Fact #1: According to the National Association of Women Business Owners, today there are more than 11.6 million women-owned businesses in the U.S.A.
Fact #2: Since 2007, the number of women-owned firms has grown at five (5) times the national average, with 1,072 new women-owned firms starting every day. Wow
With more women than ever starting their own business, and with the increasing rate of success of these businesses, one could surmise that women may especially be well suited for entrepreneurship.
Successful Topics: Do what you Love, Generous, Network, Fake It, Feedback, Gr8 Team, Learning, Vision & Goals, Work/Life Balance, Financials.
Below is what women entrepreneurs can do to avoid being one of the 20% of small businesses that fail – the first year or 50% that do not survive beyond five (5)
NAWBO Month. October, the U.S. celebrates National Women in Small Business Month. According to the National Association of Women Business Owners, more than 11.6 million women-owned businesses are making a positive impact on the American small business field.
Their Share. Women are currently majority owners of 38% of U.S. small businesses, up from 29% in 2007, with these businesses employing nearly 9 million people and generating more than $1.6 trillion in revenue each year.
Their Growth. While we recognize the contributions and successes of female small business owners in our country, the road for women entrepreneurs is only going uphill. By 2020, women are expected to generate more than $22 trillion dollars for the US Economy. Many women have turned to entrepreneurship to follow their passion, gain flexibility, and/or take control of their future and their earning power. Sadly, around 20% of small businesses, in general, fail in the first year, and 50% do not survive beyond five years. Here’s what women entrepreneurs can do to avoid falling into this disheartening statistic.
#1. Do what you Love & Love what you do.
Have a strong passion for what you do and you will be good at it. If you are truly happy at work, you won’t have to drag yourself out of bed every morning, and you’ll find the time flying by during the day. Your optimism will radiate and positively influence the people around you.
#2. Be generous with your time for Clients / Customers
Personalize and customize your work for each Client. You don’t want to create generic plans and ideas that apply to everyone, just because it saves time. A small amount of extra effort goes a long way. Clients will appreciate the attention to detail you have provided to tailor your services to their needs. A handwritten “Thank you” card can make a difference.
#3. Network to learn about other Biz & get help.
Women face challenges, including breaking into male-dominated networks, finding mentors and gaining access to outside funding. Networking hard is the best way to market yourself and reach individuals who can help and support your business. By meeting other people, not only can you share your products or services, but you will learn what makes some businesses thrive and others crash & burn. Networking events are a great way to connect with other businesses owners to share ideas.
#4. Fake it ’til you Make it.
This idea was recently popularized by social psychologist Amy Cudly. Through her research on non-verbal expressions, she provides insights on what we can do to influence our own minds Although it may be cliché, positive thinking really can change your outlook and your behavior which then positively influences your thinking. Focus on how you would like to see yourself in your business until you embody that vision. Try a “power pose” (& not Power Hose) when times get tough, as they inevitably will. Always strive for the highest Quality in your Products & Services.
#5. Ask for & Listen to Feedback.
Always be open to positive & negative feedback. Positive feedback reinforces a job well done and helps build your level of confidence. But negative feedback can be just as important as praise, because it highlights areas for growth needed and may elicit ideas to stimulate your business.
#6. Create an “inspiring” Work Environment.
Surround yourself with things you love: pictures of family & friends, walls painted in your favorite color or a beautifully scented candle. Being surrounded by these relaxing and cheerful elements every day will make you feel more relaxed, motivated and inspired to press on with your work.
#7. Hire a “motivated” Team.
Successful businesses are always a collaborative effort, so make sure to hire a motivated Team that understands and shares your business goals. Working toward a common goal will unite and encourage your team. If you have an employee that doesn’t share your vision, you may have to let them go -before they infect your other Team members and become a liability. On the other hand, recognize & publicly praise. Rewards can be motivating too.
#8. Never lose your desire for Learning new things.
Seek fresh inspiration and always be open to new growth opportunities. Don’t be afraid to break your routine, as small changes in your daily patterns can lead to invigorating experiences & creative thought patterns. The businesses that succeed are always looking to improve their operations and products to make them better.
#9. Have a Vision & set Goals.
Have a Vision of where you want your Business to be in 3-5 years. Then set personal & business Goals to get there. They give you something to work towards and leave you feeling accomplished when they are achieved. And don’t be afraid to ask for help! If you are feeling lost or discouraged, sometimes all you need is a new idea, then add it to your Goals to get you back on track.
#10. Maintain your Work / Life Balance.
Even if you love your work and want to channel all your energy into it, don’t forget to prioritize family, friends and other loved ones/things (ie, Hobbies). Spending time with them will give you the support & encouragement you need to achieve your Goals at work. Some entrepreneurs give up because they become workaholics, burn out, and stop loving their work. Don’t let that be you. If you don’t already have them, look for ways to enrich your life
#11. Have a business Financial plan and personal Financial plan.
a) business Cash Flow. Most businesses that fail simply run out of cash. Make sure that you are tracking all your income & expenses so that you can review your Financials on a monthly basis, at least. Be a Scrooge when it comes to parting with your cash. Every dollar that stays in the coffers flows down to your business’ bottom line and, eventually, your pocket. Review your office leases, supplies, equipment purchases, phone usage, etc., for opportunities to cut down or eliminate costs. However, do not cut back on essential costs that are required for long-term business growth.
b) Personal Financials. You can also set up your own tax-advantaged retirement program, and you may be able to contribute to a Roth or Traditional IRA, as well as a 401(k), SEP IRA or Keogh Plan. Business health is also a function of your personal financial health. Many business owners are consumed with the finances of their business, but ignore their personal balance sheets.
Comments: Do you have any other Tips of how to be Successful in Business as a Woman?
from CNBC 10-18 enhanced by Peter/CXO Wiz4.biz
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Inspiring Quotes From 12 Self-Made $B
Sara Blakely – Founder of Spanx under-garments
- It’s important to be willing to make mistakes. The worst thing that can happen is you become memorable.
- We don’t have the luxury of time. We spend more because of how we live, but it’s important to be with our family & friends.
- We can make the world a better place, one butt at a time. Yes, but . . Wiz4.biz
J. K. Rowling – Harry Potter author
- It’s impossible to live without failing at something, unless you live so cautiously that you might as well not have lived at all, in which case you have failed by default.
- It takes a great deal of bravery to stand up to our enemies, but even more to stand up to our friends.
- It’s our choices … that show what we truly are – far more than our abilities.
- What God intended for you goes far beyond anything you can imagine.
- Real integrity is doing the right thing, knowing that nobody’s going to know whether you did it or not. But you’ll feel good about it.
- Breathe. Let go of your worries. Remind yourself that this very moment is the only one you know you have for sure.