Handling Risk – More from the Institute for Women's Entrepreneurship at Cornell

Avoid These Pitfalls If You Are A Small Business Owner

This post from LegalZoom which was recently updated in September 2023 highlights the top ten mistakes made by new business owners. The list includes:

Not having a business plan
Not having a marketing plan
Impatience
Overspending
Underpricing
Not forming the right business entity
Thinking you don’t need insurance
Not having a written agreement with your business partners
Failing to protect intellectual property
Thinking you can do it all yourself

Check out the link to read more detail about what to do if you think you are falling short in that area as the post goes into depth on each item in the list.

Considerations When Turning Your Side Hustle Into a Full-Time Business

This blog post from SCORE (which stands for Service Corps of Retired Executives) highlights eight points to ponder when considering whether to turn your side hustle into a full time business. Specifically, the piece mentions the importance of considering what automation tools you will use to help you scale efficiently (for tasks like scheduling, accounting, inventory, etc) as well as considerations about your marketing plan and customer base. Check out the blog post for more tips!

Tips for Women Entrepreneurs

This article from AllBusiness provides advice for women entrepreneurs from successful female business owners. The piece includes 21 tips that cover a range of topics such as cultivating storytelling skills, bringing a fresh perspective, finding purpose, taking control, avoiding self-discrimination, hiring passionate staff, charging appropriately for services, and surrounding oneself with supportive people. Many of the tips emphasize the importance of amplifying women’s unique strengths, including communication, empathy, and problem-solving abilities, in building successful businesses.

When Women Step Into Executive Roles, Attitudes Towards Risk Change

Studies over time have found that when women step into executive roles at a company (CEO, CFO, director, etc), the company will experience an increase in profitability – in one study that increase was 15%. On NPR’s Planet Money podcast The Indicator, this reality is explored with Professor Corinne Post, a professor of management at the Villanova School of Business. One of the interesting findings in Professor Post’s research was that “after women were appointed to top executive positions, two things happened. A management team’s tendency to take risks dropped by between 13 to 14%, and then their willingness to become more innovative – their openness to new ideas – that increased by about 10%.” To hear more about the research and a discussion on the topic, listen to “The Indicator” podcast.

The Best Small Business Stories 2021

While small businesses definitely took a hit over the past 20 months of a pandemic-impacted world, being small did provide a few advantages. When it comes to determination and the ability to pivot quickly, small businesses often leave large corporations in the dust. This recent piece from Forbes is a compilation of the best small business stories of the year. This piece includes a look at “How Andrea Jung, Lisa Mensah And Women Over 50 Are Safeguarding Small Businesses” as well as a look at how the pandemic actually spawned over 4 million new businesses in “Covid’s Entrepreneur Explosion”.

Quantity Breeds Quality

asian woman working on shaping a bowl on a pottery wheel

This article from Inc. highlights the concept of the 70-20-10 rule. The meaning behind this rule is that with whatever you are working to produce – be it something artistic or a product or a service – 70 percent of your attempts will be mediocre, 20 percent will be poor, and 10 percent will be amazing. The key takeaway is that the only way to get better at something isn’t to sit and stare at the blank piece of paper waiting for the perfect idea or to try to research every last thing before starting, but rather to roll up your sleeves and do it! The more you try, the more results you will end up having in that 10% amazing bucket!

Navigating Three Major Challenges in Entrepreneurship

In this piece in Entrepreneur from December 2016, founder and CEO of WordSmithRapport, Karima J. Mariama-Arthur (who is also an eCornell program facilitator!) shared three challenges of entrepreneurship. While the article is a few years old, her words still ring true to entrepreneurs today. Mariama-Arthur states that fear, distractions and work ethic are the three biggest hurdles. If anything, those hurdles are even more present during the past year of navigating COVID!

Survival Plan for Small Businesses Handling Impacts from Coronavirus

woman in white shirt with facemask applying hand sanitizer

While published in late March (which seems like *more* than only a few months ago) this article in Entrepreneur highlights ten important items to consider as your are navigating how to keep your small business afloat during this challenging time. While you may have already addressed many of these items, it is still a useful list to skim through.

Top 10 Mistakes That Prevent Women From Scaling Businesses To $1MM

Despite women owning 40% of all the businesses in the U.S., in 2018, less than 2 percent of women-owned businesses generated more than $1 million in sales (and that percentage is even lower when you only look at women of color). This article in Entrepreneur explores ten common mistakes that include: trying to do it all yourself, not spending enough time working with mentors and coaches, lack of a cash runway and not understanding the scalable aspects of the business.