The Women Entrepreneurs Blog @ Simon

New ideas for a New Year

post by Yvonne DiVita

How did you start of your New Year? Did you get up on January 1, 2010 and greet the day with enthusiasm, even if you'd been out all night partying? Or, did you drag yourself out of bed and remember, as you brushed your teeth, that it was time for those pesky resolutions?

Truth is - it's not time for resolutions. Any good career coach will tell you that it's time to set goals. And, to be realistic. Don't set goals you are unsure of. Give yourself achievable goals, and as you achieve them, step up the pace.

Here's the key: be innovative. We used to call it "thinking outside of the box" and I suppose some people still do, but today the watch-word is innovation and the goal is new ideas. The interesting thing about creating new ideas is that they are often built on the foundation of old ideas. That's right - look at how you've done things in the past, and think carefully about why they worked or didn't work. Throw some caution to the wind and try a completely new idea - a new color - a new flavor of coffee. Look 2010 right in the eye and say, "I can do better. I will do better. In fact, I'll..." then, whatever new idea pops into your head, do it.

No, don't go crazy.  Don't let yourself get carried away trying to be what you're not. Be true to yourself, but be unique about it. Cookie-cutter won't cut it, anymore. Yes, tried and true is still effective - ask anyone in a franchise business. But, everything you do presents opportunity for new ideas, innovative ways to accomplish goals, with open doors beckoning you to walk through. And remember, failure can be a powerful teacher!

You might - rearrange your office, bring your dog to work, start a blog, write letters - real letters - to clients and prospects, instead of sending email. You might - take a day to look over your closet competitor's store or office, and jot down ideas on how the two of you could make a killing in the market if you just poolled your resources.

I'm being innovative and creative this year. I'm working with another blogger to create a place for a niche market to meet and network and get in front of brands. And, I'm expanding my women's marketing blog - to offer educational webinars and training. But, the biggest thing I'm doing is keeping my eyes and ears open - so I can listen to you, and all the other women who write or call me. Because when I do that, when I listen, I learn. I learn how to make new ideas sparkle.

Nothing happens in a vacuum. Be open to the new year. It will reward you with excitement. I promise.

Women Are the Economy

post by Yvonne DiVita

That's a bold title, but it rings true. Women influence or control the vast majority of spending in this country, and some say around the world. The Shriver Report, issued a few months ago, shows some stats that are worth reporting on:

• For the first time in recorded history, there will be more women in the U.S. workforce than men...this year.
• 21% of families today have a traditional "only husband employed" structure - Mom stays home, in other words.
• And, 22% have a "only wife employed" structure - Dad stays home. New and different, huh?
• 44% of families have both spouses working.
• 63% of all women are now breadwinners.

I especially like the article over at Bersin & Associates, written by Josh Bersin, we suppose, but cannot confirm because the post does not identify the actual writer. At any rate, the article shares two important links that are worth our time: Womenforhire and Hiremymom . Both links are written with women in mind, and with how to succeed in the workforce. Sometimes, you have to be entrepreneurial to succeed in the workforce, and sometimes, sites like those can help entrepreneurs understand what it's like to have employees - so check them out.

I also think a visit to She-conomy is worth your time. Stephanie Holland takes time to explain the way women thing about things. We might believe we don't need to learn that - but, all entrepreneurs can learn something from other women, even us. Women don't always act the way WE think they will. Stephanie talks about games in this article, and how women are "actively engaging with grands as they play some of their favorite online games." She cites Farmville, a Facebook game which is pretty popular right now, but there are others.

In the end, women do influence or control the spending both at home and often at work. Are you taking that into account as you move into 2010? As an entrepreneur, are you watching what women do online and offline, and keeping track of their spending habits? It pays to build the women's touch into your marketing. Regardless of what you sell - and never think you know it all. You and your women's circle may be entirely different than me and my women's circle.

Be proactive by using the online tools available to get to know your women customers. They'll reward you with sales.

Fame and Fortune

by Yvonne DiVita

So, you want to be your own boss. You've pretty much "had it" with corporate America, and you've been nurturing a great idea for several years. Why not move on it and make it your business - your life business? After all, it's such a great idea, everyone says it will bring you fame and fortune, shouldn't you at least give it a chance?

Certainly you should give your ideas a chance to grow and actually become an income-generating business for you. But, let's cover the "fame and fortune" part of being an entrepreneur.

I'm going into my 10th year of being my own boss and...I have the 'fame' part of things down pretty well. Within my own circle of expertise, I'm well-known, and I've created a nice following on my women's marketing blog. And, my business supports me and Tom, my partner and soon-to-be-hubby. We're doing okay. We're doing well. We're doing fine. But, we're not...rich.

Will you be rich, if you follow your dream? Will you attain fortune without fame? Or, fame without fortune?

For us, we're rich in happiness, being in charge of our lives. The fame is relative, as is everything in life (the people who know us know us for our work, we're not celebrities and don't aspire to being celebrities), and the "fortune" part of being in business for yourself is a choice, not a result. We choose to operate a "lifestyle" business - one that supports our lifestyle. Not a growing company that will someday compete on the Fortune 500.

Therefore, you could become rich and famous. If that's your choice. If your great idea is a pet rock that will take the world by storm and have the money rolling in, or it's an idea that has enduring quality and will help you build a business that gets listed on the Fortune 500. Or, you could build a strong, successful business that makes you feel rich, by not only paying the bills but leaving you with some cash to take on vacation, supporting the lifestyle you choose to live.

Fame and fortune come with a price. Choose wisely.

YEA - Week Six

by Claire Siegrist, YEA! member

We have just finished week 6 in the Young Entrepreneurs Academy (YEA!) and I'm fleshing out my plan for an indoor dog park. I've learned that there's a big difference between a business idea and a business opportunity; ideas are easy, filtering the idea into an opportunity is a challenge.

Business ideas come from a hobby or interest and provide a solution to an unfilled need experienced by many. My dog, Maisy, counts on many vigorous games of fetch every day. We've had a gorgeous fall, but the slush is on its way. Where will we stay active during the cold, dark winter and the muddy season to follow?

We'd love a big, bright, comfortable place to run around in, and to play with our friends, in.

So, where's the business opportunity for my indoor dog park? I have specified the problem I'm solving, but need to identify who will buy it and how I will make money from it. There are 75 million dogs in the U.S., but how many are in Monroe County? How many of those belong to owners with the desire for an indoor dog park? What are they willing to pay? These are issues I have to resolve as I develop my business plan.

I also have to consider barriers to entry - like competition and start-up costs. To do this, I'll use the business plan template we were given to answer these questions.

A Time for Fabulous Ideas

by Yvonne DiVita

It's that time of the year, again. Holiday time. Holiday time probably means different things to everyone you talk to. We each have our own way of celebrating the particular holidays that are important to us. One thing is certain - our celebrations will include family, and pets.

But, what about inspiration? Isn't this also a time of inspiration and uncovering great ideas? Being an entrepreneur, or just thinking about becoming an entrepreneur, brings a special kind of excitement with it, as well as a little trepidation. As we approach the colorful, musical, happy events that are part of our family gatherings, maybe we should also remember to write down the great ideas that come to us, while visiting and having fun.

Personally, I get a lot of great ideas just talking to other people. Often, those other people are members of my family. We're a creative bunch. I bet you and your family members have some fabulous ideas, also. Why not write them down? Why not explore them...at least on paper, in a family meeting, or just over the phone? Why not take this joyful time of the year and begin to act on your inspirations?

The best part of exploring your options during holiday time is that you don't have to act upon them, right away. You can write them down, add other thoughts, check out the possibilities online, and give the idea time to ... perculate, so to speak. Maybe in two or three weeks, you'll review it and laugh. Or, maybe you'll take it out of the drawer and say, "Wow, this could really work!"

What have you go to lose? 2010 could be the year you start your first business. Tell us about your ideas...and share your inspirations. Women everywhere are eager to hear more about you and your dreams. Go on now, leave us a comment and tell us what excites you about the business you'd like to begin, in 2010.

The YEA! Program

by Claire Siegrist, YEA member

I applied for The Young Entrepreneurs Academy (YEA) back in May 2009 with dreams of launching my own business. I am very excited about it. During the program, October to June, we will create a business plan, meet with graphic and web designers, and present to an investor panel with the intention of creating a profitable business.

30 kids from grades 6-12 meet in the  Gleason Building of the Simon School on the University of Rochester Campus from 4-7 every Tuesday afternoon. The instructor is Howie Jacobson, a managing partner of Dixon Schwabl (Lauren Dixon also writes for this blog).

For the first few classes we were getting to know Mr. Jacobson and the rest of our group. We began thinking of ideas that were as varied as a middle school improv group to a wireless guitar cable. My idea is an indoor dog park.

An indoor dog park in the Rochester climate is a no-brainer, as far as I'm concerned! Many people have pets and need a comfortable place to run around and get together with other pet owners. The first indoor dog park, Unleashed, opened this year in Dallas, but there aren't any in our area. But, I know there are many local post-industrial, unoccupied buildings that can be adapted for this.

Now, at week 6, we are in the process of concentrating our ideas and exploring to see if our ideas can turn into business opportunities.

Check back next week on the latest updates from YEA!

The American Dream

by Judy Seil

Today I sat in a meeting in which three first generation Americans spoke about their ability to start a business in Monroe County, hire employees, invest in buildings and equipment and marvel at how fortunate they were to be in America.

What I marveled at was that the words "hard work" is what they attributed their success to. The three owners have diverse businesses, from wholesale to retail to service industries, in which they employ in total over 100 workers. They provide benefits to their employees. They feel fortunate to have attained the American Dream of owning a business. However, at the end of the day, they alone are responsible for payroll, overhead expenses, and debt repayment, as they have signed personally on the dotted to make sure the loans get paid back.

We live in a Country that still allows us the freedom to make choices. As a Director of Economic Development, I felt proud hearing these three individuals speak before our loan committee today telling their story of success and requesting assistance to take their businesses to the next level. The businesses were applying for loans through the US Small Business Administration SBA 504 program (Download SBA 504 Program)that assists small businesses purchasing equipment and/or buildings. The program allows for a 10% down payment and access to 40% fix rate financing. The remainder of the funding (50%) is financed through a bank. Credit worthiness and ability to repay debt are critical.

The three companies that spoke today certainly met the program criteria and additionally had great character, one of the 5 Cs of credit (capacity, collateral, capacity, conditions, CHARACTER.)

The Entreprenurial Challenge: What to call yourself

Being an entrepreneur isn't for sissies! But, you already knew that, didn't you?

The challenges ahead of you, as an entrepreneur, may seem insurmountable at times. Just coming up with the right name can be mind-numbing. One expert will advice you to be 'memorable' by being outrageous- i.e. Google, Yahoo!, Amazon, all companies that chose names that made them stand out but did not tell the reader what they do or who they are. They chose to be provocative and make people think about their purpose.

Another expert may tell you to be specific - spell out your talents, your services, your purpose - i.e. Petco (obviously involves pets), or Leadership Coaching for Your Small Business - self-explanatory, right? A good friend of mine calls her company Business Vitality - her tagline is Smart Growth is Smart Business.  

Both approaches are right. Being provocative can be a successful way to grab attention and show people who you are and what you do. But, then again, stating your purpose in your company name can help people identify whether or not you're someone they need to contact, without having to guess at your purpose. In the end, only you can determine the right course to take, when naming your company.

My company, Windsor Media Enterprises, hints at the fact that we're a "media" company. Windsor is my maiden name, and media is what we do. What kind of media (social media) requires people to visit our site. I like that. Those with little patience, may pass me up if I turn up in a Google search on a keyword that relates to media. But, that's okay. I practice what I preach and those looking for a social media professional will always click over to learn more about me.

Many entreprenuers name their company after themselves, which is where the Windsor comes from in my company name. It's my maiden name. And, I liked the way Windsor Media sounded. In order to establish it as a full-bodied company, I added "Enterprises."

Here are some interesting business names from people I've met in my travels:

Girlfriendology - guess what they're about.(the word 'girlfriend' gives it away)

Big Green Purse - maybe something about ecology? Maybe a woman's site? Worth checking out?

The LinkedIn Personal Trainer - again, easy to figure out.

Queen of Quirky - hmmm...not sure about that one. But, interesting enough to check out.

How will you choose your name? Will you be specific or interesting? Will you rely on your good name, or a description of what you do? The challenge is in choosing a name that you can live with for a long, long time. Rebranding is not an easy thing to do - so, choose your company name wisely. Test with friends, relatives, acquaintances, and your networking group. Say it out loud over and over. Write it down. Spend a whole day answering your phone, using your new company name.

The one thing you don't want to do is rush. Rushing will end up in settling for a company name that you may come to regret.

The last bit of advice I have is to stay away from anything that is too similar to what's already out there! Check the trademark office to make sure no one else has the name you want to use - or, at least, isn't using it in the exact same way you want to use it. Do your due diligence.

Then, stand tall, get out in the world, offer your hand and say, "Hello, I'm Sandy from Happy Haven Pet Sitting...." loud and clear.

Lead Your Way to Entreprenurial Success

One of the worries of many new start-ups is how to find new business and/or how to meet the right people to help them in their new endeavors. This is often called "networking" - but there is much more to it than that.

When you engage in networking you are most often attending events or meetings, where you will come in contact with other business professionals who can help introduce you to possible clients/customers, or who may, themselves, be interested in your work. This is why it's a good idea to join specific groups such as BNI (Business Networking International) or our local RPCN (Rochester Professional Consultants Network). It's also a good reason to attend luncheon events at groups you do not belong to but that may have members you'd like to network with - one example is RAMA, the Rochester Chapter of the American Marketing Association.

But, here's the key: you must be a leader at these networking groups and events. You must dress the role of a leader and act the role of a leader. Be proactive, don't wait for others to approach you. Be the first to start a converstion, shake hands, join a group already talking about business, it doesn't matter what business.

Being a leader at these events means knowing your audience well enough to know how to dress: if you're a woman, is a skirt necessary (even today, women in skirts and dresses, always professionally done, present a memorable vision); is a suit necessary (most women and men wear at least a jacket, with pockets for business cards); or is the event casual enough to dress down, so you don't look out of place?

After dressing for success, you must portray confidence. You must have a strong handshake, make eye contact, and smile. Practice at home, if you need to. Learn to be a good listener. Good leaders are great listeners. Don't interrupt but don't let a point go by without comment, if you feel you have something worthwhile to share.

By practicing good leadership skills, you'll present a strong, confident, approachable presence and people will not only want to do business with you, they will refer you to friends.

The concept of "conceive it, believe it, achieve it" put forth by Zig Ziglar is based on those good leadership skills. Practice them daily, and get out in front of people, face to face.

Welcome to My Life – An Entrepreneur's Journey in Barbados

By Marita Greenidge

When I first came to Simon, I had a plan, a plan to start a business magazine in Barbados. I was so dedicated to this plan that I wrote an entire blue print for the business and entered it into the Mark Ain Business Model Competition. Thereafter I suffered a horrible defeat as my plan was not one of the top 5  selected as a finalist in the competition (bummer!). 

However, as Simon continued to expand my skills set so too did my horizon expand. A business magazine in Barbados no longer seemed like the means by which I would fulfill my passion for assisting with economic and social development on a large scale. 

I then had the bright idea of starting an e-commerce business that would import products from artisans in developing countries who needed distribution channels to penetrate international markets. This was already being done by several companies but I thought my strategic marketing and analytical skills, along with my creativity, could give me an edge on redefining this market. 

Then I met Rebecca and Glenn, owners of Kingdom Ventures Inc. (KVI), a young Rochesterian fair trade company that was already doing something quite similar. Quickly recognizing the benefits that could ensue from working together, I offered my services as a marketing consultant. They became my first client while I was still completing my MBA at Simon. 

Now here I am in Barbados and I’ve landed my second, and very major, client – Caribbean Business Enterprise Trust (CBET). CBET developed something called the CBET shepherding model™ as a tool for stimulating economic growth in small state economies. The model has 3 main components – the entrepreneur with an idea that has global potential, the shepherd (business mentor) that guides the entrepreneur from business idea to business success and funding (via investors) because all entrepreneurs need cash to develop. 

The idea here is that economic development only occurs if there is one successful enterprise after another. After funding is in place there must be a mechanism by which to reduce the risk of the entrepreneur failing because of poor business skills. In this way the model takes mentoring to a whole new level by requiring entrepreneurs to have business mentors (shepherds) as a necessary condition of receiving seed and venture capital funding. Shepherds are appointed by the manager of the fund and must have considerable business experience. As shepherds are not all-knowing they work with a team of business advisors in various areas to usher the entrepreneur to success.  

I provide marketing services to CBET, CBET (Barbados) (which is a partnership between CBET and Barbados' private and public sectors) and to the entrepreneurs who receive investment.  As you can imagine, this is huge for someone like me who has a strong interest in social and economic development. 

So after all my hopping around from idea to idea, I want to steal a line from one of Simple Plan’s songs and say “Welcome to my Life”. I’m going to take you on a fun and interesting journey as I embark on running my own consulting firm (which was only officially registered a few weeks ago) and share my experiences as a management consultant with some very fascinating clients. Stay tuned!