Women Entrepreneurs and Risk

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I met a woman recently who owns a travel company. For years, her business had been plateaued at a respectable, but small size. Then 9/11 took the bottom out of her industry and her largest contracts dried up overnight. At that perilous time, she decided to get a bank loan to expand her business. Four banks declined her, and the fifth one lent her the money but she had to leverage everything she owned. It was the risk of a lifetime, and it worked: Her business grew four-fold when the market rebounded, and she was instantly a market leader.

Her story led me to contemplate the relationship between women entrepreneurs and risk. I’ve had a professional services firm for nine years and have worked with numerous female CEOs. I also volunteer with several organizations that focus on women entrepreneurs. The reason her story struck me was because it was so different from those of the other female entrepreneurs I know--including my own.

A thought-provoking Harvard Business Review article I once read by Anna Fels asked “Do women lack ambition?” It found that women pursue their goals only after they've satisfied the needs of their family, including caring for children and elderly parents. It also found that women underestimate their abilities (while their male counterparts overestimate them) and are therefore less likely to pursue lofty career goals.

Here’s what else studies repeatedly show us:

• Only 1.8 percent of women-owned businesses in the U.S. have revenues above $1 million per year, according to the SBA.
• Women lag behind men in their willingness to seek bank financing for their ventures.
• Women are far less likely to receive venture capital. In my own experience, I’ve only seen two women receive it, and one was replaced shortly after the check cleared.

Whether or not you buy any of this--and certainly there are always exceptions--the fact remains that female entrepreneurs are less likely to take the big risks to get the big rewards.

And when you consider the reason why most don’t push for growth--the ever-elusive life balance--then we’re really hurting ourselves. Risk and growth are precisely what may give entrepreneurs the lifestyle they seek. See for yourself:

Small businesses are more personally taxing to run than larger ones. Once you've decided to hire employees, it’s better to have a full staff so you can focus your time on what you want to do and what you’re best at. I don’t know any CEO who would choose to go back to the days when they had to do everything themselves.

Incremental risk equals exponential rewards. All businesses owners deal with risk--it starts the day you sign your first lease and hire your first person. A small amount of leverage on that risk can allow you to make a major impact in your competitive position and revenue, by allowing you to afford a star hire, a product enhancement or a new storefront. A more successful business means more options for the owner.

No one else will give you the job you want. The best thing entrepreneurship gives you is the ability to create your dream job. It doesn’t come overnight. You have to have a plan to get there, and it nearly always requires an infrastructure to support you. That’s why entrepreneurs who survive the first five years tend to keep their businesses.

The women I know have ambition for their careers and for life. They often have a hard time seeing the end game and a clear path to get there in the midst of so many other responsibilities. Mentors with lives we want to emulate can be few and far between.

The stories of women who have built successful businesses, taken calculated risks to get there, and not sacrificed a fulfilling life need to be told. They’re out there.

When we stop looking at ambition and risk as an enemy of life balance and see it instead as a way to achieve it, then perhaps we’ll be ready to start thinking big.

Kristi Hedges is the co-founder of SheaHedges Group, a strategic communications firm in McLean, Virginia. She is also an executive coach to CEOs and business owners on issues of communications and leadership.

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Wish you could've taken entrepreneurship instead of arithmetic in elementary school? You'll be jealous of the kids at Jean Parker Elementary School in San Francisco. It's not that they're foregoing a traditional education, but the fifth graders are getting supplemental classes in business from Salesforce.com and the BizWorld Foundation, which includes hands-on experience running their own small companies and competing for business from fourth-grade clients.

Kids in other schools are getting this type of experience, too, from the National Foundation for Teaching Entrepreneurship, which sponsors business programs for students ages 11 through 18 in Los Angeles, San Francisco, Chicago and other cities. Gerald Richards, head of the Bay Area NFTE says, "Business curriculum engages students in learning much more than the basic '2-plus-2-is-4' system, and it gives them a way to connect to their education."

Of course, not all kids will want careers in business. And some critics say that these programs corporatize the classroom a bit too much or are mere advertisements for their corporate sponsors. But these programs may be the only real glimpse some kids get into the business world.

If you think business education is a good idea, maybe you can find a local program and get involved in entrepreneurship education in your community.

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New changes for eBay users

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It seems that almost every time I write my column, there's something new and exciting to talk about. This time, the changes are far more pedestrian, but they'll affect everyone who does business on eBay. Both good and bad changes from the U.S. Postal Service go into effect on May 14, while eBay is adding some new options you'll want to take advantage of.

International Mailing Changes
USPS is revamping its international services and raising prices. I'll give you the good news first. Many online sellers rue the day they get an international order. The different levels of mailing are confusing, and customs forms vary depending on your packages. That's all about to change.

The categories for international mail will become the same as those used for domestic mail. USPS will offer the following: Global Express Guaranteed (the most expensive option), Express Mail International (formerly Global Express), Priority Mail International (eight to 10 day service) and First-Class Mail International. Customs forms and address labels will be combined for most mailings when postage is printed electronically.

You can also now get discounts on international mailings when you print your own postage. Watch for discounts on the USPS website, PayPal postage printing and electronic postage sites like Endicia.com. Here are examples of the savings:

• 10 percent on Global Express Guaranteed
• 8 percent on Express Mail International
• 5 percent on Priority Mail International

An international flat rate will also be an option. For Express Mail International you can use the same free packaging and flat-rate options you use for domestic Express Mail. The flat-rate envelope postage is $22 for Canada and Mexico and $25 for other countries. For Priority Mail International, you can also use the same packaging you use for domestic mailings. The Priority flat-rate envelope (with a 4-pound weight limit) will be $9 for Canada and Mexico and $11 for all other countries. There's also a flat-rate box with a 20-pound weight limit that will cost $23 for Canada and Mexico and $37 for all other countries. Tracking will also finally be available on the Priority Mail International flat-rate boxes.

If you're shipping documents or lightweight merchandise up to 4 pounds, you can use the new First-Class Mail International rates at a great discount. The prices are based on weight, and you can basically send a 2-pound package anywhere in the world for $8.26 to $16.80.

Domestic Mailing Changes
Sadly, for those of us who use Priority Mail, the rates will go up. The flat-rate envelope goes from $4.05 to $4.60, and the Priority Mail flat-rate boxes will go up to $9.15. A 5-pound package in a non-flat-rate box will cost between $6.30 and $15.85 based on distance.

First-class mail is also getting a rate increase, with letters going up to 41 cents. It's still a bargain for eBay sellers to send items up to 13 ounces via first-class mail. USPS will now offer two levels of first-class mail. Letter-size envelopes begin at 41 cents an ounce, and large envelopes start at 80 cents. The rate for packages will be $1.13 for the first ounce. For each additional ounce on letters, flats and boxes, expect to pay 17 cents per ounce. Letters weighing more than 3.5 ounces will be charged the same rate as flats.

The good news is that boxes from USPS and carrier pickup will remain free. For more information on all the USPS changes, go to www.usps.com/ratecase.

Upcoming eBay Changes
eBay has rarely made changes in its feedback system--the backbone of customer confidence on the site. I like to call the enhanced system Feedback 2.0. The new system can be seen on many of the international eBay sites. Go to www.ebay.co.uk, search for an item and then click on the feedback link next to the seller's name to see how it works.

The new system divides feedback into "feedback from a buyer," "feedback from a seller" and "feedback left for others." You'll also see the addition of detailed seller ratings defined by one to five stars. Buyers can now rate sellers on various aspects, including item description, communication, shipping time, and shipping and handling charges.

eBay is also now letting users link to video within auction descriptions. (You can't embed the video; just link.) Write a line similar to: "See how great this item is in action. Watch a short demonstration by clicking this link." When you upload your short video on YouTube, you receive a link that allows you to share your video. You can also link to other video sites available from Google, MySpace, Microsoft or AOL.

This is an effective way to include your own infomercial on the item. Keep in mind, though, that this type of promotion is best for your stock or very special items. Also, many buyers won't have time to view your video, so don't neglect your item description and regular photos.

Marsha Collier, a successful eBay PowerSeller, is Entrepreneur.com's "eBay" columnist as well as the author of the bestselling eBay references,eBay for Dummies and Starting an eBay Business for Dummies.

New changes for eBay users - Entrepreneur.com

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Getting Past Your Business Launch

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If starting a business were easy, everyone would do it. But they don’t. Only those of you who know deep down inside you're entrepreneurs at heart will ever take these steps--even if you’ve denied that entrepreneurial spirit burning inside you for a long time.

Using that burning desire to grow your business, however, is a far different task from simply lighting it. Most people start with the odds stacked so much against them that it’s difficult for them to fan the fire beyond the first few months or years. Here are a few pieces of advice I can offer to help you keep your new business growing in size and profit:

1. Hire people who are better at the job than you are. It’s a fact that companies are built by people, and the best people build the best and most profitable companies. Put simply, great employees may cost you 20 to 30 percent more in wages, but they can be twice as productive as mediocre employees. Invest in good people.

2. Place high urgency in everything you do. Always do everything you can today. When I started each of my businesses, I'd work constantly until I just had to go eat and sleep. Too many people treat their businesses as nine-to-five jobs. Never put something off until tomorrow if you can do it right now.

3. Get customers coming back. The road to profitability is through repeat business. Too few business owners set themselves up for long-term success. Your business grows when you add regular new customers on top of existing regular customers. Think of it this way: What if every customer you ever got stayed for life? How many regular buyers would you have?

4. Make decisions quickly. New companies don’t have the time or resources to stand still. General H. Norman Schwarzkopf once said to me, “When placed in command, take charge.” He also believes it’s better to make a decision and move than it is to stand still.

5. Deliver more than you promise. If you tell a customer it'll be three days, deliver in two. If you think it'll be two hours, say three hours and surprise them. This is the best form of marketing ever.

6. Price yourself for profit. Don’t ever be the cheapest. You're the little guy; you don’t have economies of scale. Big companies can make up in volume what they lack in margin. You can’t.

7. Never spend a dollar you don’t have to. You don’t need a new desk, you need a cheap desk. Too many new business owners go and buy the best stuff because they think image is important. Listen, when you get profitable, you can have a big mahogany desk. Right now, just get a desk.

8. Set a big vision.Start Small, Finish Big should be the title of your book. Don’t aim to be the best dog trainer in Montana--aim to be the best in the country. Remember, building a business is a 10-year plan, not a one-year plan.

9. Marketing is math. Don’t ever let an advertising sales rep teach you anything about marketing. Reps will say dumb things like, “Half your advertising works and half doesn’t--and you’ll never know which half.” Rubbish. If an ad that costs $100 makes you $100 back in profit, it’s a good ad. One other tip: Image advertising doesn’t make sense when you're not yet profitable.

10. Learn to sell. There's nothing worse than a business owner who isn’t willing to sell--or even learn to sell. No company makes money unless someone sells something, and you can’t just rely on people you hire to do the selling for you. If you want to grow a profitable business, you’ve got to learn sales yourself.

11. It’s simpler than you think. Before most people even go into business, they work it up to be far more complex than it really is. Business is very simple: Sell at a profit and keep at it. Overcomplicating the process won’t help anyone. If your business seems too complex, it probably is--so make it simple and watch yourself succeed.

Remember, you have a lot to learn--and that’s a good thing. You'll make mistakes. Just try to make them small ones at the start. Never bet the ranch on one deal.

---

Brad Sugars is Entrepreneur.com’s Startup Basics columnist and the founder of Action International, a business coaching franchise.

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What Makes Prospects Buy?

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We've talked about headlines, subheads and photo captions, the critical attention getting and interest building components of advertising supported by good, effective copy. The fourteen tips that go into writing effective copy.

Now let's switch gears and talk about what I believe is the single most important device that gets your customers or prospects to buy... the call to action!

The call-to-action in the form of a response device. In person-to-person professional selling one of the most common failings in sales people is the fear of closing the sale. Or in other words, the reluctance to ask for the order.

Master sales trainer Zig Zigler says that asking for the order is what separates the poorly paid professional visitor from the kingly compensated professional sales person.

Just as closing the sale is a vital skill in face-to-face marketing asking for the desired action clearly is a vital skill in advertising. Incidentally experience in effectively closing sales in person is a valuable asset in creating effective advertising. The same techniques, words, phrases and ideas used in personal selling can be used in print selling.

A strong direct call-to-action in direct mail is vital. Tell the reader exactly what you want them to do, how to do it and when to do it. If response to your offer is any way complicated you may want to number the instructions, one, two, and three.

The call-to-action may appear in several places in the typical direct marketing package, such as the letter, the main brochure and most importantly in the response device. A response device is the coupon to be redeemed, the order form, or the reply card. Whatever your response device is it should restate the basic offer and bonus and present the call-to-action. You can learn to use these techniques to develop effective direct mail marketing materials for your businesses, products and services.

Dan Kennedy, http://www.dankennedy.com/

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MediaPredict.Com - Finding The Next Blockbuster

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http://mediapredict.com/

Think consumers can predict the next big book, CD, television show or movie better than top producers and publishing houses can? Media Predict challenges users to put their virtual money where their mouths are with an online prediction market game, where players buy and sell shares based on how well they think new entertainment ventures might do in the real marketplace.

Here’s how it works: when users register, they get 5,000 virtual dollars to begin investing. They can scan the markets for book proposals, up-and-coming musical acts, script treatments and TV pilots. Each is valued in virtual dollars per share based on perceived potential.

If shares of a particular book proposal are going for 55 dollars, for instance, the book has about a 55% chance of being published. If a project seems like it might take off, a wise investor can put his or her money behind it. Or, conversely, he or she can sell if stock seems like it might plummet. In doing so, players drive the market value—and those who have a keen eye for the next big blockbuster get rewarded for it.

When a deal goes through—for instance, if a book proposal gets signed to a publisher—shares pay off at USD 100 each. And on the flipside, when a venture doesn’t succeed, share value bottoms out at USD 0.

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