It’s Time to Feed Your Entrepreneurial Spirit!

What’s Your Big Idea?

Do you have a big idea? Have you dreamed of taking that idea and starting your own business? You know that this idea could provide a service or resource to consumers. You have an entrepreneurial spirit: however, you’re scared to step out on faith and your comfort level. Perhaps, you’re afraid to leave a good paying job for the unknown. Yet, you feel the strong pull and hunger of starting your business. Then it is time to feed your entrepreneurial spirit.

Recently, I spoke with a close friend about why we never started businesses. We’re Baby Boomers, in our mid 50’s and have known each other since high school. Currently, both of us are in job searches in markets that are virtually closed to people our age. So, we talked about all of our ideas, skills, knowledge, and experiences. Clearly, we have an entrepreneurial spirit. Then, we both agreed that it’s time to reinvent ourselves and take the leap.

Why Start a Business

Then the conversation inspired me to finish reading the book titled, The 50 Billion Dollar Boss: African-American Women Sharing Stories of Success in Entrepreneurship and Leadership by Kathey Porter. Consequently, it inspired me to research and write about why it’s a great time to feed your entrepreneurial spirit.

You may want to know why women start businesses. One reason is independence. Women want to be their own boss. They don’t want to work for anyone else. Then, women want to have a work-life balance. Owning their own businesses gives women independence to set their own schedules and goals. Lastly, women start businesses based on something they’re very passionate about. Additionally, that passion may provide a service or resource to make people’s lives better or is helpful on a larger spectrum.

In order to start and build a successful business, think about what is meaningful to you. Tap into what you know. Then think about what you’re passionate about. Afterward, reflect on what you’re good at or what makes you happy. Then make some decisions about what type of business is for you.

Fastest Growing Businesses

According to the National Women’s Business Council, women businesses are growing at five times faster than the national average. African-American and Latina women business owners are the fastest growing group of entrepreneurs in the United States. Also, for every 10 women-owned businesses launched since 2007, eight out of ten were started by women of color.

Time Magazine reported despite these great statistics and trends, the average women businesses tend to be small, averaging less than $70,000 per year in revenue. Most businesses are retail or service related. Also, most of these businesses grow slowly in part because they’re less likely to get outside funding. Women tend to start businesses with 50% less funding than their male counterparts. Nevertheless, women are not deterred from feeding their entrepreneurial spirit.

Follow Expert Advice

Before you spread your entrepreneurial wings, follow the advice of some experts. Melinda Emerson is known as the Small Biz Lady on Twitter. She suggests a few important items to do before you launch.

1. Do your research. Know who is your paying customer.  
2. Make sure your business model makes sense in an industry that is growing not sinking.
3. Surround yourself with persons who will help you to succeed and those who believe in your product.
4. If you have no savings, no money, and bad credit, you should not start a business. The Small Biz Lady suggests saving 20-40% per paycheck before quitting your job to start your business.  

   

   Feed Your Entrepreneurial Spirit

In addition, remember, you must have a cash flow to handle your personal finances and responsibilities. We want you to feed your entrepreneurial spirit; however, common sense decisions take precedent. Fortunately, information and resources are available for budding women entrepreneurs. Plus there are organizations that cater to women business owners. Furthermore, you can attend networking groups, seminars or small business boot camps to gather additional information.

Are you ready to be a part of the fastest growing segment of business owners? If it’s in your spirit and you have the hunger, then go for it. According to 2012 Census data, women own approximately 40% of small businesses in the United States. Approximately nine million U.S. firms are owned by women; therefore, employing about eight million people. As you can see, now is a great time for women entrepreneurs.  Now it’s your turn.

Additional Resources

Why the Force Will Be With Women Entrepreneurs in 2016

https://www.forbes.com/sites/geristengel/2016/01/06/why-the-force-will-be-with-women-entrepreneurs-in-2016/#ebb16f34f8b3

Seven Challenges Faced by Female Entrepreneurs and How to Overcome Them

http://www.businessnewsdaily.com/5268-women-entrepreneur-challenges.html

Inspiring Women Entrepreneurs On How to Find Your Business Idea by Shannon Gausepohl

http://www.businessnewsdaily.com/4629-business-ideas-women.html

Female Entrepreneurs Share Startup Advice for Women – http://www.businessnewsdaily.com/7827-female-entrepreneur-advice.html

National Women’s Business Council Fact Sheet

https://www.nwbc.gov/sites/default/files/Black%20Women%20Entrepreneurs.pdf

The Fastest Growing Group of Entrepreneurs in America by Amy Haimerl

http://fortune.com/2015/06/29/black-women-entrepreneurs/

Why More Women of Color Than Ever Are Starting Their Own Businesses by Rosalie Chan

http://time.com/4408900/latina-women-business-owner-entrepreneur/

4 Fastest-Growing Hotspots for Women Entrepreneurs by Lisa Calhoun

https://www.inc.com/lisa-calhoun/4-fastest-growing-hotspots-for-women-entrepreneurs.html

https://www.nwbc.gov/sites/default/files/FS_Women-Owned_Businesses.pdf

Melinda Emerson, The Small Biz Lady

http://succeedasyourownboss.com/