The Women Entrepreneurs Blog @ Simon

A Flower that Blooms All Year Long: Promises We Make to Ourselves

As 2008 comes to a close, many of us are planning that fun evening out - in all our finery. But, sure as the day is long, morning will come and we will need to return to our work. If your work involves being an entrepreneur - newly created or established for a time - perhaps you should take an hour, before venturing out into the cold Wednesday night, to outline your plan for 2009.

Often, this task gets pushed aside and we procrastinate accomplishing it because we fear it's too overwhelming. "I'll sit down and do that when I have more time," we tell ourselves. And, because we really have no time, the task sits in the pile of "I'll get to it soon" for weeks.

Instead of pushing this off for a better time, stop what you're doing right now (unless you're driving... hey, if you're driving, how can you be reading this???) and grab a pen and a pad. Yes, a pen and a pad. I do not want you to go to the computer - yet.

First, write the date on your pad, and mark it: Promises to Keep.

Spreading the Christmas Cheer

I’m currently in Barbados enjoying the beautiful weather and avoiding the snowstorms of Rochester. It’ll be Christmas Day tomorrow and I want to take the opportunity to wish all of you a very MERRY CHRISTMAS! It’s my favorite holiday because everyone is a little more upbeat and friendly, everyone wants to help others, you get to see friends and family you haven’t seen in a while and there are lots of goodies to eat. You can compare Christmas in Barbados to Thanksgiving in the USA.

Behind Every Successful Woman...

...there's a world of research, testing, and high expectations.

The research comes in the form of long hours spent online checking out facts, stats, and competition.

The testing comes from talking to peers, mentors, and possbile customers.

And the high expectations are a big part of the dream.

All of those qualities exist in each of us. If you're thinking about becoming an entrepreneur in 2009, here are some thoughts to help you get started.

Web Tip of the Week - Take time for "YOU"

I call Christmas the "buying frenzy". In my business, we don't sell the typical gift items. Yes, we are retail (mail order and web), but we sell practical products for cleaning your house, maintaining your gutters, fixing your basement leaks – not what you would ordinarily think of as stocking stuffers! And yet, the world wants to buy. Hey, if all the neighbors are buying things, and all the Moms are out there getting bargains, no one is immune to the "buying frenzy". That said, even our customers buy, buy, buy at this time of year. So what is an entrepreneur to do?

First, accept the fact that that eye twitch will start sometime in the first week of December. Understand that any kind of movement can cause terrible back pain. The slightest fatigue will convince you that it may be that dreaded untreatable virus that will handicap you for weeks.

Second, remember that everyone needs you now and your health must become a priority. Get plenty of sleep. Cancel the 5 mile run and figure running around the warehouse will suffice. Commit times for massage and haircuts. Find something to read before bed that has nothing to do with the bottom line or the marketing genius idea. If you wake up in the middle of the night thinking about all the pressures at work, try thinking about the ultimate vacation time. Somehow find something in the day that forces you to think about you, and not you the entrepreneur.

Third, sit back and enjoy the frenzy. This too will pass.

Friendly Potential Customer Input

I sat in my entrepreneurship class (The Role of Entrepreneurship in Value Creation in Large and
Small Enterprises) as the professor told us about the value of friendly potential customer (FPC) input.  Hmmm…what? Yes, friendly potential input which is a much cooler way of referring to your first round of market research.

Learning entrepreneurship in an academic setting is a lot more clinical than learning entrepreneurship in the real world but that goes for any academic discipline, doesn’t it? However, what’s done in the halls of academia does help to inform real world practice. And with that being said let me offer some advice for persons considering getting into business.

Practical Intuition: A Book Review

Many entrepreneurs search Amazon and Barnes & Noble for the latest best seller on how to be a success in their business. It's all well and good to read books by the masters - who hasn't read Jim Collins' Good to Great? Or, Guy Kawasaki's Art of the Start? Some of you may even be familiar with Lee Thayer's Thinking, Being, Doing. But are these books the best ones for you to spend time on?

Maybe.

Maybe not.

I would suggest branching out and today I am going to talk about a book that was published in 1996, but which has eternal staying power and is a must-read for the female entrepreneur.

Should you gain experience before launching a business?

Earlier this week I sat at a lunch meeting with Mark Ain, owner of Kronos Inc. and sponsor of the Mark Ain Business Model Competition and Workshop Series. Mr. Ain is one of Simon’s most successful entrepreneurs after building his company into a multimillion dollar enterprise. Students from Simon, as well as the entrepreneurship club at the University of Rochester, were also at the meeting. Having had the pleasure of chatting with Mark Ain before, I knew he was always full of useful information and great advice. He did not disappoint.

The age old question of gaining experience vs. diving right into starting a business came up. I’m quite sure that this is an issue that has crossed many the minds of young entrepreneurs. It has certainly crossed mine which forced me to ask lots of questions to those more knowledgeable and experienced than myself. However when you ask lots of questions you get lots of answers and most everyone thinks their advice is best.

Web Tip of the Week - Business Plans – A Living Document

  A written business plan is essential when you are starting your business.  A written business plan improves the decision-making process, helps to establish specific goals and strategies for success and helps to persuade lenders and investors to participate in your venture. 

The Small Business Administration’s web site has excellent information on business plans. If you hire someone to prepare your business plan, be sure you thoroughly understand the information, especially the financial section.

Have a trusted advisor review your plan.  Family and friends may be less critical.  You may want to take your plan to two or three commercial lenders for their input.  It’s important to keep an open mind during the process.

Don’t put your business plan in a drawer and forget about it once your business is operational.  Measure your monthly performance against your plan. It may need some fine-tuning. The earlier you can identify opportunities, the easier it will be to modify your plan. It you wait too long, you’ll lose flexibility.  Measuring monthly performance will ensure that your financial information is up-to-date. 

It’s beginning to look a lot like Christmas: Marketing your business during the Christmas season

The holidays are a busy time for employees, with commitments to family, friends, and co-workers. Even during this hectic holiday time, it is important to look ahead to 2009, and proactively market your business. Any efforts to promote your business must be meaningful and impactful, reflecting the culture of your company and the caring and sharing spirit of the season.

Try to incorporate some aspect—no matter how subtle—of your company’s culture into any holiday marketing activities. For example, Dixon Schwabl expanded its interactive services team in 2008, so for this holiday season, we are sending an interactive greeting to clients.

Web tip of the week - Get Prepared

Getting back to business after a disaster depends on preparedness planning done today.  Small business owners invest a tremendous amount of time, money and resources to make their ventures successful, and yet, while the importance of emergency planning may seem self-evident, it may get put on the back-burner in the face of more immediate concerns. For business owners, being prepared can mean staying in business following a a disaster. 

Do you have an alternate location to operate?  Do you have back-up copies of all tax, accounting, and customer data? Is your insurance coverage sufficient?  What is your post-disaster communication strategy?  

There are many resources available to assist in developing your plan to recover from financial losses, business interruption and protecting your employees, community and environment.  SBA has developed a disaster planning guide which has great information for building your plan. The federal government has established an entire website to support disaster preparedness at www.ready.gov.  FEMA and The Institute for Business and Home Saftey are also worth a look as you begin to develop your business resumption plan.   

An estimated 25% of businesses do not re-open following a major disaster.  Don't let that be you!

*SBA's participation in this blog does not constitute an endorsement of the William E. Simon Graduate School of Business Administration or any other person or entity.  SBA's programs and services are provided to the public on a non-discriminatory basis.