Tina Henson, Founder and Chief Executive Officer of Plastic Jungle, gives us some insight into what she has faced in starting her Company:
1. PlasticJungle is a great idea. How did you go about transforming that idea into a booming business?
This is really the difference between an entrepreneur and others. Many people have ideas but you must take the idea and create a series of steps to make it real. For me I simply started with a lot of research (thank goodness for the internet). You must learn your market, your opportunity and your challenges. This sounds very “high level” but in reality it is grunt work. Research, research, research. I think the other challenge is to be objective with any business idea. You must research with an open mind. The outcome of your effort may result in putting the idea aside and determining that it has little or no merit. This very objective approach has to be balanced with the excitement only an entrepreneur can have for their idea. You cannot let the “Nay Sayers” stop you if you determine this is a viable product or business that solves a real problem in a real market.
2. What advice can you give to women who would like to start their own businesses?
Take it slow but don’t stop. Don’t quit your day job as you have heard many times. There is so much to do that can be done after hours online. Keep other income flowing while you begin to execute your idea. You will run out of money or not generate revenue for a much longer time than you anticipate, so be prepared. Surround yourself with people that support you and at very least won’t step on your idea. They may not be as excited as you, but they are willing to listen to your struggles or questions.
3. What were the biggest obstacles you faced starting your business and how did you overcome them?
Money! I moved in with my parents at 42 years of age to build PJ. I lived with them for two years with my 13 year old son at the time. I worked for my father to pay the bills and borrowed money on credit cards. It took approximately 9 months before I had a live website and another 11 months before we could pay our first payroll. I still have not overcome this one. For a start up like PJ money is an ongoing issue. We have great people working here and they deserve to be paid and there are tremendous expenses in keeping the site at its best.
4. What kind of financing challenges were involved?
All kinds. There are financial requirements to set a company up for outside investment which is very expensive as well. Once that is done then the challenge is to be able to articulate your business well enough to get investors to write checks. They are eager to talk, sometimes for months. It is very much like dating. It takes a certain amount of trust for someone to write you a $100K check. My first investors were my parents and shortly after was my first outside investor Will Stewart who sits on our board.
5. Why and how did you go about getting your Board of Directors?
The original board consisted of myself and Will Stewart. The rest of board followed after Will Stewart. Lou Ryan was introduced to me by Will as was Charlie Smith. Gary Briggs was introduced to Lou through a friend and was just about to leave eBay after 7 years. He was our last board addition. We have a great group with great success.
6. Where do you see your company going in the future?
We hope that Plastic Jungle will become a household name. We believe we have a huge market opportunity ($100B) and we want people to know we are here to help them with their gift card needs. We offer options to buy, sell, trade or simply protect the gift cards you currently have. We have become a place where people buy discounted cards for personal use to live at a discount. This is really exciting. As for us at PJ we are holding on tight and look forward to everyday on this awesome roller coaster ride.
7. What advice do you have for young women just starting out in their careers?
Be strong and confident. Believe you are capable of whatever your goal is. Complete your education. You will need it to compete. Learn to depend on yourself and your immediate support group. Work to become financially independent so that you are not at a financial loss when you have relationship losses. Money is power. It frees us from our dependency on others.
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