Making The Transfer From Employee to Entrepreneur Liz Leffman Director Clothesource Management...
-
Upload
lenard-thornton -
Category
Documents
-
view
213 -
download
1
Transcript of Making The Transfer From Employee to Entrepreneur Liz Leffman Director Clothesource Management...
![Page 1: Making The Transfer From Employee to Entrepreneur Liz Leffman Director Clothesource Management Services.](https://reader036.fdocuments.in/reader036/viewer/2022080914/56649cc95503460f94990f5d/html5/thumbnails/1.jpg)
Making The Transfer From Employee to Entrepreneur
Liz LeffmanDirectorClothesource Management Services
![Page 2: Making The Transfer From Employee to Entrepreneur Liz Leffman Director Clothesource Management Services.](https://reader036.fdocuments.in/reader036/viewer/2022080914/56649cc95503460f94990f5d/html5/thumbnails/2.jpg)
My Business History
Started out in advertising
Moved to marketing in the dairy industry
Joined Courtaulds and ran a couple of factories making clothing for Marks and Spencer
Became International Marketing and Business Development Director for Courtaulds Fabrics
In 1992, started a business sourcing clothing in Eastern Europe
![Page 3: Making The Transfer From Employee to Entrepreneur Liz Leffman Director Clothesource Management Services.](https://reader036.fdocuments.in/reader036/viewer/2022080914/56649cc95503460f94990f5d/html5/thumbnails/3.jpg)
Clothesource Management Services
Between 1992 and 2000, operated in Poland, Belarus, Romania and Bulgaria, finding clothing factories and managing manufacturing for UK clients
Disastrous expansion to the US in 1998 caused us to re-think the direction of the business
Since 2000, we have changed direction from hands-on manufacturing to consultancy
Our clients today are international and include many high-street names
![Page 4: Making The Transfer From Employee to Entrepreneur Liz Leffman Director Clothesource Management Services.](https://reader036.fdocuments.in/reader036/viewer/2022080914/56649cc95503460f94990f5d/html5/thumbnails/4.jpg)
Still have an office in Romania and provide quality control for UK clients, making womenswear, childrenswear and airline textiles
We sell “shrink-wrap packages” of information worldwide, and have consultancy clients in UK, US, Spain, Switzerland and Australia
Clothesource Today
![Page 5: Making The Transfer From Employee to Entrepreneur Liz Leffman Director Clothesource Management Services.](https://reader036.fdocuments.in/reader036/viewer/2022080914/56649cc95503460f94990f5d/html5/thumbnails/5.jpg)
Princes Trust Mentor
For 10 years, I have mentored young people starting their own business
The same issues affect every small business
Sometimes experience in a large company can be the wrong experience for a business start-up
![Page 6: Making The Transfer From Employee to Entrepreneur Liz Leffman Director Clothesource Management Services.](https://reader036.fdocuments.in/reader036/viewer/2022080914/56649cc95503460f94990f5d/html5/thumbnails/6.jpg)
Structure of this presentation
Transferring skills: employee to business owner
Key challenges in the early years
The challenge of growth
Conclusions
![Page 7: Making The Transfer From Employee to Entrepreneur Liz Leffman Director Clothesource Management Services.](https://reader036.fdocuments.in/reader036/viewer/2022080914/56649cc95503460f94990f5d/html5/thumbnails/7.jpg)
The Company Employee
Is trained for the job
Is surrounded by colleagues
Knows her place in the company heirarchy
Can rely on support
Can rely on a salary
Expects career progression
![Page 8: Making The Transfer From Employee to Entrepreneur Liz Leffman Director Clothesource Management Services.](https://reader036.fdocuments.in/reader036/viewer/2022080914/56649cc95503460f94990f5d/html5/thumbnails/8.jpg)
The New Business Owner
Is on her own
Often has no specific training
Does not have an automatic support network
Cannot guarantee a salary
Has no job security
Has to maintain the original vision while dealing with the day to day
![Page 9: Making The Transfer From Employee to Entrepreneur Liz Leffman Director Clothesource Management Services.](https://reader036.fdocuments.in/reader036/viewer/2022080914/56649cc95503460f94990f5d/html5/thumbnails/9.jpg)
Transferring Skills
The following skills I found particularly useful:
Sales and marketing Management accounting Production Sourcing
But not everyone has that experience
![Page 10: Making The Transfer From Employee to Entrepreneur Liz Leffman Director Clothesource Management Services.](https://reader036.fdocuments.in/reader036/viewer/2022080914/56649cc95503460f94990f5d/html5/thumbnails/10.jpg)
Learning New Skills
As an employee, I did know anything about:
Computers VAT Cash flow National Insurance Employee law
![Page 11: Making The Transfer From Employee to Entrepreneur Liz Leffman Director Clothesource Management Services.](https://reader036.fdocuments.in/reader036/viewer/2022080914/56649cc95503460f94990f5d/html5/thumbnails/11.jpg)
And Un-learning Some Old Ones!
The mistakes I made early on in my business were largely due to my large company experience
For example, paying to have a logo designed and buying headed paper
Spending money on hotels and meals and the other trappings of corporate life
![Page 12: Making The Transfer From Employee to Entrepreneur Liz Leffman Director Clothesource Management Services.](https://reader036.fdocuments.in/reader036/viewer/2022080914/56649cc95503460f94990f5d/html5/thumbnails/12.jpg)
Key Challenges in the Early Years
Balancing personal and business goals
Managing long-term goals v short-term needs
Getting support
Creating structure and systems
Understanding the importance of cash flow
![Page 13: Making The Transfer From Employee to Entrepreneur Liz Leffman Director Clothesource Management Services.](https://reader036.fdocuments.in/reader036/viewer/2022080914/56649cc95503460f94990f5d/html5/thumbnails/13.jpg)
The Challenges of Growth
Finding the right partners and suppliers
Learning to delegate (again)
Re-visiting the business plan
Balancing growth with cash flow
Course correcting when things go wrong
![Page 14: Making The Transfer From Employee to Entrepreneur Liz Leffman Director Clothesource Management Services.](https://reader036.fdocuments.in/reader036/viewer/2022080914/56649cc95503460f94990f5d/html5/thumbnails/14.jpg)
The Importance of Support
Many entrepreneurs value outside support
Mentoring has proven results Coaching can provide help with both long term plans
and short term pressures Local networking puts small business owners in touch
![Page 15: Making The Transfer From Employee to Entrepreneur Liz Leffman Director Clothesource Management Services.](https://reader036.fdocuments.in/reader036/viewer/2022080914/56649cc95503460f94990f5d/html5/thumbnails/15.jpg)
Conclusions
Many skills learned in a corporate environment can be of real use to the new business owner
BUT these skills alone will not guarantee success
Every entrepreneur must be prepared to make mistakes and course correct
Learning in a new business is largely about trial and error
Mentoring or coaching can be of huge benefit