07/02/2013
30/01/2013
Women entrepreneurs: The Silpada success story
Bonnie Kelly and Teresa Walsh, the women behind Silpada, a gorgeous line of sterling silver jewelry, can best be described as a dream team, combining the spirit of entrepreneurship and friendship. SheKnows had a chance to ask them a few questions about the secret to their amazing success and how they went from two mothers with big dreams to the powerhouse they are today.
"Silpada is a business built on friendship. We started out as best friends and went into business wanting to empower women and allow financial freedom."
SheKnows: You have such a great success story. Can you share a little bit about how Silpada began?
Silpada: We first met in 1985 when our oldest of three children started first grade. We had both signed up as room mothers and immediately became the best of friends. After chatting about how we could earn a little extra cash, we tried a few new business ideas. We had a lot of fun, but it wasn't until we each took $25 from our grocery fund and pursued our passion for sterling silver jewelry that we really began to love our "jobs." We started designing our own jewelry creations and hosting what we called "A Fun Ladies' Night Out Playing Dress-up with Jewelry"! Quickly, one party led to another, and it wasn't long before hostesses and customers began telling us, "You look like you are having so much fun. We wish we could have your jobs!" After hearing this again and again, we decided we would start a company where we could offer the opportunity to other people to build their own business while balancing family life.
Silpada Designs officially began in 1997, and we created our exclusive line of Silpada Designs sterling silver jewelry and our very first Silpada Designs catalog. Friends and customers became independent Silpada Designs representatives, and we realized our dreams of running our own business.
SK: Not only are you successful, but you manage friendship and business so well. Any tips on how to maintain a friendship while working together?
Silpada: Silpada is a business built on friendship. We started out as best friends and went into business wanting to empower women and allow financial freedom. We didn't expect our personal relationship and our "Fun Ladies' Night Out" to also inspire such a strong opportunity for friendships. It's been incredible to watch! For us, we've always looked to each other as mentors, so utilize your friendships in that way. As best friends, we know we can always count on one another. And, it's all about having fun!
SK: Do you have a favorite moment in your rise to success?
Silpada: For the last 15 years, we have been inspired on a daily basis when we hear emotional stories from Silpada representatives about how Silpada has changed their lives. It is our greatest success to share the Silpada business opportunity with other women and hear how it has impacted their lives. It gives us chills.
"Discover your strengths and then follow your passion and dreams."
SK: So many try to enter the jewelry industry. What is it about Silpada that has helped you rise to the top?
Silpada: During the first nine years in business, Silpada simply grew organically by word-of-mouth. From day one, we have been focused on building a solid infrastructure, developing the highest-quality jewelry and supporting our representatives and customers in the best way possible — and this continues to be our focus.
Silpada has always been committed to being the best at what it does; that is, it produces the best products possible and provides the best opportunities for its representatives. This underlying philosophy has fueled the phenomenal growth and laid a solid foundation for Silpada's future.
SK: Family, friendship and a successful business... how do you balance it all?
Silpada: Our approach has always been to get it done instead of worrying about it. We prioritize our tasks and aren't afraid to ask for help if necessary. We also have a wonderful support system in our families, each other, friends, representatives and dedicated employees who we can always count on.
SK: If you could give one piece of advice to female entrepreneurs, what would it be?
Silpada: There are a number of preliminary steps you should take before diving into a new business venture. It's important to do something you're good at and make sure there is a need for your product or service by testing the market. For six years prior to starting Silpada, we pursued our passion by helping women reinvent their wardrobes and hosting home jewelry parties.
A few other guiding principles we live by:
- Most likely if you're really passionate about something and willing to put work into it you will be successful.
- Stay open and flexible for what is around the corner.
- Don't be afraid to try something once.
- Discover your strengths and then follow your passion and dreams.
- Remember, passion and fun is contagious.
29/01/2013
Initiatives for Women Entrepreneurs
Women entrepreneurs have achieved remarkable success. The Micro, Small & Medium Enterprises Development Organisation (MSME-DO), the various State Small Industries Development Corporations (SSIDCs), the nationalised banks and even NGOs are conducting various programmes including Entrepreneurship Development Programmes (EDPs). To cater to the needs of potential women entrepreneurs, who may not have adequate educational background and skills, MSME-DO has introduced process/product oriented EDPs in areas like TV repairing, printed circuit boards, leather goods, screen printing etc. A special prize to "Outstanding Women Entrepreneur" of the year is being given to recognise achievements made by and to provide incentives to women entrepreneurs. The Office of DC (MSME) has also opened a Women Cell to provide coordination and assistance to women entrepreneurs facing specific problems.
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There are also several other schemes of the government like the Income Generating Scheme, implemented by the Department of Women and Child Development, which provides assistance for setting up training-cum-income generating activities for needy women to make them economically independent. The Small Industries Development Bank of India (SIDBI) has been implementing two special schemes for women namely Mahila Udyam Nidhi which is an exclusive scheme for providing equity to women entrepreneurs and the Mahila Vikas Nidhi which offers developmental assistance for pursuit of income generating activities to women. The SIDBI has also taken initiative to set up an informal channel for credit needs on soft terms giving special emphasis to women. Over and above this, SIDBI also provides training for credit utilisation as also credit delivery skills for the executives of voluntary organisations working for women. Grant for setting up a production unit is also available under Socio-Economic Programme of Central Social Welfare Board.
For more information visit: http://www.dcmsme.gov.in/schemes/wenterpre.htm
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Celebrating Female Entrepreneurship With the Seventh Annual Cartier Women's Initiative Awards
I have often been asked how Cartier, with its venerable history and luxury heritage, came to launch a competition to encourage and promote female entrepreneurs in the start-up phase of business: the Cartier Women's Initiative Awards.
Cartier is no stranger to breaking new ground: from pioneering novel jewelry practices to creating the Fondation Cartier, where avant-garde artists work in total freedom and independence, it stays firmly attached to the core values of its founders: creativity, innovation and responsible enterprise.
It all started with a proposal to be involved in the Women's Forum for the Economy and Society, often dubbed the "Davos for Women." We set about thinking how we could make the most of this opportunity with a meaningful contribution. Not a straight corporate sponsorship, but action.
We asked ourselves: what do women need that we could tangibly bring, on a long-term basis, to improve their economic status and social dignity? We wanted a partnership where women can accomplish their own project and make their mark on the world. We wanted a social impact and to encourage the spirit of enterprise. Across the globe, women continue to struggle to be acknowledged as entrepreneurs and business leaders. In report after report comes the same damning conclusion: access to funding, networks and mentorships are major barriers that stand in their way.
As a company with a majority of female staff and management, we knew this was where we could act. It was important that the business be for-profit; charity is one thing but the true drivers of progress and change are economic empowerment and employment. Women-led firms frequently advocate flexibility, social interest and benefits for the community. Those that have competed in the Awards have created over 1,000 direct and indirect jobs around the globe.
We knew we could support the finalists with international visibility and credibility, and we teamed up with McKinsey & Company and INSEAD business school to create a strong network of professionals who could steer our entrepreneurs towards growth. There is also a financial reward of $20,000 for all Laureates, but it is not the biggest draw: over and again the ladies tell us that the coaching is invaluable, a chance for entrepreneurs struggling to wed business with social impact to tap into the knowledge of global players, with terms like "heartening", "enriching" and "inspiring" returning again and again, from finalists and coaches alike. It's wonderful to hear top experts tell us: "We can all learn from these ladies."
Obviously, an international competition draws a broad diversity of candidates; some are business school graduates, some are salaried workers and executives changing course, others never thought they'd run a company but had a great idea and need help making it a sustainable business. That's where the coaching helps, preparing all finalists in the run-up to their presentations with the international Jury of investors, business leaders and professionals, whose tough decisions come with valuable feedback.
This year is the 7th edition on our journey through women's initiatives, which has taken us from sanitation solutions in the slums of Kenya to beauty products farmed by women in Senegal, paperless receipts in the U.S. to hand-made shoes in Indonesia, chemotherapy toxicity treatments in France to engineering courses for children in Lebanon, hospital ward management in Chile or biomass pellets in Bolivia.
It's a real thrill to be part of this ever-growing network of women working for change. Yes, it's a competition, but one in which everyone pitches in together, long beyond the ceremony itself. Past contestants are full of tips about their experience and applications on our social networks. It's all about community and this is one of the things I love most: meeting dynamic women driving such stimulating projects.
The competition is open to women of any age running any business that fulfils the main value criteria: creativity, financial sustainability and social impact. You can apply online and find more information at CartierWomensInitiative.com. Applications for the 2013 edition are open until March 8th. That's International Women's Day. For us, it's very significant.
We look forward to hearing from all you enterprising ladies!
For more information visit : http://www.huffingtonpost.com/christine-borgoltz/cartier-womens-initiative-awards-2013_b_2568337.html
25/01/2013
Motives, Success Factors, and Barriers among Canadian Female Entrepreneurs: The Case of Greater Sudbury
Abstract
Introduction and Theoretical Framework
Fifty-four female entrepreneurs in Greater Sudbury, Canada, were surveyed in 2009 to determine the motives for self-employment, success factors, and problems they perceived. Results revealed that primary reasons for owning a business were personal satisfaction and growth, to have fun and to proving they could do it. These results show that Canadian female small business owners were driven by intrinsic factors as opposed to monetary motives. In terms of business success variables, the most important to them were the entrepreneurs’ reputation for honesty and good customer service. Serious problems faced by Canadian female entrepreneurs were the weak economy, high business taxes and the unavailability of skilled labour. Results on success factors and perceived problems were consistent with those from previous studies using similar instruments both in Canada and other countries, including Turkey; however, while intrinsic rewards characterised Canadian respondents’ motives, Turkish entrepreneurs were primarily driven by economic rewards.
Introduction and Theoretical Framework
There has been growing research interest in female entrepreneurship, coincident with the increasing contribution of female-owned small and medium-sized enterprises (SME’s) to economic growth, as well as the marked increase in the numbers of small firms controlled by women. For example, in Canada, the number of self-employed females has grown fifty percent over the last fifteen years. Women entrepreneurs now represent one-third of the total population of Canadian entrepreneurs. In fact, the number of Canadian companies managed by women has been growing at an average annual rate of 3.3 percent since 1989; this growth rate is 60 percent higher than for male entrepreneurs (CIBC World Markets 2005). In 2008, there were more than 910,000 self-employed women in Canada and 46% of firms (Statistics Canada 2009) with at least one female owner. These businesses employed 570,000 people and generated combined annual revenues of $72 billion representing approximately 8% of all revenues from Canadian SMEs (Carrington 2006). Statistics Canada (2009) estimates that 16% of all businesses in the country have a female as a majority shareholder or owner.
However, despite clear evidence of an escalation in entrepreneurial activity by women, females are still only half as likely 
as men to start a business (Minniti, Arenius, and Langowitz, 2004; Reynolds, Bygrave, and Autio 2004). At the same time, firms owned by women are smaller and less likely to be oriented towards growth when compared to male-owned businesses (Minniti, Arenius, and Langowitz, 2004; Rooney et al. 2003; Anna et al. 2000; Du Rietz and Henrekson 2000; Orser, Hogarth-Scott, and Wright 1997).
as men to start a business (Minniti, Arenius, and Langowitz, 2004; Reynolds, Bygrave, and Autio 2004). At the same time, firms owned by women are smaller and less likely to be oriented towards growth when compared to male-owned businesses (Minniti, Arenius, and Langowitz, 2004; Rooney et al. 2003; Anna et al. 2000; Du Rietz and Henrekson 2000; Orser, Hogarth-Scott, and Wright 1997).
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