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SBAchat participants and resources for women entrepreneurs

44 Resources for Women Entrepreneurs

SBAchat participants and resources for women entrepreneurs

In honor of Women’s Small Business Month, the U.S. Small Business Administration hosted a Twitter chat to share tips and resources for women entrepreneurs.

We were honored to be among the organizations and individuals invited to participate in the #SBAchat, who are dedicated to helping small businesses succeed. Below are some highlights from the chat, plus some great resources for women entrepreneurs.

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entrepreneurs risk less

3 Ways Entrepreneurs Risk Less Than You Think

entrepreneurs risk less

Contrary to myth, entrepreneurs are able to do BIGG things without losing their shirt. Whether you’re a business owner or not, you can profit from the 3 S’s of entrepreneurial risk management.

Most people think entrepreneurs are risk lovers.

But is it a myth?

Yes!

Entrepreneurs are NOT risk lovers. They are, however, great risk managers.

Today, we want to talk about three ways entrepreneurs manage risk.

Click the player to hear The Professor & Mary-Lynn’s podcast version of this post.

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dumbass entrepreneurs win bigg

10 Reasons Dumbass Entrepreneurs Make More Money

dumbass entrepreneurs win bigg

Dumbass entrepreneurs George & Mary-Lynn talk about the dumbass entrepreneurs whose horse won the Kentucky Derby on The BIGG Success Show podcast! Click PLAY to listen.

*NOTE: When we wrote this post, California Chrome had just won the Kentucky Derby. He went on to win the Preakness. Now, on June 7th, he’s going for the Triple Crown at the Belmont Stakes. Something that hadn’t been accomplished since 1978!

Two dumbass entrepreneurs turned a $10,000 investment into a $2 million prize. They – Perry Martin and Steve Coburn – are the owners of California Chrome, the horse who won the Kentucky Derby.

Just so you know – these two embrace the dumbass label. In fact, the name of their business is Dumb-Ass Partners!

So in their honor, today we want to share 10 reasons why dumbass entrepreneurs make more money.

1) Dumbass entrepreneurs act

Really, really smart people think…and think…and think. They get mired in the complexity. They want all the answers before they act.

Dumbass entrepreneurs know they’ll never have all the answers. Don’t think we’re implying they don’t think. They do. They just know the sooner they act, the faster they’ll learn.

We put this point first because it underpins all the remaining reasons why dumbass entrepreneurs make more money.

2) Dumbass entrepreneurs ignore conventional wisdom

Conventional wisdom said: California-bred horses don’t win the Kentucky Derby. Don’t hire a trainer who has never won the most exciting two minutes in sports.

Dumbass entrepreneurs often ignore conventional wisdom. They form their own insights, so they’re able to read situations differently than the masses.

3) Dumbass entrepreneurs focus on the downside

The golden thoroughbred’s mother went up for sale. The price was $8,000. Someone quipped “only a dumbass would buy that horse.” (Now you know the source of their business name.)

Martin and Coburn bought Love The Chase. They bred her with Lucky Pulpit. The stud fee was $2,500 – less than any other Derby participant.

Yes, California Chrome is the offspring of unremarkable parents. His mother won only 1 of 6 races while his father was 3 out of 22.

However, the dumbass entrepreneurs didn’t stop with a glance. They dug deeper. They came to believe in the bloodlines. They found connections “into the heart of Kentucky to Claiborne Farm in Paris.”

So you see that this point is an extension of the last one. Dumbass entrepreneurs often gain fresh insights which make the risk acceptable.

In this case, they weren’t putting millions at risk – like a lot of their competitors do. They were only risking $10,000. Dumbass entrepreneurs only take risks they can afford.

4) Dumbass entrepreneurs care about more than making money

We know – this concept is as strange to some as waking up in a barrel…pickled! But these two dumbass entrepreneurs actually care about their horse!

They have a tradition – California Chrome gets Mrs. Pastures cookies the day before and the day after a race. They started feeding him this treat when he was really young.

This is just one example of the special attention they give their prize thoroughbred. Carolyn Coburn – Steve’s wife – said, “…to many people, a horse is a business, but we’ve grown attached to him. He’s part of our family.”

Dumbass entrepreneurs have a secret – they see people, not just customers or employees. So it’s easier for them to sympathize – and even empathize – with the most critical “assets” in their business.

And isn’t it ironic – when you don’t put money first, it often naturally follows.

5) Dumbass entrepreneurs do more with less

The horse racing business has often been called the sport of kings. Apparently, even dumbass entrepreneurs can afford to be kings now.

At least these two can. But they do things differently. While horse owners traditionally spend millions on their horses each year, Martin and Coburn say they spent about $10,000.

We live in a time when money is less important than it used to be – at least for most businesses. Technology is making it possible to do more with less.

Dumbass entrepreneurs find ways to do more with less. They don’t accept the status quo. They don’t do things like everyone else. They look for new ways at the expense of the old ways. It gives them a leg up on their competition.

6) Dumbass entrepreneurs find people who share values

From the beginning, Martin and Coburn committed to placing their golden horse in the right hands. They looked for people who would care for their horse as much as they did.

They hooked up with horse trainer Art Sherman – an unknown outside of California horse racing circles. He had never won a Kentucky Derby. He hadn’t even been there for over half-a-century.

It didn’t matter to these two dumbass entrepreneurs. He had a reputation for being patient with young horses, giving them individual attention, and learning what he had to so they performed their best.

We’ve witnessed the outcome of this decision – a Kentucky Derby win.

Dumbass entrepreneurs look for partners who share their vision and values. These two forces are behind every great group who accomplish anything BIGG.

7) Dumbass entrepreneurs value money, but don’t love it

In spite of the reputation of their industry, these two dumbass entrepreneurs are not jet-setters. In fact, Coburn still drives a 1988 pickup with over 500,000 miles on it.

A reporter once suggested that a $20 million price tag for Martin’s and Coburn’s four-legged friend. Coburn replied, “For 20 percent, that’s just right. Then I would buy me a new pickup.”

Dumbass entrepreneurs know that the LOVE of money is the root of all evil. But money should be valued – not for what it is, but for what it can do when used wisely.

8) Dumbass entrepreneurs use horse sense…abundantly

Both Martin and Coburn still have day jobs. Martin owns a laboratory which tests products like airbags and medical equipment. Coburn runs a company which makes magnetic strips for credit cards, driver’s licenses and hotel keys. He wakes up every day at 4:30 to run the press.

Sure, they could put it all on a horse. But dumbass entrepreneurs have an abundance of horse sense. Multiple streams of income not only reduce your risk, they also give you more options with each thing you do. For example…

9) Dumbass entrepreneurs don’t worry about the exit

Following a win in the San Felipe Stakes – California Chrome’s third in a row – Martin and Coburn were offered $6 million for the horse. Two hours later, they received a second $6 million offer – for 51% of the horse!

A sale would have required them to change trainers. They didn’t say “No.” They said “Hell no.”

Exits often come with strings attached. Dumbass entrepreneurs refuse to be anyone’s puppet.

They focus on building a great brand. It’s funny – this makes the business even more attractive.

10) Dumbass entrepreneurs believe in the dream

Martin and Coburn were BIGG dreamers right out-of-the-gate. Before California Chrome ran his first race, they sent Sherman a plan entitled “Road to the Derby.”

Here’s Coburn’s advice for other dumbass entrepreneurs with a dream: “If you’re willing to ride the dream out, they will come true for you. We’re living proof of it.”

As it turns out, these two dumbass entrepreneurs are pretty smart. Do you agree?

Direct link to The Bigg Success Show audio file | podcast:
http://traffic.libsyn.com/biggsuccess/00896-050714.mp3

Image in this post from @ShermanRacing via Twitter

Lady Gaga and Business Owners have this in common

What Business Owners and Lady Gaga Have in Common

Business Owners and Lady Gaga have this in common

What do business owners and Lady Gaga have in common? A lot! Click PLAY to listen to George & Mary-Lynn on The BIGG Success Show Podcast or read the blog.

During a recent radio interview Lady Gaga said, “The truth is that it is very hard to be famous. It’s wonderful to be famous because I have amazing fans. But it is very, very hard to go out into the world when you are not feeling happy and act like you are.”

She sounds just like a business owner!

It’s hard for a business owner who is stressed out to greet her customers with a smile.

It’s hard for a business owner who can’t make payroll to look his employees in the eyes.

It’s hard for a business owner who isn’t making her projections, to explain it to her investors.

It’s hard for a business owner to be positive at a networking event when sales that day weren’t so good.

Lady Gaga says that she’s dealt with the pressures of being the owner of her brand by using drugs and pills, and is working to overcome that. Many business owners succumb to self-medication to get through the feelings of isolation and entrepreneur paralysis.

People count on you. Your customers (or fans) have expectations you need to meet. You feel the weight of the world on your shoulders.

Business Owners And Lady Gaga Know It’s Lonely at the Top

Whether you’re a celebrity or a business owner, the highs and lows are constant. Entrepreneurial terror is real.

Wilson Harrell, a serial entrepreneur and author of For Entrepreneurs Only, says that you shouldn’t share your lows with your friends and loved ones, because you’ll just pass the worry on to them.

The isolation an entrepreneur experiences is why we created the BIGG Success Entreprenurturing™ Center – a place where entrepreneurs can talk with the only people who “get” what they’re going through – other entrepreneurs.

When a fellow business owner shares their struggles, it’s refreshing. Not because misery loves company, but because it puts your situation into perspective. You realize it’s not just you.

Yes, business owners and Lady Gaga have a lot in common.

When the lights go on, you have to perform regardless of how you feel.
Make sure you always have the right kind of support standing in the wings to help you shine even on the darkest days. It will help you reach BIGG Success.

Direct link to The Bigg Success Show audio file | podcast:
http://traffic.libsyn.com/biggsuccess/00884-111413.mp3

Image in this post from stock.xchng

Blog Action Day 2013_Thumbnail

The Link Between Entrepreneurship and Human Rights

Entrepreneurship and Human Rights | Blog Action Day 2013 #BAD13

George & Mary-Lynn discuss entrepreneurship and human rights on The BIGG Success Show for Blog Action Day. Click play to listen (5:54)

How do entrepreneurship and human rights go hand in hand?
It’s Blog Action Day 2013 | #BAD13, where bloggers and podcasters from around the world unite to talk about a single topic. This year the subject is human rights.

Here at BIGG Success, we encourage people to think like an entrepreneur to live life on your own terms. For most of us, that life includes helping others and making the world a better place.

Entrepreneurship

We’ve shared how entrepreneurs are doing just that in previous Blog Action Day posts. Like the group of farmers in Ohio who sent money instead of food to farmers in Kenya. They spent the money to build a number of small dams and retention ponds to catch water in the rainy season so they would have water year-round. With that water, five thousand families have been delivered from hunger.

We also highlighted a group of women roofers who are putting their skills to use for those in need, and a group of coders who are providing innovative apps for local governments at a fraction of the normal cost.

Entrepreneurs in every corner of the world are creating new solutions, introducing new ideas, and providing new opportunities for the people in their communities.

John Tognino, Chairman & CEO of The Pepper Financial Group, said this during his speech for a conference on entrepreneurship and human rights: “I can report from experience, after traveling the world, that entrepreneurship and human rights are linked and that the creation of jobs has an immediate and positive affect on all parts of society.”

Entrepreneurship and Human Rights

One of the best examples of an entrepreneur who accomplished this is Mary Kay Ash.

She was a top-seller at two companies, but ended up quitting both after being passed over for promotions to men.

She began writing a book to help other women, when she realized she was writing a business plan for herself.

With the $5,000 she had in life savings, she bought the recipe for a skin softener, furnished a small storefront, and launched Mary Kay Cosmetics.

Mary Kay Ash, gave women an opportunity to be in business for themselves without having to go it alone. She gave them the chance to set their own boundaries, and reap the full rewards for their efforts.

She saw a and problem and provided a solution.

Entrepreneurship and human rights are perfect partners. The ideas you come up with to bring them together could lead you and others to BIGG Success.

Direct link to The Bigg Success Show audio file | podcast:
http://traffic.libsyn.com/biggsuccess/00881-101613.mp3