Think Innovative, Act Creative

A Female Entrepreneur Should Know

Presenter: Justine Liu

ENJEWELED CO., LTD.

Current: CEO & Founder of ENJEWELED CO., LTD., Founded in 2009

Education:– MS Degree, The Pennsylvania State Univ.

USA– EMBA Degree, National Cheng-Chi Univ.,

TaiwanPast Experience:

– 3 years: Special Assistant to Chairman of MiTAC International Corp.

– 8 years: Global Marketing Director & Spokeswoman, MiTAC International Corp.

– 1 Year: Global Marketing Director, ADATA Technology Corp.

Awards: – 2012 Small Business Innovation Award,

SME, Taiwan– 2013 Female Entrepreneur Award, Busin

ess Startup Phoenix Plan, MOEAPatents:

– Real Flower Jewelry Production Process Patent in Taiwan & China

Who is Justine?.....

Key Factor about Justine

Past Experience:

3 years: Special Assistant to Chairman of MiTAC International Corp. 8 years: Global Marketing Director & Spokeswoman, MiTAC International Corp.1 Year: Global Marketing Director, ADATA Technology Corp.

The brand I want to say…..

We believe ……

• Real flowers brings out the caring and subtle nature of women’s beauty and personality.

• Each jewelry is so unique as no flower looks exactly the same and requires delicate handcraft and skills.

• Innovative materials and techniques in conjunction with creative designs is the key to success

• A business most suitable for woman as 90% of our customers are women, the initial investment is low, and the craftsmanship is a key.

• Year of Founded: 2010• Technology: Real flower

element development, patented in Taiwan & China

• Number of Office Employees: 4• Number of Factory employees:

8• Type of Business:

Manufacturer, Exporter and Wholesaler

• Products: Imitation Jewelry and Decorative items made from real flowers

• Sale Proportion Domestic 30% : Export 70%

• Capital NT$15 M• Annual Capacity: 200,000

flowers

What we are….

A small company with a potential of GROWTH:

Real Flower Jewelry

Real Flower Elements

Real Flower Craftsmanship

Real Flower Franchise

Help more women

to found their own

businesses in real

flower jewelry

space

We Have Mission……

燈飾香氛燈

VIP禮品

How the real flowers are made?

Fresh flower processed & dried

shaping the flowers Flower coated by natural resin

Jewelry design

Real flower jewelry finished products

Turn real flowers into jewelry…..

Daisy

Cosmo Orchid

Carnation

Peach Blossom

Sun FlowerGebera

Orchid

Mum

Cosmo

Water LilyChina AsterHydrangea

Rose

Real flower elements is an INNOVATION…

Peach blossomorchidMumcosmo

water lilyroseChina asterhydrangea

carnationSun flowerdaisy gerbera

Design is a value-added key…

Why we are unique…..

• Grow in Taiwan: Our products were 100% made of real flowers in Taiwan as flowers grows full year in Taiwan and has a great mix of species, which help reduce the material costs dramatically.

• Work with farmers: Each real flower are carefully hand picked to ensure the quality and size of the flowers.

• Environment consciousness: We use only environmental friendly and GMP certified materials to make flowers.

• Technology: chemical knowledge, preservation technique

• Craftsmanship: it takes 2-3 years to grow a skill worker and we teach women who needs this techniques to found their own business

• An work environment for women: 90% of our employees are working mothers or second employed women, flexible work hours

• A place for woman entrepreneurs: We help woman to found their own businesses through franchising

Woman Entrepreneurs in Taiwan

Background

• Most female entrepreneurs age 31-40, married.

• 6% of adult women (age 18-64) in Taiwan engaged in TEA (Total entrepreneurship activity) vs. 12% in US and 17% in Peru, Global Entrepreneurship Monitor, 2012 Woman’s Report

• 70% of female founded company, capital less than NTD1 million (USD35K) and annual revenue NTD8.4 million (USD250K)

• Women have low perceptions about opportunities and fear of failure is generally high

• few women have personal affiliations with entrepreneurs.

• Female entrepreneurship stipulation and program is few: the flying goose program, the business startup phoenix plan

A quick look of Taiwan’s female entrepreneurs

• Work-life balancing• Knowledge on how to run a small business• Leadership experience• Access to funding• No mentors to show them the ropes• The liabilities of newness and smallness

Constraints of Female Entrepreneur

• Focus• Time Management• With directions and vision: what I want to be in 5 and 10

years• Confidence• Work smarter not harder: outsourcing the job you hate• Think like a business owner• Surrounded yourself with other successful people

Picture of a Super-Productive Female Entrepreneur

Great Idea = Business Model

No One Did Before = I will be Successful

Paradox of Entrepreneur

Self Evaluation: Performance Index of a Entrepreneur

Personal

Characteristics

Motivation

Attitude

Resource

Knowledge asset

Social capital

Financial capital

External

Opportunity

Environment

• born in a traditional Chinese family, where no one has the experience of entrepreneurship

• I have been working in a public company and multi-national enterprise that I could stay working until I retired

• Woman in traditional Chinese society are viewed as the 2nd income to the family.

My background

• I have established a global marketing team for Mio GPS

• I have established a global brand – Mio

• I have founded a foundation for Mitac group

• I have published a book for Chairman miau

My experience

• My IT background in the past decades encourage me to see things from a global view

• My mentor is chairman Miau, who is one of the greatest entrepreneurs in Taiwan

• Since 2009, Taiwan government encourages the growth of Culture and Creative industry

• I studied in an EMBA program between 2008-2011 and met a lot of small business entrepreneurs.

• I studied in jewelry design, silver smith and semi-precious stone class since 2007

My motivation

• I am ready to face my fear and failure

• I am confident of myself and products

• I know what I truly love

• I am persistent: be ready to work when things are going fabulous and terrible

• Am I able to turn risk into opportunity

I have a right attitude to do so

External environment

Environment: spot silver 10 years price trend

Opportunity: 2010 Taipei International Flora Exposition

Opportunity: My EMBA colleague offers me a rental space in a tourism spot

Resources

• Initial stage I got supports from research institutes• Then I got a partner in the research institute who wants

to invest me• I registered the process patents in Taiwan and China• My partner found me to work in a college incubator• I know how to sell product overseas• I am an expert in establishing brand

Knowledge asset

• My EMBA classmates become my best social capital resources

• My network with Mitac Group has become an important social resources

• My award in woman entrepreneurs has won me good connection with venture capitals and angel funds.

Social capital

• I use my saving in Mitac group to start the company

• Then I partnered with my EMBA classmate to found this company

• In the 3rd year, I collected investment from my EMBA classmates who are also entrepreneurs and an venture capital who invested in woman entrepreneurs only

• I was accepted to enter an incubator in my first two years

• I got government supports for research projects

Financing capital

• Personal characteristics• Environment and opportunity• Self development and realization• Personal economy pressure• Not satisfy to previous job• Family reasons

Self-Evaluation: Motivation to be an female entrepreneur

v

v

v

How to build a sound business

Product quality

Key activities: SOP, management, control, budgeting

Value proposition: what customers really want

Key resources: can you own the key resources?

Revenue: added-on revenue in addition to core product itself

Key partners

Customer relationship

A beautiful picture of a good startup business

The first challenge is teammate

• Honesty

• Common Value of Life

• complementary personalities, expertise, experience

• How much resource my partner can devote to our company: time, money, relations, expertise?

A right partner can bring much more chance to win

• No man wants to be my partner

• No women dare to be entrepreneur

• Met someone who we used to achieve something together in EMBA program

• My investment is 80% vs. 20% from my partner

• She has complimentary knowledge, background in chemical and quality control

• We share common value of life

My initial partner

What’s your competitive edge?

• A brand new creation of product, service and process and monetize these into market values

• Any change in product, process or service is viewed as innovation。

• Any small scale to large scale of improvement of product, process or service is considered as innovation.

Is my product innovative?

• Turn real flowers into jewelry materials

• Branded the real flower jewelry and elements

• Business model innovation: from selling to teaching and help grow other women by franchising

My innovation

• Product innovation

• Production innovation

• Sale and marketing innovation

• New markets exploration

• New material application

You also can choose other innovations..

• Customer Segments: age, occasions, channels• Value Propositions: do I satisfy customer’s needs• Channels: how do I deliver my product value to customers• Customer Relationships: SNS on line, and grow with your

customers• Key Resources: do I own key resources• Key Activities: streamline the production process• Key Partnership: is my partner a silent partner or an active

teammate• Cost Structure: reduce labor costs is a key• Revenue: scalable growth, franchising my business

Am I able to convert innovation into a revenue generated business model?

《 Business Model Generation》 by Alexander Osterwalder

• Perseverance• Passion• Customer Relation• Encourage internal (employee) startups• Quality assurance• Stable financing• Scalable business model

Factors to continue growth

• Knowing market status

• Own competitiveness

• Have a growth plan

• Have a clear goal

• Have a good startup partner

• With financial capital support

• Leveraging government resources

My Advice: Must-have knowledge to run a new company