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Women Entrepreneurs and the Problem with a Safety Net

women entrepreneur succeed BIGG with no safety netWe saw a great post on BNET a while back. It was by Margaret Heffernan, author of a great book Women on Top. She talked about entrepreneurs and risk.

When writing her book, she conducted a study and found:

  • women generally start their businesses with less money
  • they have a higher success rate
  • their firms are more profitable
  • they create more jobs

What is their secret?

She notes that “the most successful had taken huge risks.”

What did they have on the line?
Savings? Check.
Houses? Check.
Retirement accounts? Check.

Did they have a product? No.
Customers? No.

Most importantly, she points out that they had no safety net.

This reminds us of something one of our friends once told us.

He started out in the corporate world. He was receiving promotions and pay increases.

So his employer was disappointed when he told them he was going to leave to start his own business. They told him he could come back at any time.

That’s where the story gets interesting. He told us that whenever things got tough, he always remembered what they said.

And it almost kept him from succeeding!

So he mentally threw their offer away. He told himself he had no other options. He had to make it. He had to win. He had to be a BIGG success.

Now he’s a millionaire many times over, in part, because he wouldn’t turn back. He wouldn’t lose. Because he couldn’t afford to.

A safety net can keep you from reaching BIGG success. Do you have a safety net?

Image in this post from Flickr

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Women Entrepreneurs Build Value by Staying True to Their Values

By Bigg Success Staff
05-07-08

Bigg Success in Business

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Studies show that more and more women are starting their own businesses. They’re jumping off the corporate ladder into their own business.

They want to build a company of which they can be proud. So says Margaret Heffernan, who has run five businesses herself, in her book How She Does It: How Women Entrepreneurs are Changing the Rules of Business.

These women entrepreneurs place values before anything else. In many cases, they may not even have an idea for a business, but they know how they want it to be run! They start with their values and the culture implied by it. Then they seek the right business opportunity.

The driving force behind this is the inspirational dissatisfaction derived from their experiences. They’re tired of the culture in which they’ve spent most of their careers. They relish the thought of creating a business that offers the environment and the opportunities that they see lacking in the corporate world.

Here’s the lesson for all of us – these women are building successful businesses because people are attracted to their culture. It turns out that people respond well to companies that put people first!

In the coming years, attracting and retaining quality people will be one of the biggest challenges faced by all companies. Women entrepreneurs have figured that out and are winning the game of employee recruitment and retention.

They’re in it for the long haul. They put less emphasis on this quarter’s earnings or building up a company quickly so it can be sold off. Instead, they’re focusing on building long-term value and a company with which people are proud to be associated.

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(Image by cobrasoft)