Category: Personal Skills

Hurricane Preparedness For A Small Business

Hurricane Beryl hit Texas in early July, catching many businesses off guard as they usually expect major storms later in the summer. With predictions of an above-average storm season from the National Oceanic and Atmospheric Administration, small businesses need to prepare by reviewing their insurance policies, backing up data, and having an emergency communication plan.

After a hurricane, if your business is in a federally declared disaster area, aid may be available from the Small Business Administration. Details can be found at this SBA link. More information about hurricane preparedness can be found at ready.gov.

Are Small Business Owners More Content Than We Think?

Despite the stress and financial challenges, 91% of small business owners are happy according to a recent survey by Homebase. They enjoy the control and flexibility of running their own businesses, valuing the ability to make their own decisions and manage their own fate. This autonomy and sense of ownership outweigh the difficulties they face, leading to a relatively high level of satisfaction.

Navigating the Psychological Challenges of Entrepreneurship

Women entrepreneurs face unique challenges such as balancing multiple roles, battling sexism, and overcoming financial discrimination, which can intensify stress and mental health issues. To thrive, they should let go of harmful ego traits, embrace an abundance mindset, actively seek support, utilize resources tailored for women, establish healthy boundaries, and prioritize their overall well-being. Read more in this article on “How to Navigate Challenges as a Woman Entrepreneur” from Psychology Today.

SBA Announces Grant Funding for New Women’s Business Centers

The U.S. Small Business Administration (SBA) has announced $30 million in funding opportunities for Women’s Business Centers (WBCs), including a new center in the U.S. Virgin Islands and first-time funding for WBCs specializing in federal contracting and child care businesses. The initiative aims to expand virtual services, support socially and economically disadvantaged women, and enhance the SBA’s reach, especially in underserved communities, through an unprecedented network of 152 WBCs across the U.S. and its territories. Read more in the SBA’s press release on this initiative.

Why You Might Consider a Shop On Etsy

Etsy, originally an artisanal marketplace, has grown into a major platform for creative entrepreneurs, boasting a $3.5B+ valuation as of 2015. The user-friendly setup and management, along with potential for significant supplemental income, make it an attractive option for those looking to monetize their crafts amid rising living costs. See this piece in Essence for more info.

Digital Entrepreneurship Helps Break the Glass Ceiling

The glass ceiling, a metaphor for the barrier hindering women’s advancement in business, remains a persistent challenge despite some individual successes. According to this opinion piece in Entrepreneur, rather than solely fighting against the system, there’s a call for women to unite, support each other, and overcome self-limiting beliefs. Digital entrepreneurship presents an opportunity for women to bypass traditional barriers and achieve success independently. Taking proactive steps, rather than just discussing the issue, is emphasized, with the hope that female empowerment will continue to grow and eventually dismantle the glass ceiling for future generations.

Documentary “Show Her The Money”

“Show Her The Money” is a documentary that addresses the plight of women entrepreneurs who aren’t getting their share of venture capital. The film follows four visionary founders as they endure uphill battles to turn their ideas into reality.  After an award-winning film festival run, the movie has embarked on a 50-city grassroots global tour. To learn more about how to catch a screening, see this link.

Importance of Mentoring In Moving Side Hustle to Main Hustle

Photo from Fast Company

Haunted by the stark statistic that women-owned businesses receive less than 2% of venture capital funding, Emma Grede, CEO of Good American, is taking action through her TV show, Side Hustlers. Co-hosted by Ashley Graham, the reality series sheds light on the transformative impact of mentorship, illustrating how the guidance and connections provided by Grede and Graham are essential in empowering female entrepreneurs to navigate challenges and elevate their side hustles into flourishing ventures. Read more about this topic in their interview in Fast Company.

As an Entrepreneur, Are You Paying Yourself Correctly?

Many entrepreneurs, especially women, face challenges in paying themselves fair salaries, contributing to a gender pay gap in entrepreneurship. Despite efforts to address this issue, a survey reveals that female entrepreneurs, on average, earn 28% less than their male counterparts, emphasizing the need for business owners to ensure profitability and strategic financial planning to afford fair compensation for their work.

To read more about this, see this post by Abigail Ingram, executive director of the Polsky Exchange,  a 34,000-square-foot incubator space that leads the University of Chicago’s Polsky Center engagement with the South Side community through programs and initiatives that support local business owners and entrepreneurs.

Saving For Retirement As A Small Business Owner

This article posted on Business Insider outlines retirement plan options for small business owners, including SEP IRA, Solo 401(k), SIMPLE IRA, Traditional IRA, and Roth IRA. Each plan caters to different business sizes and preferences, offering varying contribution limits, tax benefits, and accessibility features. Check out the article for more information about what individual financial and business goals should be considered before making a decision.