The Downtown Women's Club blog

Make Mine a Million business contest

From Make Mine a Million ...

Make Mine a Million $ Business competitions are back and women entrepreneurs from across the country are applying to compete for vital resources they will need to grow their businesses despite the recession. 

Make Mine a Million $ Business, a program of Count Me In for Women’s Economic Independence and American Express OPEN, helps women entrepreneurs grow and build sustainable enterprises, create jobs and develop innovative products and services. The Make Mine a Million $ Business Award provides a combination of coaching, financing and marketing tools that women entrepreneurs need to help grow their businesses from micro to millions.

Count Me In for Women’s Economic Independence and American Express OPEN launched the dynamic movement of Make Mine a Million $ Business with a goal to inspire one million women entrepreneurs to reach annual revenues of $1 million in the next decade. The impact of reaching this goal would be to create over 4 million new jobs and $700 billion in economic activity. With 97% of all women-owned businesses in the U.S. reporting less than 1million $ in revenue, Make Mine a Million $ Business is addressing the growth needs of established and new, women-owned businesses.

Make Mine a Million $ Business competitions are designed to help women entrepreneurs strengthen their vision, build their strategy and take their business to a million dollars in revenue in the next 12-18 months. 

The next Make Mine a Million $ Business competition is June 15 at the New Jersey Performing Arts Center in Newark, NJ.  Women entrepreneurs nationwide have until May 15 to apply to compete in this national program.  To apply or join the Make Mine a Million $ Business community, please visit: www.makemineamillion.org.

Make Mine a Million $ Business targets businesses organized and doing business in the United States with the following characteristics:

• The company must be at least 50% owned by at least one woman who is a U.S. citizen or legal resident
• The business should be at least two years old and have annual revenues of at least $200,000

Entrepreneurship: Do you have the spirit? Guest Post by Nicole Williams

Nicole Williams is the author of Girl on Top: You Guide to Turning Dating Rules into Career Success, and provides us with three things you need to be a successful entrepreneur.

To go it alone or not to go it alone? That is the question. Actually the real question is: Are entrepreneurs born or made?  This one has been making the rounds for years and there are no definitive answers.  I grew up with a father who’s an entrepreneur so I’m not entirely sure what I was born with and what trickled down from watching him bust his ass, but I’m going to guess there’s more born than made. If you’re not able to grasp (or able to grow into) what I’m talking about below, you’re asking for trouble.  

• The belief that rules are written for other people:  I was speaking at a television industry conference and before everyone was let into the room, I listened to a guy tell us how hard it is to sell a TV show, “the chances are one in a million”.  After sharing my story of selling 13 episodes of a show concept upon first pitch, the guy came up to me and asked how it happened.  I didn’t say it aloud, but in my mind I’m thinking…because I’m not you…or the 999,999 others out pitching their show.  

It may sound egotistical (and maybe it is) but to be an entrepreneur you need to believe that the odds, the statistics and the rules don’t apply to you. Nine out of ten start-up businesses fail in the first five years. You’d be screwed walking into this reality not believing you’ll be the one who will defy the odds. This rules-are-for-others concept is also essential from the perspective of looking for new ways of doing things. The name of the game is innovation and some of the best businesses have been built around taking a tried-and-true idea or rule and turning it on its ass. Are rules for you or not?   

• A sense of fearlessness:   Leaving the comfort of the warm, comfortable cocoon of ‘the man’ is not for the faint of heart. As I actually think about it here, it’s not that as an entrepreneur you don’t feel fear – you do – but you become not only immune to it, you learn to actually thrive off it. If your idea of being out on the limb is ordering pork rather than chicken, you’re in for a rude awakening. To put your name, money, reputation on the line is a big, fat, exhilarating deal. You’re going to be scared, and the question you need to ask yourself repeatedly is: Can you handle it? I’ve met a lot of failed business owners and one thing that most have in common is that they become paralyzed in the face of the fear.  

• A refusal to lose:   I’m not just saying this for the sake of bravado and it’s not that I don’t question myself or want to give up, but at the end of the day I know I will not let myself lose. There’s a certain kind of stubbornness that comes with entrepreneurship. On the outside it might look like you’re crazy to be holding on for dear life when other sane, rational people would have walked away. As an entrepreneur you have to be willing to fail (trust me, you will make mistakes—embarrassing ones) but you can’t let yourself lose – huge difference. One of my very favorite business books is called Many Miles to Go by Brian Tracy. His message is one of perseverance and dedication and I use it as a constant reminder that the greater your vision, the longer it will take to build.  

For more about Nicole, visit: http://www.nicolewilliams.com/.

A SMART Goal Can Make A Big Difference

Want to hear something scary? There are only 23 days left in 2009. If you haven't started setting goals for 2010 yet, this is the time to do it!

One thing that can really help you achieve your goals is to remember the acronym SMART while you set your goals. This will help you set goals that are:

Specific - A specific goal is just that - specific. There is a big difference between the goal of "I want to make more money in my business" and "I will earn an extra $500 in my business during January 2010 versus January 2009."

Measurable - In the above example, the first goal was not very measurable. The second goal was VERY measurable. It will be very easy to tell if you earned an extra $500 in January 2010. You will know on February 1 if you met your goal.

Attainable - If your goal is not attainable, you will be setting yourself up for failure. When that happens, you will likely be discouraged and will not try to achieve other goals. Don't let that cycle begin. Create goals that are a stretch to achieve, but not so far out of reach that you would never be able to reach them.

Realistic - If you have never designed a website, it would be very unrealistic to set a goal of creating a great-looking, professional site for your business in the next 3 days. Create realistic goals that you really do see yourself achieving.

Timely - Give each of your goals a deadline! I once heard someone say "A goal without a deadline is a wish." Such a true statement! (I wish I could remember where I head that, in order to give that person credit).

During my Indie Biz Chicks Twitter Party last night (I hold #indiebizchat each Monday from 9 - 10pm Eastern), we chatted about goal setting and biz planning. One of the things that many people said they had a problem with was accountability. Without having someone to be accountable to, it can be very easy to forget your goals.

An easy solution is to hold weekly accountability meetings with some business friends. Each week, you can tell each other what you'd like to accomplish and then report back the next week. This is also a great way to get feedback and support on your business activities.

To learn more about my Twitter Parties, click here.

Getting back to loving what is

Over the last several months, there have been a number of important shifts happening in my business. Some are perfectly normal and comfortable and leave me wondering why I haven't always done things this way; others, quite frankly, scare the bejeebus out of me. Through all of it, I've found myself caught up in wishing - feeling like I need to overhaul my office, my internal processes, even the way I market the studio. This morning, what I realized I hadn't been doing at all was taking time to actually appreciate what I've spent the last five years building. And I wondered: hokey as the thought may seem, what would it look like if I spent less time constantly wishing things were different, and spent some time simply loving what is?

As independent professionals, we spend a lot of time learning. We read books, articles, blogs, all by people calling themselves experts, all proposing some new way that we need to do things in order to succeed. But how often do we really listen to ourselves? How often do we sit back, really look at where we are, and trust that we know what to do? And frankly, when everyone who owns an independent service business (and trust me, I count among that number) is writing all these articles trying to prove that they're an "expert" in something, how do we figure out who to listen to and who to ignore?

I'm beginning to think the answer lies in shutting down the noise - at least for a little while - and going back into ourselves. I think we need to start with what we do know, and then worry about what to add to that knowledge. I think that we need to trust that we're enough.

You Have To Know Who You Are

When it comes to marketing and advertising, the first step isn't creating a great looking website or flashy promotional materials. The first step is to figure out who you are, what your business is, and who you are trying to reach. Those questions can have many different answers - and those answers can greatly change the way you market your business.

Let's say you design hip baby clothes. It wouldn't make sense to take out an ad on a motorcycle website. Yes, some people who own motorcycles are parents, but people go to a motorcycle website to get motorcycle information.

It would make a lot more sense to take an ad out on a parenting website. The type of parenting site will make a difference. Remember - you make hip baby clothes. A website that caters to young, modern parents who  live in a more urban area will be your best bet.

Your website and marketing materials will also need to match the product and target market. Your business card should not feature a traditional blue and pink color scheme or bunny and bear motif. Your design needs to be edgy and scream the words "hip" and "modern."

On the other hand, let's say you are a freelance public relations specialist who likes to work with small corporations. These people are going to be more conventional and business-minded. The design should be somewhat classic and reserved, displaying a refined style.

It can be easy to get lost in these decisions. You may have a clear-cut vision when you start your business, only to have it become blurry as time goes on. Some people are afraid of losing clients or work, so they try to be everything to everyone. That cannot be done.

Instead, decide on exactly what work you would like to do. Then, define exactly who your 'ideal customer' is. One you know that, you can focus on attracting the clients you really want to work with.

Since you will be working on the tasks you actually want to do with the type of client you prefer working with, you will find yourself a lot happier. It will be a win-win situation!

Tips For Greater Productivity

Trying to boost your productivity?  Here are a few tips from a recent American Express Open Forum post:

1. Focus on one thing at a time.  Yes I know we are better at multi-tasking or so we think but focus gets so much more done in a shorter period of time.
2. Break up projects into tasks.  Something you've dreaded completing because it's too large can be achieved if it's in manageable pieces.
3. Prioritize your work.  Some people use the ABCD method.  Others use the David Allen Getting Things Done method.  The trick is to find a methodology that works for you and apply it consistently.
4. Create your To Do List the night before.  Better yet create a to do list for the following week on Friday.  Then each night determine what you will complete the following day.  Be wary of those tasks that keep moving from week to week and aren't being completed.  This past year I began working with something called The Planner Pad. While I continue to use Outlook for my calendar and contacts, I use my Planner Pad to plan the flow of work I need to accomplish day-to-day. It only cost me $25 for the year!
5. Know your energy peaks and valleys so you can plan your work accordingly.  Ever try to write when you're tired or hungry?  How much do you really get done?

I recommend reading the entire post for the rest of the tips. I think you will find them all useful.

Susan is a business advisor and consultant.  She works with CEO's to enhance their strategic decision making through improved financial intelligence and by creating their company's advisory board.  Susan is the author of the soon to be published Advisory Board Kit, a guide to assist business owners implement their advisory board.  Susan can be reached at susan@schammond.com.

What Are You Planning for the Fall?

Over on my own blog I talk about doing a mid-year review in July every year.  We are coming on Labor Day which is called by some the "businessman's new years".  The time around Labor Day presents another opportunity to look at your business and tweak your planning for the remainder of the year.  It also gives you a tremendous opportunity to getting a running start for 2010.  We are all hoping for a better 2010, right?

Here are three more questions to consider in addition to those I pose for completing a mid-year review:

• What is the one big goal you'd like to achieve for the remainder of 2009?
• What are the small daily steps you can take to gather momentum toward achieving the goal?
• What will it take to keep building the momentum?  Do you need a coach to hold you accountable?  Should you share the goal with your advisory board or CEO Forum?  What's it going to take?

Susan is a business advisor and consultant.  She works with CEO's to enhance their strategic decision making through improved financial intelligence and by creating their company's advisory board.  Susan is the author of the soon to be published Advisory Board Kit, a guide to assist business owners implement their advisory board.  Susan can be reached at susan@schammond.com

How to Maximize Learning at Conferences etc.

John Maxwell in his book Talent Is Never Enough recommends using a coding system when attending conferences, webinars or teleclasses to maximize what you get out of the "teachable moments" as he calls them. Here are the codes he suggests you include in your notes:

    T    spend some time thinking on that point;

    C    indicates something you need to change;

    :)    something you are doing particularly well;

    A    something you need to apply;

    S    information to share with someone.

Try this the next time your in a learning situation and let us know how it goes.

Susan C. Hammond
Connecting Information, People & Decisions
www.schammond.com

Are we letting a serious crisis go to waste?!

The phrase or some derivative of it seems to be appearing more and more.  It's really a challenge to do something productive with all the downtime brought about by too few job opportunities, consulting work or the like.  So what are you doing? Are you at all thinking of innovating?

Now is a great time to capitalize on the intellectual property you have developed over your career.  Can you develop a product from the services you have been offering for years to create an offering at a lower price point?  Can you repackage an offering in a different way that changes the price?  Many people think a recession is a good time to launch a new venture.  It surely tests your mettle.  If you can make it in a down-cycle imagine what you can achieve in an up-cycle.

Here's what happened during the Great Depression:

• Dupont developed neoprene and nylon
• Hewlett & Packard launched their technology company
• Texas Instruments came into existence
• Revlon launched long-lasting nail polish
• 3M creates Scotch tape
• Miracle Whip was born

So what are you working on?  What unmet customer needs are emerging that you have the passion and intellect to address? What underutilized resources can you avail yourself of at a relatively low cost? How can you squeeze out profitability by turning the age-old business model on its head?

If we start thinking this way and then implementing our ideas, maybe, just maybe, we can swing the cycle in an upward direction. 

What are you doing?  This is my challenge to you. Let me know.

Susan C. Hammond
www.schammond.com

Developing the Teenage Entrepreneurial Spirit

It's only April but some people are wondering what to do with their teenagers this summer. With the unemployment rate being what it is...entrepreneurship just maybe the answer.

Sue Shellenbarger discussed a few possible business ideas for teens in her recent Wall Street Journal article Cupcakes and Cattle Breeding: Teens Turn to Summer Start-ups.  I did some research on my own and came up with the following selection of organizations encouraging teen entrepreneurship:

• National Foundation for Teaching Entrepreneurship
• Junior Achievement
• Initiative for a Competitive Inner City, or ICIC- the Growing Up CEO program
• Teen Business Link, the SBA site for teenagers interested in starting a business
• Independent Means, the leading provider of financial education products and programs in the United States.
• Also see Entrepreneur magazine, Teen Business Sites for more organizations.

Starting a business at a young age is a priceless (no pun intended!) experience. I encourage you to support your teenager and be prepared to learn along the way as well.

Let us know how it goes.

Susan C. Hammond
www.schammond.com