Young business women venture out on their own despite economic hard times

As both the national and New York City economies have hit rock bottom, and the chances of finding one’s dream job becomes almost obsolete, a few ambitious, young women have created their own dream jobs, working and answering only for themselves.

“We have some data that slightly more younger women (under 35) are moving into entrepreneurships, compared to men of the same age group,” said Gwen Martin, Executive Director at the Center for Women’s Business Research.

In New York City with an unemployment rate at an all time high of 10.3 percent, young women are beginning to realize that starting one’s own business is no more risky than working for somebody else. 

“This has been a wake up call,” said Natalia Oberti Noguera, Director of the New York Women Social Entrepreneurs.  Noguera said the recession has given women the opportunity to dust off their old business plans and reexamine their career paths. 

Finding a Niche

Tiffanie Drayton, a 27-year-old jewelry designer, who works out of her apartment in Brooklyn, received her wake up call during the heart of the financial collapse.

Hear what Tiffanie Drayton calls the recession

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In fall of 2008, she quit her job as a waitress to pursue her jewelry design business full time.

For Drayton the decision to become her own boss was well worth the risk.

“I guess everyone else is struggling a little bit, but I had a really great year,” shrugged Drayton, who made enough money in her first year to support herself, but would not disclose financial specifics.  

Drayton credited the early success of her business to her motto: business woman first, designer last. 

Instead of trying to capture the eye of a broad audience in a saturated market, Drayton created two niche lines to narrow her customer based.

Eternally Linked launched in July of 2008, featuring only customized, handmade cufflinks. And Metal Taboo started in January 2009, focusing on necklaces with shocking phrases stamped onto silver and copper plates.

“I have seen a lot of love necklaces, but I haven’t seen so many porn star necklaces,” said Drayton with a smile.

Drayton understands that her product is not for everyone and even admits that some people see her products that say “fang bang” or “sin” and roll their eyes and walk away.

But having a targeted business gives her a better chance of actually reaching the “right” customers and Drayton expects this Christmas season to be her best yet.

A Bumpy Start

Online vintage boutique owner, Terrell Dominick, a self described “creative type” learned the hard way that business comes first. 

She struggled for two years to launch her company, including winding up in court to defend herself in a contract dispute and losing about $4,000 to a web designer. 

Hear Terrell Dominick's reaction to the recession

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 “I was planning launch parties, before I got the brunt of my business in order,” admitted Dominick, 26, who runs her business from her blackberry and Jersey City home.

But Dominick reached out to mentors, took e Commerce classes at the Fashion Institute of Technology, and eventually learned how to build her own website. 

And in August of 2009 Je Ne Sais Quoi Vintage, Dominick’s one stop, click and buy website was born.

 Now although her business has not yet seen a profit, Dominick reported $2,800 in revenue after her first month and has been able to re-circulate money from sales back into her business to continue her hunt for vintage treasures.

Ready to Launch

Entrepreneur, Lily Liu, 26, has a civic-minded mission for her new business, to bring the town hall process online for small to mid-size cities across the country. 

Public Stuff is a free online information platform that allows businesses and citizens to access applications and forms, report problems such as potholes and missing street signs, and weigh in to city officials about community issues or redevelopment projects.

Hear Lily Liu's strategies to starting a business during a recession

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To manage the information collected on the free site, Public Stuff sells online software systems, and custom analytics to city governments.    

With a background in public policy and working with local government in the City of Long Beach, California, Liu learned first hand the costs and challenges of developing a 3-1-1 like information center from inside a bureaucracy.  After the City of Long Beach invested  $1 million and one year of planning, Liu’s information center project was cut.

Convinced she could do better to connect citizens to local governments, Liu participated in the New York Women Social Entrepreneurs Incubator Program, and won a $50,000 grant to begin Public Stuff.

“We do everything online, from shopping to socializing and networking, but not necessarily to work with our governments, or really think about how we can impact even the smallest way the development of our communities,” said Liu.

Because of President Barack Obama’s open government initiatives and the call for governments to be more transparent, Liu said she couldn’t think of a better time to start her company, which aims to serve as a bridge for citizens to their local public officials. 

The free citizen site of Public Stuff is scheduled to go live before the end of November, and Liu expects to launch a three-month pilot program with three midsize cities in the Northeast before the end of 2009.

To hear more from Liu and the other young women entrepreneurs about how the recession has impacted their budding businesses, be sure to click the audio players above.