"As an entrepreneur, the reason why we are entrepreneurs is because we're not following a rigid set of structured processes and procedures. We're creating. We're bringing about new innovative business."
Leslie H. Tayne, founder of Tayne Law Group P.C. and author of Life & Debt, is no stranger to debt herself. Having graduated law school with $80,000 in student loan debt, which doubled because of mishandled payments, she now runs a very successful law practice to help people in similar situations.
Immediately after she finished law school, she started as a criminal defense attorney before moving on to being in-house counsel at a national debt company. She found herself disagreeing with the owners of the company on several compliance issues, and they weren’t as established as she’d felt comfortable with, so she left. She felt she could do it better, so she started her own practice. "I said, ‘I can do this and I can create a service that's out there that will really be meaningful.’"
Keep in mind that Tayne decided to start her own practice as a single mother with three children, all under the age of five. She found herself “grappling with the parent-entrepreneur roles” often, but she kept pressing on. "I'm a decision maker. I'm not one to ever sit on the fence. Once I make the decision I just go with it without looking back."
To build a strong entrepreneurial foundation, she used resources she already had to build her business, such as professional connections. "I found somebody who was a mentor to me who I could call up on a regular basis, ask questions about not only the business structure but dealing with certain business-related issues and that was really important to the success of my business - that I had somebody I could go to." Once she started to say, "what's the decision I would make," and then have her mentor confirm that decision, she felt like she didn't need a mentor anymore.
LISTEN to learn more about how to find your own mentor, Tayne’s tips on starting a business so it lasts, and her advice about applying for loans (spoiler alert: don't).