Q&A talks about the growth of women-owned businesses with Nell Merlino, CEO of Count Me In, a nonprofit group that helps mentor and grow such businesses.
Q:According to your group Count Me In, small businesses owned by women are faring better than small businesses owned by men. How did you determine that and what is behind the gender disparity?
A: Data is beginning to emerge from groups such as the Small Business Credit Sales Report by the Capital Access Network, which this last year indicated that women-owned small businesses are performing better than their men-owned counterparts. Though both business groups experienced a decline in sales, the loss of women-owned businesses was half (1.5 percent) of the men-owned group (3.6 percent) in the second quarter of 2011. The obstacles behind women entrepreneurs are being broken down. Women are now gaining the same inside track men-owned businesses have had for years. Count Me In is helping women learn how to effectively gain access to new capital, find new markets they haven’t considered before, such as business-to-business and business-to-government sectors. Just as important, their learning the importance of networking, especially with other women business owners who have some much to offer each other with insight, knowledge and experience that will help grow a business.
Q: Your organization, which helps mentor and grow female-owned businesses, has five tips for helping women-owned businesses stand out. Let’s start with the first one that states “Write down or cut out pictures of what you ultimately see for your business.” Is this similar to wish boards?
A: Vision boards are wonderful tools. When you can visualize specific things — goals, ideals — you’re more likely to stick to that pursuit. When you know exactly what you want — more employees, to buy a home for your family, to send your children to a certain school or college — the goal is defined and can be used in plotting the course and timeline in getting there.
Q: Your next advice is, in part, hone your unique definition of success by determining the actual numbers, dates, dollar amounts or other specific markers you want to achieve. What happens to a person when defined goals aren’t met?
A: Success. Confidence. It’s simple, really: vague plans give you vague results. If you set and hit specific goals, you can prove to anyone — even yourself — that you are serious and able to make things happen, that your business has potential and is worth their attention.
Q: You also advise to expect and listen to resistance. What does that mean exactly?
A: Ask any entrepreneur, inventor or innovator: you will never run out of people telling you why you can’t. Yes, some of it is noise, but know how to differentiate between that and constructive feedback. If someone has an issue with an aspect of you product, business plan or marketing strategy, it could be an opportunity to fix something you may have missed. Consider what people are saying — and who is saying it — and decide from there.
Q: Get more opinions than your own is good for men or women. What is a good source of opinions?
A: Your competition is a great place to start. While you don’t want to give away your whole business plan or any proprietary info, you do want to have healthy relationships with them and have a sense of what’s going on in your industry. It’s also great to have a strong advisory board for your business. These are not necessarily investors, but people you can trust to give you honest, unbiased feedback on business mentors. This group might include mentors or coaches — people who have your best interest in mind, but without the extra baggage of financial investment or personal relationships (family, spouses, etc.).
Q: Finally, you suggest seeing your life as part of a bigger picture. What does that mean and how can it be achieved?
A: One needs to have a broad focus. It’s not just about your work or your family. Look at the impact what you are doing will have on others, directly and indirectly. This will help you define what you want your role to be. When you look beyond just what’s around you, it allows you to dream bigger, which is one of the first steps toward success.
