A Gender Pay Gap Matters

Whether it's in the United States, Japan or Canada, a gender pay gap matters. When you read this, you'll understand why more and more women are starting businesses at twice the rate of men.

Who wants to wait it out -- that is for pay equality?

We Bike Hard For The Money!

Great little article on Rebecca Herwick, President of Global Products (who I know and became acquainted with after moderating a global business discussion where she was as a panelist)!

"I've always been a biker girl," says Rebecca Herwick, who is one of the few certified women business owners with an official license to manufacture and distribute Harley-Davidson novelties, giftware and headwear to dealers worldwide.

Read more about her success story here.

Who's A Better Inventor?

If you want to create a really useful invention, you should:

a. Hire men.
b. Hire women.
c. All of the above.

Find out here.

Are Male and Female Entrepreneurs Really That Different?

The SBA Advocacy funded paper "Are Male and Female Entrepreneurs Really That Different?," by Erin Kepler and Scott Shane finds that gender does not affect new venture performance when other factors are controlled for. However, several factors -- differing expectations, reasons for starting a business, motivations, opportunities sought and types of businesses -- vary between the genders, and these result in differing outcomes. Such observations should be taken into account when comparing the outcomes of ventures across genders.

The data used for the study was from the Panel Study of Entrepreneurial Dynamics (PSED) focusing on businesses started in 1998 and 1999.

A full copy of this report is available at here (immediate download of a PDF file).

Only The Good Die Young

Entrepreneur Anita Roddick dead at 64.

Our hearts pour out to her family during this sad time.

Anita was an inspiration to us all. Long live her ethical entrepreneurial legacy.

Entrepreneur Carla Eng Keeps Up Success Her Way

Carla Eng has some advice for budding women entrepreneurs: Have a solid business plan, fight adversity and don't give up. Sound familiar?

Read more here.

Dreading 9-5 Clock Watching

Theresa writes:

Dear Ms. Delaney:

Upon reading your article, I was really moved and agreed with being, "A refugee of corporate America."

I worked as an administrative assistant for a private investment firm and left several months ago to pursue my business venture.

The product line is high-end women's t-shirt collection with licensed images of art paintings.

This venture which I felt so very proud of, unfortunately, had to put on hold due to financial reasons.

I dread the fact of going back to my 9 to 5 corporate job but need a steady income.

What do your recommend? Should I seek investors? A business loan?

I would greatly appreciate any advice.

Kind regards
Theresa

I already responded to Theresa but what are your questions or ideas for her? Thanks in advance and hope you had a good Labor Day escape.

Women Business Owners Work Hard For Their Money

Today’s high-powered women executives make it a point to weave social entrepreneurship into their businesses.

The Women Presidents’ Organization Chicago chapter, recently announced the results of a survey of its members. Those survey results were especially interesting because on the one hand they indicated substantial growth. Eighty-five percent (85%) reported that their revenues grew over 25% in 2006. Roughly the same percent predicted their businesses would also grow in 2007, sometimes up to 70% growth.

Clearly, these are women focused on the top line and bottom line.

Read more at the ever popular Small Business Trends blog and weigh in with your comments if you wish. You will also see that I serve as the facilitator for the WPO Chicago chapter.

Hey Wild Women Bloggers, This One's For You

The W Magical List of Women Bloggers

A hat tip to Carolyn D. Townes, an Associate from the W List, for turning me on to the place. So if you are a woman blogger and are not featured, get on it, because they want to keep the conversation rockin'!

Women Build Businesses Their Way

Women build businesses their way. What about you. Is that what you do too? Read more here.

Female Fever

Women. The Mega Niche. The under-served market of all markets. And so on. Just consider the fact that women, who comprise just over 50% of the US population, make over 80% of the consumer purchasing decisions (and in case you're wondering, consumer spending accounts for two-thirds of US GNP). Consulting firm A.T. Kearney estimates that women determine 80 percent of consumption, purchase 60 percent of all cars and own 40 percent of all stocks. No wonder some companies have female fever these days. Oh, and there are more numbers and insights galore on Trendsight, Rethink Pink, Marketing To Women Online and BlogHer. But hey, we were going to focus on examples, so here goes.

Does Nagging Help As An Entrepreneur?

In this woman's biz it does!

Here is how Marla Cilley, better known by her nom de guerre, FlyLady, runs her business. Every morning she rolls out of bed and starts nagging. She sends a first e-mail to her 400,000 subscribers at about 7AM, reminding them to get up and get dressed. Throughout the day she'll send about 10 more e-mails from her Brevard, N.C., home, nagging them to polish their sinks or plan a healthy dinner. She'll also pen an essay or two on topics ranging from the evils of perfectionism to the importance of self-love. Her office administrator will send a few more e-mails, giving subscribers tidying tips. By the time Cilley's last e-mail -- "Please go to bed!" -- goes out at 10PM, her flock has received about 15 messages.

Last year sales hit $4 million.

Founders at Work

Lately I've been re-reading Founders at Work and absolutely loving it even more the second time around because it vividly tells the stories of startups' early days from Gmail (Paul Buchheit) to Research in Motion (Mike Lazaridis) to Flickr where cofounder Caterina Fake (pictured) talks about what it was like for her when she got started and in particular, some of the challenges she had to deal with as a female entrepreneur -- like this one.

Livingston: What kinds of challenges have you faced as a female technology startup founder?

Fake: There is a lot of institutionalized sexism working against women in business and I think that people aren't even aware that it's there. One example happened when we went down to Silicon Valley to meet with a venture capital fir. After the meeting, the VC spoke to someone associated with our company and said to him, "Tell Stewart not to bring his wife to VC meetings." Which was shocking to me, and Stewart was furious about this as well. He let everybody know. "Caterina is not 'my wife.' She is instrumental o the success of this company. Her contributions have been equal to mine."

It takes a lot of nerve for women to face up this assumption -- and the assumption is everywhere, even in some of the most surprising places -- that they don't measure up, that they're not good or tough enough. Twice as much will be expected of them. I hear this from women again and again in business: they have to be twice as prepared as men.

This happens to me all the time: I go to meetings and I've stayed up late preparing my presentation and I've got all my papers in order and know exactly what I'll be talking about and I come to the meeting and a bunch of guys show up and say, "Hey, so what's this meeting about?" They haven't done any of the preparation or work.

Livingston: Do women bring any advantages to a startup?

Fake: I was talking to another entrepreneur, Judy MacDonald Johnston, and she said that women are much more passionate about their businesses. They're doing it less for the money and more because they love it. There's something about that that really rings true to me. Women are able to put their hearts and souls ito it in a way that many men cannot -- or rather, are not known for doing.

Do you agree or disagree with Caterina's remarks?

No Ceiling For Women, Glass or Otherwise?

Female entrepreneurs thrive.

There has never been a better time to be a woman with the entrepreneurial bug. Businesses owned by women are the fastest-growing sector of new ventures in the United States. Nearly half of all privately held firms in 2004 were at least 50 percent owned by women, according to the National Foundation for Women Business Owners. Between 1997 and 2004, the number of businesses owned by women grew by almost 20 percent, compared with only a 9 percent increase overall.

But are men and women who are trying to build their own businesses playing the same game? According to several recent studies, the deck is often stacked against female entrepreneurs: Compared with men, women tend to start their ventures with fewer resources, less reliable suppliers, and substantially less early-stage venture funding—a critical financial nudge that helps many businesses survive.

Still, there are other avenues to entrepreneurial success, and women seem to be finding them. In a paper recently published in the Journal of Business Venturing, two business school professors, John Becker-Blease, of Washington State University, and Jeffrey Sohl, of the Whittemore School of Business and Economics at the University of New Hampshire, examine how successful women are at getting access to "angel capital," the free-flowing private-equity money that can often make or break a struggling business. In their study,"Do Women-Owned Businesses Have Equal Access to Angel Capital?," the authors use annual survey data from more than 100 angel investing organizations between 2000 and 2004 to compare how businesses owned by men and women fared in their pursuit of investment dollars.

Read more here.

The Best Little Whorehouse in Chicago

Two sisters started a business. Here is a story of the city’s most exclusive brothel—and the reformers who shut it down. People claim the sisters -- Ada and Minna Everleigh -- “... were ingenious in how they learned to present themselves.” I guess one would say they were quite entrepreneurial for their time.

Looking For Funding?

Try this new site, The Funded, for entrepreneurs and see what people say about their experience working with VCs.

Check out its media coverage.
Must be a need in the marketplace.

Inside Every Woman

I have not read this book yet but I noticed it hit the WSJ best seller list over the weekend. That's the only reason how it caught my attention. FYI.

It is, however, aimed at women because of the unique and documented bonds between and among women, not to mention the financial power of 6.7 million business owners and $1.2 billion in revenues. Her practical idea? That five promises together ignite 10 different strengths, from passion to female fusion; each strength is accompanied by actions to take, steps to consider, the "promise" connection, plenty of quotes, and a more-than-appropriate case history. The last strength, female fusion, is in reality a structured workshop to hold with 10 powerful women to help further life and work goals. New Age? For sure. But definitely a time and a place to venture into and explore.

Inc. Top 10 Entrepreneur Vickie L. Milazzo, RN, MSN, JD is the founder and president of Vickie Milazzo Institute, the oldest and largest legal nurse consultant certification company. She pioneered the legal nurse consulting profession in 1982.

Are You a Parent Thinking About Becoming an Entrepreneur?

Then you should read The ParentPreneur Edge: What Parenting Teaches About Building a Successful Business. My colleague, Julie Lenzer Kirk, sent me a copy for review and I went through it last night from beginning to end. What a great summer read, especially for parents who are contemplating becoming or are already duo-entrepreneurs. Of all the lessons in life, kids undoubtedly teach us the most. And Julie does a great job pointing that out and making the connection between entrepreneurship and parenting. Find out how to have it all and enjoy the ride.

Be sure to check out Julie's blog and NY Times clip.

Fun, Girlie Stuff

It's all about escaping ... and many of these women know how to do it in the coolest of fashion.

Writer and creative director Anne Ream Girl360

Award-nominated women cartoonists -- what extraordinary talent here:

Ellen Forney, "I Love Led Zeppelin" (Fantagraphics)

Danica Novgorodoff, "A Late Freeze" (Self-published -- pictured above)

Renee French, "The Ticking" (Top Shelf Productions)

And even the BIG guys branch out:

BarbieGirls BETA

Be-Bratz

10 Lessons Learned on Entrepreneurship

Following up on our previous post, I decided to elaborate on No. 21: One key lesson learned. Here are 10 that were shared:

1. We only have one life, hold your dream and make it count.

2. Get the right people to walk the rocky road with you, let the nay sayers go fast.

3. Believe you really can do this well.

4. Dare to be different, never give up.

5. Don’t stop when you get the first contract. Keep selling.

6. Be personally committed to deliver.

7. If you don’t like what you are doing do something about it; it is your life -- only you can make it work.

8. Make certain everyone in the team has completely bought into the vision and are pulling in the same direction.

9. Know your business and what you are talking about.

10. Be professional in everything you do from knowledge to skills to appearance and performance.

Source: National Business Awards (UK) sponsored by Orange. White paper: Observed Characteristics of Outstanding Women in Business.