Profile
A Spirited Entrepreneur
Louise Nesterenko, FCGA, and CGA-Canada's Chair for 2004-05, is a high-profile business leader and community activist with a long list of accomplishments.
FROM: MAR-APR 2005 ISSUE | BY PEGGY HOMAN
The number of women entrepreneurs and business leaders in Canada has grown substantially in recent years. Currently these entrepreneurs contribute in excess of $18 billion to the Canadian economy each year, but challenges remain. As the
vice-president and co-founder of Alberta Computer Cable Inc. (ACC), Louise Nesterenko, FCGA, and CGA-Canada's Chair for 2004-05, knows first-hand what sort of barriers women entrepreneurs face.
"When I started ACC in 1985 I was constantly asked, 'what are you doing in this business?' and was told 'you will fail within a year'; in fact, suppliers would not sell to me because I was a woman. But two of my greatest strengths are that I am
goal-oriented and I never give up." That tenacity is an integral part of Nesterenko's character and is evident in her ability to overcome barriers. "My advice to women entrepreneurs is do not be deterred. Try to gain board experience — if you are intimidated, start with a small board, and as you gain experience, you will become more confident working as part of a board."
Today, ACC is a $4-million manufacturer of high-tech cable assemblies with an international customer base and 55 employees. Nesterenko describes her leadership style as participatory, and she has a strong commitment to teamwork and open, honest communication. "I love what I do and the people I work with. Each day is different; I have a good life and I credit my designation for most of what I have," she says.
A CGA since 1981, Nesterenko was awarded the CGA-Canada Fellowship (FCGA) designation in 2000. She was president of CGA-Alberta in 2001-02, and has served on the CGA-Canada Board of Directors since 2001-02. She has taught accounting courses for more than 20 years at several post-secondary institutions, including the University of Calgary and the Southern Alberta Institute of Technology. Ever the trailblazer, Nesterenko was the first woman to complete the CGA/University of Alberta Executive Development program in 1994.
Nesterenko's personal philosophy is built around strength, determination, and embracing the prospects for growth offered by leadership opportunities. "I have never turned down an opportunity to take on a leadership role," she says, adding, "I am often described as enthusiastic, energetic, and goal-driven. I think success is based on hard work, motivation, and a commitment to growth. I also believe that mentors play a crucial role in enabling people to develop skills and confidence."
One of the strongest mentors in Nesterenko's life was Dave Cavell, a CGA and her boss in the '70s at Goodhost Foods. "Dave kept telling me that I was a natural accountant, that I had a gift for numbers," she says. "I was working as the company's receptionist and did some accounting work at the front desk; however, I was not sure about returning to school to become an accountant, as I had three small children at home. With the CGA program, I could take one course at a time while I continued to work full-time," she says.
Her career advanced quickly and Nesterenko became vice-president of Finance for Data Terminal Marts in 1983. She soon discovered that the company's computer shipments were arriving without cables to make them run, and all the cables were manufactured in Eastern Canada. "Thanks to my CGA training, I recognized the business opportunity and started ACC with an initial investment of $10,000," she says. The initial move translated into a pay cut, as Nesterenko did not take a salary for the first six months. "I relied on cash management to finance the company, often used my Visa card to buy products, and would offer a cash discount of five per cent to customers on delivery of the product," she recalls.
Task Force on Women Entrepreneurs
In May 2003, CGA-Canada made a submission entitled Advancing the Contribution of Women Entrepreneurs in Canada to the Prime Minister's Task Force on Women Entrepreneurs. Nesterenko was a key contributor and says she was shocked to discover that there are still so many barriers for entrepreneurs to overcome. Those challenges can be compounded for women, who, in addition to putting in the long hours required to get a business off the ground, are often balancing the additional demands of childcare and domestic responsibilities. It can be difficult to obtain bank financing and many people are told to seek initial financing from friends and family, explains Nesterenko.
CGA-Canada's submission to the task force focused on four areas — access to capital, education and training, the employment insurance program, and taxation. Nesterenko recalls that when the task force released its final report on October 29, 2003, "We were very proud that the report contained three recommendations put forward by CGA-Canada." Those recommendations were:
- that the federal government work with the private sector to fill the financing gap in growth and venture capital;
- that the federal government create "one-stop shopping" access to information designed for women entrepreneurs; and
- that maternity leave benefits be extended to self-employed women.
According to Nesterenko, another highlight of her work with the Association was her participation in CGA-Canada's October 2004 meetings in China. "I met with 27 prospective students — all women — and their enthusiasm was simply amazing," she says. "They were so passionate about becoming CGAs and business leaders. The Association should be very proud of our accomplishments in China," she adds.
Community Leader
In 2003 Nesterenko was named Outstanding Small Business Philanthropist as part of Calgary's Generosity of Spirit awards. An active community leader, Nesterenko works tirelessly with organizations addressing homelessness and supporting children with disabilities. She serves as First Vice-Chair on the Board of Directors of the Between Friends Club for youth with disabilities and has been the top fundraiser in nine of the last 10 annual Skate-a-Kid-to-Camp events. In addition to her work with the Between Friends Club, Nesterenko has had a long-running involvement with the Mustard Seed Street Ministry and served on its strategic planning committee for two years. Her support for the organization extended through her company as well, with ACC employees serving hot meals to those in need once a month for the past five years.
Nesterenko asserts that many may be surprised to know that she and her husband Bob make their home in an unusual location. Since 1991, they've lived on a 78-acre property known as the Chestemere-Kirkby Aerodrome. And, as the name suggests, they share space with 19 planes — complete with hangars. "Our garden is actually more of a park that extends for at least an acre," she explains. On the rare occasion that she has some spare time, Nesterenko enjoys gardening, watching a good movie, spending time with her five children and six grandchildren, or sorting through the more than 14,000 donated books she has collected and sells to raise money for the Between Friends Club.
Even though Nesterenko's schedule is as full as can be, she is quick to point out that she still has lots of goals and dreams — such as running the Honolulu Marathon. "I'm not in training to run the marathon just yet," she laughs. "But I do work out everyday to ensure I'm physically capable of balancing many priorities."
Her final words of wisdom for members and students: "Earning a CGA designation gives you a core knowledge base and what you do with it is up to you. As a CGA, you have a broad range of career options and possibilities open to you."
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Peggy Homan is associate publisher and editor of CGA Magazine.