If at first you don't succeed...pull the plug!

Yesterday the Wall Street Journal ran an article about not giving up when you believe you've got a talent that the rest of the world hasn't recognized yet. They gave some classic examples of people we'd consider at the top of their fields who faced loads of early rejection. Julie Andrews as told she wasn't photogenic enough, JK Rowling went to a dozen publishers before a small firm "took a chance" on Harry Potter, Walt Disney was fired from a newspaper for "a lack of imagination," Michael Jordan was cut from his high school basketball team, even the Beatles were turned down by Decca Records because they "didn't like the sound" of the group.

In America we're fortunate that a dominant cultural theme is "you can be what you want to be" and both girls and boys are encouraged to go after their dreams, to "try and try again" as necessary. This is of course a positive message and there's quite a bit to be learned from the fact that it took Thomas Edison more than 1000 tries to successfully develop the light bulb (he calls it 1000 improvements!). That said, there is also something important about knowing when to pull the plug and it is perhaps here that there is less guidance, particularly for women.

When I started EDImports in 2003 I didn't know if it would be successful in the traditional bottom line sense, though I was pretty sure I could make a positive impact on the lives of people living in developing countries. I had specific goals for both the financial returns and the other elements of the business. At the end of four years I looked at the numbers and made the rational (i.e., non-emotional) assessment that I could work for years with very little improvement in the numbers despite my best efforts. Without significant external capital I did not see a clear path to growth and I felt if the business was not financially sustainable for me, as well as for the women I was hoping to "aid through trade," then it was not what I would term a "success." I did not, however, feel like therefore I had "failed." On the contrary, I thought many things had gone very well and that making the decision to close the business and move on to something else--bringing with me all that I had learned--was in fact trying again and not quitting.

In business, and particularly entrepreneurship, there are many wins and many losses along the road. Too often, people don't realize that you can't get back the sunk costs and that these costs should not be factors in deciding to stick with what you started. I think this is more often the case for women, who often become more emotionally attached to their work, and who perhaps feel more pressure to not be seen as quitters. Perseverance is an important lesson to teach young people (and to remind us older folks) but rationally assessing your situation and making the decision to move on is also an important lesson that should not be forgotten. Often it is more about finding the right lessons in what you have done in the past and effectively using (and marketing!) that learning to make your future endeavors even more successful. For me that has meant closing EDImports and opening EDImpacts, a consultancy that leverages what I've learned for the past four years. So far, the strategy is working--even if the new website isn't up yet!

Does Anybody Know It's Earth Day?

With all the green marketing, CSR, "WE" campaign marketing going on you'd think that Earth Day 2008 would warrant at least a mention in the mainstream media. While there are some who think we've reached the proverbial tipping point in everything "green," others are just not buying that consumers care that much. If the Wall Street Journal, New York Times and CNN.com are any indications, these doubters may be right.

Earth Day may appear on the calendar but it didn't make a single headline in the three media outlets mentioned above (Intel ran an ad below the fold on the Journal next to an article on planting veggies in your yard instead of grass). This despite the Earth Day Network's claim that "Earth Day 2008 is expected to be the biggest yet! From Tokyo to Togo, to our flagship event on the National Mall in Washington, DC and 7 other U.S. cities, we will be galvanizing millions of people around the world behind a Call for Climate, our global warming action theme. Hundreds of events are popping up all over the globe and April 22 should be a most memorable Earth Day. We will be asking people to call their government and urge significant and equitable action on climate change."

I guess Primary Day in PA is a bigger story....

Who Knew Fair Trade Could Be Funny?

John Oliver the sometimes correspondent on The Daily Show (one of my favorites!) had a recent special on Comedy Central where he hilariously and appropriately called out what should be done about "Unfair Trade."

Check out the clip!

More Good News for Higher Education in Developing Countries

Plenty has been said and written about the importance of education--especially for women--in fighting poverty. In Africa politicians often tout that education is free and open to all. The truth is that while there may not be tuition charges to attend primary schools, there are often other fees like school uniforms and books that make it impossible for families to afford. After 8th grade things get even worse with few free secondary schools and very limited university options. As for post university education, most Africans lucky enough to access it must do so by earning scarce scholarships to come to the West. With the introduction of the Goldman Sachs 10,000 Women program however, things may be changing for the better.

The Goldman global initiative--to which they are committing $100MMM over the next 5 years--will provide 10,000 women, mainly in developing and emerging markets, with a business and management education, through shorter and more feasible certificate programs and in limited cases full MBA opportunities. "The initiative will invest in a largely untapped yet significant resource – the exponential power of women as entrepreneurs and managers around the world."

Importantly, 10,000 Women will incorporate business schools in Africa, India and South America as well as Europe and North America. They will also seek to better understand and improve local conditions that often inhibit women from pursuing business and entrepreneurial opportunities. To learn more about the program, check out the video of the launch event that took place at Columbia University earlier this year.

Theoretical Physicist Makes Very Real Wish For Africa

I've mentioned TED before - which in a nutshell a forum for bringing together an incredible group of thought leaders from all parts of the world and every imaginable discipline. Each year they have the TED Prize which "was created as a way of taking the inspiration, ideas and resources that are generated at TED and using them to make a difference. Although the winners receive a prize of $100,000 each, that's the least of what they get. The real prize is that they are granted a WISH. A wish to change the world."

This year the prize was awarded to theoretical physicist Neil Turok whose dream is to give smart, talented, young Africans starved of opportunity the chance to be "the next Einstein." He spearheaded the building of the African Institute for Mathematical Sciences (AIMS) and challenges the TED community with his "wish" to expand on this successful model by opening 15 new AIMS centers across Africa in five years.



Perhaps the next wish will be that once these centers are thriving and there are thousands of African scientists, they will be able to do their post educational work on the Continent itself.