BAGS TO RICHES (7 SUCCESS SECRETS FOR WOMEN IN BUSINESS)

BAGS TO RICHES (7 SUCCESS SECRETS FOR WOMEN IN BUSINESS) By Linda Hollander, the Wealthy Bag Lady, Celestial Arts, 2003, pp 244, $16.95, ISBN 1-58761-148-1 Reviewed by  Vijai K Sharma By and large, everyone wants to be wealthy through inheritance, earnings of business or service or some other means. Certainly business is one of the possible ways for this purpose, but all businesses are not successful. Therefore, we should study some of the successful businesses or owners of such businesses who have become wealthy and learn some finer points from them, for incorporating in our organization, for obtaining success in our endeavours.  Author’s twenty years of experience in transforming from a person in debt, to one running a business and also a business consultancy successfully, is shared through this book.  The book has five parts and a total of 18 Chapters, and given in between are 7 success secrets. Dedication, acknowledgements, contents, guide to side bars, introduction, author’s note, references, resources, index, about the book, about the author and her photo, praise from seven authors and columnists, quotations and small stories from business have been given at appropriate places.  Introduction narrates about difficulties faced in the initial stages, author’s passion for painting rather than business, and her family being in debt, her initial job as a sales woman, her friendship with another woman and their jointly starting work together.  Part one begins with success secret no. 1 “You‘ve already got what it takes”. All women have the quality of sixth sense or intuition for succeeding as entrepreneur. Chapter 1 starts with a quiz for determining entrepreneurial profile. Women have to overcome road blocks like fear, lack of knowledge, others saying no to their proposals, problems of personality etc. As per Chapter 2, mind power, positive attitude, dreaming big, setting mission, goals, visions, self-confidence and identifying opportunities are necessary, but determination is the most important factor.  Chapter 3 states that, by birth, women are interested in net working, making relationships and making can-do-it teams. Team spirit, blessing of a guiding mentor and influential people, help of professionals, small business associations and organizations are helpful in their obtaining success. Part two begins with success secret no. 2 “Your business is a lifetime self-improvement course”. The women are willing to learn at every step, and to make mid-course corrections. According to Chapter 4, a large number of ideas for business are available in hobby, lifestyle, growth, service, retail, wholesale, manufacturing etc. We should try for the time tested options and carry out research for future.   Chapter 5 advises to proceed step by step e.g. starting as a separate unit, opening its bank account, registering its web site, selecting a catchy name of the enterprise and registering it, after confirming its availability for adoption. Its legal structure should be decided, a user friendly bank selected and a detailed project report prepared. Chapter 6 focuses on efficient running of the business through systems and equipments, mail system, computer system, managing time by proper organizing, making to-do lists,   sub-contracting, taking risks but keeping adequate protection by insurance policies, good customer relations and protecting our ideas etc. Chapter 7 discusses about our personal image, place of our business, friendly atmosphere, marketing brochures, gifts and promotional items.  Chapter 8 discusses about the timing of increasing the staff strength and deciding appropriately about removing staff as per performance. We should first assess our needs and resources carefully, examine budget availability and think of alternatives to full time employees. We must recruit the best possible, with clear expectations and provide a good working environment, respect, required benefits and adequate praise with constructive criticism. The success secret no. 3 is “A woman’s yardstick is different than a man’s”. For women, success is a mixture of money, fulfillment, freedom, family life, creativity and popularity.   Part three starts with success secret no. 4, stating “Wealth only corrupts the corruptible.” We should earn ethically and create wealth. Chapter 9 discusses the accounting methods, book-keeping, paying tax in time, cost cutting, maintaining strong relations with vendors and insisting on cash transactions. As per Chapter 10 women can get finance for the enterprise from personal finance, loans from family, friends, lenders, investors, suppliers, equity financing, venture capital, bank loans and Government loans.  As per Chapter 11 we must get income from several other sources, which should be identified such as rental, licensing, royalties, coaching and training, partial investment of profits, paying off debts, real estate and individual retirement accounts etc. Part four starts with success secret no. 5 “Selling is nurturing”.  Our role is to help, advise and guide the customer to solve his problem.  We must nurture the customer for repeated sales, rather than only one sale by pressure tactics. Chapter 12 advocates overcoming shyness in communicating face to face, on the phone, voice mail, public speaking, seminars and presentations. As per Chapter 13 we should know our costs and real worth of our product and we should not price it very low, since in that case only gradual increases will not drive the customers to other suppliers. Competitor’s prices should be checked, two or more strategies should be combined and when necessary, figures should be increased, but not sharply. Chapter 14 states that we should identify our target market and carry out publicity through media coverage, news releases, advertising through various means, print, broadcast, direct mail, brochures, internet markets, web site, e mail, tradeshows and the powerful method of word of mouth.  As per Chapter 15 we should carry out research into the prospects of the sale of our product, look for opportunities, make an easy procedure for ordering and identify the problems faced by our prospective customers. We should have a follow-up procedure from the customers for getting repeat orders, and also from other customers through referrals. According to Chapter 16, 20 % customers account for 80 % of the orders and profits. Responsiveness, reliability and good service are important for such customers. Keeping in touch with customers, ascertaining their complaints and considering them as opportunities, taking responsibility for supplies, rewarding loyal customers and where necessary giving refunds willingly are necessary for ultimate success.  Secret no. 6 is, “The octopus is mightier than the elephant”, meaning that the person who can do many things at the same time, efficiently and completely, will be more successful. Part five starts with success secret no. 7, “The heart weighs more than the wallet”. Ultimately family is more important than business. Chapter 17 stresses on maintaining relationships in the family and community, involving children, parents, friends and pets, if any. It is very essential to keep a healthy body and active mind. Learning is a lifelong continuous affair, besides meditation, involvement in hobbies and quietness when required. Chapter 18 advises us to become hero to others and provide knowledge, energy and power to the people. References contain a list of 64 publications. Resources contain details of 28 organizations giving their addresses, web site, and e-mail ID etc. Author’s note welcomes questions and comments.  This book is helpful for upcoming enterprises for running the business successfully, and for existing business owners, to reorient their business towards success. This book is considered useful for business owners, all those connected with entrepreneurship and students of business studies etc.                                                                                                                                               .................vijaiksharma