Entrepreneur Shares Business Tips with African Women

Washington — The ability to manage effectively, work hard and continue to hold a sincere passion for your business are the three most important traits for any entrepreneur, according to a business consultant.
Rachel Allgood, entrepreneur and chief creative officer of Isocurve, a consulting firm she founded in 1996, made that point in a U.S. Department of State webchat with women entrepreneurs March 19. Many of the webchat participants were from Africa. Allgood was one of three women business owners who recently represented the United States at the 2009 International Women’s Entrepreneurial Challenge in New Delhi.
“I think it is imperative to love what you do,” Allgood told women entrepreneurs in Zambia and Uganda. “That is first and foremost for me. Money has never been a driving force. … It is the excitement of working in new technologies and being a part of innovative branding programs that promote one’s particular brand of products,” she said.
It is also important, she said, “to be willing to mentor and nurture employees and allow them to take the spotlight whenever possible. That is what will allow you to step into new areas and allow the business to grow. If you try to control every detail, the business will stagnate. So, you have to be willing to make mistakes yourself and let others do the same. That is how we all learn.”
Asked about starting a business, Allgood said any entrepreneur first must ask a series of questions: “What do you want to do? And is there a market need for it? Do you have funding in place? Once you figure out the nuts and bolts of your business model, then you will find your answer. You need to put pen to paper and write down all of your pros and cons, what you have in place and what you need to do. This is not a decision you make effectively without doing the basic homework first,” she said.
Asked for some tips on how to run a business and keep it healthy, Allgood said business owners must ensure they have enough cash on hand to operate and be able to maintain an educated, well-trained staff. “A business is similar to the human body,” she said. “When one component is out of balance, the rest tends to suffer.”
She continued: “I think the reason many business fail is the inability to be agile. Nothing is absolute. The world is constantly changing as is technology, as is business — the ability to move swiftly and adapt allows for survival.”
Asked what prompted her to start her own business, Allgood said “Entrepreneurship takes a certain kind of optimism. Not fake but real. There are challenges every day, from lack of cash to an employee with personal problems. Each has to be tended to. At the end of the day, we have to find a purpose in what we do — that helps light the way.”
Many women entrepreneurs face significant challenges when balancing home and business responsibilities, Allgood said. “Some women seem to do this very well. They have extremely supportive families, husbands, and co-workers. Others struggle and get caught in the cycle of being overwhelmed and not truly succeeding at anything. This is a choice that each woman has to make for herself.
“Each person has to examine her internal and external resources and also her business choices — does the work require enormous amounts of travel, long hours, employees, or is it an idea that can be brought to fruition part-time from home?”
Asked what women entrepreneurs have contributed to the world, Allgood told her audience, “I think it is not just women entrepreneurs but women in all lines of work” who have made such contributions. “Women have had to work under the radar for centuries — funneling scientific ideas through their brothers and husbands. These women have paved the way for all of us.
“Women entrepreneurs,” she continued, “have found a way to make money and affect community in unique ways — just look at Anita Roddick, the founder of The Body Shop International [seller of soaps and beauty products] and all the work she does to help disadvantaged communities. And Mary Kay Ash [the founder of Mary Kay Inc., a cosmetics company] who has helped millions of women find a way to own their own businesses.
“We all, men and women, need to remember that our businesses are intrinsically connected to our communities and it is our responsibility to give back and help those who may just need a helping hand,” she said.
Asked how women in business can function during an international economic crisis, Allgood said, “Crisis always brings opportunity. It is not just about working hard, but smart. What do people need that you can offer? … Also crisis is a great time for innovation. People are more willing to listen when they are in need of good solutions.”