I am extremely privileged to have been chosen to participate in the Empowering Women Entrepreneurs programme run by the Meridian International Centre, the Centre for Women and IT at UMBC and Maxum at the Innovation Hub.
Three weeks of training, mentoring and workshadowing by inspiring, successful women, in the company of 11 dynamic compatriots, has left my head spinning with ideas, plans and loads of enthusiasm!
Here are 10 things that I learnt in the US which I believe can be universally applied to entrepreneurs and freelancers - or anyone who is running or setting up their own business, be it full-time or part-time:
1. Failure isn't the end of the world. Remember that you are learning what works and what doesn't work. Why do we expect to be perfect at something we haven't ever attempted before? Each time we make a mistake, we learn something valuable, that we take with us going forward. Risk something and if it doesn't work out, apply what you've learnt to your next endeavour and up the chances of success. Many venture capitalists in the US won't consider funding an entrepreneur who hasn't got a failed business behind her/him.
2. Work your referrals. I have a client (let's call her Anne) who has asked me to rewrite her sales presentation which her client is using to present to their client to get them to buy Anne's company's solution. If that was confusing, all it means is that Anne has effectively got her client to do her selling for her! Pretty impressive. Asking one of your clients to refer you to one of their contacts can be a powerful way of expanding your client base - assuming of course that your client is happy with your service.
3. Network, network, network. Find a networking environment that suits your personality (I am so not a 7am power-breakfast networker - the 27 Dinners are much more my thing) and then make the effort to attend regularly and to try to meet a few new people every time and exchange cards. Networking events are great for potential collaborations, making new friends, finding a mentor and hey, just getting out of the house for a while! I'm most daunted by trying to join an established conversation circle at a networking do. One of our US trainers taught simply to present yourself with an open smile on your face and say 'hi!'. Try it - it works. Don't be apologetic - rather look like you're someone positive and interesting (see next point!).
4. Fake it 'til you make it. Love this one. Remember Anna in 'The King and I' who used to whistle a happy tune whenever she was afraid? Same thing. Acting like you're confident and know what you're doing has interesting results: one day you'll realise you're not faking it anymore - it's coming naturally.
5. Apply the 80:20 rule. The majority of your income probably comes from around 20% of your clients. And the majority of stress, or hassle, probably comes from a vocal minority of clients - who typically are not the ones who are providing your revenue! Do a client audit and see whether you should jettison any high-maintenance-but-low-revenue clients in order to spend more time and energy finding more low-maintenance-high-revenue ones.
6. Have a great elevator pitch. This is the minute-long answer to 'so what do you do?'. In three weeks in the US, I gave my elevator pitch about 50 times to a range of audiences and individuals and this really helped me to refine it. Practise yours at networking events. It needs to be succinct, clear, unambiguous, interesting, engaging and memorable - and chances are you'll have to adapt it slightly according to who you are talking to. Think about it from the listener's perspective - what will 'hook' them and pique their curiosity? What will resonate with them? I often tell people I am a marketing matchmaker - much more interesting than saying I run an online directory of creative industry freelancers.
7. It's all about value. If you can't demonstrate the value in what you're offering, people won't buy it. You need to put yourself in the client's shoes and understand what is important to them, and what they really want. The easiest way to find this out? Ask! Then communicate this value in everything you do and in all your marketing materials.
8. What doesn't get measured, doesn't get done. It's all very well having goals and a vision, but you can't measure them, or your progress in achieving them - they'll always remain elusive. Simple, but crucial for success.
9. Put the gems in first. Julie Lenzer Kirk, our inspiring lead trainer, handed us each a jar of coloured sand, and a separate bag containing about 20 glass 'gems'. "Now work out how to get all the gems in the jar with the sand" she instructed. Of course, the only way to do it is to take the sand out, put the gems in first, and then pour the sand in so it fills the spaces. How often do we fill our lives up with sand and find there's no space for the gems? Work out what the gems are in your business and personal lives and make sure you're putting them in the jar first.
Acting like you're confident and know what you're doing has interesting results: one day you'll realise you're not faking it anymore - it's coming naturally.
Jo Duxbury, founder, Freelancentral.co.za
10. Know which balls are glass and which are rubber. Another great analogy from Julie was that while we're all juggling many different balls in our lives, it's crucial to know which will bounce (rubber) and which will shatter (glass) if we drop them. These will probably change during your life so assess regularly which 'balls' you need to prioritise. Non-negotiables like quality family time, 'date night' with your partner, or filing your tax returns on time are likely to be glass forever.
As a result of the US programme, the South African participants have set up a movement called Femtrepreneurs, aimed at inspiring and supporting female entrepreneurs in the ICT field in SA. For more information and resources, and to make contact with the founding members, please visit http://femtrepreneurs.wik.is.
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