Author: Kirsten Barker

In mid-January, we at the Bank of America Institute for Women’s Entrepreneurship at Cornell asked you about your resolutions for 2020 (see full text of our question below this article) and we got a record-breaking number of responses! In fact, enthusiasm for the question led one woman to send us a photograph of her handwritten journal with goals outlined in 9 areas (even including marital goals!). Another reminded us cleverly that “2020 vision” is considered perfect, clear and perceptive.  To all those that responded, we thank you for your sharing your thoughts and aspirations.   Here we report on the results as a way to reflect, inspire and provoke thoughts for each of you as you enter the new year.

Resistance and Creative Alternatives

Many respondents said that they resist the idea of resolutions.  As one woman put it “historically [my resolutions] have been broken by week two of January.”  Instead, she takes an incremental approach, making a list of goals every on Sunday. Another argued that “too much unforeseen opportunity can appear any day,” so resolutions are too short-sighted. Others didn’t like a focus on just one goal, or wanted a spontaneous approach, either allowing “aligned intentions to bubble up organically” or just preferring to be “more transformational to be thinking about how I can achieve this vision for my life on a daily basis. ”

In addition, there were many suggestions for alternatives to the tradition of setting a New Year’s resolution.  Some suggested “guardrails,” themes (such as obedience, vulnerability, abundance and “taking up space”) or intentions (such as being inspiring or thinking in terms of “upgrade”).  Many suggested that a word or phrase for the year helps them envision their goals.  Some of those suggestions had a Nike-inspired flavor, such as #GetItDone,  “Just Do It”, “2020=Execution”, “Do It Anyway – scared, unsure, seemingly unprepared…do it anyway” and the trifecta of “courage, commitment and presence.”

For some, vision boards and white boards are being used to write out goals, intentions, words and themes. A creative idea came from one woman, who said she decided on 10 goals and created a screensaver out of the list, so that she would see them every time she sits down at the computer.     

Resolutions for Self

An overwhelming number of resolutions had to do with goals related to personal life. Sometimes those goals were a determination to overcome barriers, such as being aware of constraints and “turn[ing] them into strengths” or overcoming a lack of confidence in order to “to spark professional mission.”  Others focused on combating apprehension, for example, they wanted to put “forth dreams into action with the subtraction of fear,” or make sure that “the fear of not reaching my goals doesn’t keep me from trying.”  Another women brought a different perspective, resolving that she would to live “inside of an intention bigger than I can touch.” Moira Vetta shared an article she wrote for Forbes about visualizing and acting larger (see references at end). The mantra to simply “not give up!” was shared, along with “stay open to new possibilities.”  As one respondent put it, “if you don’t work on your own dream you will find yourself helping build someone else’s dream.”  Interestingly, several women mentioned very specific personal goals, such as writing a book or making time to “get the kids on the bus.”

Some of the personal goals included aspects of improved self-esteem, for example being determined to say no, stop “going with the flow”, think bigger and “stop being so modest” and be more connected with oneself.  One woman said she had “punted all one-sided relationships” out of her life.  Others focused on health and well-being as a commitment to self-care. Sometimes special circumstances, such as being a new mother, going through a divorce, or leaving a job provided a specific context for self-care goals.  Others pointed to decreasing stress with a variety of strategies, including better organization, and “letting go of being ‘The Fixer’ (stepping back so others have to step forward)”.  Persistence was also mentioned, with one woman vowing to reach her customers, only stopping after as many as 10 attempts. 

Personal financial stability was also mentioned by many writers, including selling their home, digging out of debt and becoming a better steward of finances.  In addition, women wrote about education or skill-based goals, such as taking courses (including the ones in this Institute!), learning and practicing new activities in industry research, public speaking, or marketing and branding. 

Resolutions for business

Start or re-start

Many resolutions or intentions were expressed in terms of business goals.  Foremost among the resolutions was launching (or relaunching) a venture, including opening the doors for business, and often with specific dates.  Sometimes a writer mentioned a detailed action, like registering the business, launching a website, producing inventory ( e.g. making 11 garment samples), but other times the intent was broader, as in “build something that solves a problem you are interested in.”  Among these launch-related resolutions, some were starting from scratch, while others were moving their venture from a side hustle to a full-time activity.  Others were entering new markets or changing marketing channels (e.g., moving away from Etsy to sell on a personal website).  The goal in each case related to increasing the active pipeline of customers, through strategic decisions such as diversification, moving from online to brick and mortar (or the reverse), starting or changing the advertising targets, and moving toward automation for lead generation.   Network and relationship building were also mentioned as a way to understand potential clients and the problems that could be solved.

Financial and overall planning

Views on planning-related resolutions ranged from those who favored specifics, such as weekly, monthly, quarterly and/or annual goals so they could be very deliberate about setting “incremental and final goals with regard to sales and planning.”  Others said they have resolved to be “less focus[ed] on checklists, more focus[ed] on being…the person I strive to be each day.”  Many respondents had specific revenue goals, with a broad range of targets (as low as $1500 and as high as in the millions). Other resolutions focused on securing funding, again, with a very broad range (as modest as $1000 and as ambitious as obtaining funding from a venture capitalist).   

Gauging progress

We were also interested in how respondents planned to evaluate during the year whether they were making progress toward satisfying their resolutions.  A common plan was to track and evaluate financial statements to compare goals and accomplishments throughout 2020.   Others suggested that they would write in a daily journal about their goals or “reevaluate my calendar [every week] and clear things that feel burdensome or constrictive.”  An innovative approach was used by another respondent, who created and shared a Google spreadsheet with friends so they could be accountable to each other.   One woman responded that she’ll just know “when it is done”  and another said to remember “done is better than perfect.”

As a final anecdote, we had one very conscientious woman give us an update on her resolution.  Lisa W. wrote the following to us just last week:  “Just wanted to send you a quick update to share that because of the Coronavirus concerns in China, I’m not going to hit my goal of Feb 14th to launch my eCommerce company – factories are staying closed longer over Chinese New Year to try to help contain the virus, and we were cutting it super close to begin with. So although we had (almost) everything lined up to make my 90-day launch goal timeline, we’re at the mercy of nature. Everything happens for a reason though, so I’m sure there’s a blessing in this somewhere, and of course I’ll still be launching ASAP!”

So please feel free to reach out and let us know how you are doing on your resolutions, intentions, themes, phrases and words as we move through 2020. We are continually inspired and educated by all that you share with us!

Resources Recommended by Respondents:

• Blog on “guardrails” https://www.perrymaughmer.com/blog-1/2019/11/27/guardrails-transcend-goals
• TedX Talk – Nouman Ashraf on leadership – https://www.youtube.com/watch?v=FmnxEMG8Ti8
• Moira Vetter’s piece in Forbes– https://www.forbes.com/sites/moiravetter/2020/12/31/3-resolutions-on-the-way-to-10-million-in-revenue/#4f704b177f5a
• Business Planner by Christy Wright https://www.daveramsey.com/store/product/business-boutique-goal-planner  (note: Christian inspirations are included, so if you are not comfortable with that be aware.)

Text of the Original Question asked in January 2020 – Recently, we posted a link to a Fast Company article sharing important decisions made by four entrepreneurs that changed the direction of their business or career.  Specifically, these decisions came in the form of resolutions (one woman severed ties with her business partner, one woman resolved to stop saying “I’ll be happy when…”, etc)  Since we are at the start of a new year and a new decade, we were curious:

• Have you have made a resolution or set an intention for 2020 with a specific business or professional goal in mind? Would you share it with us?
• How will you know if you have achieved your goal? (Or alternatively, let us know why you chose NOT to make a resolution/set an intention!)

In response to the incredible demand for the 12-week online certificate program offered through the Institute, Bank of America has increased its commitment to support a total program enrollment of 20,000 entrepreneurs over the next few years. Read more about the program and the partnership here.

Recently, we put a question** out to the Institute participants and got dozens of interesting answers.  Using the analogy of an acorn, we asked who or what has provided you with “nourishment, water and sunlight” and how have you dealt with competition. 

Part 1: Nourishment, Water and Sunlight

Constant support and encouragement is especially important for entrepreneurs because, as one woman put it,  “to be honest, it is quite a lonely road”. When writing about their core source of encouragement, family was mentioned more than any other source. Some talked about spouses, others mentioned children, grandchildren and grandparents.  As one woman put it “they are my motivational engine.”  In addition to inspiration, family also provided practical help, helping with childcare and other responsibilities in response to what one respondent called the “unorthodox schedule” associated with running your own business.  Another woman mentioned that her sister helped her with “education and wardrobe.”  

Friends also figured heavily in the responses, especially those who are also entrepreneurs, which one woman called her “business besties.”  Previous bosses and co-workers were mentioned as sources of “water and sunlight.”  Many of the business friendships grew out of participation in programs like “Tide Risers” and other networking groups.  Finding support in the voices and actions of other women was commonly mentioned.  As one woman put it, “there is so much beauty and power in women coming together to uplift and inspire one another,” as a means to deal with self-doubt and discouragement. 

Although most mentioned some source of inspiration as an ongoing “pull” to entrepreneurship, others felt pushed into it.  For example, one woman mentioned the “abject reality” that her previous job would not continue, and others mentioned the paucity of other job opportunities.  In these cases, it was the economic reality that provided the push. Still, once they “made the choice to go forward believing” in themselves, there were still forces that helped them grow and survive.  

There were sources mentioned that may help you think about additional places to find support for your entrepreneurial “acorn” to grow and thrive:  business coaches and mentors, non-profit groups supporting women, personal boards of directors, incubator programs (Chobani Food Incubator was mentioned specifically), social media influencers, role models (e.g., Oprah), Small Business Development Centers (SBDCs), SCORE. Another woman mentioned the work of Barbara Stewart Smith and her work on “rich thinking.”   

Help can also be found in unexpected places from people who are strangers.  One particular impactful story was relayed about an entrepreneur who was roaming the Internet to find help and stumbled across a website for a similar product.  When she reached out to the (female) founder, she ended up getting an 8-hour training session which “literally recharged my battery.” 

Finally it is worth mentioning that many individuals found that, like an acorn, they carried some “nutrition” from within, citing their individual motivation, belief in the mission of the business, their personal faith, and their self-care and healing activities, providing the “vigor” needed to push forward.  Many mentioned the need for ongoing self awareness, noting things like vision boards and other activities to help stay focused to meet the “fiercest winds of adversity” and to “keep check on ego and emotions.” Personal savings provided help, as did a well of self-confidence and “knowing you can push through any challenge or endeavor.”  Also mentioned was the need to be honest when you see things are not working and you need the courage to pull the plug. One woman wrote “facing the truth was my water.” Echoing this thought another said,  “Not all of your ‘acorns’ are going to make it, but they’ll all make you stronger and wiser, if you allow it.”

What did these sources of sunshine and nourishment provide? Of course, financial resources were mentioned many times.  But equally important was moral support, especially from those who can see the best in the person and help to “stop the negative chatter” and encourage a positive mindset.  Valuable information and knowledge from mentors, was also mentioned, along with the advice that helped protect the entrepreneurs from bad choices, bad partnerships or from pursuing the wrong customers.

Part 2: Handling Competition

When it came to competition, it was often mentioned that there is “room enough for everyone to eat” so competitive forces were not too worrisome. More than one respondent mentioned that they were not in a “scarcity market” and that they prefer to focus on their own unique offerings. “Nobody can be me,” as one woman put it.  Others felt more pressure from the competitive landscape and used a variety of tactics to differentiate themselves and their business, such as: focusing on a specific niche, finding a powerful partner, thinking like a “specialist vs. a generalist,” creating a high level of service, offering customization and staying focused on the mission.  One interesting example of niche marketing came from someone who is actually in the “water and sunlight business,” working on solar water pumping systems for purification, with a specific outreach focus on women, who are the first adversely affected in a crisis involving water shortage. She mentioned that her competitive advantage was doing customer discovery to understand “what works and doesn’t work specifically for women in the marketplace.”

Other things that were mentioned as helpful in dealing with competition included: a willingness to learn and grow from others, understanding strategic marketing, maintaining an attitude of gratefulness, positivity and patience, keeping a focus on people (especially the customer), remaining nimble and flexible.  One response that interested us was an entrepreneur who said she has a “bless-and-release mantra” when it came to losing a customer.  She felt that when she lost out to a competitor, perhaps that meant it was not the right customer after all.  Using a “bless and release” approach she avoids wasting time on regrets and stays focused on future opportunities.  This was echoed in a comment that you must “know what you control and what you don’t.” Similar advice was to “stop paying attention to others and focus on differentiation.”

There were two very interesting extensions of the acorn metaphor.  One said “too few people focus on the acorn, a lot of people are focused on the tree.”  She sees the tree as the business model, investment and brand, while the seed is the “inner leadership and capabilities of the individual.”  If you can figure out what kind of seed you have, she argues, you’ll be able to find the right conditions under which you will flourish.  “People first need to know what seed they are.”

Another woman shared some wisdom she heard from a fellow mother:  “Shed yourself like a maple tree in autumn, in the colors of your life to rival the colors of the rainbow.  Share your time, talent and treasure to bring meaning to lives, knowing that you have brought to bear so many positive fruits that will nourish mind, body and soul.”

Thanks to everyone for shedding your wisdom on our community!

** Question: As many of you know, Cornell University is located in Upstate New York.  Fall is a stunning time here with all the leaves changing color – but it is also the time when thousands and thousands of acorns fall out of the oak trees and litter the ground. Only a very few of those thousands of acorns will ever grow into mature oak trees.  To become a tree, the acorn has to escape being eaten, be buried deep in the ground by an animal, and then get enough water and fertile soil to grow above the ground to sunlight.   Even then, the tree will face competition from other plants and many threats of nature to its survival.  Only a few will make the full journey.   What do acorns have to do with entrepreneurship?  Well, millions of people have ideas, but only some (like you!!!) actually take the steps to launch a business.  The questions that we would like to know more about are: 1) Who or what has provided you with the metaphorical nourishment, water and sunlight to push through and start your venture?  (or begin the work needed to start your venture) 2) How have you survived the competitive threats? (or how do you hope to survive them?)