October is National Women’s Small Business Month and a great opportunity to understand the positive impact that women make in the business world. The National Association of Women Business Owners estimates there are more than 9.1 million firms owned by women in the U.S., a number that represents about 30 percent of the country’s businesses. Fortunately, those numbers are growing.
The women who own small businesses have unique perspectives and experiences that benefit everyone in any level of the workforce. This week, I reached out to more than 300 women small business owners to find out what advice they would give to young women who are considering a career in business or as an entrepreneur. Here are their thoughts for the next generation:
Don’t be afraid of mistakes
“Be prepared to make lots of mistakes but know those mistakes are your learning curve,” advises Karen Moran, owner of Sweet Lulu’s Bakery and Cocktail Caravan. “Everyone makes them so don’t beat yourself up too hard. Learn from them and be able to adapt very quickly.”
Don’t underestimate passion
“Know your why,” recommends Polly Payne-Willoughby, founder of Horacio Printing. “Why are you doing this? Why does it matter? If you want to take it seriously you need clarity and passion. Without passion, our dreams become a burden, and burdens get abandoned.”
Dreams will drive you, but don’t neglect the details
“My advice to young women would be to try to be as financially secure as possible so they can weather the business cycles and unexpected expenses that will come with having your own business,” said Beth McRae, president of The McRae Agency.
Share knowledge liberally
“As a sole proprietor and entrepreneur working by myself, I've been overwhelmed at how most people are excited, eager and happy to share their knowledge,” said Amanda Gorman, CRNP and owner of Nest Collaborative. “Thus my advice to others like myself would be to get out there - don't be afraid to find the information you're looking for and put yourself out there in your quest.”
Take comfort in the sisterhood
“I have been pleasantly surprised… of the sisterhood of small business owners helping each other,” said Katie Augsburger, principal consultant for Connected Consulting. “So for those women that might be fearful to take the first step, please know that there are many women out there cheering you on and willing to lend you advice and help!”
You don’t need to do everything on your own
“When I started The Nth Element, I thought I would do my own bookkeeping, hiring, client meetings and management, conference calls, you name it,” said Nicole Lazer, owner of The Nth Element. “I was wrong, and learned quickly that I can’t do everything, or at least everything well. Once I got the support I needed, I found my work product was much better, my productivity skyrocketed, and I had a better work-life balance.”
Give it your all, but don’t forget about the most important things
“Something I've learned along the way is the importance of being present wherever I go,” said Leslie Wyman, owner of Epcon Lane. “So if I'm at home with my family, I will turn off my work cell. If I'm at work, I put 100 percent into whatever problem I'm solving.”
The stories of these dedicated women in business are inspiring, and the advice they give applies to everyone. As more women are encouraged and empowered to start their own businesses, we will all benefit from their creativity, passion, and drive.
Check back later this week for another post in this series highlighting female small business owners, their successes, and some of the challenges they face.
