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.
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.
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.
The pandemic saw a remarkable increase in women-led entrepreneurship, with half of the new businesses formed during this time started by women, a substantial rise from 29% in 2019. Dissatisfaction with traditional workplaces and a desire for more flexibility led women to create small businesses and side hustles. Harvard Professor Claudia Goldin’s research suggests that women sought entrepreneurship due to the clash between demanding jobs and family responsibilities, pushing them to seek more control over their work-life balance. The upheaval caused by the pandemic accelerated this trend, prompting women, especially those handling more domestic duties, to explore entrepreneurship. To read more about this trend and its ripple effects, see this article from Technical.ly
In this recorded webinar from May 2023, Andrea Ippolito, founder and CEO of SimpliFed and Director of Women Entrepreneurs in STEM at Cornell University discusses the opportunities and challenges women entrepreneurs face when launching a business while raising young children. With two small children of her own, Ms. Ippolito is an expert on starting a company and watching it grow while concurrently ensuring that her children thrive.
According to this article in Fast Company, nonlinear workdays may better align with your best periods of productivity compared to the traditional 9-to-5 model. According to the 2022 Brain Health Report from Muse, a meditation tool provider, “people with the highest self-reported brain health scores—which include memory, focus, sleep, mood, productivity, and creativity—are those who make minor lifestyle changes, like adopting a nonlinear workday.” Nonlinear workdays are much easier to integrate for people who work remotely and whose work is measured on output versus hours – as well as entrepreneurs who are more in control of their own schedule. Check out the article to read more about integrating that approach into your workday!
Great Place to Work is a global leader in analyzing and reporting on workplace culture. They partnered with Fortune magazine to publish a study that analyzed feedback from over a half a million women to determine the most female-friendly companies (organizations with > 1,000 employees). Number one on the list was Hilton and was surprisingly followed by many companies in the financial and tech sectors. Perhaps positive change is finally underfoot! This article in CEO magazine shares the list in greater detail.
Researchers from Harvard University; Boston University School of Medicine; Kaiser Permanente; UC Davis; UC San Diego; and Brown University explored the link between optimism and longevity in a 150,000 racially diverse women ages 50–79. Scientists found that women with the most optimism lived 5.4% longer (approximately 4.4 years) than the least optimistic women. Optimistic women were also more likely to achieve “exceptional longevity” which is defined as living to be 90+. One of the most interesting items to note is that these trends were consistent across all racial and ethnic groups of women. So if you are making a resolution for 2023, consider practices that impact your optimistic outlook! To read more about this research, see this link in the National Institute on Aging.
This October 2022 article from Fast Company explores the topic “How To Find A Job That Energizes You Rather Than Drains You”. The author shares that while many people are in situations where they may not have the luxury of being particular about what job they have, if you are fortunate enough to have flexibility in your career path, you should seek tasks in your job that fill you with energy. He goes on to state that finding that energy might not require a radical change, like quitting your job. Instead, it might simply involve a conversation with a manager about ways to change up tasks and projects – or you could look outside your full time job for an activity or side gig that excites you.
As we head into Thanksgiving this week in the US, many families will be gathering around tables where multiple generations are present. In this interview and podcast from NPR’s Life Kit, Pamela Jolly, founder and CEO of the strategic investment firm Torch Enterprises shares thoughts on what generational wealth includes and how to create structures in which it can be shared. Specifically, Jolly states that wealth isn’t just about cash. It can be whatever you want it to be – from your relationships to your education and knowledge to the things you own – “wealth” can be anything you can pass down to make your mark on the world.