Archive for September, 2007
Monday, September 24th, 2007
There was a intriguing article (free registration required) in the Washington Post today about a Northern Virginia entrepreneurial company, Dyscern, which was started as a home-based business by a mom wanting more flexibility and is now expected to post revenues of $12M this year. As the business has grown, CEO Jennifer Canty moved it out of her basement and teamed with her husband Bill Frischling to build their small business. What struck me the most from this article other than the scary parallels between their journey and my own, is the challenges they are seeing are fairly normal for a growing entrepreneurial company. Their experience provides lessons we can all learn from.
- Communication is key. Even if the top two executives at the firm weren’t married, communication between team members is crucial in a growing company. Dyscern describes their style as “honest without being diplomatic.” The ability to express contrary views honestly stems from a mutual respect and trust among members of the close-knit team.
- Encourage referrals from employees when hiring. When someone has been working for you, they know the culture and what is required of new employees. What better position from which to recommend future employees? The risk you run is that you get too many ‘like minded’ people on board, but making sure new folks are consistent with your corporate culture is critical, especially when you’re small and growing. In fact, I learned the hard way that cultural fit is as important as skills (if not more so!) when adding to a growing team.
- Integrating work and life can work, but it doesn’t have to be for everyone. While the owners choose to integrate their work and life, it isn’t forced on the rest of the company. Dyscern often hosts family-oriented events but those who choose to keep work and family separate are able to. It is not a one-size-fits-all approach to work-life balance.
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Posted in Business Growth, Entrepreneurship, business success secrets | No Comments »
Monday, September 17th, 2007
My bank, Mercantile Potomac, was recently purchased by PNC bank and switched over this past weekend. Prior to the change, PNC did a great job of providing information about their programs, terms, and services, which I read thoroughly. And thank goodness I did. There were some details in there that can bite any small business owner.
My previous business account had a fairly fast turnaround on deposits. We had been a long-time client, so even large deposits over $50,000 were generally not held and were available in our account immediately. In reading the terms of my new account, I discovered that all out-of-state deposits over $50,000 will be held for 4 days. 4 DAYS. When you’re churning cash pretty fast and working to make payroll as clients push out how long it takes them to pay their bills, 4 days is a long time! That small detail alone could result in heavy overdraft charges. If you’re smart, you at least have a line of credit available to cover you, but having to draw on that unexpectedly is never good.
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Posted in Business Growth, Entrepreneurship, business plan, business success secrets | 11 Comments »
Sunday, September 16th, 2007
A study released this month by the SBA is called “Are Male and Female Entrepreneurs Really That Different?” and poses some very interesting points.
According to the study, gender does not affect new venture performance. That’s refreshing to hear and about what I would have expected. What caught me off guard is that it appears the differences in women entrepreneurs’ preferences, motivation, and expectations accounted for the discrepancy in what they deemed business success. The good news is if a woman decides she wants to start and grow her business and is willing to do what it takes to get there, there is no reason she can’t. The bad news is (and I am not sure that this is necessarily bad) women don’t seem to go into business with high expectations.
One of the other interesting factors brought out in the report is the different reasons men and women start businesses. The study found that men are more likely to list making money as one of their top reasons for starting a business while flexibility was among tops for women. From what I have seen, that does not mean that women are not interested in making money. Rather, we see our business as perhaps more holistic than just a financial opportunity. In many cases, I have observed that many women are also lacking the confidence or the tools they need to build a business, which is what drove my targeting The ParentPreneur Edge at women entrepreneurs.
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Posted in Business Growth, Entrepreneurship, business plan | 3 Comments »
Sunday, September 9th, 2007
Here are a couple of interviews that have been posted online that I wanted to share with everyone:
Growing your Business, interview with Fred and Lyna. Since neither Fred nor Lyna are parents, this is an interesting discussion about being an entrepreneur and how non-parents can relate.
B-Net: Useful Commute: Parenting Skills Can Help Your Business, interview with Carmine Gallo of Gallo Communications. At just under 8 minutes, this one is a short but sweet look at applying parenting skills to your business, whether it is your own or you work for someone else. Please listen to it and if you like it, recommend it to others!
ADDENDUM on 9/10: This one from Work at Home Moms Talk Radio just posted today. And thanks to Kelly McCausey for her fun interview and book give away!
Posted in Being a ParentPreneur, Business Growth, Entrepreneurship, business success secrets | 36 Comments »
Saturday, September 8th, 2007
I was recently honored to speak with a group of women entrepreneurs who were visiting the United States with the International Visitor Leadership Program. This particular group was from the Middle East and Northern Africa (MENA). Of the 12 women, about half spoke English and the rest had the benefit of an Arabic translator.
In the short 90 minutes I was with them, it was amazing the connections we were able to make. From cultures that are light-years away from each other, we found common ground in growing our businesses and, for many of them, trying to raise a family at the same time.
An interesting business question came up that I thought was worth sharing: what should you do when you’re working your way into a business that has been in your family for years? I believe the advice we discussed is applicable to anyone stepping in to take over any business, whether a family business or not:
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Posted in Business Growth, Entrepreneurship, business success secrets | 18 Comments »
Monday, September 3rd, 2007
Great Labor Day reading: Fortune Magazine reported that the UN published a survey that found only 18% of American’s are clocking in over 48 hours per week. This suggests to me a couple of things:
- Being productive and getting more done in less time was not counted nor is valued
- No one surveyed entrepreneurs or small business owners
- Someone thinks running a family is a leisure activity
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Posted in Being a ParentPreneur, Entrepreneurship, Work/Life Balance, business success secrets | 4 Comments »
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