Be An Entrepreneur

December 2009

Think you can’t run your own business? Think again! These young women are living proof. Read on to find out the secret to their success and see how you can do it too.

Name: Melissa Alvarez
Company: The Nanny Tree (thenannytree.com)           
Launch Year: 2007
Age: 26

Home base: Chicago, IL

After working as a nanny in college and a short stint at a staffing agency, Melissa decided to combine her skills and start a nanny agency. The business grew rapidly and The Nanny Tree now has over 100 qualified childcare professionals who are carefully screened and then matched with local families.

Melissa’s Success Secrets:

Use obstacles to your advantage.
“There’s definitely still this stigma that young entrepreneurs can’t be successful, but if someone thinks you’re naïve or not knowledgeable, just keep going. You have to have people tell you that you can’t do it, so that you can do it. People always told me it wasn’t going to work, and that just made me work harder.”

Really do your research.
“You need to take your time and make sure that you have a good grasp of market trends. Look to the competition—when I found out there were so many nanny agencies I knew there was a great need, and I wanted to do it better than the others. I talked to a ton of people and learned everything I could about childcare.”

Be frugal at the start.
“Initially I had no funds whatsoever. I got on my laptop and used my phone. I did a lot of online research; I used the library, and tried to do everything on the cheap. When I finally got some startup money, I set a budget and stuck to it in order to prevent unnecessary spending.”

Get comfortable delegating.
“I can’t do it all, but I’m a good delegator. There aren’t enough hours in a day for me to personally process all the paperwork and check candidates’ references. So, I hired an intern, which has really helped.”

Name: Sarah Schupp
Company: University Parent Media (universityparentmedia.com)
Launch Year: 2003
Age: 27

Home base: Boulder, CO

While a senior in college, Sarah developed a magazine for visiting parents. She sold ads to local business owners to raise money and pitched the idea to her student affairs office. The university distributed it during parent’s weekend and it was a success. When she graduated she decided to roll the idea out to other universities. Now, she oversees a staff of 12 and has over 100 colleges as clients.

Sarah’s Success Secrets: 

Don’t use your age as an excuse.
“Entrepreneurship is like learning to ski. It’s easier to learn when you’re little because if you fall, it’s no big deal. The distance to the ground is much shorter when you’re three feet tall. If things fall apart when you’re in your twenties, you have your whole life ahead of you to try something else.”

Take baby steps.
“I think the biggest mistake I made was trying to ramp up too quickly. I thought we could add a whole bunch of schools last year. My eyes were definitely bigger than my stomach! I rented too much office space and made some overhead commitments I couldn’t get out of. Make sure you’re patient and be cautious about adding overhead too soon.”

Create a support system.
“It can be lonely as an entrepreneur. Find other startup companies and make friends. There’s a lot to be learned from the lessons they’re learning simultaneously, even if they’re in a different industry. I’ve gotten to know some other young entrepreneurs in town and we meet for coffee to talk about work and help each other out.”

Foster an open environment.
“Be respectful of other people, and try to learn from everybody. I try to maintain an open atmosphere where a lot of feedback is given. I listen to everyone’s ideas. The best way to handle being in charge of older employees is to try to be as respectful as possible.”