GET THE BIG PICTURE » Small Business Administration http://www.getthebigpicture.net THE GATEWAY TO SUCESS Sun, 12 Nov 2017 09:00:04 +0000 en-US hourly 1 http://wordpress.org/?v=4.2.17 Why Women Are the Business Leaders of the Futurehttp://www.getthebigpicture.net/why-women-are-the-business-leaders-of-the-future/ http://www.getthebigpicture.net/why-women-are-the-business-leaders-of-the-future/#comments Tue, 26 Jul 2016 21:02:13 +0000 http://www.getthebigpicture.net/?p=1540 More and more women are buying businesses and taking on positions of leadership. It seems that women, now more than ever, want to be their own boss. They want to not just have their own earnings, but they want to earn more. And they want to be able to pay for their own lifestyle, and make it better than ever before. Indeed, these desires are some of the most popular reasons why women become entrepreneurs and this is something Karen Phillips, wife of Charles Phillips, Infor CEO, fully supports.

The National Association of Women Business Owners (NAWBO) has stated that there were some 8.6 million women owned business in this country in 2013. These businesses employ some 7.8 million people, and generating $1.3 trillion in sales. Most interesting is the fact that these businesses seem to grow faster than others. By the end of 2013, 28.7% of all businesses in American were women owned.

Men Want to Wait, Women Go for It

The majority of male leaders are ambitious and they hope for a time when they can become even bigger. To achieve this, they often sell their businesses, buying something bigger in its place. Men wait for the right opportunity, however, as long as necessary. A woman, by contrast, is much more likely to instantly purchase new businesses, or even go back into the workforce the minute they sell their business.

Women Have Different Preferences

When comparing the preferences of men and women who want to either buy or sell their business, there are some notable differences. Women are interested in a different type of business than what men are. The most preferred industries for women owned business are salons, barber shops, beauty salons, and retail stores. Because of this, they are able to grow their business at a faster rate, and expand much quicker as well. Men, by contrast, tend to invest in large niche industries, where millions are needed for each transaction. They like the bigger things. While their growth is therefore very rapid when they do make a purchase, they don’t buy as often and therefore grow slower overall. Women, as well, are embracing the concept of online businesses.

Women Have Specific Challenges

It is undeniable that there is an increasing number of women in business. However, the environment itself remains hostile to them, and men are the ones who are favored. According to the U.S. Small Business Administration, women often don’t request funding because they know they are likely to be rejected. One of the reasons for this is because few women are educated in the STEM fields, which is specifically what investors are looking for. This is one of the reasons why Karen Phillips is engaged in philanthropic work to encourage people to enter the STEM fields as well.

Women have opportunities waiting for them. They are blurring the gender divide and are starting to be able to access the same resources and opportunities. As always, women are changing the world.

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4 Steps to Becoming an Effective, Sought-After Business Mentorhttp://www.getthebigpicture.net/4-steps-to-becoming-an-effective-sought-after-business-mentor/ http://www.getthebigpicture.net/4-steps-to-becoming-an-effective-sought-after-business-mentor/#comments Sun, 25 Jan 2015 02:04:07 +0000 http://learn2earn2.com/?p=1037  business mentor

Mentors are the cheerleaders, the leaders who show new talent the way. They pave the way to success and encourage others to follow in their footsteps — or to go their own paths to achieve individualized successes. A business mentor relationship can be just as rewarding for the mentor as it is for the mentee. Become an effective mentor and give back to the business community. Your guidance can make a real difference.

1. Earn an Advanced Degree

Although there are always exceptions, the majority of mentors in the business world are educated, experienced people with resumes that can hardly be contained on a single page. The higher and more specialized your degree, the more interest you’ll have among people looking for a business mentor.

Demonstrate your extensive knowledge and learn mentoring tips by earning an advanced degree in a program such as organizational development and leadership. With an emphasis on leadership, your graduate program will prepare you for becoming a more-effective mentor, not just to your chosen mentee, but to all of your younger or less-experienced colleagues at your company.

2. Sign Up With an Organization

As a businessperson looking for mentees, you’ve probably had access to a number of worthy candidates in your company or field. However, there are plenty of opportunities for establishing a mentor relationship outside of your network. Volunteer for mentoring through an organization, particularly the ones most relevant to your experience.

The U.S. Small Business Administration  provides resources for a number of government-sponsored mentor organizations, such as Women’s Business Centers and Veteran’s Business Outreach Centers, which are always in search of experienced businesswomen and veteran businesspeople, respectively. With various chapters across the country, these organizations may make you a more sought-after mentor because of your particular expertise. You can also explore organizations exclusive to your community if such places are available.

3. Strive for a Meaningful Relationship

When you choose a mentee, try to establish a meaningful connection. This doesn’t mean you have to find someone at the same company or in the same industry. A businessperson with ambitions somewhat related to your experience, even if she doesn’t work in the exact field as you, can make as productive a connection with you as someone in your field. For example, if you’re a minority business owner, another minority businessperson striving to start a business will look up to you, even if you work in finance and he wants to start a restaurant.

So long as you find someone who shares the things in business you most value — hard work, taking calculated risks and innovative ideas, for example — the possibility for an effective mentor-mentee relationship is present. Before you establish a long-term relationship, review prospective mentees’ resumes and take them out on an interview meeting. Part of becoming an effective sought-after mentor is realizing you can’t mentor everyone who’s interested because it takes work to create meaningful relationships with those few you choose.

4. Engage in Dynamic Activities

Meeting for coffee or a meal is one way to touch base with your mentees, but it’s not the only or most effective. Do something fun and active with your mentees, and word will get around that you’re not like the other mentors who just occasionally eat with people. Ideas for a mentor-mentee meeting, before, during or after which you can discuss business issues, include:

  • Playing a sports game
  • Attending a conference
  • Going to a theme park
  • Meeting in the park
  • Going camping together
  • Taking kids or grandkids out for a play date

To make sure your legacy lives on after your retirement, you need to do more than just focus on your career and business goals. If you’re interested in leadership, and if you’ve shown talent as a leader, do service to yourself and to the business community at large by becoming a business mentor. Look for mentees in your company, your industry or even in an entirely different field. Wherever there’s a budding young businessperson with drive and a passion to succeed, you’ll find your mentoring talents valued.

 

About the Author: Shonna White is a businesswoman and mentor with over three decades of experience at a Fortune 500 company.

 

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