Are Women Better Entrepreneurs? Women Are The New Entrepreneurs And They Have The Edge

Are Women Better Entrepreneurs?

 Women Are The New Entrepreneurs And They Have The Edge

I have always believed that women are more smarter when it come to entrepreneurship, starting and managing a business. As far back as the 1990's I used to run my own business - Metro Linen Service -(a leading provider of linen, and table cloths to caterers and restaurant owners). The majority of my clients were women. I was very impressed with their business acumen and savvy. I will always interacted with them and their comments were very insightful and full of common sense.

Women in business and entrepreneurship bring a positive traits into the market place.

1. Women posses an intuitive ability ( a knowing if you will), ability to acquire knowledge without inference or the use of reason - a sixth sense that is common with women - it helps in decision making -

2. They possess  good communication and negotiation skills

3. In the household that women run, they function as the CEO and manage all the vital functions of the family enterprise. Now how society can relegate them to the background when as a group they raise the family is beyond my comprehension.

I remember my own mother in Ghana as a business owner: Although my mother was uneducated and illiterate, but she was able to run her own business - buying and selling merchandise. She knew how to budget and make a profit. She made enough money to send me to the US for further studies and my younger brother to study law at the University of Ghana. She was also able to buy a house for one of my sisters in Ghana.

Here are some statistics pertaining to women-owned businesses and women entrepreneurs in the US. 

Between 1997 and 2002, women-owned businesses were growing twice as fast as other businesses.  (Center for Women's Business Research, 2009)

 In that same five year time period, the number of businesses owned by minority women increased faster than those owned by non-minority women. (Women-Owned Businesses in the 21st Century, 2010)

During the 2008 economic downturn, 5% of "high potential women" and 4% of "high potential men" left their jobs to start their own businesses. (Catalyst, 2009)

In 2007, 7.8 million companies were owned by women -- that's nearly 30% of all non-farm, privately held businesses. These women-owned businesses employed 7.6 million people and generated $1.2 trillion in sales. (Women-Owned Businesses in the 21st Century, 2010)

In 2008, 10.1 million companies were owned by women employing 13 million people and generating $2.9 trillion in sales. (Center for Women's Business Research, 2009)

 Female small business owners will create 5 to 5.5 million new jobs in the United States by 2018. (Projection from The Guardian Life Small Business Research Institute, 2009)

One in five firms with revenues of $1 million or more are owned by women. (Center for Women's Business Research, 2009)

Since women-owned businesses are usually smaller, they generate a small percentage of US sales and employment. In 2010, women owned 30% of privately-held businesses, but these businesses accounted for only 11% of sales and 13% of employment. (Women-Owned Businesses in the 21st Century, 2010)

In 2009, 11% of companies backed by VC funding either had or used to have female CEOS or female founders. (Wall Street Journal, 2010)

Women entrepreneurs usually start with less capital than men, and are less likely to take on debt. Women are more likely to say that they need financing to start their business. (Women-Owned Businesses in the 21st Century

"Women will create over half of the 9.72 million new small business jobs expected to be created by 2018 and more and more are doing this from home offices across the country. It’s a surprising statistic, especially considering that women-owned businesses only created 16 percent of total U.S. jobs that existed in 2010" according to Forbes Magazine 6/8/2012

THE 10 STREET SMART SECRETS OF THE ENTREPRENEUR

THE 10 STREET SMART SECRETS OF THE ENTREPRENEUR

Entrepreneurs are the pillars of economic growth and development in a capitalistic society.

I tip my hat to all entrepreneurs who are building businesses to promote the pillars of growth

1. A level of street smarts - that you acquire by being involved in everyday rudimentary tasks of entrepreneurship  and business practices - business as an art or science is boring and you have to be able to maintain the repetitive tasks and discipline required to get you going - for example, you want to raise capital - you should be disciplined to call or talk to a number of people per day.

2. Income and Wealth -The ability to know the difference between income and wealth -It is possible to have a higher  income and not be wealthy - Always remember that building wealth does not require a large income, however, it requires a  mindset that is disciplined and a long term perspective.

3. Wealth Building - The ability to achieve the wealth building mentality and have a balance in all areas of your life -  spiritually, physically, financially, emotionally and your relationship

4. Social Responsibility -The ability to know that you have a conscious and social responsibility to be a good citizen in your entrepreneurship, investment and business dealings

5. A No Quitting Attitude - An attitude that says that no matter what happens I will continue my journey - If I lose my millions I would be able to go back to the drawing board and start all over again without any shame -or the ability  to have the emotional or psychological attitude to have things done no matter what!

6. Lifelong Learning - Knows  that you learn through having mentors and updating your knowledge through short focused courses and building a library of books where you are always learning and updating your knowledge base - I don't think there will ever be a time when the entrepreneurs says I have arrived!!

7. Don't wait to get fired - Start thinking about starting your own business now - the forecast for the economic trend would dictate that people would be  laid off - just discover your passion and set up your own sideline business - always have a business on the side - don't wait to get laid off before you start thinking about starting a business

8. New Ideas - Always explore new ideas and challenge existing norms - exploring new frontiers will always get you motivated to do the unusual - and if you are starting a business do think big and go for it!!!

9.Wealth Creation - To know that your ideas on wealth creation is what makes you wealthy and not working for somebody else - working for somebody will make you  live comfortably, but will not make you wealthy

10. Business Management - The ability to know the mechanics of business management - the functional areas like accounting, marketing, financial controls etc., that makes businesses run.

TEN THINGS I LEARNED FROM THE BATTLE-FIELD OF BUSINESS:

"Businesses go through  life cycles so  be prepared to weather  the vagaries in business cycles with equanimity". GA

George Ansong is the ultimate entrepreneur. He has bought an existing business. He has started business from the scratch. He has been involved in a number of million dollar deals overseas. He shares his insights from what he has learnt over the year

1. Time Wasters -Learn to weed out the time wasters - people who waste your time and are not contributing to your goals - this is especially when you are in sales - you have to learn how to qualify people quickly through a series of questions that you device - just learn to weed out the time wasters

2. Not to do list - Compile a not to do list - a not to do list is crucial - I know we have been brainwashed  to do a "to do list"  - a  not to do list would help you eliminate the things that you don't need to do. For example, I don't  answer all call that I get. I let them go into my voice mail and return calls at designated time.

3.Productive hours - Track down your most productive hours - device a means to know your most productive hours and capitalize on it. Your most productive hours might be just four hours a day, but if you optimize it you will be able to increase your productivity.

4. Follow up -Spend time on the follow up - your follow up is what yields the result - like in tennis, it is the follow up shots that makes the difference. According to available statistics the majority of sales are made through 5th-12th contact. Make it your business to follow up.

5. Significant task - Determine to accomplish a significant task everyday - make it a habit to accomplish a significant everyday - tasks are what results in measurable goals. "Those who progressively take action, measure their results, refine their efforts, and continue to take action are destined to succeed; it's just a matter of time and a willingness to keep going"

6.Write a manual -  If you have an area of expertise write a manual /booklet - it help to sharpen your mind or thinking on a particular subject. It might even helpful for you to write an e-book or a best seller one day. One day, I suggested to my wife - I said you should write a book entitled "Raising Godly Children in an ungodly world". She looked at me, but she never responded. I believe that one day she is going to write that book since she has a passion for children!!

7. Think -Devote at least one hour a day thinking - think on paper - that means have a pen and paper with you and write down what comes to your mind - you can solve most problems this way -  write down ideas that come to you that might be the business idea that propels you to wealth. Do you know you can solve most problem during your thinking time?

8. Keep deals in the air -Keep a lot of deals in the air because you don't know which ones will succeed. I normally don't have a written down plan on a daily basis, but I have a general idea of what to do - I keep my schedule flexible so that I can zero in on the most important tasks.

9. Don't lose you momentum -  Keep pushing and don't lose your momentum - What is momentum? Momentum is the art of marshaling resources both visible and invisible resources to propel you continuously towards your life purpose. Specifically, you should be able to maintain your focus and be able to get back on track if you side step away from your journey. Is it possible to lose your momentum? Absolutely and that is why you have to make sure that you are always aware of your goals, so that you can always get back on track with some kind of guidance and feedback.

10.Negative Thinking- This might be like negative thinking, but it is not. It takes a long time to succeed in business so be prepared for challenges , problems and even a failure. For example, I have developed what I  a "shock absorber" within my framework of thinking;  I go into a deal with low expectation, because we all know how to deal with success. I normally go into a deal expecting the worst, because we know that success will always find some joy. Know that  businesses go through a life cycle of  its so be prepared to weather  the vagaries in business cycles with equanimity.

TEN REASONS WHY NETWORK MARKETING (MULTILEVEL) IS AN IDEAL FOR THE BEGINNING ENTREPRENEUR

TEN REASONS WHY NETWORK MARKETING (MULTILEVEL) IS AN IDEAL FOR THE BEGINNING ENTREPRENEUR

"Network Marketing is really the greatest source of grass-roots capitalism because it teaches people how to take a small bit of capital, that is your time, and build the American dream." Jim Rohn - America's Business Philosopher

I have always advocated that we should have a side hustle in addition to working a regular 9-5 job. The current labor market is such that it would be foolish to depend solely on the paternal corporation.

The old model of going to school and getting your degree and going to work for the corporation for the rest of life is going out of the window. We have to think about new ways of generating income to fund our life style and build wealth.

I believe that network marketing is the most elementary way to go into business for yourself. This brilliant idea has been criticized as being a pyramid scheme. But in my opinion, Corporations are more pyramidal than network marketing companies.

The typical corporation out there is there mainly to extract as much money from the employee as it can. In a typical corporation, the workers at the bottom make the minimum wage while the people at the top could make millions a year. In corporations, the big money is made by those at the top of the ladder and hardly percolates to the bottom.

Here is what one of the leading corporate managers said about corporations. "The essence of corporate profitability, however is to keep taking in younger people at the lower levels and moving them up and very gradually improving their pay. The net result is to make the employee at some stage of his career, a captive of the corporation

The Multilevel Options: The Ten Advantages

1. Low capital to get started,  low monthly overhead, no employees, no inventory to carry

2. Fair prices for their products or services

3. Focus is on points of distribution and duplication

4. Create leverage that allows you to get paid on the efforts of thousands

5. Work part time or full time - no cap on your earnings

6. You promote yourself - no corporate favoritism or discrimination - rewards are based on your efforts

7. Dynamic relationships that lasts a long time

8. You cannot be fired - you can quit on your own terms

9. Can create cash flow, build wealth and create residual income

10. You have infinite customers based on your efforts

Footnote:

"Network marketing / direct selling has emerged as the new paradigm of personal and business development over the last decade. By choosing network marketing as a new career or for supplemental income you have shown yourself  to be some who is willing to cut your own path. According to the Direct Selling Association, network marketing accounted for over $30 billion in sales in 2009 with 15 million Americans involved as small business owners".

THE TEN UNIVERSAL LAWS THAT SHAPES THE ENTREPRENEUR'S EXPERIENCES

THE TEN UNIVERSAL LAWS THAT SHAPES THE ENTREPRENEUR'S

EXPERIENCES

I believe that entrepreneurship is a journey of faith. The entrepreneur is able to look into the future and bring into existence those things that he sees in his mind's eye. The faith it takes to bring that into existence is divine inspired. It is God breathed whether the entrepreneur believes in God or not.

 I also believe that God's covenant of blessing is what motivates entrepreneurs to come up with revolutionary ideas, concepts, products, technological and medical breakthroughs that have catapulted mankind to the apogee of human civilization.

It is advisable, therefore, as an entrepreneur to understand the basic universal law that, God the creator of the universe, has put in place to help nurture, grow and expand our various enterprises and ventures.

Here are the Ten Universal Laws that I believe shape the entrepreneur's future and experiences.

1. The Law of Use - We have been given unique talents and gifts. The more we practice and use the talents and gifts the more proficient we will become. The summary is what we don't use we lose. It does not matter what the gifts that we have. This is a universal law and we have to use it to our advantage.

2. The Law of Reciprocity - This law  I believe touches on the life of the entrepreneur in a profound way. The entrepreneur life is build around service to his customers. "Give and it will be given to you". Because he developed a superior product or has an excellent service, the customers will return the favor.

3. The Law of Abundance - There is an unlimited supply of resources in the world. We are commanded to be fruitful and multiply. The application is that there is an abundance of riches and wealth and it is the responsibility of the entrepreneur to tap into the unlimited supply of resources. The law of abundance says we cannot limit our infinite God.

4. The Law of Expectation - Let me reiterate again that  I believe that entrepreneurship is a journey of faith. The entrepreneur is able to look into the future and bring into existence those things that he sees in his mind's eye. The faith it takes to bring that into existence is divine inspired. It is God breathed whether the entrepreneur believes in God or not. The law of expectation; believing that what you bring into the market place will succeed.

5. The Law of exponential growth - Inherent in the growth of an enterprise is the fact that enterprise could double its income and expansion over a period of time. ..."and in multiplying I will multiply thy seed as the stars of the heaven, and as the sand which is upon the seashore..

6. The Law of fidelity - What is fidelity? The quality or state of being faithful. "Whosoever can be trusted with very little can also be trusted with much". As entrepreneurs when we start an enterprise, we should expect the venture to grow if we manage it well and take responsibility for the success of the enterprise.

7. The Law of Momentum - An unseen force that we conjure up at the start of an enterprise or a venture. It is an essential tool kit of the entrepreneur. When you start a project, it seems like things are stagnant. Let us say you want to get leads  -you have to make calls, set up twitter, face book accounts etc., by doing this you have set a process in motion. You have to continue these fundamentals to get going. And all of a sudden, the embers that you are stroking catches fire. You have to be able to harness the momentum as it propels the growth of the enterprise. "First you build the wave and then you ride it".

8.The Law of creation - As entrepreneurs we create enterprises, build businesses and come up with breakthrough  medical and scientific technologies. It is a universal principle outlined by God, our creator, to create, explore, build, nurture. Imagine what the world would be like if there was no law of creation.

9. The Law of Perseverance - Dripping water hollows out stone, not through force but through persistence.” To arrive at our destination we have to pursue our mission with everything within us. It is within us to be committed, patience and laborious. We are commanded "to keep asking, keep seeking and keep knocking".

10. The Law of Change - Entrepreneurs should be in the forefront of change as the leading risk takers. The typical entrepreneur takes risk to make things happen hence there is always a whirlwind surrounding him. The ability to recognize that change ushers in freshness - the excitement to create the breakthrough technology and advance the frontiers of science is remarkable,. Concrete new businesses that did not exist before is now the footprint of the entrepreneur and he uses it to advance the well being of humanity.

PUSH HARD IN YOUR SMALL BUSINESS - TEN PROVEN WAYS TO MAKE SURE YOUR BUSINESS IS A SUCCESS

PUSH HARD  IN YOUR SMALL BUSINESS - TEN PROVEN WAYS TO MAKE SURE YOUR BUSINESS IS A SUCCESS

"When you work for yourself, you become an innovator or you don't eat". John Marriott

Entrepreneurs and small business owners are always thinking about ways to improve their enterprises. Here are ten ways to consider

1. Diversify your income stream - For example, if you do seminars, you can diversify your income stream through video production, podcast, blog posts, sell e-books, and do consulting.

2. Enhance your cash flow - Favor businesses where you get paid up front. For example, when you design website for people make sure you get paid upfront via pay pal or other pre-paid methods.

3. Avoid business with cyclical or seasonal nature. If you should have such a business make sure you have a different venture to take up the slack. For example, if you run  an income tax return business, you can also provide all year round accounting services to small businesses.

4. Master social media - use it to attract additional leads and eventual clients and customers. You can use it to spread the word about your enterprise.

5.Learn to connect with the community and network with like-minded people.

6.Learn to nurture your assets and build them - you later use your assets as leverage

7. Become Thrifty - would enable you to be profitable quickly

8. Your spiritual condition is important - you have to be emotionally, physically, mentally fit for the endurance

9. Take time  - rest and enjoy your life - Of course life is stressful, but if you incorporate the spiritual dimension into your schedule you will be fine.

10. Enjoy the ride - that is the only way to succeed. It is possible that there might be failure, but chalk it to temporary setback.

THE POWER OF PRIME TIME : 5 WAYS TO IMPROVE YOUR PRODUCTIVITY

THE POWER OF PRIME TIME : 5 WAYS TO IMPROVE YOUR PRODUCTIVITY

 I believe that we should be able to double our productivity and have time to start our businesses or engage in any other ventures of our choice if we are able to use the prime time effectively.

What is prime time? Prime time is the period between 6:00 pm - 10:00 pm during which the networks charges a lot of money to the advertisers because of viewership. Most people are glued to prime time because the TV networks knows that their various shows will attract a lot of viewership. Why don't you use the prime time to advance your interest.

I believe that there will be an exponential growth in all areas of our lives if we limit the time we allocate watching people advancing their careers and concentrate on our own interests and ventures.

Here are five ideas to consider:

1. Use the prime time to think about starting a business. Somebody once said" profits are better than wages. Wages will make you a living, profits can make you a fortune" As entrepreneurs we should always be thinking about how to nurture, grow, or improve an enterprise.

2. Use prime time to learn a skill or improve a skill. It is the time to take a course at one of these colleges continuing education departments to advance your skill.

3. To function at peak mental ability, you need to feel good and have strong physical endurance. Prime time will be the hour to take up some kind of physical exercise  or just take a walk

4. In these days that we hardly have time for reading. Prime time will be a good time  to take up reading which has become a lost cause.  We can borrow books from the library and catch up with the latest fiction and non-fiction books.

5. You can use your prime-time to advance a course you care about. You can volunteer for a cause - write letters to advance a course. Network with people with similar interests. Above all let your prime time be productive and you would have increased your potential.