Initially, No Plan For Entrepreneurship, Now Built a Profitable Company

About Lucy Cohen:

Meet Lucy Cohen, the CEO and co-founder of Mazuma. She comes from a family with a strong passion for musical arts. Her grandmother was a pianist, and her father was a musician. Initially, she planned to follow her family's footsteps and pursue a career in the arts. But, later she decided to choose a different path.

She completed her academic journey with the Association of Accounting Technicians. Furthermore, she decided to choose an apprenticeship instead of a university degree, finding it more practical for learning accounting. This experience enabled her to earn and learn simultaneously. However, after completing her apprenticeship, she felt dissatisfied and questioned her ability to make a meaningful impact in a large organization.

The inspiration behind her own business:

Initially, Cohen had no plan for entrepreneurship, but since childhood, she always noticed that people often struggled with money management and realized that taxes often caused people stress and anxiety.

Although, initially she didn't have a plan to address this anxiety, but, she was clear about her desire to work in accounting. While completing her apprenticeship, she observed a gap in the industry. 

She observed that small businesses, micro businesses, and sole traders often had a challenging relationship with accountants, usually meeting them only once a year and feeling anxious about both their tax bill and accounting fees. Observing these issues prompted Cohen to come up with an idea to address it. Soon, an idea came in her mind.

What was the idea?

The idea was simple: to provide an affordable and user-friendly accounting service for microbusinesses through a subscription service.

Lucy shared her idea with her college friend, Sophie Hughes. Sophie, who had also completed her accounting qualifications at the same college, enthusiastically offered her assistance. This was in 2006, and since then, both have been progressing together.

By introducing the UK's first subscription model for accounting services, they have established a dynamic business partnership rooted in years of friendship and trust. Today, the pair has been revolutionizing the accounting industry.

What is Mazuma?

Mazuma, a UK-based startup, was founded in 2006 by Lucy Cohen and her friend Sophie Hughes. The company offers a service that enables small businesses to submit their tax documents either online, via email, or through the post, allowing Mazuma to manage their accounting digitally.

In the new era of accounting, they are shaping the future of accounting by using a unique combination of cutting-edge technology and human expertise.

Entrepreneurs and Inspirations:

Lucy is not only an entrepreneur but also an inspiration to everyone. She runs her business and simultaneously teaches enterprise skills to children in schools, empowering the next generation of female entrepreneurs.

In addition to her success, Lucy has written 2 books. Her second book, "Forget the First Million," won the Best Short Business Book of the Year award in 2022 at the Business Book Awards.

To aspiring entrepreneurs, she says, “There’s never a perfect time to start. Just get started.”

Award Winnings:

Since 2006, their revolutionary solutions and pioneering capabilities have won numerous awards and accolades, such as:

• Outstanding contribution Awards 2022
• Technology business woman of the year 2021
• Tech nation-highly recommended 2020
• Accounts and Tax advisor of the year 2019

Cohen's remarkable energy, observation power, and her hunger of addressing the challenge have fueled outstanding growth for the innovative solution. She started her entrepreneurial journey with only £100 from her bedroom, and today she is not only an influential entrepreneur but also an inspiration to all.

Instead of choosing an easy path, she decided to embrace a more challenging path. Lucy Cohen is an inspiration!

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