How important were mentors in your entrepreneurial career?
They are more important now versus the past. I don’t recall any specific mentors, but I had amazing bosses. In my role now and because of the level of people I deal with, I have a business coach and a spiritual life coach. I also have some strategic alliances around me that are beautifully powerful, open and giving. I am surrounded by mentors and support now. But, I think as an entrepreneur, that’s key.
Did you start your business with your own capital?
I used all my own capital. I have one business credit card. There are no loans, now! When I had my gift store, I had loans, but I’m still repaying those loans. I just didn’t want to put myself in that position again. Unless I had angel investors who were clear on the vision and goals of my business, I might consider that source for capital, but I wouldn’t start a business again on credit. When you go outside of your financial plan and budget, you’re in trouble. You don’t want to be underfunded, but if you do use funding, you need to stick to your budget. You can’t just want something and have it. For example, when you open a retail store, you don’t have to buy everything brand new. You can buy used equipment and still get the same effect. If you buy the shiny new equipment, what happens when you don’t bring in the money?
The other major financial item with business plans is: be realistic. I’ve written about 20 business plans in my life (my degrees are in finance and accounting). Every six months, I look at my financial goals and make changes if necessary. If I’m not where I was expected to be, I need to change my numbers going forward to account for where I’ve been and where I’m going in order to create realistic expectations. I think women are afraid of the numbers because they don’t understand them, or they aren’t pretty and they don’t want to look at them. It’s OK if they aren’t pretty because they do tell you where to go. If you don’t look at them, you can end up in shock (and out of business). However, if you look at them at least twice a year, you can adjust for the rest of the year ahead of time. Be proactive instead of reactive.
What is your personal definition of success, and have you achieved it?
My personal definition is having a balanced life and financially being able to support myself while being able to do what I love. I’m half way there. I’m still working on the work/life balance, and I’m still working on being completely financially independent, but I love what I do and I’m very clear on my vision. The balance is coming. I see glimpses of balance, but it is a choice too. For example, it is a choice to shut your computer off. It is a choice for me to not answer the phone when my son comes home from school. I can also choose for him to sit in the loft while I’m sending emails. When I make the choice, I can go back to work at 8 p.m. at night. When my son is present, I’m present with him from 5:30 p.m. until he goes to bed. He knows that. When he comes home at 3:30 or 4 with the nanny—he does his homework, but at 5:30, he gets my full attention until bedtime.
He’s very patient. He’ll also call me on it too. He’ll say, “Mom, it’s my time.” Or, if there is something major I have to take care of, I’ll tell him in advance. I’m open and communicative with him. There are 1-2 days during the week when he’s with his dad and I can work 12-hour days if I want to and I do, so I can be present with him when he is with me.
What didn’t I ask you that you think is important to share with others?
I want to emphasize to other women entrepreneurs the following: be sure to document what you do every day. It creates a sustainable organization. When I speak in front of women’s groups, I tell them that they never want to have to choose between their mothers and their businesses. If mom needs you to care for her for a month, for example, someone else can duplicate what you do in your business if you’ve been documenting what it is that you actually do on a daily basis. Then, someone else can run your business and you can care for your mom. A sustainable business can be created when you document what you do.
Andrea Bloom
ConnectWell
Andrea Bloom is a seasoned executive with over 20 years of business experience including 15 years spent in the health care industry in various product development, marketing, business development and consulting roles. She has worked for leading health care companies, medical device start-ups and health related non-profits (Juvenile Diabetes Research Foundation, American Heart Association, Diabetic Youth Foundation, Playworks and Wellness City Challenge). She continues to be an active research contributor to the Health Horizons practice area at Institute for the Future, a prominent Palo Alto think tank. Andrea’s background includes marketing in both the U.S. and international arenas targeting consumers, physicians, hospitals and retailers. She spent 3 years in product development and 5 years in the international division of a major health care company introducing blood glucose monitoring technology to remote parts of the developing world and enabling self-management of diabetes for the first time in many countries. Andrea worked as a diabetes industry consultant as a Principal at Close Concerns and Cogent Reimbursement Strategies before founding her own consultancy, Diabetes Insights. In additional to diabetes, Andrea has a broad knowledge of the health care landscape having worked in a number of disease states for medical device, drug delivery, pharmaceutical and lab equipment companies and on wellness, prevention and disease management programs. She has a deep understanding of health care reimbursement involving payers, providers and government policies. At the beginning of 2010, Andrea founded ConnectWell to leverage her experience-base in health care and create an educational program that teaches sustainable wellness practices for life-long success in eating, activity and a balanced lifestyle. Andrea’s education includes a Master of Business Administration from Harvard Business School and a Bachelor of Arts in Economics from University of California, Berkeley with departmental honors, high distinction in general scholarship and Phi Beta Kappa.
ConnectWell partners with organizations to select and engage employees who demonstrate “readiness” to embrace wellness practices. Their wellness programs support people across the spectrum of health promotion—eating, activity, life skills and balance. ConnectWell’s offering focuses on addressing preventable illnesses by empowering individuals through wellness education, and engaging them in activities and exercises to promote and reinforce healthy habit formation. ConnectWell’s unique approach enrolls people who are “ready” to embrace wellness practices and engages them in the context of their household values and life goals. The approach is integrative in that the programming threads through all aspects of life to create consistency in behavior patterns that drive positive health outcomes. ConnectWell’s household-centered approach reaches beyond standard worksite wellness programs by extending the program to family members representing up to two- thirds of the employer “covered” population. ConnectWell utilizes proven approaches to wellness practices and reaches a widespread population to achieve sustainable reductions in health care costs while enhancing productivity and overall well-being.
Could you describe your business in one sentence?
ConnectWell is a wellness education and programming company that reaches people through employers to teach and engage the “ready” population in sustainable wellness practices for life-long success in eating, activity and a balanced life-style.
What advantages do you think you have as a divorced/solo business owner that married business owners don’t have?
I think the main advantage is that I am completely independent in my thinking. As a single woman, you don’t have to counterbalance your partner’s view of what YOU should be doing.