What attorneys need to know about entrepreneurs

Many attorneys are trained to work with corporate executives. However, working with entrepreneurs can be very different. The entrepreneurial mindset is typically different than that of a corporate executive. This is manifested in their approach to risk, decision making, failure, and ambiguity. This difference can be confusing or challenging for attorneys and may create difficulties in effective communication. This article will discuss these differences and suggest some techniques to help attorneys be more effective when working with entrepreneurs.

Entrepreneurial mindset

Understanding the entrepreneurial mindset can be helpful to become more effective in working with entrepreneurs. Cognitive psychology and social psychology can help us understand the differences between entrepreneurs and corporate executives. Specifically, it is important to understand psychological constructs such as risk taking, tolerance for ambiguity, optimism bias, locus of control, and tolerance for failure.

A myth about entrepreneurs is that they are big risk takers. In fact, they are not; for the most part they are calculated risk takers. However, the media tends to focus on the big risk takers like Richard Branson, which make a much more interesting story than the entrepreneur who has toiled quietly for 20 years building a successful company. Richard Branson takes big business risks and big personal risks such as flying balloons around the world. Culturally we can become biased that most entrepreneurs are big risk takers since our media sensationalizes the big risk takers. Often entrepreneurs want as much data as possible to understand the risk-to-reward ratio. They are willing to take a risk if they understand the likelihood of the corresponding rewards. In other words, they are calculated risk takers.

The next important characteristic is tolerance for ambiguity. Most entrepreneurs have a higher than average tolerance for ambiguity. For instance, they will not stress as much as the typical executive about whether the product will work, if they will make payroll, or if they will land the clients they need to be successful. It is not that they don’t stress about this stuff, it is that they have a higher tolerance for these ambiguities. Think of your peers when you graduated from college, did some want the security of a big company versus a smaller company that might provide more learning opportunity? Most corporations take measures to reduce ambiguity by putting in procedures and processes that remove risk and ambiguity. Entrepreneurs see ambiguity as opportunity.

Another important psychological characteristic is optimism bias. In this context a bias is an inclination to see the world in a predetermined manner. Most entrepreneurs are higher in optimism bias than non-entrepreneurs. This is the bias that things will work out. They will figure out the product problems, fix the client problems, or work cash flow enough to survive. Obviously this has advantages and disadvantages. When an entrepreneur is launching a company, optimism bias can be very helpful. For instance, if every entrepreneur sat down and listed all the reasons why a startup could not work they would never launch. A common saying of successful entrepreneurs who started their companies when young is, “I was not smart enough to know I could not do it when I started,” or “If I knew what I know now, I would never have started this company.” Not knowing all of the things that can go wrong can help an entrepreneur to be less distracted and focus on success. However, being too optimistic can blind an entrepreneur and lead to failure. Although experience is almost always helpful, it can bias one into not doing things. It really comes down to a choice if you allow yourself to focus on why a startup will not work or how you can make it work. Entrepreneurs focus on how to make it work.

Entrepreneurs have been found to have a higher than average internal locus of control. Locus of control is a psychological continuum. On one end, there are those who feel they have little control of their life and career. In other words, their success at work is dependent on their boss or peers. People on this end have an external locus of control, or they believe control of their lives is dictated by others. People who believe they can control most things in their life are said to have a high internal locus of control. For instance, when they run into a barrier, they find a way to get around it; in fact they might simply ignore the rules and get “around the system.” When someone with a high external locus of control runs into a barrier, they quit. Entrepreneurs have been found to have a high internal locus of control. They attack barriers and find ways around them. Often, they simply ignore the rules and procedures, which they see as guidelines to utilize when convenient, rather than something rigid that they have to abide by every time.

Failure is a part of entrepreneurship. Entrepreneurs have been found to have higher tolerance for failure than average. They see failure as a learning experience. I am not suggesting they enjoy or seek failure. However, many entrepreneurs accept failure as part of the process. This is connected to calculated risk taking as mentioned earlier; most entrepreneurs calculate how much risk reward each action involves. They are willing to take the risk if the rewards appear to outweigh the risk. When you combine tolerance for ambiguity, optimism bias, and internal locus of control, you can imagine why entrepreneurs in general appear to be big risk takers. In reality, they are wired differently. They see the world differently and they focus on how to accomplish something, rather than why it cannot be done.

For those attorneys reading the portion on the entrepreneurial mindset, did you find yourself saying something to the effect, “Yes, but what if they don’t think of this, or miss that.” If so, you have confirmed that you have a different mindset than your entrepreneurial client. You are wired to look for what can go wrong; an entrepreneur is wired to look at what can go right. Attorneys are trained to avoid risk, remove all or most mistakes, and anticipate the things that can go wrong. They are focused on an external locus of control. They focus on how others, whether the law or other organizations, can negatively impact their client. In addition, attorneys are trained that failure, in a legal sense, is client and career failure. Although entrepreneurs want their attorney to be focused on what can go wrong, it is helpful to remember they look at the world differently. These differences can lead to a disconnect when communicating with entrepreneurs.

Tips for Attorneys Working with Entrepreneurs

Often when communicating with a client, style differences can create disconnects within the communication. It is important for attorneys to uncover the style your entrepreneur client prefers before you launch into a detailed conversation about legal issues. It is easy to let the training received in law school be the default style of communication. Few of us are trained to really understand what is going on in conversations. Uncovering what is unsaid is often much more important than what is being said. Until we have developed a trusting relationship with someone, we might skirt around the issues, not wanting to expose our weakness or ignorance about a particular issue. This can happen when an entrepreneur is embarrassed they did something that might be illegal or on shaky grounds in a legal sense. On the other side, some attorneys may be insecure about their lack of business knowledge or general understanding of entrepreneurs.

Consider how your clients want to interact and communicate risks and detailed data around those risks. Some like a summary up front and the data later, some like a build-up to the conclusion. It is important to uncover the style of your client to understand the most effective way to communicate.

Simply ask your client how they prefer to have a specific discussion. You can do this by asking them how much detail they want, if they would prefer you to start with a summary, or build the detail up to the conclusion. Be sure you are not doing too much talking without stopping to listen and ask questions. Find ways to probe your clients to see if they understand what you are explaining without embarrassing them. This can be done by putting the issue back on you rather than asking them. For instance, if you are not sure if they understand a particular issue, ask them if you are being clear or if they would like to go over the issue again. Stopping, probing and listening are crucial to building a good client relationship.

In summary, entrepreneurs are different. They see opportunity where you may see risk and ambiguity. The more you can understand their mindset and their desired communication style, the more effective you can be in helping them.

From Orange County Register

Africa Not Giving Female Entrepreneurs Enough Support – Survey

Countries in Africa are not meeting the demands required to make business environment conducive for female entrepreneurs, Dell yesterday stated, as results of the second-annual Dell Gender-Global Entrepreneurship and Development Index (2014 Gender-GEDI) which analysed 30 developed and developing countries were announced.

The report whose goal is to help guide leaders and policy makers in identifying weaknesses and developing strategies to advance female entrepreneurship indicated that 75 percent of the 30 countries surveyed globally do not meet the basic needs for female entrepreneurs to launch a successful business; signifying that there is still gender disparity between male and female entrepreneurs when it comes to accessing opportunities and launching a successful enterprise.

Access to capital, perception of opportunities, gender-dominated industries, views of women in executive roles as well as fundamental women rights were the five factors used to measure how favourable and welcoming it is for female entrepreneurs to establish a business in each country.

According to the Dell Index reports, about 50 percent or more of the female population in 14 of the 30 countries surveyed have no access to a formal bank account, posing a greater barrier to accessing funds to start a business.

On gender-dominated industries, the report says countries where there are stereotypical “male” jobs and “female” jobs are less helpful to female entrepreneurs as this does not only contribute to a wider gender gap but also “results in the concentration of women’s entrepreneurial activity within specific sectors, which can be detrimental to fully utilizing a nation’s capacity for innovation.”

However when it comes to the ability for women to identify opportunities of potential business, African women take the lead. The report says the prospect of identifying business opportunities among African females is as high as 69 percent compared to the numbers recorded for American and European women.

“Even with challenges around access to education and capital, female startup activity in the region is high at 86 female to every 100 male startups,” it says.

Nevertheless, the study shows that United States was the only country that plays the most supportive role for women as leaders and decision makers followed by Korea, Turkey, Japan and Pakistan.

The report therefore advocates for the need to have equal rights as men to allow them get ahead in business as study shows that women in 22 of the 30 countries surveyed have fewer rights compared to that of their spouse.

“Better gender rights and more women at top positions can improve the environment for female entrepreneurship,” it concluded.

Overall, United States was once again ranked the best place for female entrepreneur to establish a high growth business. It is followed by Australia, Sweden, France and Germany.

Of the countries considered, the least supportive for women entrepreneurs are India, Uganda, Egypt, Bangladesh and Pakistan.

None of the African countries surveyed made the top ten rank in the 2014 Gender-GEDI rankings, but South Africa leads the pack for the continent with 11th position followed by Nigeria, Morocco, Ghana, Uganda and Egypt at 23, 24, 25, 27 and 28 positions respectively.

From Ventures Africa

How Entrepreneurs Can Cope With Rejection Online

Image credit: Shutterstock

There’s really no other way to phrase this: Being rejected stinks. Whether you're turned down for a date or a business prospect nixes an idea for a project, rejection can be crushing. Unfortunately, it’s part of life.

At some point in your entrepreneurial career, you will be rejected in a public online forum. And it’s going to sting. But here’s some excellent news for you, the resilient entrepreneur. Rejection can also spark inspiration.

According to research released in 2012 by Johns Hopkins University, people can pivot from rejection to imaginative thinking. Lead researcher Sharon Kim said, “Rejection confirms for independent people what they already feel about themselves -- that they're not like others."

Added Kim: "For such people, that distinction is a positive one leading them to greater creativity.” 

And last fall, research at the University of Michigan Medical School discovered that the brains of resilient people may release higher amounts of painkillers known as opioids to deal with rejection. 

Perhaps entrepreneurs are among this group of resilient people. That still doesn’t mean that rejection is desirable or easy to handle. Dedicating so much time and resources to a company's brand and product only to encounter rejection can be a major blow. But recovering from rejection may not be as difficult as one might think. Here are some suggestions:

1. Figure out the reason for the rejection. First identify what went wrong: Did you devote too much time to spreading your message on the wrong social media platform? Just because Pinterest is hot right now doesn’t mean that your client (a law firm) will attract users on that channel. LinkedIn might be more appropriate.

Or perhaps you tried to establish your authority as a guest blogger. You wrote a killer article only to realize that it wasn’t accepted by a certain prestigious website. Several factors could explain the rejection. They could be small issues (grammatical errors or not using the right keyword phrases). Or maybe you did not back your claims up with reliable sources. 

Another scenario is that your article was approved and published only to have people publicly question -- online -- your status as an industry leader. Indeed if you are new to the business world, people in your industry might have trouble trusting a newbie. This is why you need plenty of sources to back up your claims. (And don't forget to note prior relevant experience even if it is minor.) 

As you continue to launch businesses or work online, hopefully you will build up a track record and eventually earn the respect of your peers.

Before jumping to conclusions and having a meltdown, take a deep breath and retrace your steps. It may turn that the rejection resulted from a slight mistake or misunderstanding. Even if you were at fault, after thinking things through, you'll know what to do differently the next time.

2. Know that haters are going to hate. When creating online content, you have to have thick skin. Whether you’re dealing with trolls or people who need to correct or question every single word you type, you can’t please everyone. If you get upset at every negative comment, you’re not going to last very long.

While some comments may bring a mistake to your attention (extremely helpful), others people just want to cause trouble or try to prove that they are superior to you. Don’t lose any sleep over such cranks or sink to their level. That’s just how the online world works. Everyone has a voice and an opinion. Accept it and don’t take it personally.

3. Be persistent and positive. As an entrepreneur you would never give up, no matter how challenging the situation becomes. The same goes for being rejected online (whether before or after you post something). That’s just a part of life: You’re going to get rejected. Actually, you may be rejected several times. But that doesn’t mean that you should completely give up.

Instead of crawling into a hole, rise up and keep pressing on. Learn from this rejection and make the proper adjustments to break through the next time around. In the words of the legendary Willie Nelson, “Once you replace negative thoughts with positive ones, you'll start having positive results.”

4. Continue to network. Several reasons may account for the initial rejection of an inquiry online. Business psychologist and small business coach Debra Condren advises, "If you've been rejected, it doesn't necessarily mean this person will never be your client." Instead she suggests, "Keep the conversation going."

The timing may have been wrong the first time around. Be persistent, generate content and offer newsletters for email subscribers and interact with your audience. And maybe over time these people could offer you advice or become loyal customers.

5. Reflect on your accomplishments and achievements. For every failure of a foray online, you’re going to have at least a taste of success. Instead of harping on the rejections, celebrate the winning moments.

Write down or think about the best things that you achieved throughout the day. Some advise doing so prior to falling asleep. When you jot down all the things that you’re proud of on a daily basis, you may notice that the success stories are more common than your failures. 

Have you ever experienced rejection online? What did you do to overcome it? 

From Entrepreneur

These 4 questions can gauge if you can be a successful entrepreneur

Do you have skills to create a startup? DesignCrowd Co-founder Adam Arbolino shares characteristics of entrepreneurs who have what it takes

Great ideas are a dime a dozen. Everyone has them. And everyone has the potential to turn those ideas into a product, service or business, especially with the digital tools available today. Just look at the number of projects on Kickstarter.

While it’s one thing to start a business or launch an idea, it’s another to become a scene-changing entrepreneur. Here are a few questions you should ask yourself to see if you’ve got what it takes.

1. Will you accept failure?

The hardest thing to do is to take that first leap of faith into the unknown and know there is a risk that you might fail. In fact, it’s more than a risk, it’s almost a certainty. This is the number one reason that holds people back from being successful beyond their dreams.

It might not sound encouraging, but this is the key difference between a business owner and an entrepreneur. Business owners manage and operate. Entrepreneurs take risks to create growth. They’re constantly evaluating the marketplace and developing strategies to take the business to the next level, whether that involves looking for investors or bringing in equity partners. They’re also willing to take risks even when they know there’s the possibility of failure.

“Smart entrepreneurs develop an intuitive ability to sniff out and mitigate startup business risk,” writes Jim Price in Business Insider, “But you know you’re going to fall down, and feel comfortable with that fact and that you’re going to learn from your failures and adjust as you go.”

I’ve been asked, “How do you accept failure?”. My answer is that sometime you have to choose the path that you will regret it if you didn’t take it, even if you know you may fail.  With this mindset, you can fall a hundred times and still get back up to fight another day.

2. How’s your drive?

A passion for an idea and a drive to succeed is in the DNA of almost every entrepreneur I’ve met. When the passion for an idea runs through your veins, time starts to fly. Hours feel like minutes. When you love what you do and you are driven to make it work at all costs, you ‘time travel’.

Entrepreneurship is not a nine to five thing. Instead, it comes from deep passion to innovate and an intense motivation to dream, learn, do and continue moving upwards. Rayyan Islam recently wrote that entrepreneurs approach their work and tasks like an Olympic athlete. They think big. They want to win gold.

3. Can you lead, and be tough while doing so?

Just as entrepreneurs are never satisfied with the status quo, they’ll never fall in with the pack, either. If you want to be an entrepreneur, you have to lead – consistently, confidently and even aggressively. You’ve got to make tough decisions and have the confidence to rebound – and lead others to do so – when obstacles, challenges and setbacks crop up.

This also entails being a tough player. Entrepreneurs are characteristically resilient, thick-skinned, persistent and incredibly self-believing. They value the opinions of others, but they don’t let enemies, critics and naysayers drag them down. Instead, an entrepreneur has to be able to cut through all that and still retain focus and drive.

4. Will you live on the emerging edge?

This is where the entrepreneurial world lives. Joe Robinson articulated this brilliantlywhen he said, “Entrepreneurs have a curiosity that identifies overlooked niches and puts them at the forefront of innovation and emerging fields. They imagine another world and have the ability to communicate that vision effectively to investors, customers and staff.”

Vision is important, but you must also be ‘envisioning’ on the cutting-edge of your industry and beyond. Think about recent market-changing apps such as Vine or Instagram or even Richard Branson’s future plans for space hotels. Sounds unrealistic, but it’s part of his vision and it’s what makes an entrepreneur.

All these traits and behaviours culminate in an innate drive to succeed in the business world, to bring more value to an industry and potentially change the way people think, see, work or believe. If that’s your end goal, then congratulations – you’re on the right path to becoming a world changer, and the entrepreneurial challenge is already at your fingertips.

From e27

Nigerian entrepreneurs petition PayPal to enter country

Frustrated with the ridiculous complexity of trying to buy something online? Hate having to order something then arrange a electronic payment from your bank separately? Would you like the peace of mind that of an easy to-use-escrow service that helps to weed out dodgy online traders by not paying them until you’re satisfied with the goods received?

You’re not alone.

“Bring PayPal to Nigeria.” That’s the rallying call of a group of Nigerian entrepreneurs who are calling on PayPal CEO Scott Thompson to get his company into the country in order to make business and ecommerce easier for locals.

The petition was set up on Change.org by a group of younger web designers running a company called Creativity Kills, who say it’s unfair to leave Nigeria out from using the online payment gateway. PayPal is currently available in 47 other countries in Africa, including South Africa.

Here are a few paragraphs from the petition.

Nigeria is the largest economy in Africa with millions of dollars in e-commerce potential and Nigerians that want to take part in online transactions cannot fully use PayPal which is accepted as the only payment method on some websites.

This has become a source of frustration for us the Legit people who want to carry out ecommerce online but have no access to this feature. Some have defaulted to hood-winking the PayPal system via proxies, we don’t want to any more!

We have the right to carry out online transactions as much as any other country in the world. Granted, Nigeria is known for internet fraud, but not everyone in Nigeria is a fraud. There are people like us who are talented web developers and gurus. I don’t see why we have to suffer for other peoples actions.

We deserve a shot, we are tired of being ostracized by PayPal!

According to the petition, PayPal could bring the service to Nigeria by partnering with local service such as Interswitch, Paga or GTBank. “These are possible scenarios that are better than locking a country out totally”.

Bring PayPal to Nigeria has 391 signatures so far, with 109 more needed to reach its 500 signature goal.

From Htxt Africa

These 5 Decisions Define You as an Entrepreneur

Most aspiring entrepreneurs are convinced that the strength of their initial idea somehow defines them as a leader, as well as the success potential of their derivative business. In my experience, it's a lot more complicated than that. It takes leadership ability, as well as a good idea, to make a successful entrepreneur, and great leaders evolve from key leadership decisions along the way.

Fortunately, basic leadership and entrepreneurial skills can be acquired from experience and training. If you don't have the entrepreneur leadership attribute or interest, but want to be an "idea person" or inventor, then I recommend that you find a partner with the requisite skills to implement and run the business from your idea.

Yet we all know that there is a big gap between good entrepreneurs and a great business leaders. Great leaders seem to make the right pivotal decisions at every critical point along the way. I've never been able to clearly define those key points, and what separates the good from the great at these points.

So I was happy to see Julia Tang Peters, in her new book Pivot Points, tackle this issue. She concludes from her work with many modern business leaders, including CEOs Bud Frankel (Frankel & Company) and Glen Tullman (7wire Ventures), that there are five pivotal decisions that propel certain entrepreneurs to be gifted leaders:

1. 1. The launching decision. At some point an idea captures your imagination and creating a business becomes more than just about income. You define goals that rivet your attention, galvanizing you to turn dreams into reality. The launching point establishes the platform on which every potential entrepreneur becomes an actualized entrepreneur.
2. 2. The turning point decision. This is the confluence of your willful decision to do more, and the pressing need to take action. It unleashes an extraordinary verve to take the idea or business to the next level. It tests your capabilities and capacity in various ways, stretching them far beyond your comfort zone and requiring total commitment.
3. 3. The tipping point decision. Here you are catapulted into leading and working on the business, as distinctly different from the work of mastering your subject and working in the business. At this point you will have built a team whom you trust with substantive responsibilities, freeing you to hone the art of leading, inside and outside the business.
4. 4. The recommitment decision. Now is the time when you as the leader look at where you are and where you want to go, knowing the need to renew the commitment or leave. For many this happens during disruptive change, like being acquired or being the acquirer. For others, it's a personal decision to balance family life, or do something different.
5. 5. The letting go decision.  The ultimate test of leadership is letting go at a time of strength so that others can carry on the work. It may be a hold'em or fold'em business situation, or simply time to plan for succession. This decision point is the most emotionally challenging, since letting go is pivotal in defining the terms of the entrepreneur's legacy.

I'm certain that an understanding of these points will equip you with the knowledge you need to take the right path on decisions when it matters most. The world is full of high-achievers and high expectations, but without the proper framework for turning entrepreneurial determination into real leadership accomplishment, you risk going nowhere.

I agree with Peters that entrepreneurial leadership is not all about people traits or characteristics, but often about the choices they make at key decision points along the way. Of course, skills in decision-making are not enough alone to make a great entrepreneurial leader. Here are some of the other characteristics I look for:

• Willing to listen, and will address skeptical views.
• Always an evangelist and a good communicator.
• Willing to question assumptions and adapt.
• Proactively sets metrics and track goals.
• Ties rewards to performance results.
• Aggressively takes smart risks.

So a great idea is necessary but not sufficient to make you a great entrepreneur and a great leader. Work on the right characteristics, and think hard about those five key pivotal decisions that can make or break your satisfaction and your legacy. It's more fun when you are the entrepreneur leader you want to be.

From Huff Post

Young entrepreneurs becoming bosses, not employees

Forget corporate America and the traditional job route. These days, some college graduates are launching their own businesses with just a degree in hand.

Kaleb Bryan, 24, created his first business selling televisions at 19 and after selling that business two years later, launched a startup after graduating last year from Texas A&M University.

Disregarding corporate America, Bryan is one of many young graduates who are starting a business shortly after earning a degree. With a low barrier to entry thanks to technology and a smaller capital requirement, young entrepreneurs are launching their businesses with minimal difficulty.

In March, Bryan launched Spotagory, a location-based mobile photo-sharing app.

“Every entrepreneur seeks an opportunity to make something better, and that’s what I wanted to do with Spotagory,” he said.

Many colleges are providing their students with classes and even seed money to start their own businesses while they are still in school. Southern Methodist University, Baylor University and the University of Texas at Dallas have programs that provide capital to encourage undergraduate and graduate students to turn their ideas into businesses.

Serial entrepreneur David Grubbs, who also teaches a startup program at Baylor, believes that the cost of starting a business has decreased, attracting college students and recent graduates to entrepreneurship.

Grubbs helped create Baylor’s Accelerated Ventures program, which provides students $5,000 in seed money to create a business over two semesters.

Grubbs said many recent college graduates don’t have mortgages and car payments, making it easier to save money. He also said many entrepreneurs create products and services that have a huge online audience and therefore can operate from any location.

“Becoming an entrepreneur allows you to control your own destiny and do something exciting,” Grubbs said.

According to a survey conducted for online education company CreativeLive, 47 percent of employed millennials would like to “get out of corporate America.”

Although starting a business may be the goal for many college students and recent graduates, it isn’t always practical.

Dave Stangler, vice president of research and policy at the Kauffman Foundation, a nonprofit supporting entrepreneurship, says that interest in studying entrepreneurship in college is growing but student loans act as a deterrent for starting a business after graduation.

“The millennials would certainly appear to be more predisposed to entrepreneurship than prior generations,” Stangler said in an article posted by the foundation last month. “The 20- to 34-year-old age cohort still has a far lower percentage rate of entrepreneurship than older cohorts, and that rate has actually fallen in the last couple of years.”

Southern Methodist University professor Jerry White said he’s seen a surge of interest in college students wanting to run their own businesses, but most will have to wait a couple of years before they can get started.

Although college students are interested in becoming entrepreneurs, they need to save capital first, said White, director of the Caruth Institute for Entrepreneurship in the Cox School of Business at SMU.

With barriers to entry lower than ever, though, many young entrepreneurs turn to crowdfunding to raise money and gain support for their ideas, he said.

“Fifty-one percent of millennials plan to start their own business in the next five years,” White said, citing recent data from the Kauffman Foundation. “All you need is a laptop and seed money in order to get something started.”

Bryan began developing Spotagory last year while still in school. Joining him are Emmanuel Iroko, who has a master’s degree in electrical engineering, and Brandt Barham, the company’s creative director. The three work from a “startup house” in Coppell.

As a college student, Bryan said, he felt he had nothing to lose starting his own business.

“Failure is the stepping stone to success,” he said.

His app, which launched in March, allows users to share what’s happening around them by providing a photo-based newsfeed for a geographic area. Bryan said he wants the app to provide unity within communities. Spotagory has between 5,000 and 7,500 users, he said.

Bryan said the tech community in Dallas has supported his vision. He attracted a few investors and raised $200,000 before his app launched.

Like Bryan, 24-year-old Texas Christian University graduate Kathleen Ward decided to start her own business shortly after realizing that the corporate world was not for her.

After working for Silicon Valley Bank as an associate for two years, Ward decided to follow her entrepreneurial spirit and launched uChilla, a business she calls “Craigslist for college students.”

“I always wanted to do my own thing and didn’t really enjoy working full-time,” Ward said.

All uChilla users must have a .edu e-mail address. Ward tested her site at TCU last April and launched it in January. Ward raised $50,000 through friends and family before launching the site.

On uChilla, college students and teachers can buy and sell items with others in their university or at nearby schools. Ward said TCU represents the site’s largest user base.

Ward and her team are working on an iOS and Android app that will be ready before the fall semester.

Both Ward and Bryan are glad they took a risk by starting their own businesses without having much traditional work experience.

“I’ll probably never go back to the corporate world,” Ward said. “Being an entrepreneur is too fun.”

From Times Leader