The Entrepreneur In Heels

"It starts with an idea, that becomes a business, that becomes a success."

Archive for May 2013

5 Ways Women Can Create A Competitive Edge

leave a comment »

Serious-business-woman

There are two kinds of people, those who do the work and those who take the credit. Try to be in the first group; there is less competition there.  Indira Gandhi

After twelve years of a corporate banking career, I know all too well what it’s like to thrive in a male dominated environment. Men and women respond differently in competitive environments. Men are aggressive especially when challenged by another individual. Research has shown that there are gender differences in the way competitive attitudes are displayed. In head-to-head competition men beat their female opponents over 72% of the time.

There is change on the horizon. In the article, The Important Role of Female Small Business Owners , Beth Solomon and Diane Tomb discuss how the glass ceilings are breaking. It is a fairly new situation, but men and women are being considered equally competent to compete against each other with no special considerations. Women are starting their own businesses at 1.5 times the national average. This means that men are seeing female entrepreneurs as their competitor more and more.

Men vs Women in Business

Women can’t allow imaginary lines to determine how far they will go in their careers.

Men view themselves as “work-centred”.  Women desire the professional opportunities, but not a life dominated by work. To be competitive women don’t have to give up who they are and start acting like men, but they do have to change their approach and think like men. When I was in the corporate world, I went out of my way to maintain my femininity. I also went out of my way to prove I was as tough as the next guy. “Actions really do speak louder than words; or in this case, than heels.”

How can women create a competitive edge?

1. Use your natural gifts  

Women are strategic multitaskers, much more focused and patient with details. Women are not easily distracted and don’t allow their ego to get in the way of what need to be accomplished. Women naturally cultivate relationships, which is much-needed to humanize a business. Know your strengths, constantly develop them and allow your inner gut to guide you.

2. Be what the customer needs 

Play the small team willing to help. Today customers seek out businesses with management who are passionate about what they do.  While you’re supplying what the customers needs today, pay attention to what customers will want tomorrow. To stay in the business game you must be consistently filling a demand.

3. Catch one big fish 

Testimonials can make a huge impact with potential customers. Put in the extra time and effort to capture at least one high-profile customer and then use that credibility to your advantage. When potential customers see the testimonial, it will help build instant trust and rapport.

4. Hang with the boys 

There’s a lot of truth to the saying; “Act like a lady, think like a boss.”  Although women have come a long way (and can easily stand on their own) being competitive comes naturally for men. The better prepared you are in business, the less mistakes you will make along the way. Ask any man what’s his most precious business asset and most if not all will say his network.  Associate with men within and outside your industry. Develop a network of “winner” professional men who can help you grow some business balls and start thinking like a boss.

5. Make strategy an ongoing process  

Regular communication about business priorities and strategies is crucial to your professional growth. Establish your aspirations for your business and come up with concrete goals to measure your progress. Stay on top of the path your industry is going. Have a detailed and focused plan to grow your business, but create different scenarios of how to accomplish your plan. You never know what’s waiting around the corner. Keep the blinders off so that you will always be ready.

In preparing for success, the best question to ask yourself, continually, is: “What can I do, that if done well, will make a difference?” Your ability to appraise yourself, identify areas that are holding you back is critical to your competitive edge and ultimate success.  What strategies do you use to stay competitive?

Written by Beverly S. Davis

May 13, 2013 at 10:52 am

Be unique within yourself: Design your business around your lifestyle

with 13 comments

imagesCA0F08KT

If you’re looking to maximize your enjoyment while have the freedom and security that comes with knowing you have full control of your life, then a lifestyle business may be exactly what you need.    – Sean Ogle

As the owner of my financial consulting company, I wear a lot of hats and do the majority of the work myself. The one thing I want to achieve everyday is the satisfaction of waking up and doing what I love. Because it’s my business my priority is to serve my clients by going above and beyond their expectations. But, I also understand that my business must serve me as well.

Some might say designing your business around your lifestyle is unrealistic. But, I say it’s unrealistic to believe you will be successful in business if your lifestyle suffers.As a business owner we know that our day rarely ends at 5 o’clock. It’s up to us to decide how much of our lifestyle is affected when balancing it all.  Ask yourself what is important you, and take the steps to make sure these things are accomplished by designing your business to fit your lifestyle.

Start by asking questions that define your business

    1. What do you want to achieve in your business?
    2. Do you want to work alone or with a team?
    3. How fast or slow do you want your business to grow?
    4. What type of relationships do you want with customers?
    5. What sort of impact do you want to make in your industry?

 Ask questions that define your unique lifestyle

    1. How much revenue do you want to generate?
    2. Do you want to work from home or an outside office?
    3. Do you want to travel? How much or how little?
    4. Do you like want to work year around or have certain seasons off?
    5. Do you want to build relationships with customers?

To successfully combine business and  lifestyle, you must spend more time working on your businesses, not in it. Decide exactly how you will execute your daily task.  Identify what is important to your customers and apply an extra touch that makes you unique.  The most important thing with business and lifestyle is mindfulness of time. When I worked full-time in corporate banking, there never seemed to be enough free time. Many entrepreneurs make the mistake of carrying their work schedule from their job into their business.  Outsource or delegate task you do not specialize in. Creating time to enjoy your desired lifestyle will keep you enthusiastic and creative about your business, which ensures unlimited success.

Some benefits of building your business around your lifestyle

    1. Fast profit  – When you work for yourself, your overhead is lower.
    2. Location flexibility – You can choose to work from home an office space.
    3. Less stress – Though there’s a lot of pains when you’re a business owner, it’s less stressful when you’re not working somewhere for someone who you don’t want to.
    4. Flexible projects – You can stick to one thing or expand into as many different things you want.

What’s unique about all successful businessmen and businesswomen is that they have built their work around their lifestyle.  Don’t force things that don’t come naturally for you. This almost always leads to frustrations and disappointment. If you have chosen to start your own business, take the time to build an action plan that supports your unique lifestyle.

Written by Beverly S. Davis

May 6, 2013 at 11:02 am

%d bloggers like this: