The saga of Maggie Lena Walker — a beacon of ingenuity in the turbulent seas of post-Civil War America. Her story, a vibrant tapestry of resilience and creativity, offers a treasure trove of insights for today’s small business leaders and founders through her entrepreneurial leadership.
In a recent podcast on Harvard Business Review, the conversation explored the remarkable navigation into the realm of business both as an insider being a born American and outsider due to being a Black community member in America.
Picture this; You are at the helm of a sinking ship (read: business) with a measly £31 in your account and £400 in debt. What do you do? If you’re Walker, you roll up your sleeves and get to work. She slashed costs (including her own salary — talk about leading by example) while simultaneously drumming up new members. It’s the entrepreneurial leadership, equivalent of patching holes while also building a better boat.
I have put together some of the remarkable learnings discussed in the podcast that SME owner-managers can take away from Walker’s leadership.
- Turnaround strategies: When facing financial difficulties, focus on both cost management and revenue growth. Walker reduced costs by cutting her own salary and consolidating operations, while simultaneously working to increase membership and expand services.
- Diversification and synergy: Consider creating mutually reinforcing businesses. Walker established a newspaper, bank, and store that supported each other and the broader organisation’s mission.
- Community focus: Serve unmet needs in your community. Walker’s businesses catered specifically to the African-American community, providing services that were otherwise unavailable to them.
- Perseverance: Be prepared to face and overcome significant challenges, especially if you’re breaking new ground. Walker faced discrimination and attempts to shut down her businesses but persisted.
- Continuous learning: Invest in your own education and seek mentorship. Walker attended night school to learn accounting and sought guidance from experienced bankers. (See our Help to Grow programme at Kingston University that grants access to10 hours of personal mentoring from Industry leaders and coaches: Help to Grow: Management Course | Kingston University (kingstonuniversitybusinesstraining.com))
- Innovation in leadership: Be willing to challenge norms and create new opportunities. Walker created leadership roles for women when it was uncommon to do so.
- Leverage personal networks: Use your connections and deep local roots to overcome challenges and gain support.
- Social responsibility: Consider how your business can contribute to broader social causes. Walker used her businesses to advocate for rights and improve her community’s economic situation.
- Adaptability: Be ready to pivot or consolidate when faced with insurmountable obstacles. When suppliers were cut off from her store, Walker focused on her other successful ventures.
- Start small and grow: Walker’s success came from starting with small, focused initiatives that grew over time.
These takeaways demonstrate how SME owners can navigate challenging environments, serve their communities, and grow their businesses through innovative leadership and perseverance.
Find out more about how 700+ SME business owner-managers and entrepreneurs grew their businesses with support from the Help to Grow Management Programme at Kingston University, took off with a growth action plan and thoughtful entrepreneurial leadership: Help to Grow: Management Course | Kingston University (kingstonuniversitybusinesstraining.com)