“These shoes help others get a step up” by CNN

Inspiring!!

“Step into Blake Mycoskie’s shoes for a day, and you might wind up feeling enlightened. Not just because the shoes he wears are incredibly lightweight, but because they transport him to regions of the globe where footwear is a rare, precious commodity.

So what are these magical slippers? They’re called TOMS, and they’re the foundation of Mycoskie’s one-for-one business principle: for every pair of TOMS sold, the 32-year-old gives a pair to a child in need.

The idea came to Mycoskie — who calls himself a “serial entrepreneur” whose first company was a laundry business he started in college — while he was vacationing in Argentina. He says he was overwhelmed by the sight of children living without shoes. But instead of simply starting a charity, he decided he could better serve by launching a for-profit business.

In the 2½ years since its inception, TOMS Shoes has distributed 150,000 pairs of shoes toimpoverished children in Argentina, Ethiopia, South Africa and the U.S. via a series of “shoe drops.”…”

article @

http://www.cnn.com/2009/LIVING/homestyle/03/26/blake.mycoskie.toms.shoes/

His Web site: http://www.tomsshoes.com/

[pic: http://www.fashiontime.hu/content_files/toms%20shoes.jpg]

“Change the world, one click at a time” Boston.com

I am a big supporter of social entrepreneurship!! Some start ups are real sources of change and inspiration! Check out the following internet startups @:

http://www.boston.com/business/technology/articles/2007/12/29/change_the_world_one_click_at_a_time/

Abstract:

“All the networks, homemade videos, and blogs on the Web have made it a center for socializing, not social change. But a slew of start-ups are using the tech tools and social dynamics that have become the norm online to tackle real-world problems.

Whether it’s through a social network that helps a Nicaraguan woman get a loan to expand her business selling dyed rope, or a website that…”

Be Good At Anything!

“The good news: Talent is meaningless. You can be world-class atanything.

The bad news: The formula requires absolute commitment: 3-4 hours daily of pleasureless, intense practice, and fifty to eighty hours a week of total domain-related time… for a decade. You must always get a full-night’s …” 

article @ http://littlecomputerscientist.wordpress.com/2009/03/10/how-to-succeed-at-anything/

“Social Entrepreneurs: Who are they, Where are they?” by Sandra Zerbo

Thank you Sandra! Very inspiring!!

PBS has started a series called The New Heroes, which “tells the dramatic stories of 14 daring people from all corners of the globe who, against all odds, are successfully alleviating poverty and illness, combating unemployment and violence, and bringing education, light, opportunity and freedom to poor and marginalized people around the world.” 

On the web page, you can actually read the very inspiring stories of these new heroes, and also (how cool!) play a ‘building a socially conscious business game!” There is also a quiz, and the opportunity to share your stories.   HYPERLINK  http://www.pbs.org/opb/thenewheroes/  

On the Skoll Foundation’s page titled “What Is a Social Entrepreneur” you can also read on people like Yunus (Grameen Bank), Roy (Barefoot College), and Cotton (CAMFED).  HYPERLINK  http://www.skollfoundation.org/aboutsocialentrepreneurship/whatis.asp

For videos, please visit the Skoll Foundation’s YouTube channel at:  HYPERLINK http://www.youtube.com/skollfoundation 

There is another facet of the broad arena of social entrepreneurship that I would like to bring your attention to. It is called strategic philanthropy and it is defined as the different ways that companies might find to work towards social justice and the improvement of lives through their marketing and other business strategies. 

The Google Foundation ( HYPERLINK http://www.google.org) is a very good example of how a company decided to create a philanthropic arm and is doing great work around the world. The resources in the third and last article of these series will give you more knowledge of the field in general, and outline websites that will help in better defining and maybe making the decision to pursue this path.

Picture – istockphoto

Social Entrepreneurship @ NYU

Thank you John for your email and the information!  This is really great!

Hello Yopi,

 

I have read your friend Sandra Z’s first installment of The Social Entrepreneurship Series. Today I came across some information related to the topic about which you might want to alert the ever-growing YOPI Army.

 

The only booth to catch my eye at the Idealist.org-sponsored Graduate School Fair held today was that occupied by the Catherine B. Reynolds Foundation Program in Social Entrepreneurship. Reynolds Fellowships and Scholarships are open to New York University students pursuing degrees in any of their 14 schools. Graduate and undergraduate students from a variety of disciplines use Reynolds Fellowships to customize courses of study related to social entrepreneurship culminating in field work, or projects of their own. 

 

It looks like Reynolds Fellowships are available at other schools, too (as I just gleaned from a Google search). 

 

Here’s the Foundation’s site: http://www.cbrf.org/

 

Here’s the NYU-Reynolds page: http://www.nyu.edu/reynolds/index.flash.html

 

Here’s Harvard’s: http://www.reynolds.harvard.edu/

 

Here’s the e-mail address for David Russell, the Reynolds Felow I met today from NYU: david.russell@nyu.edu.

 

In the coming week, I hope to follow up with what I mentioned before.

 

Kadi, ko e mbinndol Pulaar, mi watinta, sabu ko innde Pulo inniree-mi. A jaaraama; mbaalen he jam neddo am.

 

“He YOPIAAGAL“ (Pulaar for YOPI pride, or YOPI-ness).

 

Ousman York

Entrepreneur Interview: Giuseppe Frustaci – CEO, Founder Prestorent.com

I had a great interview with a young entrepreneur: Giuseppe Frustaci, who is in the process of launching his website, prestorent.com.  

This 25-year- old entrepreneur is from Shrewsbury, Massachusetts (USA), a small suburb of Boston. He has a Bachelor of Art in Psychology and a Bachelor of Science in Business Administration from Boston University (BU).

Giuseppe likes to cook. So, if I had to write a recipe that would describe him, it would not only be, clear and to the point, but its main ingredients would be: ambition, passion, enthusiasm, good humor, resourcefulness, friendliness…  I’ll let you complete the list as you read the interview…

So, put on your glasses –or not- and enjoy the interview.

Note: PrestoRent is currently accepting Resumes for internship positions. If you are interested, please contact PrestoRent at info@prestorent.com.

 

What is your product/service?

I created a web site: www.prestorent.com. PrestoRent.Com is a web-based toolkit that eliminates the pains of renting and managing apartments. With applications for advertising, paperwork, listings management, messaging, and more, PrestoRent.com helps professionals cut costs, increase revenues, and work more efficiently, all while reducing the time and effort they invest in managing and leasing apartments.

 

How did you get the name “prestorent”?

One day, I was watching TV with my friends and the name just jumped into my head. You know how a magician makes things appear in front of your eyes; you don’t know how he did it… it just happens… and it was quick and easy. So, that’s the idea behind the business: quick and easy.

 

‘Entrepreneurship?’ Why did you choose this path? Is this something you always dreamed of doing?

It was inevitable. I always knew I’d be running my own business, although I didn’t expect to start something like this immediately after college.

I grew up in the real estate industry: my mother was a real estate appraiser. But, I actually did not want to get into real estate.I wanted to experience something different. However, the opportunity presented itself and I thought that it was worthwhile. I saw a need worth exploring.  

 

Is this your first business?

No. I started my first business when I was fourteen, mowing lawns and got into landscaping and all sorts of other things. I worked afternoons after school and during the week end (approximately 20 to 30 hours a week). What I found interesting was that I actually made more money per hour, and in total, just mowing lawns than doing the “glamorous” landscape design and installation work. So I concentrated on just mowing.

 

How did you get the idea for your business? Tell us about it.

Looking back on how it all started, it is funny, but let me assure you that at the time, it was not. I was a senior in college and I got my first apartment. It was the most painful experience of my life.

 Why?

 Agents took me to units I didn’t like. I submitted applications for units that I wasn’t going to qualify for or that were already taken. I’d see an ad online and go to see the unit only to find out that it looked nothing like what the ad showed. It was a lot of running around and poor service.

 

This was all during my final semester of college at Boston University. Ironically I had previously signed up for a class called “Opperations Management for Service Industries.”  25% of our final grade in this class was to research a service business and identify how to improve its operations. Coming out of my apartment-finding experience, I saw a huge opportunity for improvement. The main problem, I saw, was that real estate agencies waste a lot of time redoing the same work over and over again, which is very inefficient. As a result, they cannot provide the level of service they would want to give.

 

When I graduated from college, I got my real estate license and ‘lived’ in the industry for about a year. I worked for a landlord, a property manager and a real estate agent. I tried to wear different hats and put myself in different situations. I did this for a few reasons. First, there were numerous websites and softwares targeting the apartment rental industry, but apartment leasing professionals just weren’t using any of it. So I needed to see first-hand why. Second, I needed to see how professionals were working to understand how the software or website should be designed. When it comes to software and websites, you have to design it around how people work. You can’t expect them to change what they are doing to match your software.

 

I started writing the business plan and developing the website in the fall of 2007. While I’ve certainly made progress I know that the plan will never truly be “finished.” We’re constantly updating it and adjusting it to account for the things we’re learning.

 

Your site looks very professional. Did you design it yourself or hire somebody?

 While I know enough about websites and code to manage the process, I knew from the beginning that I did not have the skills to develop it myself. So, I have a really good tech team who helps me with that aspect of the business. They do all the development and design.

 

 Can you describe your typical day?

I start working everyday at 10 am and work until 7pm and sometimes till 8-10 at night. It is not always sitting at my desk; a lot of it is going to meetings or networking events. There’s definitely at least one meeting or phone call with my CTO (Chief Technical Officer) who is in charge of managing the development of the site. I talk to my lawyer at least once every other day. I spend at least an hour every day working through marketing, either projections or planning. The development of the site has its own momentum, so right now I need to focus on growing usage once the site is up and running.

 

As a young entrepreneur, what challenges do you face?

Money, as always, is one of the biggest challenges. So far I have been fortunate to not need funding beyond my own resources plus Friends and Family.  We’ve started developing relationships with investors (VC’s, Angels, and private investors). Whereas 5 or 10 years ago you needed at least $500,000 in startup money to launch a site, today you just don’t need that much. Developers are less expensive and there are many tools for the Do-It-Yourselfer. And once we have customers we will be able to get a much better valuation than if we got funding pre-launch.  

 

Another challenge is trying to provide great customer service. At the beginning I will do most of it. I look at customer service as an opportunity to find out, from my customers, what’s working and what’s not working.  At the end of the day I’m really in the customer service industry. Whether its widgets or real estate, we’re all in the customer service industry.

 

I am also looking for individuals to add to the strategic advisory panel. Strategic advisors are people who can expose you  to new ideas and opportunities, who can ask  questions, and who can help  make sure that the plan is as robust and strong as possible.

 

What is the best thing about being an entrepreneur?

I can stay up as late as I want and wake up when I want!  I am just kidding, that’s just part of it. The best thing about being an entrepreneur is being totally committed to what I am doing. When you work for someone else you have to follow their priorities. This often means the things that need attention don’t receive it. Now, I don’t have to live with problems; if I see something that’s inefficient, I can do something about it.

 

What motivates you?

Trying to find solutions to problems that I see and/or discover. Although I want to be rich, its not about the money. When I see something that doesn’t make sense, I want to make it make sense. If I saw a leaky faucet I would want to fix it. It wouldn’t matter if the leak had no negative effect.

 

“I would like to start a business similar to yours. Where do I start? What ‘things’ should I be aware of?”

The first thing that you need to do, for whatever business you want to get into, is to live in that business. You need to experience what your customers are experiencing; you need to live in their worlds. You need to create your product or service  from your customers’ perspectives. You need to know what their needs are, what they want, how they think, how they spend, etc…

If I want to start a fashion label, for example, the first thing that I would do would be to work at fashion store or a fashion house or something in fashion.  I would want to know who the customers are, where they are, how they think, how they live,etc… I guess it is my background in psychology doing the talking here! You cant develop your offering in a bubble.

 

For my business, the big question was “how do I create a web site?” I knew nothing about technology so I had to look for resources outside of my skill set.

When you start a business you need to know your weaknesses and the things you cannot do yourself and immediately start finding people who can help you. You need to find people who will be invested in the business as mush as you are and who don’t need all of the money up front. Look for the solutions that don’t cost money. There are a lot more of them out there than you would think.

 

What advice would you give to people who want to be entrepreneurs and what resources help you the most?

• First of all you need to turn yourself into a human billboard: everybody needs to know what you are doing – starting with friends, family, professors, etc…
• You have to not be afraid to look silly or have people laugh at you, because, if you hold back, you’re going to miss that person who could have connected and helped you. You’ll probably feel obnoxious. Get over it.

 

• Also, most of the time when people give you advice, it is based on their experience and their bias. You have to take it with a grain of salt. You need to figure out why the person is saying what s/he is saying. If someone tells you your idea wont work when they’ve only been listening to your idea for 5 minutes, more than likely they are just a negative person.

 

• It is also very important that know and clearly explain what you are doing and what your business is all about. I’m amazed at how hard it was to write my two-page executive summary.

 

• Some of the resources that I use are: marksguide.com, Boston Young Entrepreneurs, web innovator group, and so many more. Although the internet is great for networking, the best thing to do is in-person networking. Also, get a great lawyer! Lawyers do so much more than incorporate you or write contracts. Skimp wherever you want, but not on your lawyer.

 

What does the future hold for Giuseppe?

 

Ah! Who knows?

I don’t know what the future holds… I use to be much more certain of the future when I was younger. Ironic, I know. Now, I am leaving it completely open to whatever may come my way… who knows what will happen… One of the things that I like about starting this business is that it will get me into other things. So we’ll see what doors this one opens up. I definitely have goals. But how the future looks, well, we’ll see.

But, right now prestorent.com is my thing, my baby; I am completely invested in it. Once I get to point where I see that it has its own momentum, that it is solving the problem it was designed to solve and that I have a team who doesn’t need me anymore, that’s when I will do the next thing. I will be the CEO as long as it makes sense – may be in three years. Believe it or not having the title of “CEO” doesn’t really matter to me. All I care about is that the website is successful. So I guess my title should be the “CWNO” or the “Chief What’s Next Officer.”  I want to focus on where we’re going with the business, and on what opportunities are out there for PrestoRent.

 

 

The World’s Most Powerful Women by Forbes.com

With Hillary Clinton and Sarah Palin making waves in politics, we decided to have a section on women ”movers and shakers”.

Check Forbes.com “World’s 100 Most Powerful Women” at: http://www.forbes.com/2008/08/27/most-powerful-women-biz-powerwomen08-cz_me_cs_0827women_land.html

You can also find the following sections (please click on the titles):

Finance High Flyers

Humanitarians

Media Masters

Women To Watch

“Secrets Of The Self-Made…” by Forbes.com

I love to learn from ’self made’ entrepreneurs, and there is a lot we can learn from them. So, check this out: “Secrets Of The Self-Made 2007″ by Forbes.com at http://www.forbes.com/2007/09/20/citigroup-abbott-trump-ent-fin-cx_bn_richlist07_0920secrets_land.html

Abstract: “They’re rich– really rich–and in the mood to share.

Their secrets, that is. We played 20 questions with 21 self-made members of the Forbes 400. Result: an exclusive, introspective and often playful peek into their best days, worst qualities, guiltiest pleasures …”

The Social Entrepreneurship Series, By Sandra Zerbo

Thank you Sandra for this well written article. We’re looking forward to reading your next articles – Yopi

Overview

 

The Social Entrepreneurship series is a series of three articles, this one being the first. The following article gives an overview of the field: what is social entrepreneurship and how is it different from business entrepreneurship? The second article, “Meet the Social Entrepreneurs of our Times,” takes us on a world tour of the prominent figures of this discipline, covering their achievements, struggles, and the advice they have for young professionals like us, who are interested in following the same path. The third and last article is a compilation of resources (books, articles, and websites), helpful for getting more information.

 

 

 Article 1: Social Entrepreneurship Defined

 

“Social entrepreneurs are not content just to give a fish or teach how to fish. They will not rest until they have revolutionized the fishing industry.” (Bill Drayton, CEO, Chair and founder of Ashoka).  

 

Social entrepreneurship can be defined as a discipline that combines the ‘good old’ entrepreneurship, with innovation in terms of social change. Can the two be combined? Well… some years ago, it was practically unthinkable. Not many people could see how entrepreneurs (those business oriented people only concerned with making profits) could even think about social change, especially if it was not in the best interest of their business. Schumpeter described entrepreneurs as “creative-destructive” people who are ready to exploit any “untried technological possibility for producing a new commodity.” Although this definition might sound pretty ‘uncaring for society,’ it is important to note that in Schumpeter’s mind, entrepreneurs are change agents. By trying new things, and/or innovating and improving existing systems, they have the ability to move the economy forward.

This is the starting point of social entrepreneurship. A group of people thought that entrepreneurs can also start new, nonprofit-seeking ventures, which will have the capacity of potentially solving what we have identified as ‘social problems.’ Social entrepreneurs are people who have implemented creative ways of dealing with and/or solving social issues (innovative education methods, poverty reduction strategies, and health care improvement are good examples). Historical figures of the movement (Jane Addams, Maria Montessori and Muhammad Yunus for instance), who we will meet in the second article of the series, show that although the phenomenon has become better known and the appellation “social entrepreneurs” might be relatively new, it has existed for many years. Dees notes that social entrepreneurs play the role of change agents in the social sector by adopting a mission to create and sustain social value, and engaging in processes of continuous innovation, adaptation, and learning in order to create the desired outcomes. Social entrepreneurs are said to be ambitious, mission driven, strategic, resourceful, and result oriented. In addition, they “identify resources where people see problems. […] They begin with the assumption of competence and unleash resources in the communities they’re serving.” (David Bornstein) Social entrepreneurs have the ability to move society forward, as we will see by meeting some of them next time.

Entrepreneur Moguls: The Beginning

Starting a new business can be very scary particularly when money is the main thing you have to worry about. But there are successful entrepreneurs out there, who started with very little capital and a big desire to bring their idea to reality.

Check this article: “How Self-Made Titans Got Their Starts”

“Capital is a constraint for many would-be entrepreneurs–or is it?“

Scan the Forbes list of the world’s richest people and you’ll come across moguls from startlingly humble origins. How did they get their impressive empires off the ground? Sweat, savings, schmoozing, creativity and a dab or two of good fortune.

You can read the article at: http://www.forbes.com/2008/06/03/citigroup-harry-potter-ent-fin-cx_ml_0603titanfinancing.html