Although we sold software, the majority of our revenues came from services, so we determined our budget based on how many hours we might bill and projected out from there. Borrowing or raising capital never entered my mind. Oh, I remember stating early on that I wasn’t looking to be the next Microsoft, but I also remember distinctly the reason: I didn’t want to lose control. Even though our company grew to multi-millions in revenues from what I considered being scrappy, I honestly think I was afraid of too much success.

I don’t know if I’ve always been that scrappy, but looking back I realized I needed to be to get through college. I had to work 3 jobs at one time to pay for college myself (eating Ramen Noodles in the tough times) because my parents didn’t have the means at the time. But at least then, I filled out every application for a scholarship I could find and opted for all the student loans possible. So why didn’t that translate into my business years later? In my first business, I never really thought about what I could do with someone else’s money.

Over the past couple months of co-founding a nonprofit, the Path Forward Center for Innovation and Entrepreneurship (the first nonprofit for both me and co-founder Renee Lewis), I’ve been building our financial models from what I thought we could make for our efforts – teaching the ACTiVATE program at UMBC, consulting, training, speaking, and license fees for rolling out the program. How can we make this happen by being scrappy? As we’re getting things moving, I’ve been working 24/7 and pulled in a million directions as happens in any type of start-up and have honestly never worked harder in my whole life nor enjoyed something so much. I can’t NOT do it. And then it hit me.

I was stuck in bootstrap mentality.

Although we have big ideas and visions for the Center, I kept coming back to ‘how can we earn the money to fund these great ideas?’ until I got my own boot in the butt. I kept seeing the signs – from the recent Kauffman study, to the Equity Matters seminar I helped run for Springboard, to the SBA focus group I participated in. This is also where it pays to hang around people smarter than you. All these events, the people around me, and especially the continuing success of our ACTiVATE participants and alum collectively and indirectly helped me realize that what we’re doing is SO powerful and the timing is SO perfect that it can’t wait to be bootstrapped. Bootstrapping isn’t good enough. We need to raise money from the outside.

I know this is contrary to what most people are thinking in this economy. And in fact, outside capital isn’t always the right answer for every business. But when the timing IS right and the idea IS powerful and the market IS ready, waiting to bootstrap can kill an opportunity’s momentum and chances for success as a result. It is a risk, though, as raising money isn’t easy and can consume a lot of time. It is an option that should at least be weighed by entrepreneurs when they start so they can build in the right infrastructure and value to get where they want to go. Neither fear of success nor failure should be among the limiting factors.

The transformation of my thoughts and, as a result, the vision for the Center was so incredible, yet so painful (as all growth is) I realized that many of the women who come through our programs are likely stuck exactly where I was. And now that I’ve gone through it, I am better at recognizing the symptoms in others and developing strategies to address this attitude head-on. If we’re ever going to help women reach the levels of success they are fully equipped to attain, this has to be a part of it (see friend Dr. Sharon Hadary’s recent article in the Wall Street Journal as backup!). And now I know better how to get there! I’ve always believed that pain can have an upside. And I know that ACTiVATE, the Center, and the women we touch will benefit from this pain of my thought evolution as well.

ACTiVATE(R) Class of 2009

incredible women from the ACTiVATE® at UMBC’s Class of 2009. I am sad because we have spent every Monday night of the last year together (OK – we took the summer off!). As with classes before, it’s been a great experience. I felt privileged to witness incredible growth in already strong, accomplished women. Just goes to show – we all have room to grow no matter WHAT stage we’re at!

Dr. Kimberly Brown, ACTiVATE® @ UMBC Class of 2007, did an excellent job at delivering the keynote speech. She talked about what motivates people to make the leap into entrepreneurship – to move from the finite realm of job descriptions to the infinite possibilities entrepreneurship brings. ACTiVATE®, she said, made a difference for her by making the impossible indeed VERY possible. When she joined the program, she was negotiating to buy a business but at a standstill. Some simple advice she received at her interview provided her with the information she needed to move the talks along and purchased a government contract just 2 days into the class. Her company, Amethyst Technologies was born. What started as a 2 person company with 1 client has now grown 20 people with 9 clients, purely through word-of-mouth marketing. Incredible.Getting to know Kimberly through the program and outside of it, I am confident Amethyst is posed for even greater growth and impact under her leadership. Her opportunities are infinite.

Among the benefits Kim talked about receiving from the program, one that stood out in my mind as hard to find elsewhere was the support of and connections with other women like her. ACTiVATE® provided not only a community of smart, successful women focused on the same goal (starting a company), but we were able to provide her with numerous role models and connections to inspire, motivate, and assist her on her path. Emlyn Stancill, one of our current graduates, reiterated Kim’s sentiment at the end of the night. She said she’s so busy with

motherhood and work that she never has the opportunity to meet other women who so ‘get’ what

she’s trying to do. Through the other women in the ACTiVATE® program who get and support her, she’s found her people. And we SO get her because we are just like her!

As with the 4 years prior, another group of women are added to the impressive list of ACTiVATE® graduates. I recommend that you watch out for them…you’ll be seeing their businesses making headlines in no time!

His shows contain a lot of great (free!) content so after listening in to our chat via the link below, check out some of his other interviews! You’re bound to learn a lot…

Bill George

Bill George, former CEO of Medtronics and now Harvard professor, was a great choice to open the World Business Forum 2009. Having attended a reception he threw for the Blogger’s last night (where he gave us a signed copy of this book, 7 Lessons for Leading in a Crisis), I was able to catch a glimpse into his philosophies and ideas. I have to admit, I liked what I heard.

He came right out with an unfortunately very male analogy, saying that being a leader us like being a great athlete. Sometimes your throw touchdowns and other times its interceptions. The parallel was drawn to both the leader and that athlete doing the best they can under the circumstances they had. Obviously he’s not a Dallas Cowboys fan, but I digress. The point he was making is that failure comes with the territory and it doesn’t necessarily mean the end of a career.

He then got talking about our current economic crisis. He felt strongly that it isn’t over yet but, and I love this analogy, he said “A smooth sea never created a great mariner.” He asserted that a crisis really creates opportunities for leaders to really shine. I agree – it is all in how you look at it and the attitude you choose.

He reiterated over and over that one of our biggest challenges was in creating jobs, asserting that small businesses were indeed our best option for doing so. I took it as a call for entrepreneurship and couldn’t agree more. He actually said that instead of spending money to bail out GM, we should be taking that money and investing in start-up companies. I, of course, know several entrepreneurs who would wholeheartedly support that agenda.

He then spent some time giving us a preview of his 7 lessons for leading in a crisis, which are:

- Face reality, starting with yourself
- Don’t be Atlas – get the world off your shoulders (another very male analogy)
- Dig deep for the root cause
- Get ready for the long haul
- Never waste a good crisis
- You’re in the spotlight – follow “true north”
- Go on the offense (versus defense) – focus on winning now

One of the last comments he made (more than once) was that markets never come back the same after crisis. To me, I think this provides the perfect opportunity for innovation.

Lastly, he got on a soap box I often frequent: you don’t have to be the one to change the world on your own, but you do have to do your part. Kind of like my snowflake story. We both agree – you should never doubt your role in changing the world because you do have a role, no matter how big or small.