Leadership Tips for Women Entrepreneurs
No-one knows better than Teresa Cascioli about leadership. Teresa is the former Chair and Chief Executive Officer of Lakeport Brewing. She took bankrupt Lakeport to a successful income trust IPO and subsequent sale to its biggest competitor despite never having run a corporation before. (Teresa doesn’t even DRINK beer!)
Here is a summary of the top leadership tips from Teresa Cascioli as she addressed the audience as the keynote speaker at a BMO for Women business event in Burlington, Ontario in May 2017.
Facing the odds of raising money for a bankrupt company, ignorance that something can’t be done, makes you think it CAN be done. That’s how Teresa sees it after going to over 250 financial institutions and private equity organizations to get funds. She kept going in her ignorance until she convinced the existing lender to remain
In business there are multiple partnerships to nurture; your banker, suppliers, customers, management and family. You need to establish a great relationship with all your partners in order to be successful.
Make a Commitment
Commitment sometimes means you have to make sacrifices. Don’t complain about the sacrifices you need to make to fulfill your commitments.
Teresa made the commitment to keep a floundering brewery operational to ensure jobs, in her community of Hamilton, Ontario. One by one the management team had already exited when Teresa took over the helm Initially she was one of the few management staff, in charge of all aspects of the company until she could turn it around and build a new management team. This was a culmination of 8 years of sacrifice before a successful sale unexpectedly happened.
Don’t Be Afraid of Risk
Trust your gut, be decisive and confident in your own abilities.
Don’t Waste Time
Seize the positive opportunities as they present themselves.
Remember the people who helped you, including your bank, suppliers, customers, your team and your family. Everyone has their role in your success.
Always be open minded and flexible to opportunities and opinions.
Never Do Anything Just For Money
Let your passion lead you and love what you do, the money will follow.
Don’t be Subtle
Leadership means be direct and drive home your point. There is no time to be indecisive.
As a leader, you have a responsibility to lead. Show by your example. You and your management team, with great leadership and hard work, can win over the naysayers.
Change is Inevitable
Change is part of business life. Nothing ever stays the same, so embrace the challenge of change.
Teresa Cascioli is now the author of a series of children’s books on financial literacy. Aimed at children from ages 5 to 9, the “M is for Money®” series was inspired by the lack of material for children to learn about money.
Teresa served as Strategic Advisor to Labatt and KPMG. Today, in addition to writing she is a motivational speaker that inspires, energizes and empower other entrepreneurs to seize opportunities and challenge the status quo. She devotes her spare time to charitable causes. She has donated in excess of $6 million to her community, including the funding of McMaster University’s Chair in Entrepreneurial Leadership. Her charitable leadership earned her the title of Philanthropist of the Year in her Community.
Fabulous Fempreneurship is founded by Elaine Slatter to empower, support and mentor women entrepreneurs, worldwide. Our Fabulous Fempreneurship book is a complete startup guide for aspiring women entrepreneurs to help launch them into the world of entrepreneurship.