Teens Are Open to Pursuing Entrepreneurship

Research from Junior Achievement and Ernst & Young LLP (EY) found that 41% of teens are open to pursuing entrepreneurship over a traditional job, and among current business owners, 13% got their start at age 18 or younger.

Many of the young entrepreneurs below fall into that camp and have continued on their path of success in the years that followed, thanks to great ideas, unwavering determination, and support and guidance from the right mentors.

Archika Dogra, Grace Leger and Caitie Sfingi are among them.

The stories of these young business owners are a reminder that entrepreneurship isn’t about waiting for the perfect moment. It’s about starting where you are, learning as you go, and staying open to feedback, mentors, and change. 

Making the Leap to Entrepreneurship

After working in bookkeeping and office management for a variety of businesses and nonprofits over the years, Kristin Cole of kCole Bookkeeping and Small Business Consulting finally made the leap into entrepreneurship by opening her own small business.

Cole knows from experience that giving up a regular paycheck and benefits to become self-employed is just one of the leaps of faith that entrepreneurs must take when they step out on their own. “If you don’t have a background in this sort of thing, it can feel really overwhelming – not knowing what you don’t know,” she said.

She offers a handful of suggestions for aspiring female entrepreneurs, one being, "Pull in extra help.  Life – especially as an entrepreneur – can be overwhelming. Businesspeople recognize when they need assistance, whether it’s by hiring a professional to help with the books or by making use of free resources like the Small Business Development Center or free webinars."

Learn more how Kristin Cole of kCole Bookkeeping and Small Business Consulting helps entrepreneurs with the unknowns they face.

Entrepreneurship: Start With Who You Are and What You Stand For

Founder and Owner Shelley Jack of Sheba Marketing had advised scores of clients on how to market and to strategize for growth but she wasn't prioritizing those lessons to her own business.

She says, "Building that [a] plan and intention into your business is a necessity. You have to start with your identity, who you are and what you stand for, and then make and follow that plan. I [Shelley] enjoy working with businesses and organizations that focus on both business and social impact — those moving and shaping their business to grow and improve the community.”

Learn how Shelley's business has evolved over time.

Women Are Profit Drivers

As we are entering an era where there are as many different faces of entrepreneurship as there are companies, it's important that we recognize that there is not one singular leadership style or manifestation of "strength" that predicts or defines success.

Meghan Gaffney, founder and CEO of Veda, offers lessons and tips that may help non-traditional entrepreneurs.  Her three (3) major points are:

1. Use the data — it's on your side –> "Remind yourself (and anybody else who will listen) that women are proven profit drivers and we have the data to back that up."
2. Flip the script: Reframe your strengths.
3. Seek out diverse viewpoints and invite them to the table.

Read he entire article to learn how you can leverage your value.

Making Success Possible For Women Entrepreneurs

Black women are entering entrepreneurship at rates that have not been seen before. Corporate America as well as government and philanthropic entities have taken note of this trend, and there is more support available for women founders than before. In general, women-owned businesses are on the rise, and much of America’s current startup boom is due to women starting businesses.

How can we collectively make even more women entrepreneurs successful?  

Maija Renko, professor and Coleman Chair of Entrepreneurship in the Department of Management and Entrepreneurship at DePaul University's Richard H. Driehaus College of Business, says "Appreciation for women entrepreneurs starts by talking about the very things their businesses provide—not focusing on old systems and structures that exclude them. Chicago can be the city that leads this conversation and innovates solutions that make success possible for even more women entrepreneurs."

Read the entire Opinion piece in Crain's Chicago Business:  How to Support Women Entrepreneurs

Related to women entrepreneurs, support and Chicago, next week we unveil a game changing new app invented and launched by two Chicago women entrepreneurs.  Stay tuned because we are about to make your shopping experience a breeze via the #cartdropmethod.

How We Can Turn the Tide To Create Gender Parity in Entrepreneurship

Countless studies have shown the many benefits that women entrepreneurs bring to the table. 

In the UK alone, for example, up to £250 billion of new value could be added to the economy if women launched and scaled new businesses at the same rate as British men, generating jobs and unlocking new opportunities for many.

Women should be at the forefront of the entrepreneurial scene. The flexibility that comes with self-employment – the autonomy to choose how and which work and family roles to prioritize– makes being your own boss an attractive proposition for many women.

Despite entrepreneurial opportunity being present all over the world, not everyone has the same access to resources or the right support system to take an idea forward. The reality is, women feel this impact more than men.

How do you turn the tide to create gender parity in entrepreneurship?  To turn the tide for female entrepreneurs, women need to have access to the right resources (for instance, capital) and receive the right support right from the outset. And this can only be achieved through public and private sector collaboration.

Read the entire article here.

How Women Entrepreneurs Will Lead Us Out of the COVID-19 Crisis

We love the article below by our dear friend and esteemed colleague, Barbara Roberts – an expert speaker and writer on all stages of entrepreneurship from startup through exit and reinvention.

In it, she says:

In crisis or chaos, every entrepreneur must go back to their “Why” as the first step to surviving. “Why are you and your company on this planet? What is the problem that you must solve? What is your essence? How can you make yourself and your company essential to the world and your clients and customers?” The solution to the problem is in the answer to that question.

Read the entire article here (be sure to scroll to:  By Barbara Roberts, Entrepreneurs in Residence, Columbia Business School).  Full white paper can be found at:  Women's Entrepreneurial Journey:  Profiles of leadership in an era of new opportunities.

Does Entrepreneurship Fulfill you Emotionally and Creatively?

According to a FreshBooks survey, 88 percent of entrepreneurs accept the challenges to running their own business because entrepreneurship fulfills them emotionally and creatively.

“Being an entrepreneur is not always an easy path, but with the right opportunity, hard work, and a supportive community, it can be very rewarding,” explains Jenny Hienrich of Herbalife Nutrition in a media statement.

And here's the big surprise:  there's been an unexpected positive effect the pandemic is having on women business owners – from having their own hours, workload, wages and output.

Preparing for 2020 and a New Decade

Unsplash

I thought I'd share some of my past articles on entrepreneurship, business ownership and growth.  I hope these help you prepare your business for 2020 and the new decade.  Enjoy.  Happy learning.  Prosperous new year.

5 Actions for Double-Digit Business Growth

This article provides five action items to get you out of your “hold steady” mode and into high, predictable growth gear with your business.

11 Tips to Help You Thrive After Losing Your Biggest Client

Theresa just lost her biggest client, one who generates 80 percent of her company’s total revenue.  She’s been in the branding business for six years.  In response, she can hide in her office and wait for the phone to ring or she can take swift action.  Above are 11 tips that ought to help Theresa, or you, if you ever find yourself in a similar situation.

16 Ways to Dodge an Economic Crisis

Whether it is through client work at my own business, running a nonprofit organization, or serving as a facilitator for women presidents of multimillion dollar enterprises, here's what I've heard many entrepreneurs and small business owners saying repeatedly about what they are doing to dodge an economic crisis.  This article is still applicable to today's times.

From Cupcakes To Moneycakes: 3 Ways To Increase Sales And Profitability

Recently, I had a conversation with a woman business owner who claims her business in Chicago is drying up. She bakes cupcakes from scratch in every imaginable flavor and size from her small bakery, Think Sprinkles, eleven miles south of downtown Chicago. As a one-woman shop, how can she increase sales and profitability so her business doesn’t shrivel up? It starts with going back to the basics of good old-fashioned marketing.  Read on ... above.

What Does An Entrepreneur at the Helm of a Successful Startup Look Like?

Hold on to your hats ladies!  Even though the wind isn't blowing, you will be blown away happily by the following notion.

Women who’ve embarked on new careers in their 40s, 50s and 60s are among some of the most successful entrepreneurs!

Yes, you read that right.  If you are thinking that you are too old to start a business, guess again.

Just the facts:

“Eighteen-hundred and 21 of you [women entrepreneurs] a day in the United States are building companies,” said Brooks (52.9 years young :-), referring to a 2018 study of business women commissioned by American Express.

She [Brooks] goes on to say:

"It [later stage entrepreneurship] just means that our life experiences have given us more depth, so not only can we be more successful at this age but we can also share with those who need to hear more perspective.”

Read on, power up and get going!

Tips, Tools and Resources from the Escape From Corporate America Blog

We feature a ton of resources, articles and opportunities here on our Escape From Corporate America blog to help women entrepreneurs grow but I want to make sure that on occasion, you check out the actual site on the right sidebar to see many of the amazing articles we feature.  Here's a sampling of six:

1. How to Market Your Business Lady Gaga Style
2. 5 Signs of Loosy-Goosy Management
3. From Cupcakes to Moneycakes:  3 Ways to Increase Sales and Profitability
4. Making the Most Out of Failure
5. Turning Limes to Limeade:  Entrepreneurship Can Surface in Many Places
6. 5 Actions for Double-Digit Business Growth

For more, visit Escape From Corporate America!

Women Have a Lock-Down on Entrepreneurship

From trucking titan to the immigrant taking on Elon Musk in space, here is the annual Forbes ranking of the 60 richest self-made women.

These 60 women, who have a record combined net worth of $71 billion, up 15% from $61.5 billion in 2017, have shattered [glass] ceilings and scaled new heights, making fortunes in everything from genetic testing to slimming shapewear. The minimum net worth needed to make this year’s list is $320 million, up from $260 million last year.

Find out who made the list.  You won't be disappointed.  In fact, you even might be surprised!

Extreme Sport: Entrepreneurship

MTV applauds women entrepreneurs in technology and media.  And one in particular is Alexandra Wilkis Wilson of Gilt Groupe Inc.

Gilt Groupe started out in 2007 as an online sample sale destination for the fashion savvy shopper. The website’s original three founders Kevin Ryan, Alexis Maybank and Alexandra Wilkis Wilson (at left) have recently realized huge success after the valuation of Gilt Groupe doubled from one year ago to $1 Billion. Not so bad after just four years as an e-commerce merchant!

Read the entire article here.

Related: NCWIT Entrepreneurial Heroes is a series of magazine-style audio interviews highlighting fabulous women entrepreneurs in information technology (IT) careers.  Listen in here.

Top photo credit here.

Mandatory Reading for Anyone Considering Starting a Business

That's according to 800 CEO Read and based on Carol Roth's new book, The Entrepreneur Equation:  Evaluating the Realities, Risks, and Rewards of Having Your Own Business.

Find out if entrepreneurship is right for you!

2010: Go Your Own Way

As you pave the way to success for yourself, pay a visit to Ewing Marion Kauffman Foundation (pictured) for additional ideas:

The Kauffman Foundation is working to further understand the phenomenon of entrepreneurship, to advance entrepreneurship education and training efforts, to promote entrepreneurship-friendly policies, and to better facilitate the commercialization of new technologies by entrepreneurs and others, which have great promise for improving the economic welfare of our nation.

See, you are not living in a vacuum. The world is working with you to get that business idea off the ground!

Learn more here.

Essential Website For Your Business

Michigan-based Edward Lowe Foundation provides information and mentoring services to entrepreneurs. Its website boasts many resources for "second-stage" companies -- companies that have passed the start-up phase and are growing (typically between $1 million and $100 million in total revenues).

It offers information on economic gardening, an innovative entrepreneur-centered growth strategy, and a substantial library of online resources on topics ranging from marketing strategy to sustainable business practices in the Entrepreneur's Resource Center section.

Global Entrepreneurship

U.S. Commerce Department and Kauffman Foundation announce public-private partnership on entrepreneurship! The new web resource and symposia will advance entrepreneurship and economic growth in United States and throughout world.

Does Birth Order Matter On Becoming An Entrepreneur?

Do you think it matters whether you are first-born or last (the baby of the brood) when it comes to becoming an entrepreneur?

According to Jeffrey Kluger in a Time magazine article, he thinks it does. It's murky but the conclusion is such that birth order affects fundamental personality traits and we all know that certain characteristics such as the ability to sell something and to take on well-thought-out risks are vital to becoming a successful entrepreneur.

Of all the things that shape who we are, few seem more arbitrary than the sequence in which we and our siblings pop out of the womb. Maybe it's your genes that make you a gifted athlete, your training that makes you an accomplished actress, an accident of brain chemistry that makes you a drunk instead of a President. But in family after family, case study after case study, the simple roll of the birth-date dice has an odd and arbitrary power all its own.

I am the youngest of four children and definitely fit the bill on what Kluger says on later-borns also are more willing to take on risk (I am the only entrepreneur within the family). For instance, research by Ben Dattner, a professor at New York University, shows that firstborn chief executives prefer to make incremental improvements, while later-born CEOs are more likely to make transformational changes.

Read more here and feel free to weigh in with your thoughts. Curious to know whether you agree or disagree based on your birth order or that of others who you track.

women 2.0

What is Women 2.0? Women 2.0 connects like-minded, motivated young women in the Silicon Valley to swap energy, ideas, and experiences with each other.

They promote the collaboration and growth of women in entrepreneurship, technology, and business and provide opportunities for young women to interact with successful women from a broad spectrum of industries.

Learn more here but I don't think they should set age barriers on this. I posted something to that affect on April 4.

So You Want To Be An Entrepreneur?

There are places aplenty to get help. Love this one for the resources and energy!

Separately and from the book "Women Who Changed The World:"

Chapter 39
Marilyn Monroe

Hollywood's a place where they'll pay you a thousand dollars for a kiss, and fifty cents for your soul. ~ Marilyn Monroe