The article from Business News Daily discusses six common reasons why small businesses fail and provides advice on how to minimize or avoid their negative impact. These reasons include poor cash flow, inadequate leadership, disengaged employees, lack of business planning, strong competition, and failure to adapt to changes in the market.
The article suggests that to address these challenges, small business owners should prioritize financial planning, establish clear organizational structures, foster employee engagement, create comprehensive business plans, conduct competitive analyses, and be adaptable to industry trends. Additionally, the article highlights the importance of cultivating a supportive and collaborative work environment and investing in leadership development programs to ensure that businesses are well-positioned for success.
Looking for some great podcast episodes to add to your listening list? Here are five suggestions from JJ Ramberg, co-founder of podcast discovery app Goodpods. She provided MSNBC with a “must-listen” playlist for women entrepreneurs. Link to article.
In this recent article in Forbes, members of the Young Entrepreneur Council shared advice on how to build a network of women for support. Some suggestions included seeking opportunities to collaborate and finding mentors and colleagues who you can be yourself around.
Whether or not their suggestions are ones that work for you, remember that while women are still an underrepresented group in the business world, leaning on other women for advice and support can be critical for our success and sanity. Check out the link to the article above to see all tips that were mentioned.
A recent podcast from Hidden Brain entitled “Less Is More” discussed some important realities on how to make a make a convincing argument. Specifically, it is often a better choice to limit yourself to presenting only a few strong points rather than going for quantity and adding in more points that carry less weight than your original few.
While this discussion does not specifically target entrepreneurs, small business owners are constantly faced with the challenge of pitching themselves – either for funding or to make a sale or to hire a team. Understanding how to make the most convincing argument is bound to help in all those arenas. Hope you have time to give the free podcast a listen!
According to this press release from the White House, the Biden Administration is working through the Small Business Administration (SBA) to expand the Women Business Centers (WBC) network. The goal is to bring the total number of WBCs to 160 centers across the country. WBCs assist women entrepreneurs through training, mentoring, business development, and financing opportunities. Read more about the White House plans here.
There is a piece just posted today in Fast Company entitled “The mindset shift you need in order to stop your inner voice from sabotaging you”.
In the article, author Lydia Fenet reflects on how “Imposter Syndrome” can often sneak up on us in our professional lives. Specifically she makes the important point of pausing to consider whether you are listening to what colleagues are actually saying or if you are listening to what you *think* they are saying. Read the article for the example – great content to ponder on your entrepreneurial journey.
According to a recent survey by human resources software company Gusto, in 2020 and 2021, startups led by women accounted for 49 percent of all new ventures, compared to just 28 percent in 2019. Despite this growth, only 2.1 percent of venture capital funding went to women-led businesses in 2022. This is despite the fact that women-led companies, according to a Boston Consulting Group study, return 150 percent more on average for every dollar invested in them than businesses led by men.
This article in Newsweek profiles five women founders who are making strides in varied industries such as footwear, healthcare, food and beverage, tabletop games and technology. Their stories inspire while also offering useful tips on how to navigate the initial hurdles of entrepreneurship.
Before the legal paperwork is filed, before the spreadsheet numbers are crunched, before the marketing plan is put in place and employees are hired, there is something even more important that you need to do to start a business–you need to dream. If you want a solid, workable, and potentially profitable business plan you first need to visualize it.
I recommend to budding entrepreneurs to make space for their vision. That means putting aside a few minutes a day to just let your mind go there–to that business idea you’ve had rattling around in the back of your mind. Start simple at first. Maybe just an easy meditation. Close your eyes. Take a deep breath in and out and allow yourself the space to see a flourishing business. Do this when you are in a somewhat relaxed state of mind. Where are you when you are busy at work in this place? Not only the city or town, but the setting. What does it look like? For instance, Is it a physical space? Or is it digital? Who are your customers? What does an interaction with them look and sound like.
After you’ve got a vision, consider writing it down. It is not unusual for entrepreneurs to write down their thoughts before they start the business, perhaps in a special notebook. If you aren’t much of a writer, consider other modes of expression: illustrations, mood boards, recording your voice as you brainstorm. Putting ideas somewhere other than our minds (paper, your notes app, your bulletin board, etc.) helps to solidify plans in your mind and lets you revisit those plans later.
OK, I get it. You are saying right now that you already know what you want to do. And you don’t have the time. But consider this: the vision makes it easier to reverse engineer the steps needed to get there. And you can’t reverse engineer what you don’t see. The saying “if you can dream it, you can achieve it” absolutely works here. Reverse Engineering means taking a dream and then working your way backwards step by step so that you have a “to do” list of how to achieve that end goal. This process can actually help troubleshoot problems too. For instance, if in your vision you already run into hiccups (i.e., customers who don’t pay, locations that aren’t optimal) then make note of those too. Putting words to anxieties you have about starting a business can help you come up with creative solutions and safeguards so that you don’t put yourself in an uncomfortable situation.
Be flexible! Your vision might change. As you meditate daily on this yet-to-be started business you might notice that there are different versions that change each time you think about your venture. Make note of them! How are they different? Why? And what are the common themes? By making note of the differences and the similarities you can help identify why this business is important to you.
And even more fundamental than this: dreaming is a verb. It is a space you are allowing yourself. If you can’t give yourself 10 minutes to ideate on a business plan, how are you going to actually start a small business? This is the first step to carving out time and space for your plan. It is about setting boundaries with others and giving yourself this gift. The more space and patience you give yourself during this early stage, the easier it will be for you to create a thoughtful, cohesive and profitable business plan.
You deserve this dream.
This piece was authored by Pamela Roskin. Pamela is a Facilitator for the Women’s Entrepreneurship Certificate Program. You can learn more about her by visiting her LinkedIn page.
Women entrepreneurs in the US have the traction and opportunities available today due in part to women who began to blaze the trail dating as far back as the mid-1700s. This article from History.com shares the stories of seven of these women – many of whom launched businesses that survived for a century or longer!
Chanae Richards is the CEO & Principal Designer of ọlọrọ interiors, an interior design firm with offices in Philadelphia and New York. Chanae is also a graduate of the Women’s Entrepreneurship certificate program. She was recently featured in this article and video in Black Enterprise. We are so proud of the amazing journey she has been on and can’t wait to see where success next leads her!
