For Las Vegas entrepreneur Richelle Shaw, dating three men in three cities didn’t add up to a winning proposition at first. No, this isn’t a Sex and the City rerun; it really happened and, after a few major bumps in the road, there is a happy ending.
What is unique or special about your business that gives it an edge over your competitors?
SHAW: I understand how to market. The customers drive my business. Actually, the results from marketing campaigns drive my business. Not what I think, not what my friends or staff think.
Were there any challenges that you experienced along the way that appeared to be more difficult because you are a woman?
SHAW: When I first decided to buy the business, I went to SBA. I was approved based on my credit and experience; however, they did not like the business. SBA told me that I would never be able to compete with AT&T. Eight years and almost $100 million in sales between the two companies, I think I learned how to compete. Also, I found a venture capital group [that] was going to give me $5 million; they asked for an engagement fee of $75,000. I wired the money and never heard from them again. Just dumb! So when I bought the company I had to start with no money in reserves. I created a deal with my boss to finance the company with receivables, but I had to get new business fast. We sold off the less profitable divisions and laid off staff to make it work. Then, after 9/11, I was forced to start over. This time, with no customer base that I could leverage, no cash and no credit because I had to file bankruptcy; so I had to use my creative sales and marketing skills to rebuild. The best thing to ever happen, because when things turned around, I did not owe any loans or half of my company to any other investors. Were these challenges because I was a woman, I am not sure, but they were difficult.
Tags: business
