In the coming months this section will give you a taste of the skills, work and life styles of women entrepreneurs.

Bias Alert

I am revealing my bias upfront. I believe entrepreneurship is great for individuals, the country and for the future of the planet (if you are going to have a bias it might as well be a big one!).

My business is 30 years old and that means 4 major boom times and 2 recessions. The former were profitable and the latter were---interesting.

I have had wonderful adventures, worked with the most incredible people, and watched my work have a positive impact on people's lives. Best of all I am happy to go to work every day.

Small Business - The First Steps

In the Beginning

A student once commented that it was wonderful to meet the successful women on the panel at The WLM Mentoring Network "But" she asked, "what are the first steps?"
The first step is to put a line through the word "small" in your mind. You want to start a business!

The Fear Factor

Fears are smaller if you write them down or say them out loud to someone.The following are common fear -based questions:
Q. I don't have a business idea?

A. That is fine. Wanting the work and life style is often the first step.

Q. I have thought about it for ages and done nothing. Should I forget it?

A.The average owner of a new business in Canada is a woman in her forties. When you are ready, you are ready! Many students in my entrepreneurship courses call me for years to discuss ideas. When they are ready all the past planning allows them to moves very quickly!

Q. Can Anyone Start a Business?

A. The life and work style are not for everyone. Business owners have many common personality traits but entrepreneurship is all about exceptions to any rule.

From my personal collection of unscientific but completely true theories about entrepreneurship- Entrepreneurs are able to turn a concept and available resources into a profit base. Working with ideas is a vital skill for entrepreneurial success.
Q. Will I fail?

A. The only guarantee against failure is- never start! Is there a guarantee that your corporate position will be there tomorrow? Once you have mastered the basic entrepreneurial skills and have made money with your own mind and hands you can do it again. You will be your own guarantee. Another theory-Entrepreneurship is the New Security!

Q. Are women really better entrepreneurs than men?

A.Yes and no! We are better at starting a business and having it survive its first years. But after about the fifth year the male survivors often start to pull ahead.

Q. Why is this?

A. Women do well initially by using our cultural weaknesses. We lack confidence so we do much more research. This is good.

We are more willing to live on less money (force of habit?) in the short term in hopes of future payback. Vital for a new business.

We get less financing so we actually know where every penny is. Whena man obtains a huge bank loan the loan is actually running the business. The success of his idea only becomes clear when the loan has been spent.

We have innovative concepts and we are very good at hearing what customers want and what they will pay for. Unfortunately gaining the confidence of financial sources in leading edge ideas is difficult.

We are not as likely to spend too much money on a glitzy image to convince our corporate friends that opening the business was a great idea. Image is a business killer in an economic downturn (death by the square foot).

We are more willing to be president and janitor in the beginning. First year presidents go broke rapidly. However, these frugal survival habits can get in the way of success as the business grows.