11 March 2015

10 Lessons I Learned About Running A Business

This week I am celebrating the tenth anniversary of my business Global Wire Associates. The idea for the business really came by happenstance. I don’t have any formal training in business management. A lot of what I know I had to learn along the way by myself or from others.

Back in 2005, I never thought this business idea would last a year, let alone ten years. During the last decade I learned a great deal about myself and about navigating entrepreneurship.

Leadership is important – Many people have always told me that I was a good leader and running a business seems to come naturally to me. It is one thing to have a leadership role in a community group or professional organization. It is a whole other thing when you are calling the shots at your business. Decisions – good or bad – always have to be made in an organization by the leader. A good leader is someone who is a commited to the business, communicates well, a role model for her employees and a champion for her clients’ best interests.
Keep learning – Learning doesn’t end when you graduate from school. I am always learning new things, whether it’s from my employees, mentors, clients and competitors. I try to be open-minded to new ideas whenever possible. Running a business is not about being book-smart, but rather life-smart.
Knowing when to say “no” – Many business owners are ready and willing to take on any work given to them by clients. I have learned that sometimes you just can’t do everything all the time for a variety of reasons. Maybe you don’t have the time, or overloaded with other work or you are just too tired. Sometimes you have to know your limits.
Don’t take others for granted – Don’t assume that your customers or employees will always stay with you. I have been lucky to have many staff members and clients for the whole ten years! Make sure you are always checking in with them by keeping that two-way communications going.
Take risks – Sometimes you have to try new things. Change is good. I have not always been open to change, but change is the way we evolve as people. Some risks I have taken and failed, but other risks I have succeeded. Starting Global Wire Books and Global Wire Design were both risks that have rewarded me handsomely.
The customer is always right (even when you think they are wrong) – If it wasn’t for the customers, I would have been out of business a long time ago. So this is why you want to cater to their needs. When you think they are wrong, you can kindly explain why. Most of the time, they change their minds because they trust your judgment.
Get organized and be professional – It is really hard to be messy when you are running a business. Get your files in order, pay invoices and salaries on time and get to meetings on time. Being professional can go a long way for your business.
Get it in writing – Always document any communications with clients, and especially have a signed contract in place before starting work.
Take a day off – It is good to take a mental health day or two. Go on vacation. Go to the movies. Spend time with family or friends. Watch Netflix. Take a walk, a run or eat some baked chickpeas. We all need to take a break sometimes.
Be patient – I had to learn to not be such a control freak and let go of things sometimes. Think before you speak. Control your emotions and be an active listener.

4 March 2015

Nutrition Tips For Entrepreneurs (and Everyone!)

Talia Whyte Business National Nutrition Month, nutrition

Being an entrepreneur is very stressful. You work all day, all night, seven days a week. Worrying about making a profit and meeting client demands can take its toll on your health. When we are stressed, many of us tend to eat more unhealthy food that in turn creates even more stress.

About ten ago I faced this dilemma myself, eating crappy food at all hours of the day and night. One day I went to my doctor about the stress and the constant stomach problems and headaches. She suggested that I take a closer look at my diet.

When I looked at my daily food intake, it wasn’t a good look; lots of breads, pasta, sweets, artificial drinks and meat with little fruits and vegetables.

“You also have a family history of diabetes, so you really have to take better care of yourself,” the doctor said.

At that point I realized that I needed to change my habits for the sake of my business and my health. Since then I have made better food choices:

Meat

Around that time, I started to eat less meat because it was expensive and red meat in particular bothered my stomach. So going mostly vegetarian was not a total stretch. Every once in a while, I’ll eat some chicken or turkey during special occasions, but I mostly eat beans and tofu for protein. I think going meatless has helped me feel better and lose some weight over the years.

Sweets

The human body is not designed for processed foods and will reject it. When I started eating more fruits and vegetables, I became less tempted to eat sweets. Every once in a while I might eat a Kit Kat, Skittles and the occasionally donut, but I mostly stay away from the artificial sugar.

Starch

I have a weakness for starches and bread and pasta are my worst enemies. About five years ago, a friend told me about flourless Ezekiel Bread and Barilla Plus pasta, both healthier alternatives. I also eat more brown rice and sweet potatoes.

Drinks

You will always see me with a water bottle or a cup of herbal tea. I only drink artificial drinks like fruit juices and soda at parties and other special events.

Here’s a breakdown of a typical day of meals:

On the left is food I generally eat everyday. On the right I listed foods I like to eat when I want to switch it up sometimes.

25 February 2015

Zora Neale Hurston: Storyteller of the American Experience

Talia Whyte History black history month, Florida Writers' Project, folktale, Works Progress Administration, Zora Neale Hurston

Zora Neale Hurston is best remembered as one of the leading figures from the Harlem Renaissance and author of Their Eyes Were Watching God. She was also a well-respected anthropologist who traveled widely throughout the American South and the Caribbean to collect American oral histories.

In 1938 Hurston joined FDR’s Works Progress Administration (WPA) as a researcher and editor for the Florida Federal Writers’ Project. Originally the project was tasked with collecting “life histories” for state guides. However, the project turned into one of the largest and well-researched documentation of the American experience that could be shared with future generations.

Hurston traveled throughout Florida interviewing Americans of African, Arab, Greek, Italian and Cuban descent about their lives and communities. With a large recording machine loaned to her from the WPA, she recorded songs (some she sang herself) and folktales in many languages. Her travels also took her to the Bahamas, Haiti and Jamaica, with the support of the Guggenheim Foundation. While she was in the Caribbean, she studied and recorded African inspired dance and voodoo practices.

Her research would become inspiration for many of her later works like Mules and Men, a study of “Hoodoo” practices in New Orleans and African folktales in Florida. Her other book, Tell My Horse, looks at cultural identity and voodoo in Haiti and Jamaica. Their Eyes Were Watching God was written when she was in Haiti in 1937 and Seraph on the Suwanee, a novel about working class whites in Florida, was penned in Honduras in 1949.

Here are some Hurston’s audio recordings:

“Crow Dance”
While in the Bahamas, Hurston talks about interviewing Dr. Melville Herkovitz, originally from West Africa, about why the crow is sacred.

“Oh, the Buford Boat Done Come”
Hurston sings a song she learned from a Gullah woman in South Carolina. Gullah refers to a community of black Americans living in the Carolinas, Georgia and Florida who have retained their West African heritage.

“Mule on the Mount”
Hurston sings this popular song that can be heard in work camps and recreational sites.

“Mama don’t want no peas, no rice”
Hurston sings this folk song from the Bahamas.

You can hear more of both Hurston’s recordings and other WPA Florida audio recordings at the Library of Congress.

18 February 2015

The Pros And Cons of Bootstrapping Your Business

Talia Whyte Business Bootstrapping, entrepeneurship

Last week I had a lunch conversation with a friend about an interior design firm she wants to start soon. She doesn’t want to be held financially accountable to anyone, and she has decided to fund the business with both her savings and income from her day job at a furniture design shop.

This led us into a longer discussion about when and why it might be a better idea to bootstrap your business. Let’s look at the pros and cons:

Pros

More Freedom – Usually, when you invite monetary support from venture capitalists, angels, and even loans from friends and family, you lose some or even most control over how the business is run. This is because the people giving you money are expecting you to use it a certain way and properly repay them someday. Many people instead use their savings or moonlighting to start and run the business until it is making a profit. Of course, no one will tell you how to run the business because you are using your own money. With this said…

More Money: When you are bootstrapping, you don’t owe money to anyone. You have nothing to share with anyone else so that you will have more take-home profit.

More Pride: When you are bootstrapping, you tend to feel a sense of pride in your business, and thus, you will work harder to make it successful.

Learn Resourcefulness: Using your own money forces you not to waste it on things your business probably doesn’t need. You quickly learn how to be creative with the resources you have access to and how to react to new situations. Resourcefulness is an excellent skill that more of us need to have these days.

Cons

More Stress: Bootstrapping can be very stressful. Many entrepreneurs either work at one full-time job or several part-time jobs in addition to running their dream business. This can take a toll on both your professional and personal lives. Working a day job while moonlighting literally becomes a 24-hour, seven days a week job.

More Trouble?: On the subject of moonlighting, check with your current employer about their moonlighting policies for employees. Don’t get terminated from the job that is financing your business on account of your business!

Slower Business Growth: Unless you’re independently wealthy, in many cases, your business will grow much slower because you are working with a limited budget and resources. You might have to work from home and not be able to hire employees for a while. Again, this is why you need to be resourceful.

Access to Networks: One of the better things about getting external funding is that many investors can also act as mentors and are willing to give you access to their network of other people who might want to do business with you. Many bootstrappers don’t have that kind of access unless they are willing to find mentors that can barter resources instead of money.

More Risk: When you are using your own money, it is riskier. Many bootstrappers go a year or more without making a profit. Whereas, when you have investors, the risks (and successes) are shared.

Most entrepreneurs have mixed feelings about bootstrapping. This is not for everybody. Personally, I think bootstrapping makes sense, depending on the type of business you are running. I have never used external money to fund any of my business ventures. I am a bit of a control freak when it comes to my affairs. Instead, I barter resources from trusted individuals, and that has worked out best for me.

I am also very resourceful. All of my businesses are online for a reason. I decided early on that renting a physical office would be too much for my budget. I think it only makes sense to have an office if you have the type of business where you have to meet with clients regularly. Technology like video conferencing and e-commerce has made a big difference in how I run my businesses and make a profit.

Another example of smart bootstrapping is another friend of mine who is about to open a restaurant in Los Angeles. For the last 13 years, he has always wanted to run his own restaurant, but he was not able to get the funding he thought he needed to get the idea off the ground. He originally had two investors eight years ago, but they were not able to agree on how to use the money. So he decided to take a detour to his dream by starting a part-time catering business. He kept his day job as a sous chef at another restaurant, while catering on the weekends.

This worked out for him in many ways. He was able to save money from his regular day job to help finance his catering at the beginning. He made sure to learn everything about running a restaurant from his day job, where he eventually became a manager. The catering business allowed him to experiment with new foods he wanted to cook for new clients. He was also able to network with many clients who were powerful in the entertainment business, and who also gave him referrals. During this time, he was able to test out, develop, and finalized a menu, scope out potential restaurant locations and create a business plan for his restaurant.

Fast forward eight years, and now he is about to open his Asian fusion restaurant in West Hollywood later this year. I am so proud of him, and I plan to go out to Los Angeles to celebrate the restaurant opening.

The lesson here is if you are going to bootstrap your business, make sure you think it through and have a plan of action, which should include a pro forma financial statement (very important), a strategic plan and a business plan.

Talia Whyte

About Talia Whyte

Posts by Talia Whyte:

10 Lessons I Learned About Running A Business

Nutrition Tips For Entrepreneurs (and Everyone!)

Zora Neale Hurston: Storyteller of the American Experience

The Pros And Cons of Bootstrapping Your Business