Harriett Farkash is a girl who is going places. She was working successfully as the Deputy Editor of Cosmopolitan, but quit to run her own lifestyle website FlamingoPink.com. FlamingoPink produces content for young women and covers everything from fashion, health and beauty, to film releases and the best ice cream to cure a break up.
Harriet recently spoke with the Bachelor of Business students at Macleay College about her entrepreneurial skills in the ever-changing world of digital.
These are her top 5 tips for business success
#1: Evaluate your business idea
Figure out if there is a market for your business and whether that market needs your business, is willing to pay for it, plus whether you can provide your business at a reasonable cost that means you can make a profit. But here’s the kicker, there’s only so much evaluating you can do yourself, so get yourself a mentor. The right mentor is anyone you want advice from that will also lovingly harass you to take the next step. If you think you have a solid idea, you must, MUST, test it.
#2: Ask yourself: Why are you getting into business?
Make money your first priority and then use it to fund your dream. Often we go into business thinking that we want to solve a problem or to make someone’s life better. And that’s great. You should. But how can you do that if you don’t have any money? You can’t.
I realised that first I had to figure out how the business was going to make money and maximise profits. Then, only after that was figured out, could I focus on the real goal of empowering women.
#3: Business is like a sports game: you can’t call it a game if there are no goals
Goals are what give you focus … and you don’t want to just have one goal you should have many. Write your business plan and then work backwards, breaking down your big goals into smaller, more achievable ones.
#4: Be a boss
The first step in becoming an effective boss is to understand yourself. Know your strengths and weaknesses and be humble enough to employ people who are smarter than you. Hire the best, motivate them and lead. If you want some guidance go hire The Devil Wears Prada and do the opposite of what Miranda Priestly does.
#5: Do you have Too Nice Syndrome?
Sufferers of Too Nice Syndrome make decisions based on their heart and their ego – they want to be liked – rather than acting on behalf of the company and making decisions for what’s best for business. Harriet recounts a time when she found it difficult to fire an employee who really needed to be cut loose, she figured this out early in the piece but it took her a whole 12 months to actually work up the courage to do it. The cure? Realise business decisions are exactly that: BUSINESS DECISIONS. They’re not personal and you have to do what’s best for the company.
To read the rest of Harriet’s 13 biggest business lessons keep an eye out on the FlamingoPink website, she’ll be releasing them as an e-book in the coming months.