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Tag: Entrepreneurs

Tag: Entrepreneurs

Overcoming Challenges Female Entrepreneurs Face

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Entrepreneurship was once considered a man’s domain, but times are changing. According to 2015 data from the National Association of Women Business Owners, “more than 9 million U.S. firms are now owned by women, employing nearly 8 million people and generating $1.5 trillion in sales.” New York has far more women- owned businesses than other major cities in the United States. The finding of a study done by Capital One’s Future Edge initiative shows that “the number of women-owned businesses in New York between 2002 and 2012 grew by a colossal 65 percent or 45 new businesses every day. This added more than 56,000 jobs and $3 billion in payroll to the city’s economy.”

Although this is encouraging, women still face a set of challenges not typically shared by male entrepreneurs. Here is a list of 5 of those challenges with some tips on how to overcome them.

1. Defying social expectations

Women may feel as though they need to adopt a stereotypically “male” attitude toward business. Traits like being competitive, aggressive and sometimes overly harsh. But successful female CEOs believe that remaining true to yourself and finding your own voice are the keys to rising above preconceived expectations.

It might be difficult to walk into a crowded boardroom meeting and find that you can count the number of women in the room on one hand. It can be unnerving, to say the least.

Hilary Genga, founder, and CEO of Trunkettes says,”Be yourself and have confidence in who you are. You made it to where you are through hard work and perseverance, but most importantly, you’re there. Don’t conform yourself to a man’s idea of what a leader should look like.”

Don’t worry about this idea that you need to be aggressive. Clearly state what you want and need and be firm in your decision making.

“One’s philosophy is not best expressed in words; it is expressed in the choices one makes… and the choices we make are ultimately our responsibility.” – Eleanor Roosevelt

2. Building a support network

Forty-eight percent of female founders report that a lack of available advisors and mentors limit their professional growth, according to Inc.

Knowing where to find the right support network isn’t always easy. Since the majority of the business world is dominated by men, it can be difficult to make the connections in certain business networks. After all, sometimes it’s not what you know; it’s who you know.

Make connections in other female-focused networks. According to businessnewsdaily.com, a few good places to start include women-focused networking events — such as Womancon, Women in Technology Summit and WIN Conferences— as well as online forums and groups created specifically for women in business, such as Ellevate Network.

There are also 100 women business centers located across the U.S. that run programs and training specifically design for women entrepreneurs.

“The way to achieve your own success is to be willing to help somebody else get it first.” -Iyanla Vanzant

3. Balancing business and family life

Work life balance is a popular topic among entrepreneurs and anyone in business, regardless of gender. Mothers who start a business have to simultaneously run their families and their companies, which can be challenging and stressful.

Find your balance. Don’t beat yourself up over shortcomings on either front. Finding ways to devote time to business and family is the key to success. And know that you are a force that can handle anything!

“We need to do a better job of putting ourselves higher on our own ‘to do’ list.”- Michelle Obama

4. Limited access to funding

One contributing factor that explains why women founders attract less funding is the fact that of the top 20 most active venture capital firms in the city, just 11 percent of the investment teams are women. According to womensuccesscoaching.com, “Firms with a woman partner are more than twice as likely to invest in companies with a woman on the team, and more than three times more likely to invest in companies with women CEOs.”

But according to the Babson report, only 6 percent of U.S. firms are women-run startups.

A great way to overcome this issue is by working to get more female investors involved in supporting each other. Sponsoring and aiding in the growth of other female entrepreneurs companies can help build your network and find supportive investors. Women helping women is always a good thing.

“Support women on their way to the top. Trust that they will extend a hand to those who follow.” – Mariela Dabbah 

5. Fear of Failure

According to Babson College’s 2012 Global Entrepreneur Monitor, the fear of failure is the top concern of women who launch startups. Failure is a very real possibility in any business venture regardless of gender.

“You need to have massive failure to have massive success. You may need 100 ‘noes’ to get one ‘yes,’ but that one ‘yes’ will make you more successful tomorrow than you were today,” said Delia Passi, CEO of WomenCertified and founder of the Women’s Choice Award.

Work through the self-doubt and STOP comparing yourself to others. Work through this feeling of fear and harness that energy into motivation to work your hardest.

“The phoenix must burn to emerge.” – Janet Fitch

Women’s History: The Rise of the Female Entrepreneur

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Women’s History Month is a big deal for us at Media Partners. As a women-owned business, we want to see the triumph of female entrepreneurs and businesswomen everywhere. In honor of this historical month, we are spending the entirety of March posting blogs, articles, motivational posts and information centered around women in business and entrepreneurs.

Women’s History Month had its origins as a national celebration in 1981 to recognize the successful and impactful history of women in business in the United States of America. Congress passed Pub. L. 97-28 which authorized and requested the President to proclaim the week of  March 7, 1982, as “Women’s History Week.” Later, in 1987, Congress designated March the month to celebrate Women’s History for the entire country, after being petitioned by the National Women’s History Project.

To show how far women in business have come, here is a historical look provided by National Women’s History Museum’s online exhibit. To see their exhibit visit slideshow.

History of Women in Business

This exhibit defines the term “entrepreneur” to refer to a woman who had an idea for a service or product and started a business of her own. American women have owned businesses as far back as colonial settlements.

Women did not historically use the word “entrepreneur” to describe their businesses until the late 1970s; before that, they called them “sidelines” or part-time projects and understood entrepreneurship to describe what men did.

But looking back, it is clear that the history of women in business ownership deserves a place in the broader history of entrepreneurship; hence the use of the term in this exhibit.

1910-1939

Up through the nineteenth century, women-owned businesses primarily included taverns and alehouses, millinery and retail shops, hotels, and brothels, and were often operated as a way to provide an income for women who found themselves without a breadwinning man. Business, then, was a way for a woman in potentially dire circumstances to provide for herself rather than become a social burden. 

From 1900 through 1929, Progressivism, feminism, consumerism and immigration all gave rise to a climate that was not only conducive to women’s entrepreneurship but also highly accepting of them. Like many women’s ventures at this time, their primary markets were typically other women, but New Women entrepreneurs often tinged their businesses with a sense of purpose beyond simple economics.

1940-1959 

World War II was an important expansion period for the history of women in business as it brought many women into the workforce, filling jobs so men could go off and fight. That same patriotic fervor also inspired many women to consider starting businesses of their own. The Boston Globe’s “women’s pages,” for example, featured Polly Webster’s column, “War Time Wife”, packed with tips for weathering the hardships of the war years—including how to generate income from home-based businesses. 

When World War II ended, women were pushed from wartime jobs for returning soldiers, and many went straight into entrepreneurial women owned businesses of their own.

The Federation of Business and Professional Women’s Clubs and state officials—first in New York and then nationwide—ran workshops for aspiring female entrepreneurs with advice from trailblazers such as Elizabeth Arden and male business leaders. There were advice books and free pamphlets. Reader’s Digest included women entrepreneurs among the winners of its 1946 competition for best business ideas. The press hailed women entrepreneurs for helping to rebuild the economy by increasing the number of women-owned businesses from 600,000 in 1945 to nearly 1 million by 1950.

By the 1950s—the age of celebrated domesticity—the home became the new site of, and justification for, starting a business. Everywhere women turned, they received messages that home and family were their primary roles. But the baby boom and an assortment of new consumer goods—from cars to clothes to appliances—also meant that even middle-class families needed more cash. Women stepped up, often capitalizing on homemaking skills to build businesses. They defined their home-based businesses as part of being a good mother. 

1960-1979 

By the early 1960s, the changing social and cultural landscape provided new incentives for would-be women business owners. Divorce rates escalated during the 1960s and single mothers struggling to balance child-rearing and their new roles as providers saw in business a possible solution. Women, like beauty maven Mary Kay Ash and advertising executive Mary Wells, started women owned companies of their own as a way to assert their independence in the male world of business.

The Civil Rights and women’s movements of the 1960s and 1970s brought a new sense of purpose and a language of rights and empowerment to women entrepreneurs. Nonetheless, the result was a change in the way women understood themselves and their ventures, seeking not just to start businesses but to be seen as equals in the world of enterprise.

Feminists founded businesses along movement principles, such as publishing ventures that would give voice to women’s words and perspectives, including the Boston Women’s Health Book Collective, the Feminist Press, and Ms. Magazine. Women entrepreneurs also began to move beyond traditionally female categories and into previously male bastions of technology, metals, and finance.

1980-1999

By the 1980s, the hard work of the previous decades was paying off: women entrepreneurs like Martha Stewart and Vera Bradley…owned 25 percent of all US firms. What’s more, the public and politicians widely acknowledged that women entrepreneurs were a vital component of the nation’s economy. New initiatives, including how-to seminars and government programs, sought to ensure that women had the resources necessary to start and grow their businesses.

In 1988, urged on by the National Association of Women Business Owners (NAWBO), Congress passed The Women’s Business Ownership Act, which ended discrimination in lending, eliminated state laws that required married women to have a husband’s signature for all loans and gave women-owned businesses a chance to compete for lucrative government contracts.

2000-Present Day 

This look at the history of women in business shows it’s been a bumpy ride for women entrepreneurs in the 20th and early 21st century: on the upside, their numbers continue to grow, and Key Bank, Goldman Sachs, and other institutions have increasingly launched financing initiatives targeted solely at would-be women entrepreneurs.

Technological innovation ramped up fast as the 1990s became the 2000s. That not only enabled women entrepreneurs to break into technology-based businesses in record numbers but also to use technology to start, run, promote and accelerate all types of companies. With faster and cheaper Internet, cloud and mobile technologies, women can manage a business from anywhere, with far less startup capital. 

But small and big, women’s ventures came to comprise 30 percent of all U.S. businesses—many of them today in categories that were once men’s alone. The lesson they teach is the power of possibilities and passion for transforming lives.

The next century promises to be an even brighter chapter for the history of women’s entrepreneurship in business.

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How Being a Good Listener Can Help Your Business

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25% efficiency. While most people agree that listening is a very important skill, most don’t take the time to improve their own skill set. We might focus on the mechanics such as nodding or eye contact, but a truly good listener goes beyond that. Since the purpose of marketing and advertising is to influence peoples’ perceptions and behavior, good listening should be at the forefront of business skills to master. bwki71ap-y8-tim-gouw

Why Listening is Important

Most companies try to listen to their customers as they are invested in their customer’s satisfaction. But are they understanding their customers? Listening is more than the ability to hear what people say. It’s about being curious and contemplating someone’s desires and motivations. Empathy plays a huge role here.  In order to truly get a grasp of what your customers want, you need to able to put yourself in their shoes and be able to narrow down their incentives. Recognize that your customer has human feeling and emotions. This capability is essential for marketing professionals who want to create messages people will notice, like, care about and remember when making a purchasing decision. You can notice the ones that miss the mark. The ads feel strained or fake or the message fails to engage the audience. Don’t let an ad fail due to simple miscommunication. Listen with full attention and implement your ability to understand. Listening contributes to a personal connection between you and your customer. It also creates openness. If you are focused on listening to your customer instead of speaking as much as you can, there will be room for new ideas and brainstorming. Their authentic brand or ideas will be able to shine through. So what is your next step? Here is a list of 10 Tips for Being a Better Listener by Gianfanga Marketing Strategy that we found particularly helpful, and hopefully you will too: 1. Take the time. Marketing is a fast-paced business and there’s huge pressure to create campaigns and strategies quickly. But if you really want to succeed, you need to build in the time and budget up front to gather input from the client, customer, and prospect 2. Listen to the right people. Talk with the people you’re actually targeting with marketing – customers and prospects – not just your marketing colleagues or people like you. 3. Learn the lingo. If you want prospects to relate to your marketing messages, you need to know the terms and phrases they use when talking about their needs and your product. 4. Delve deeper. Go beyond the obvious questions (“Are you satisfied with our product or service?”) to more probing queries that help you understand the motivations that drive behavior. Make questions open-ended so people can use their own words. 5. Feel the emotion. How do people feel about your company and themselves when they use the products or services you provide? Do they feel confident, happy, pretty, smart, safe? Listen for the emotions underlying the purchasing decision. 6. Listen with your eyes and ears. People reveal a great deal with their body language when they talk. They lean in, make direct eye contact, and use their hands to emphasize their points. Watch carefully and notice the details; see what makes their eyes light up. 7. Don’t be judgmental. Be impartial and neutral when listening. Remove your own biases. It’s not about what you think – it’s about what they think. 8. Avoid stereotypes. Don’t assume you know what someone is thinking because they are young, old, male, female, married, single, a high school dropout, or a Ph.D. Making assumptions based on stereotypes or demographics is a common mistake. 9. Take careful notes. Relying on your memory can be dangerous, even if you’re under 30. It’s too easy to remember what you think someone said, not what they actually said. Record and transcribe the discussions. Focus groups always should be recorded for the marketing team. 10. Reflect on what you’ve heard. Think about the totality of the discussion afterward. What was the customer or prospect really telling you? What stands out most in your mind? What do they truly care about? This is what you need to know to create marketing campaigns and content that engage people on a human level.]]>

U.S. Presidents Who Started as Entrepreneurs

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1. Harry Truman After serving in World War I, Turman opened a men’s clothing store with friend Eddie Johnson upon returning home to Kansas City. It is said that the saying “clothes make the man” could have been coined by Truman. The store was open from 1919 to 1922 but eventually fell victim to the post-war recession. Truman found himself just barely escaping bankruptcy, however, he managed to eventually pay off all his debts. b1e35a96-cfee-4ee4-98a3-9af69a7db5f3

2. Franklin D. Roosevelt

Roosevelt founded the Roosevelt Warm Springs Institute for Rehabilitation in 1927. As a sufferer of polio, he raised funds to turn a spa into a for-profit healing center for victims of polio. Still operating today, the Warm Springs, the Georgia-based institute serves about 4,000 people with all types of disabilities each year. efcb06f6-7030-4c0c-8508-54136ef07325

3. Abraham Lincoln

The only U.S. president to receive a patent, Lincoln invented a device to lift riverboats over sandbars. In 1833, he opened a general store with partner William, Berry. Even though the business folded within a year and Lincoln’s possessions seized by the sheriff, Lincoln didn’t quit. He went on to own a law practice, becoming a symbol of perseverance, for his resilience even in hard times. 448339-54565471ab055c2f8323847761575551

4. Warren G. Harding

In 1884, when Harding was 19, he and several partners purchased a small, struggling newspaper in Ohio called The Marion Star. The newspaper became quite profitable, thanks to his wife Florence who helped manage the business operations of the newspaper. The newspaper eventually provided Harding with the income needed to fund his campaigns for public office. warren-g-harding-9328336-1-402

5. Herbert Hoover

Hoover launched his own mine engineering business in 1908. His company employed 175,000 workers and specialized in reorganizing failing companies, as well as sought new mining prospects and finding investors to pay for developing the best mines. 98f/14/huty/12221/04

6. Jimmy Carter

After Carter’s father died in 1953, the family farm was in danger of being lost. Carter ended up leaving the Navy that same year and returned to Plains, GA to run the peanut farm. With hard work and dedication, he eventually expanded the Golden Peanut Company by 1959, into an international business with multiple warehouses and a peanut-shelling plant. 9bef51ec-b76a-4867-8434-2b27bcad92ab

7. George Bush

In 1951,  Bush started the Bush-Overby Oil Development company with his neighbor John Overby, after graduating Yale. By 1953, Bush-Overby had merged with another independent oil company to form Zapata Petroleum, which would later make him a millionaire. By 1959, Bush moved to Houston to become the president of Zapata Offshore. 88bf0cba-57f9-48aa-85d8-07cd34eb173a  

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Q&A with MPW CEO Natalie Hale

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Natalie Hale, CEO Media Partners WorldwideMedia Partners Worldwide, a women-owned business, was founded in 1997, by Natalie Hale and a small team of radio veterans working out of a garage. In honor of the 20th anniversary of Media Partners Worldwide, we asked Natalie to answer a few questions about entrepreneurship and starting a successful business on her own.  

1. What three pieces of advice would you give to those who want to become entrepreneurs?

Don’t give up on having a family or put it aside too long. You can still have children and run a company. It just takes coordination with your partner. Sacrifices will be made, but it is worth having the fulfillment of a family and having your own business. One of my biggest regrets is putting a family on hold and thinking that it was selfish or impossible to do both.  Through the years, I have met many successful female entrepreneurs that manage to do both and make it work! Don’t think that you have to have a lot of capital to get started. I started with some money in the bank, however, I really didn’t need it and was, fortunately, able to have immediate cash flow.  You just have to think smaller at first and know that if you don’t have capital you can still have your own business. Although it will grow more slowly and not have all the bells and whistles at first, you can still succeed. Get a support group to help you. Without my ex-husband who was a mentor to me in business, I would not have been brave enough to move forward.  After being in business for a few years, I got involved with some different CEO groups that helped me with different ideas and problems.  These groups were invaluable and helped me so much with all the different decisions. From employee legal decisions, motivating and keeping employees,  balancing and figuring out my profit and loss, to dealing with the everyday emotional struggles that can come up day to day,  I learned so much from my CEO groups. I recommend that all entrepreneurs try to join a good group asap. It will help you make fewer mistakes, feel more confident and grow your business quicker with this invaluable support group.

2. What inspired you to start a new business venture? How did the idea for your business come about?

After working for CBS for almost 10 years, I was getting burnt out with the corporate stress and changes.  I decided to take a break and do my own thing temporarily, while I figured out what I wanted to do.  A client asked me to develop and place a NATIONAL radio campaign with 20k per week budget. Luckily, it successfully took off and that was the beginning of my business. I never worried about looking for a job again. I remember I agonized about the name of the company. I wanted it to sound bigger than life!

3. What sacrifices have you had to make to be a successful entrepreneur?

I sacrificed not having a child of my own for a long time.  I was terrified that if I had a baby, everything would fall apart and that I would not be able to manage my business.  It was when I was 40, that I finally accepted that with the help of my partner, I could really do both.

4. If you had the chance to start your career over again, what would you do differently?

Probably would have done more traveling when I was younger, and more networking in college. Many of my old college associates became entrepreneurs and I wish I would have kept better in touch with them, as there might have been more synergy and support to work together, Also, I do wish I would have gone to school and earned my MBA right after earning my BA. Running my company for 20 years, I feel like I have been through a rigorous MBA program now, but it would have been helpful and given me more confidence to grow the business bigger and more quickly if I had that structured information sooner.]]>

Q&A with MPW CEO Natalie Hale

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Natalie Hale, CEO Media Partners WorldwideMedia Partners Worldwide, a women-owned business, was founded in 1997, by Natalie Hale and a small team of radio veterans working out of a garage. In honor of the 20th anniversary of Media Partners Worldwide, we asked Natalie to answer a few questions about entrepreneurship and starting a successful business on her own.  

1. What three pieces of advice would you give to those who want to become entrepreneurs?

Don’t give up on having a family or put it aside too long. You can still have children and run a company. It just takes coordination with your partner. Sacrifices will be made, but it is worth having the fulfillment of a family and having your own business. One of my biggest regrets is putting a family on hold and thinking that it was selfish or impossible to do both.  Through the years, I have met many successful female entrepreneurs that manage to do both and make it work! Don’t think that you have to have a lot of capital to get started. I started with some money in the bank, however, I really didn’t need it and was, fortunately, able to have immediate cash flow.  You just have to think smaller at first and know that if you don’t have capital you can still have your own business. Although it will grow more slowly and not have all the bells and whistles at first, you can still succeed. Get a support group to help you. Without my ex-husband who was a mentor to me in business, I would not have been brave enough to move forward.  After being in business for a few years, I got involved with some different CEO groups that helped me with different ideas and problems.  These groups were invaluable and helped me so much with all the different decisions. From employee legal decisions, motivating and keeping employees,  balancing and figuring out my profit and loss, to dealing with the everyday emotional struggles that can come up day to day,  I learned so much from my CEO groups. I recommend that all entrepreneurs try to join a good group asap. It will help you make fewer mistakes, feel more confident and grow your business quicker with this invaluable support group.

2. What inspired you to start a new business venture? How did the idea for your business come about?

After working for CBS for almost 10 years, I was getting burnt out with the corporate stress and changes.  I decided to take a break and do my own thing temporarily, while I figured out what I wanted to do.  A client asked me to develop and place a NATIONAL radio campaign with 20k per week budget. Luckily, it successfully took off and that was the beginning of my business. I never worried about looking for a job again. I remember I agonized about the name of the company. I wanted it to sound bigger than life!

3. What sacrifices have you had to make to be a successful entrepreneur?

I sacrificed not having a child of my own for a long time.  I was terrified that if I had a baby, everything would fall apart and that I would not be able to manage my business.  It was when I was 40, that I finally accepted that with the help of my partner, I could really do both.

4. If you had the chance to start your career over again, what would you do differently?

Probably would have done more traveling when I was younger, and more networking in college. Many of my old college associates became entrepreneurs and I wish I would have kept better in touch with them, as there might have been more synergy and support to work together, Also, I do wish I would have gone to school and earned my MBA right after earning my BA. Running my company for 20 years, I feel like I have been through a rigorous MBA program now, but it would have been helpful and given me more confidence to grow the business bigger and more quickly if I had that structured information sooner.]]>

6 Traits of Successful Entrepreneurs

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rfufqjekzfy-olu-eletu While we are not all born geniuses or extroverts or overachievers, that does not mean we are doomed to mediocrity. Some of the most famous of entrepreneurs, like Bill Gates, didn’t even make it through college. So while there is no foolproof guide to entrepreneurial greatness, here are six common personality traits that entrepreneurs possess.

1. Passion

First things first, entrepreneurs have a clear visual of what they want. Not just a fainted hearted wish, but an unshakable sense of purpose. They are driven by their heart, not by the chase for the dollar. No matter how bad it gets, it’s their passion that motivates them between ups and downs and all the times when everyone else tells them to quit. Envision your end goal, see yourself in the position you want to be and do it with passion.

“Your work is to discover your work and then with all your heart to give yourself to it.” 
- Buddha

2. Self-Confidence

There are going to many, many moments in your journey where not a single person will believe in you or your mission. Therefore, you have to believe in yourself. Self-confidence is key if you want to achieve success. Entrepreneurs don’t think that their idea could be good. They know it’s good. While they also understand that they can’t do everything on their own, they realize that they are the only ones to make their idea a reality.

“It is only necessary to have courage, for strength without self-confidence is useless.” – Giacomo Casanova

3. Resilience

As an entrepreneur, there are going to be many failures. That is inevitable. While most people give up, an entrepreneur has the extraordinary ability to bounce back. Instead of giving up, an entrepreneur will learn from their failures. They will as themselves what went wrong, or how can they learn from their mistakes. If you understand that failure is part of being an entrepreneur, you will take those failures and use them as learning experiences. Entrepreneurs don’t stay down for long. They’re resilient and thrive off the chance to do better.

“Success is the ability to go from one failure to another with no loss of enthusiasm.” – Winston Churchill 

4. An Appetite for Knowledge

In the world of business, there will always be competition. Entrepreneurs know they need to say ahead and constantly be learning about what is new in their field. You will always have competitors breathing down your neck trying to surpass you. There will always be someone claiming to be the next greatest thing. Staying up to date and sharp, through constant learning, enable them to stay ahead and avoid getting passed. Do everything you can to keep learning and absorb new information, whether it be getting up early to read industry news or making a point to read in your spare time. Remember, knowledge is power!

“Education is not preparation for life; education is life itself”. -John Dewy 

 5. Vision

In a way, entrepreneurs can see the future before it happens. They have the vision, clear as day, in their mind. They see opportunity everywhere and are constantly on the look out to develop or improve new or existing ideas. This is what makes them leaders of their industry. Chances are they started their business because they noticed something that could be better and formed their ideas into action. Have a clear image of what you want to achieve and make it happen.

“In order to carry a positive action, we must develop here a positive vision.” -Dalai Lama

6. Adaptability/Flexibility

There are surprises at every corner in business, and in everyday life. Even with a well-thought out plan or strategy, things don’t always go according to plan. Entrepreneurs are adaptable, giving them the ability to respond quickly in any situation. This allows them to make decisions that can navigate them out of potential trouble. Having this level of flexibility is crucial for any business.  In fact, most entrepreneurs will tell you that their idea or business plan is drastically different than when it began. Sometimes the reality of a great idea isn’t effective. Entrepreneurs are flexible enough to understand this. They are prepared to make changes to their plan when necessary.

“You must always be able to predict what’s next and then have the flexibility to evolve.” – Marc Benioff

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