Investing in You: Entrepreneurs find success through resources

Starting a business of your own sounds like a do-it-yourself proposition. But entrepreneurs will tell you this secret to success:

It takes a village.

When Francine Griesing left "Big Law" to start her own firm, she needed some key things: a few clients, a business plan, and some savings in the bank. She had worked at Greenberg Traurig and networked extensively during her time there, serving on professional organizations such as the Philadelphia Bar Association.

Today, her firm, Griesing Law, represents Fortune 500 corporations in high-stakes litigation, intellectual property, and employment matters. It received the 2013 National Association of Minority and Women Owned Law Firms Law Firm MVP Award and the SmartCEO 2014 Philadelphia Law Firm of the Year Award.

Why did she start her own firm in 2009? "I wish I'd done it sooner," she says. "But the judgment of others helped me. And I'm happier than ever."

Griesing hired other (female) lawyers and hopes to promote some to partner - something she says still doesn't happen enough at big law firms.

Resources she used in getting started? Griesing swears by the following books: Bringin' in the Rain by Sara Holtz; How to Start and Build a Law Practice by J. Foonberg; Flying Solo by William Gibson; and The Road to Independence, 101 Women's Journeys to Starting Their Own law Firms.

Griesing also attended Holtz's paid seminars to learn about bringing in clients. And joining the National Association of Minority and Women Owned Law Firms helped "because they give entree to large corporations who want to expand the diversity of their vendors."

She rented serious-looking office space that provided infrastructure in the old Bell Atlantic headquarters tower near the Comcast building.

"Big corporate clients needed to feel secure and that we weren't going anywhere," she says. "Tech start-ups don't need that, but we needed" traditional office space.

Fear regret, not failure. Jen Groover, a Delaware County native, founded her own business after she couldn't find anything in her purse.

Groover invented the Butler Bag after fitting the cutlery rack from her dishwasher into her purse, creating a fixed, rigid storage structure. Now manufactured and distributed by Avon, Butler Bags use fabric, batting, and other purse materials with the same concept.

Says Groover: "I knew nothing about fashion, and in 2006 I launched Butler Bag. There's no way someone can teach you everything. Don't worry about what you don't know."

Find mentors, she advises. "I had tons of mentors along the way. Ideally, find another woman who's done what you want to do. If there's no woman, there's probably a guy who has daughters. They are motivated to help the next generation."

Venture capital? "I didn't have any, I had private investors, but if you do take money from a V.C. firm, don't let them invest and then just walk away. Don't just take the money - get their knowledge, too."

Licensing is powerful. Avon approached Groover to license Butler Bags after she started selling them on QVC.

"I helped Avon with the concept, and they manufacture. I tell entrepreneurs to let someone else do operations and infrastructure. Many entrepreneurs don't know about licensing partners and distribution channels. It's such a powerful tool, even if you're maintaining control of the ownership of the brand."

Set prices high, then allow retailers to cut the price over time. She began selling in boutiques at $150 to $1,500 per bag, then on QVC for $79 to $99 per bag, then in chains like Kmart for $24.99.

QVC's Sprouts program offers entrepreneurs and inventors a free application at Qvcsprouts.com, where you can pitch your product and get customer feedback.

Groover's next start-up was the Thuzio Executive Club. Partnering with football great Tiki Barber, the club hosts events where executives pay to meet with professional athletes in an intimate setting.

On Nov. 4, Thuzio will host an event at Estia in Center City with NFL veteran Terrell Owens.