability to business practices.
The article also talks about acclimating students to their environment
and learning about the resources available to them. It’s orientation sessions like these that
helped Ms. Fadgen get to where she is today.
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Savannah Hayes - Defining & Designing Your Dream Job
The Women's Center for Entrepreneurship hosted an amazing speaker, Savannah Hayes, on February 9th. This speaker event was free ...
-
Rebecca Harris is the current Executive Director for the Center of Women’s Entrepreneurship at Chatham University, and has...
-
Personal business plan Slow Your Roll is committed to promoting slower fashion. Due to the toxic effects of the fast fashio...