Justine Toms Presents “The Art of Bootstrapping”




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  • 2013-03-31 18:08:17
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Successful businesswoman Justine Toms gave practical advice for young entrepreneurs on March 30- the first day of the StartUP@Blagoevgrad 2013 Entrepreneurship Conference. The lecture topic was “The Art of Bootstrapping,” or, in other words, the art of self-sustaining while relying on your own strength. Justine Toms is a Bulgarian entrepreneur, leading expert in online media, marketing and PR. She is the founder and director of the web agency ABC Design&Communication Group and of the online media group Az media. She also teaches in New Bulgarian University and is the author of eight books. Toms started her presentation with a short story. She explained how a friend of hers jokingly accused her of being a “loser” for still working at the age of 40 instead of going on a vacation in Hawaii. “There are a lot of entrepreneurs who work at that age," Toms said, "entrepreneurship is not just about money. It is a passion,” she explained. The lecturer then proceeded by giving a list of practical tips for young people who want to start their own business. The first word on Toms’ list was “think.” She stated that at the beginning, the business has to be on one’s mind 24/7.  Toms stressed on the importance of doing the math properly; correct accounting is probably the most crucial element for successful business.  Toms also shared that one should write his or her ideas, work hard and always prefer what is practical over what looks beautiful. The lecturer also said that while there should be no compromises with quality, perfection is also not an option. “We should strive to be very good, but at the same time we should place our product on the market before it is too old,” she explained. “Team” was the next element of success on Toms’ list. She said that when starting a business one should recruit inspired, young and creative people rather than highly paid experts. Internet and Social media, according to Toms, are both an opportunity to promote one's business at cheap price while reaching a global market. Toms also stated that young entrepreneurs should be proactive and positive. “The beginning is always hard. If you get desperate- you lose the battle.”According to her, patience and slow pace are also important since one should not focus on profit but on steady cash flows first. Opportunities are everywhere and one should constantly keep his eyes open for them according to Toms. Additionally, one should always share, tell and show his progress to others. “Generosity” was also part of Toms’ tips on successful business. She defined it as the ability to express gratitude and to do small gestures even when one does not have money. “Be a star!” was yet another advice of the lecture.given by Toms. She defined a star as a person who has the ability to create something new and unique. Toms concluded her list of practical advice by saying that, contrary to common thinking, luck does not come once in a lifetime. She said that luck is in people’s hands and failure is never final. Toms also gave an exclusive interview for AUBG Daily where she further elaborated on the topic of successful business start. Do you see education as important for success? The most important thing you will get from education is the environment: the people you meet and the friends you make; the opportunity to learn from people who have already succeeded. The studying itself is not the most important thing. Nowadays, all the information is on the Internet and just a click away. You said that in order to be a successful entrepreneur one has to be different from the rest. How can this be achieved? It is really hard to be different from the others. But if we just made the next coffee place or the next pizzeria, we would not be very successful. We should constantly seek ways to be different. Of course, everyone finds inspiration and ideas in their own way. During your lecture, you said that you do not like to work with big investors. Why? Yes, I prefer to work without being given directions from big investors. Big companies usually have a big desire for profit but this is not always appropriate. They also have specific requirements for the employees. I prefer to have my own team and work my way instead of following strict corporate rules. What were the obstacles you met when you started your career? The main obstacle for every beginning entrepreneur is the skepticism of everyone around him or her- of his family and surroundings. Everybody says:”This won’t happen,” you will not succeed” and so on. If you manage to overcome this skepticism and believe in yourself, you will succeed. What is the key to success in being an entrepreneur? To begin with, the key to success is the good idea. Next there comes the consistency and the desire to make your idea come true. Everything after that happens naturally. What would you advice AUBG entrepreneurs? Work on yourself and be popular in one way or another- among your colleagues and also on Internet. Use Internet as much as possible, use the free time and the opportunities you have at the moment. This is the best moment for you to start. Your youth is a big advantage. Bet on it and go ahead!