Armand of Armand Corp.: Has skills to manage others

Name: Barbara Armand Title: Owner Company Name: Armand Corporation What motivated you to step out on your own? I was employed with companies that I thought did not recognize my contributions. These same companies continually promoted others over me. I felt trapped and frustrated. The last straw was when the last company hired from outside and installed someone with no knowledge of the industry to manage our department. I had often thought about starting a business because deep down I knew that I had the skills to manage others, and the courage and fortitude to step out on my own. I craved the independence and ability to forge my own destiny. These feelings drove me into entrepreneurship. What was the biggest obstacle in launching your own business and how did you overcome it? The biggest obstacle for me was raising capital. After two years, I had completely tapped my savings, and topped off my credit cards. I approached a number of banks, but the story was the same, "You're a start-up and too risky; or "You don't have enough collateral." I didn't give up though. I went to at least 10 banks before I got a yes - although they wanted the loan guaranteed by the Small Business Administration. The SBA guaranteed a loan which provided funds for new equipment and operating cash. What one piece of advice would you give to a woman who is launching her own business in the real estate profession? Relationships matter! Build relationships through networking; through professional and business associations, and real estate organizations. Build relationships by talking to everyone. I talked to everyone whether they were significant or insignificant to my business goals. Sometimes these "insignificant" people became key players in the industry years later. And, they remembered me. Build relationships by treating everyone with respect; keeping your word; and being trustworthy.