Author: Alvin Toh
The number of women owned businesses in the US increased by 43 per cent between 1997 and 2006, almost double that of all businesses. In the UK, about 20,500 new businesses were started by women in the first quarter of 2006, an increase of more than 30 per cent from the same quarter last year. The rising trend in women starting their businesses is a worldwide phenomenon.
According to a study by three prominent women’s business organizations the National Foundation for Women Business Owners (NFWBO), Catalyst, and The Committee of 200, women who launch their businesses are primarily inspired by an entrepreneurial idea. Entrepreneurship offers the opportunities to implement entrepreneurial ideas and gives women a sense of recognition since they work for themselves.
Other reasons for women starting their own business are the flexibility to dictate their own working hours, spend more time with the family and to escape the corporate glass ceiling.
How do you come up with an idea that can be transformed into a business? Here are four tips on brainstorming for business ideas.
Your passion and interests
What are you interested in? What do you do best? If you like to bake, then you may want to start a business in baking. If you are passionate about cooking, how about starting a catering business? When you build your business around your interests or passion, you are more likely to focus and persist when faced with challenges and obstacles.
Therefore, think about the things you like to do, or even if it is something new, what you want to learn about. Make a list of all these things and then go through the list to determine which ones are realistic and feasible.
Will you sell a product or service?
When deciding whether to sell a service or product you need to consider some of several factors. What is your business about? Do you have the ability to offer that product or service? Are you crafty? Can you make your own product? Do you want to sell someone else’s product by becoming an independent distributor? What is your budget?
Problems and solutions
People are always searching for solutions to problems. Look around you. Ask your friends, family and neighbors. There may already be existing products or services to solve a particular problem. Can you improve on these products or services? In the case where there is no solution, can you come up with one? Generally, a solution helps to save time, money or stress.
Hobbies
Consider what you like to do in your spare time, and see if it could be turned into a business venture. If your hobby is painting, you could sell paintings or create custom paintings. Crafts and collectibles are some of the most sought after items in the consumer world.
It is often said that “two heads are better than one”. To spawn more creativity, brainstorm with friends, family, co-workers and neighbors. You will be amazed at the various ideas that you’d never have thought of on your own, one of which could be translated into a viable business.
June 17th, 2008
Author: Suzanne Doyle Morris
n my earlier article, I explored the rise of entrepreneurship among women, and what the definition means to employed women and business owners alike. Drawing on my coaching experience with women entrepreneurs I’d like to follow on with the three key characteristics I frequently see amongst this enterprising group.
Three Key Characteristics of Entrepreneurial Women
In my experience working with dozens of entrepreneurial women, the characteristics that set them apart are a willingness to take risks, a high value on flexibility and resolute tenacity. Risk- taking is an element of any working woman’s life, the degree of those risks is what sets entrepreneurial women apart. Deciding to leave paid employment is the first of many risks, and one too great for many women.
Statistically, women’s businesses grow at a slower pace and start with smaller amounts of capital than businesses started by men. Women tend to be more risk-averse and will often use savings or loans secured against their homes to finance a business rather than go to bank or venture capital investors. Starting small is not as problematic for many women who start in consultancy or the service sector, which accounts for nearly half of all businesses in the UK started by women. However, is can be problematic for those in manufacturing or other industries that are capital- intensive. Entrepreneurial women research their options, but still take calculated risks.
Interestingly, the main factor that motivates women business owners is not financial gain, as many would assume, but independence. In my experience this often translates into not just doing things your own way, but also on your own time scale. Most women who start their own businesses know they will work longer hours, but it will be on their schedule. This is vital for working mothers in particular, and is borne out by the evidence that the key years for women to create businesses are in their late 30’s - often childbearing years. Women I work with often cite being able to pick up sick children from school, attend sports days as well as take time off during school holidays. One business woman I know with a 7-figure turnover works relentlessly for her clients throughout the year but takes each and every term break off as well as the entire month of August to be with her children.
Lastly, entrepreneurial women are tenacious. Ignoring naysayers is an early challenge as not everyone will be encouraging. Pessimism, often in the guise of well-meaning advice, can kill a business in its early stages and ignoring this when things are rough is one of the first lessons any successful entrepreneur learns. They show a willingness to keep trying, tweaking products or services until they fit the market perfectly. Tenacity does not mean blind optimism; it means a willingness to change a product or presentations until it is right using both guidance as well as intuition.
June 14th, 2008
Author: David Sanders
While employment is a surefire way of securing your future, there are always those who believe that entrepreneurship should be a priority not only among those who are already established in life but also for students who have just finished their studies. Other people believe that getting involved with a profitable business is still the way to go if one wants to be financially successful in the future.
People who immediately go into business without any plan at all are the ones who end up with nothing at all, in terms of their capital or investment. This is because they have joined a war without carrying any weapon at all.
Starting a business is not an easy task as it requires the proper motivation, preparation and research. You do not go into business just because you have thought of an idea that you believe will strike gold and you want to implement it immediately. Of course, some do this but the rate of failure will always be high.
If you want to have a higher success rate in business, then you have to do it slowly and properly and with the proper business plan. A business plan will help you create a map of the business you want to go into plus it would help you pinpoint the difficulties that you would encounter along the way.
A business plan will serve as your guide in starting and in implementing the business and in steering such business to success. When making a business plan, it is important to take note of your reasons in wanting to go into business, whether you are into it because you want to get rid of that bossy creature breathing over your head, or you want to be financially independent. It is also important to determine the proper business endeavor for you considering your hobbies and skills, time preferences and of course your experiences.
Before doing your business plan, be able to identify the possible business area where you would like to go like if you want to go into the buy and sell business, what products would you sell? Is there a demand for the product you are planning to sell and are there other businesses in your locality which sells the same products? If there are, what would be your advantage over the existing enterprises selling the same products?
Another important thing to consider is the legal structure that you would prefer, whether you would want to go into single proprietorship, partnership or a corporate type of business. Do you have an accountant who will manage your records? Also take note of your possible sources of capital and the amount you going to need to start and maintain the business.
When you have answered these questions, then you are more or less prepared to write a business plan that will help you start your business. There are professionals who can help you make your business plan. You can also do some internet research and look for websites that are offering free business plans and guides.
Once you have completed you business plan, then you can evaluate it whether it is at par with what you have in mind. A business plan is not rigid and it can be flexible depending on your business needs. However, a person who fails to make a business plan before starting a business venture can expect to have a rough time ahead.
June 10th, 2008