Starting a new business can be a daunting task, taking much time and effort to plan and execute properly. What can be equally as daunting is the decision to invest in an entrepreneur. If you ever thought about taking the investment plunge, might I suggest one thing: invest in women.
While it started out slow, the economy has seen a steady rise in the amount of women owned businesses, with as many as 8.3 million women owned businesses accounted for in the United States in 2012. In addition to that, a report from the Pew Research centre now shows that 40 per cent of mothers are the primary source of income for families. With those types of numbers, it’s no surprise that more and more organizations are looking to invest in and support women entrepreneurs.
One of these organizations is the 10,000 Women Initiative created by Goldman Sachs. This program is a five-year initiative meant to provide women entrepreneurs world wide with a business management education, so they are able to further themselves and their communities.
Another society is Lean In, created by the chief operating officer of Facebook, Sheryl Sandberg. The Lean In community strives to encourage women through an active and supportive community, as well as offers continued education through online lectures. Included within the Lean In community is the innovative “Circles” aspect, where small groups are able to meet monthly, similar to a brainstorming support group. The Lean In novel discusses topics that could hinder women in their path to success, such as dealing with ‘imposter syndrome’, completing ‘successful negotiations’, and even ‘how to make your partner a real partner.’
One of the biggest topics Lean In covers is ‘the myth of doing it all.’ Women in the work force are still under the guise that they must complete everything alone, and that it must be perfect. The founder of Women in Biz Network, Leigh Mitchell, believes that perfection can sometimes be a burden, and can cause people to put off doing things. As a female entrepreneur, that thought is constant, and understanding that help is there (within societies like Lean In) can be quite the relief.
The Lean In initiative has taken off exponentially in the last couple months. Other online publications have also been showcasing talented female entrepreneurs, and as a women myself, I hope the trend continues.
Entrepreneur.com has multiple stories about women entrepreneurs, including ‘2013s Entrepreneurial Women to Watch’, ‘Young Women Entrepreneurs Speak Out About Starting Up Today’, and ‘Facing Down Doubters and Empowering Others,’ by Ingrid Vandervelt, an extremely successful female entrepreneur in her own right.
If you’re still looking for sufficient examples of the benefits of successful females in the work world (besides our own Pamela Christie, co-founder of DemGen), the Globe and Mail published an interesting article about how employing equal amounts of men and women in a company can have benefits such as increasing Canada’s gross domestic product (GDP) by five per cent.
Now, having said all that, if you’re looking for an investment to become a part of I stand by my first suggestion: invest in women.
© Zoe Begopoulos, DemGen Inc 2013
Accomplishment = contentment. Those who have grown a business from infancy to success can attest to that fact and they will also tell you that it took every ounce of energy they had to get there. They learned to have faith in themselves, knowing that they could complete the necessary steps to accomplish their goal. What advice do they have for others?
Use your self motivation to take on extra work or even multiple jobs if that is what is needed. Sometimes working extra hard is healthy, it keeps your mind off troubles that you can’t do anything about at the present time and helps you to focus on what is important. Overcoming what seem like insurmountable obstacles gives you the confidence to take giant leaps forward in your business and reach goals that you thought were unattainable.
Sometimes gratitude needs to be directed toward inward. Never forget to appreciate yourself. Recognizing your abilities and strengths that you are especially good at is what got you this far in the first place.
Be conscious of where you spend your time. Using a time tracker for a week or two will show you where you waste precious minutes on the unimportant. Living a life of your own choosing, while being able to provide financially for yourself and your family, is not an opportunity that everyone has.
Reduce or eliminate distractions that keep you from working at your best. These could be demands from others, social events or just a noisy neighbourhood. Being able to concentrate on your work is of utmost importance if you wish to succeed. Running a business isn’t just about passion. If it was, more people would be doing it. Realizing that the hard work comes first and is the most important step means you’re way ahead of most small business owners. Many new business owners hire members of a virtual team to take care of any tasks that are getting in the way of getting ahead of their competitors.
Don’t get in the way of your own success by not taking care of your physical and emotional needs. It is up to you to decide whether or not you have the ability and the focus to do what needs to be done to balance out your life, one that includes your own business.
Keep in mind that in order to maintain your strength you also need to maintain a healthy body, both physically and emotionally. Don’t over schedule your life to the point of exhaustion. Productivity and relaxation go hand in hand to create physical well being and less stress. Prioritizing your day so the essentials come first (and this includes relaxation) makes for a balanced lifestyle and improved health. Mix up your day to include work and fun.
Include your social life in your schedule. Since some people need more time alone than others, this will vary from person to person. There are many who need a certain amount of solitude every day to be at their best and get stressed out when that time isn’t available.
Take advantage of the opportunities that running a business brings – the social contacts, the information about new businesses that may work well with yours and at the same time, identify those things which don’t work well for you and eliminate them if possible.
Identify your personal strengths: communication skills, good judgement, adaptability, integrity. Are you a good listener? Persuasive? Able to juggle multiple priorities? Take into consideration your leadership abilities, your excellent work ethic, positive outlook and well known integrity. Maybe you are great at negotiating, imaginative, innovative. These are all traits that a business owner needs to succeed.
The things in life worth having are rarely easy to attain. Self-discipline and the strength to make the right choices, and work hard for them, can be the way to happiness and contentment in running your own business.
© Chris Draper, DemGen Inc 2013
More and more professionals are cutting ties with the traditional office and clocking in from the comfort of their own homes. While the idea of working from home is music to many professionals’ ears, telecommuting isn’t as easy as it sounds. Fewer sources of motivation and abundant distractions can render productive professionals useless. A sound strategy can mean the difference between productive employee and couch potato.
Organize your home office, follow a schedule and take advantage of helpful tools to stay productive from home.
Create a separate place to work that is not in the middle of all the household confusion. Ideally, you will be able to create an office in the attic or basement away from the kids and the regular household activities. If you don’t have an attic or basement, consider a guest bedroom or turn your unused dining room or formal sitting room into an office, but make sure to install a door to keep out noise and other distractions. If you want to create the ultimate home office, consider converting a detached garage into your own private work space.
Second, organize a schedule for the day. Depending on the type of work you complete at home, you should know approximately how many hours you will need to spend working. Set a schedule of when you will begin working, how long you will work, when you will take a break, and when you will finish for the day. Too often when people work at home, they actually spend more hours working than if they went to the office. Give yourself a specific amount of time to spend at the “office” and then leave work and return to your home and family activities.
Once you have the location of the office settled, begin to organize your documents and files. The easiest and most convenient way to virtually organize all of your files is through Google Drive, a cloud computing application that enables you to access documents anywhere you have an Internet connection. Google Drive also offers offline mode, according to Internetproviders.com, so users have access to documents even without Internet access. If you have a meeting downtown, get a call from a client while at the coffee shop, or go on vacation, your files are ready and waiting whenever you need them. Not only will Google Drive give you access to your files wherever you are, it is also an excellent way to back up important information in case your computer crashes.
A productive home office can make your job seem like a dream job. The flexibility and convenience of working at home is economical and environmentally friendly. Join the millions of other people who walk just a few steps and begin each day working in their home office.
Hiring a dream team to help your business grow is the best investment you can ever make.
As your business becomes successful, new opportunities tend to arise, and you soon start to realize there are better things you could be doing with your time to help further increase growth, sales and profits.
Whether you’re a solopreneur or have a team in place, it’s often necessary to bring on additional team members to support your growth.
The ability to successfully delegate tasks to a team you trust is always worth more than the cost of adding members to your team. Hiring virtual on a per-project or hourly basis frees up your time to focus on essential revenue generating activities that only you can do. It’s an investment that will reward you greatly in the long run.
What if you know you need more support, but don’t have the time to hire yourself? There are companies like DemGen that are a one-stop-shop for pretty much any need and can also recruit staff on your behalf.
Regardless of the route you choose to take when hiring, the essential first step is to map out your entire list of priorities to determine what can be delegated and the skill sets required.
Begin by making a list of all your strategic priorities, initiatives and to dos in a spreadsheet. Then make note of all of the tasks only you can do. After that, indicate any tasks that can be delegated to existing team members. Once these steps are completed, you will have a good sense of where the holes lie in your team.
The next step is to outline all of the essential skills required to fill those gaps. Don’t edit yourself. If you require specific skills or a certain personality type, don’t settle for anything less.
The better you can define exactly who and what you are looking for, the better chance you will have at finding them. If you aren’t clear about your needs, you risk not being able to effectively communicate what you require and potentially hiring the wrong person.
If you follow the steps outlined above, putting together your dream team can be as easy as it was to assemble the 1992 US Olympic basketball team.
Happy hiring!
© Tamara Smith, DemGen Inc 2013
The world of business is a place full of good choices and bad choices, successes and failures, and most often, risks. Being an entrepreneur can be an area of business that encounters it’s fair amount of successes and failures, but can thrive on calculated risk-taking. So, if you’re an entrepreneur looking for a) funding and b) the best way to encounter your first risk that could lead to a success or a failure, allow me introduce you to Kickstarter.
Kickstarter is a website dedicated to projects looking for audience related funding, instead of major investors. Essentially, Kickstarter projects are crowd-funded on an all or nothing basis, meaning you have a timeline set and if you don’t reach that your goal by the end of the timeline, you receive none of the money pledged to your project. People who begin a project on Kickstarter must follow a specific set of guidelines but, and this is a huge draw, Kickstarter will not assume any creative rights on the project. In other words, if you meet your goal, Kickstarter allows you all of the funds pledged to you as well as your creativity.
Entrepreneurs and do-it-yourselfers alike have been flocking to the campaign in hopes of getting their projects off the ground. Since it’s inception in 2009, Kickstarter has successfully helped for fund 42, 286 projects and amassed a total of 637 million dollars for projects. This has allowed Kickstarter to have a 43.96 per cent success rate, and please plenty of risk taking entrepreneurs.
Bonuses for people supporting these projects are “backer rewards” or perks that people get when they pledge money to the project. These rewards can be the extra oomph some people need to pledge money, because it makes the transaction less like a donation and more like an investment.
Now, just because you may not have heard of Kickstarter, don’t be surprised if you’ve heard about some Kickstarter funded projects. Kickstarter supports artists, filmmaker, authors, illustrators, inventors, and scientists, to name a few. In the past two years, Kickstarter helped fund 10% of the films shown at Sundance, launched the app Dark Sky that helps predict weather patterns, fund the extremely popular board game Cards Against Humanity, publish multiple books and graphic novels (notably reMind by Jason Brubaker, Hatter M by Frank Beddor and The Future of You! Creating Your Enduring Brand by Roz Usheroff), as well as fund two major motion pictures for the upcoming year (the Veronica Mars movie and Zach Braff’s sequel to Garden State.)
In the wake of the virtual world taking over, Kickstarter is another way to use the Internet to your best advantage. It’s not only beneficial to helping people create and build their businesses, but it also provides an amazing network of support. It could be the best risk you’ll ever take. Kickstarter is one of the better ways to step into the virtual world of business with a wide door for expansion.
© Zoe Begopoulos, DemGen Inc. 2013
Virtual teams and the use of them, have become increasingly more popular with the growth of the Internet, but the idea in general can still be a blur to employers and employees. What does it mean to work with a virtual team? To set the record straight, virtual teams are not rows of robots pumping out paperwork, but regular people who enjoy working together virtually. This could mean a group of people in the same town or team members from different countries, who communicate through virtual pathways like e-mails, telephone, videoconferencing or websites.
Companies began introducing virtual teams into the work force mainly to provide flexibility among employees. Employees that preferred the lifestyle-driven scheduling approach to making a living are the main reason for this growth. Being a part of a team that doesn’t follow the basic 9am-5pm work day allows not only for great flexibility in hours, but also provides variety as well as options for applying specialized skills and knowledge. It allows companies to put together a successfully collaborative and creative team.
Being a part of and employing virtual teams can produce a lot of pros, with minimal cons. Aside from providing flexibility, virtual teams can also lower costs in certain areas (less company utility bills and eliminating certain office inventory) and cause green effects for the company (no more commuting.) If you’re part of a team that includes individuals from different countries, the time zone factor can be both a pro and a con. On one hand, you will have people working around the clock on projects, but it may become difficult to facilitate an online meeting that everyone can attend. Another downfall may be that, while you believe in everyone on the team, some people may be less motivated or focused than others. This can be hard to monitor when the team is not meeting face-to-face on a regular basis. For virtual teams, trust can only be measured by the reliability of each team member. A major pro of working with remote teams is the chance to work with professionals you may not have been able to work with previously, which could create a collaborative team that is successful and creative.
So the question is not what is a virtual team, but instead, is a virtual team right for you or your employer? The trend of giving employees control over how, when and where they work, as well as the importance of flexible hours is growing exponentially in various services, and it might be about time you and your employer take the leap into the virtual world.
© Zoe Begopoulos, DemGen Inc 2013
The return of Arrested Development, 7 years after being cancelled, can teach us valuable lessons about business.
Initially cancelled by Fox in 2006 after three seasons due to low ratings, the show was revived by Netflix with 15 new episodes, premiering last Sunday.
As entrepreneurs, what can we learn from this story?
Believe in a good thing when you have it.
When Arrested Development first aired on Fox, it took some time to gain traction. Though the ratings were low, the people that were tuning in were fanatics.
Despite being cancelled, Arrested Development’s audience continued to grow through syndication and DVDs creating a new tribe of loyal fans. The show’s fans were so loyal they constantly campaigned for the show’s return after it was cancelled.
Netflix, moving into the production arena, realized the opportunity and revived the show 7 years later. The move clearly worked in their favor. A quick glance at social networks will prove that many are signing up for Netflix just to watch the new Arrested Development.
In business, it’s also necessary to understand and appreciate your audience. Instead of constantly looking to increase clients, fans or followers, it’s even more important to value your current clients. A small but loyal tribe can make all the difference. Arrested Development’s story proves this fact.
Allow new ideas to run their course.
Fox is notorious for cancelling shows before their time. Besides Arrested Development, Family Guy and Futurama were also revived from the dead, though only Family Guy returned to Fox.
By jumping the gun through watching their numbers too quickly, Fox lost out on opportunities and now other networks are reaping the benefits.
It’s easy to fall into the same in business. Often entrepreneurs launch a new product or service, but when it doesn’t initially receive the expected results, they move on. Sometimes it can take time for something new to find its market.
If you are truly invested in an idea, you will resist simply walking away if you don’t get the desired results immediately. Instead, it is an opportunity to fine-tune your vision to better fit your market.
As long as you have a few key clients, you are on the right track. New ideas can take time to catch on, but your passion and dedication to your product or service and clients will be contagious.
Be careful about moving backwards.
In reviving Arrested Development, Netflix and the show’s producers had some hurdles to jump through. The original series jump-started many of the cast’s careers. They had moved onto success with other film and television work and were busy. Not to mention 7 years of aging, especially for the younger characters.
Most fans have also watched the original series multiple times and are very familiar with the running jokes. It was surely a challenge for the writers to pick up the story 7 years later.
The revived version of Arrested Development has received mixed reviews from fans. It’s most certainly nowhere near as funny as the original, but that’s to be expected at this point.
It’s similar in business. Technology and trends change quickly. When revisiting past ideas it’s essential to update them accordingly.
The right team is essential.
The main reason for the long-delay in Arrested Development returning was re-assembling the entire creative team and cast. They realized that if there was any hope to recreating the original magic, the entire dream team needed to be involved.
Surrounding yourself with the right team in business is also crucial. When you have a team that is driving your business forward, you must recognize and appreciate how valuable that is.
If your revenue isn’t quite reaching your goals, resist eliminating team members unless absolutely essential. Consider cutting costs in other ways first. Your team is who will help you to achieve growth and reach your goals.
© Tamara Smith, DemGen Inc 2013
We recently shared some insights on the optimistic state of women-owned businesses in the US.
Here are some interesting facts on Canadian women in business and where female entrepreneurs are in Canada.
How important is your Project Manager or OBM to the growth of your business? Do they oversee as much, if not more, than you do?
In many cases they do …. As long as there is a trusting relationship in place! An essential part of the relationship building process is priorities – do you know what you should be spending time on? Do you discuss ideas, goals and top priorities with your point person?
I am asking these questions because we are starting to see a pattern in the virtual industry with entrepreneurs who are unhappy with their support person or team. Accountability, time management, and lack of skills seem to be the top three issues. So we ask ourselves how we can assist small business owners in finding the right fit for their ongoing support needs – by offering some steps to follow:
Step 1: Get Focused – Being scattered and flying around from activity to activity is not conducive to results, instead it creates chaos for you and your support team. Anyone supporting you needs to be clear on your vision and goals.
Step 2: Consistent Communication – Schedule weekly calls, communicate often via email/ phone/ Skype, bottom line: make time for your support team! The more you invest in the relationship, the more ROI you will receive.
Step 3: Be Honest – If a support person is not working out for any number of reasons (personality, skills, etc) then don’t “try” to make the relationship work – find other support. The benefit of the DemGen Team is that we have a talent vault to draw from – if we have matched you with someone, and it isn’t working – you don’t find a new support person …. We do!
Step 4: Recognize Excellence – When you do have a support person or team that is doing an excellent job – recognize them! An important part of leadership is to recognize attitudes, skills and behaviour. Motivation is a direct result of recognition – do you ever just reach out to say thank you? Do you express appreciation “just because”? Do you offer incentive, whether monetary or in the form of a gift? Let’s face it feeling appreciated goes a very long way in wanting to do more of the same.
Step 5: Consider Support an Investment, Not a Cost – Invest: To spend or devote for future advantage or benefit. By investing in support, you have the advantage of more time available, experts in their field helping you, and abundant rewards (ie increased sales, more visibility).
Step 6: Share your Future Vision – You have the best sense of where you want your business to go – share those details, no matter how small with your support team! Do you have a revenue goal? Do you have a product sales goal? Bring your Project Manager into the Big Picture thinking! Talk strategy, look at goals and plan action items from them … By confiding in your support person or team, you are getting it out of your head and into the hands of those that can make it a reality.
© Pam Christie, DemGen Inc 2013