Vivak also cited statistics from her research, “Women start only around 3% [...]]]> In a recent post on TechCrunch by Vivek Wadhwa, Lesa Mitchell, VP of the Kauffman Foundation was cited as saying that “Women need encouragement, entrepreneurship education, and access to solid mentor networks—particularly in fields in which the deck is stacked against them.”

Vivak also cited statistics from her research, “Women start only around 3% of the nation’s tech firms; they are almost absent in high-level technology positions; they contribute to fewer than 5% of all IT patents and 1.2% of open-source software; and the proportion of women-led companies receiving venture capital has dropped dramatically over the past few years.”

There’s also been research done that shows that the number of women on corporate boards is decreasing from it’s peek in the early years of this century.

What is going on?

What Women Entrepreneurs Need to Do

I agree with the general premise that women need encouragement, education and mentor networks. And yet, after nearly a decade of working primarily with women business owners, I’ve noticed a few other things that need to happen.

Women need to be willing to invest in their personal development. And by that I mean that they need to invest with their time, energy and money.  I’ve seen too many women purchase good education material, only to set it on a shelf to gather dust.  Or, they spend a few hundred dollars to join an organization such as NAWBO, but never show up for the meetings. Or, worst of all, they spend their budgeted “personal development” money on new clothes.  (Yes, we need to take care of our personal appearance–I do it too–but not to the exclusion of taking care of our minds.)

Women entrepreneurs need to stop resisting advice. In a recent article in Inc., Sales & Marketing advice was given to a woman entrepreneur starting a new company.  When she gave her feedback on the ideas, the woman entrepreneur repeatedly noted what “wouldn’t work.” There was a “but” to almost every sentence.  It probably wouldn’t have caught my eye, but (!) I hear the same pattern a lot from women entrepreneurs, particularly when you give them advice for free.

Want to grow your business and increase revenues? Join a peer group. Start one yourself or invest in a professionally mentored one. Studies prove that a peer group, particularly one that’s professionally facilitated, brings phenomenal return on investment.

In fact, a partner and I are starting one in the San Jose area this summer.  Join us for a sample session.  Learn more and register by clicking here.

This problem not only occurs when women business [...]]]> I recently completed a social media plan for one of my clients.  She went from reluctant participant to over-excited user in no time flat!  However, like many of us when we first find a new toy, she ignored the part of the plan that had to do with listening.

This problem not only occurs when women business owners launch a social media plan, but also occurs with everyday marketing.  We want to make it “all about us” because we’re comfortable in that zone.  We’re experts in our own discipline. Often, we are extremely good at what we want to do and have the solution to the problems our clients have. Unfortunately, we may not be expressing it in the language that our clients use.

It can be as simple as choosing the right keyword combination when you talk.  I frequently talk about the woman entrepreneur. I was surprised when an SEO mavin told me that “entrepreneur woman” was equally as useful for search engine ranking. It’s not a comfortable turn of phrase for me, but apparently its how people search for information. I didn’t know that until the research (listening) was done.

In the 1990s Steve Haeckel conceived and developed “Sense and Respond” as a strategy while he was Director of Strategic Studies at IBM’s Advanced Business Institute. Since I was working in a sales organization in IBM at the time, I was exposed to the concept.  (Somewhere I still have the book, I’m sure!) The concepts of Sense and Respond help organizations build a more adaptive structure.

As the economy begins to come back, the first organizations that will begin to rebuild are small businesses. It’s because they are more agile and don’t have a lot of the encumberances that corporations have. In order to truly thrive women entrepreneurs (or entrepreneur women!) will need to pay attention. Things have changed. Social media has become a big component of our lives and so has massive unemployment. The illusion of stability has further eroded.  Who can succeed in this environment?

The people who succeed will be those who take time to listen (sense) before they comment, take action or even create new products.

I invite you to spend some time today focusing on what your customers want and need.  Let me know your results in a comment below!

One of the pieces of the foundation is your business budget.  Most women business owners hate making a budget!  They automatically think in terms of restrictions…a budget is your money on a diet.  And whatever we’ve learned in the last [...]]]> Starting off the new year means creating a foundation of reality and adding dollop of good intentions!

One of the pieces of the foundation is your business budget.  Most women business owners hate making a budget!  They automatically think in terms of restrictions…a budget is your money on a diet.  And whatever we’ve learned in the last few years, most of us are aware that our money needs to be on a diet!

However, a budget also represents possibility and good intentions. We are saying to ourselves, “I’m going to be a good steward of my money this year.” You intend to do what it takes to have more come in, keep more of what you earn and, when you spend, spend with intention. Money is energy–power if you will.

So what’s in a good budget?

1. Projected gross income–what you think your business will earn.
2. Cost of goods (if you sell products) or cost of subcontractors (if you sell services)
3. Subtract cost of goods/subcontractors from gross income and you get Net Income Before Expenses
4. Projected expenses such as: travel expense, auto, marketing expense, location expenses (rent, etc.), employee expenses, professional services such as bookkeepers and accountants, etc.
5. Subtract expenses from Net Income Before Expenses and you have Net Income After Expenses.
6. Estimate of your taxes
7. Estimate of any other types of income such as rents paid to you, royalties from books, music, etc.
8. Subtract taxes and add other income from your Net Income After Expenses and you get to Net Income. 

Net Income is what you get to:

• Take Home
• Re-invest in your business
• Save
• Give away
• Use to create a better world

Any questions on budgets? Why do you do them?  Or not do them as the case may be?