Peer Mentoring: “You don’t need to go it alone!”
By Gabby Printz | December 10, 2010
When Sir Edmund Hillary stood on top of Mt. Everest, he wasn’t alone. Beside him was a Sherpa mountaineer named Tenzing Norgay.
Women business owners and entrepreneurs: you don’t need to go it alone!
Being in business by yourself can sometimes be lonely and isolating. Perhaps you’re having issues and problems and you don’t feel comfortable sharing them with your employees. It’s also hard to know if your family and friends “sugarcoat” the feedback they give you.
Peer mentoring is a tool that many women business owners and professionals are starting to use to develop their businesses and strategies. With the guidance of a trained facilitator, a group of peers—often in similar stages of development—meet to exchange feedback, ideas, and concerns. It is an opportunity to benefit from mutual support and experience, to learn from each other’s successes and mistakes. What is it like going through a state certification process? How do you resolve employee disputes? A peer group not only guides you through your struggles, but can relate to them. This is what makes a group mentoring relationship quite different than a business advisory or coaching relationship: you are all in the same boat. Often times, peer mentoring groups also have an educational component (as is the case with the WBC Forum group), enabling members to expand their knowledge base on emerging business tools and management techniques.
In the 2010 report Roadmap to 2020: Fueling the Growth of Women’s Business Enterprise, Marsha Firestone, WPO President and Founder, asserts the value of this model. She says that “collaborative learning draws out the insight and wisdom of each individual participant, resulting in a mix of ideas that benefits the whole.”
What makes a good group:
The group should be comprised of women whose businesses do not compete with yours but are similar in size, revenues and other key characteristics. Some groups might be divided by similar industry, like for those in medical or legal fields, or maybe for those running established family businesses. Group dynamics and group energy are important, and can increase your determination and encourage you to achieve your goals. Openness and honesty is key. Firestone adds: “The effectiveness of the group is entirely dependent on the participants’ willingness to share. Only when people are open about discussing their finances and other sensitive issues will the group benefit the most.”
Benefits to you:
The group functions not only as a sounding board for your issues, but from the members’ collective experience, you gain insight that you would not have gotten from family members or friends, or even mentors. The bonds forged between members of the group are equally as important, and can lead to strategic alliances and future collaborations. And perhaps most importantly, the support of the peer group drives you as a business owner to action: an unspoken intention is not as powerful as an intention you share with a group of peers.
Being a member of a group can provide you with inspiration, ideas and motivation.
What are your thoughts about peer mentoring? Are you a member of a peer group? What was your experience? Share
Category: Biz Tips, Motivational, Resources, Women | 1 Comment »Our Thanks
By Gabby Printz | November 12, 2010
In light of Veterans Day (yesterday), we wanted to take a moment and thank veterans across the country for their service.
Because of the leadership skills and expertise they acquire during their service, many veterans go on to start and grow small businesses.
The Small Business Administration offers resources to support veteran-owned small businesses. Visit the Office of Veterans Business Development for more resources.
You might also want to check out a post we wrote back in June about the entrepreneurial resources and support available to the men and women who have served our country.
Happy Veteran’s Day!
Category: Events, Resources, Veterans | No Comments »How We Do It
By Gabby Printz | November 3, 2010
Just a quick post today.. In case you don’t already follow the ever-popular blogger and marketing guru Seth Godin, I’d like to share with you his recent post, “How can you do it?!”
Recounting a conversation with an incredulous someone, he quotes:
JK asks,
“It’s like, how does anyone start their own business? How is it even possible? How do they deal with the crippling fear and harsh economic realities?”
But Godin counters, “How can you not do it?” He says:
The people who successfully start independent businesses (franchises, I think are a different thing) do it because we have no real choice in the matter. The voice in our heads won’t shut up until we discover if we’re right, if we can do it, if we can make something happen. This is an art, our art, and to leave it bottled up is a crime.
I think his point is meant to be motivational. But this is something we see at the Women’s Business Center every day, and perhaps even more so now that the nation and the Buffalo area has become entrenched in economic hardship. People are taking this opportunity – because of a lost job, or whatever it might be – to pursue a dream, to start the business they’ve always wanted to start, to explore the possibilities of entrepreneurship, to create their own job. And we’re here to encourage dreaming, and to support this personal and economic growth.
Tell me, how can you do it? Leave a comment.
Category: Marketing, Media, Motivational, Start-Up | No Comments »Expanded Access to Federal Contracts for Women-Owned Small Businesses
By Gabby Printz | October 22, 2010
Remember when we wrote back in March about the work being done to promote contracting opportunities for women and minorities in small business? While those initiatives were focused here in New York State, they coincided with SBA’s initial proposal in February to account for the under-representation of women business owners in federal contracting.
Well this month, the SBA has made its rule official: to implement a women-owned small business (WOSB) contracting program. Because the federally-set minimum of 5% contract allocation to WOSBs has not yet been met, the program will offer the tools and support needed to make up for this deficiency. Astoundingly, 83 different industries have been identified (by this RAND study) in which WOSBs are under-represented or substantially under-represented.
There are some noteworthy provisions of the new rule:
- “Women-owned” is defined as 51% ownership and control of the business by a female US citizen. The firm must be “small” in its primary industry in accordance with SBA’s size standards for that industry.
- The final rule removes the requirement, set forth in a prior proposed version, that each federal agency certify that it had engaged in discrimination against women-owned small businesses in order for the program to apply to contracting by that agency.
- The proposed rule allows women-owned small businesses to self-certify as “WOSBs” or to be certified by third-party certifiers, including government entities and private certification groups. WOSBs that self-certify are required to submit a robust certification verification, to complete the certifications at the federal Online Representation and Certification Application (“ORCA”) Web site, and also to submit a core set of eligibility-related documents to an online “document repository” to be maintained by the SBA.
You can read the full run-down of the final rule components here: PDF
SBA will begin a 120-day implementation process for the program. Contracts should be available in early 2011.
You may know that the Canisius College Women’s Business Center has taken increased measures in the past year to help women in business become certified and obtain contracts, particularly with our certification and contracting webinar series. We look forward to continuing this necessary focus on contract procurement opportunities for women-owned business and working with the SBA as it implements this crucial program.
What do you think about the final rule? Have you experienced the certification and contracting process? Leave a comment.
Category: In the News, Policy, Resources, Stats, Women | 1 Comment »Grants and Loans: What You Need to Know
By Gabby Printz | August 4, 2010
A majority of the start-up businesses that come through our doors inquire about grants, loans, and initial funding. Answers to these questions are often hard to give. There is a widespread notion that there is money out there for people looking to open a hair salon or consulting firm or whatever it might be. Unfortunately, that is not the reality.
Government grants are given out for research, for non-profits, and not much else (i.e., not for commercial ventures). Even if you happen to be starting a non-profit, grants are often hard to secure, and there are some pretty particular reporting requirements in order to maintain that funding.
Sometimes grants are allocated to small businesses in industries like childcare or green technology through state or local organizations, but they often require matching funds or other combined financing. Business.gov offers this online tool to search for grants you might qualify for.
Loans, on the other hand, are pretty widely available to small business start-ups. Here are some resources:
SBA 7(a) Loan Program guarantees small business loans from banks and other lending institutions for both start-up and existing small businesses. This is the most common option for SBA guaranteed loans and because most banks and some other commercial lenders participate, loans are widely available. While the lender agrees to structure the loan, it shares the risk with the SBA, making it easier to make loans to small business owners. Find out more about the 7(a) Program on the SBA website.
SBA Micro-Loan Program is another lending option with the SBA that provides. These are small, short-term loans that average $13,000 and max out at $25,000 and are distributed through community organizations with SBA funds. Find out how to apply for an SBA micro-loan here.
New York State’s Community Development Financial Institution Assistance Program (CDFI) provides micro-loans to business owners who may not qualify for bank loans, as well as minority and women-owned businesses. CDFI also offers one-on-one counseling and business development assistance to facilitate credit-readiness. Click here to find more information and a list of participating financial institutions.
New York Business Development Corporation (NYBDC) is an organization that works in partnership with lending institutions to provide term loans, many of which do not meet the requirements for traditional financing. NYBDC, a WBC resource partner, handles lending for non-profits, veterans, women and minority-owned businesses, business located in Empire Development Zones, and other conventional business ventures. Find out more about these services on the NYBDC website.
If you’re looking for further resources, Business.gov has a lot of information on small business financing. Check out the user forums for additional insight.
What has been your experience looking for grants and loans as a small business owner or start-up? Leave a comment.
Category: Biz Tips, Financial, Funding, Resources, Start-Up | No Comments »Get. It. Together.
By Gabby Printz | July 19, 2010
I’m writing this post as we at the WBC 
are sorting out annual projections, setting up budgets, and scheduling the coming year of programming. Our year starts in September, so in the quiet summer months, we have some time to collect ourselves and get our stuff together.
Yes, this is a post about organization.
I had a conversation with a woman today looking to start a business. We get a few of these calls a day. Daunted, they ask “What do I need to do?” “What are my first steps?” “How can I get funding?”
Well, first, we say, you need to get everything in order. Your market research, your business plan, your financial projections. And we have counselors who can help you with that. If there is one endeavor in your life that you need to be incredibly well-prepared for (apart from having a baby or getting married, maybe), it is entering into a business venture.
But this is only the beginning. Good organization is essential at all levels of business. A business runs like a well-oiled machine if you scrupulously track your book-keeping, update and maintain a robust client database, and if you can properly account for your time as an owner/manager/sole proprietor/independent contractor/CEO.
So for those both in and out of business, we want to share with you the organization tools that we love…
Click here to continue reading.
The Engaged Woman Owner
By Gabby Printz | June 23, 2010
This post is inspired by a December 2009 report on the unique management style of women proprietors and their growing contribution to the US economy. Issued by The Guardian Life Small Business Research Institute, the report states that women, as owners and managers are:
- more diligently engaged in strategic and tactical facets of their business
- more proactively customer-focused
- more likely to incorporate community and environment into their business plans
- more receptive to input and guidance from internal and external advisors
- more committed to creating opportunities for others.
The Institute cites these qualities among other reasons for a projected increase in jobs created by woman-owned small business. In fact, by 2018, they forecast that women small business owners will create 5 to 5.5 million new jobs in the US, thereby “transforming the workplace of tomorrow into a far more inclusive, horizontally managed environment.”
Aside from these fantastic economic projections, I think the most interesting point the report makes is that the woman business owner is a more engaged proprietor. Because women are more careful in cultivating their customer base and more invested in creating opportunities, positive working relationships and meaningful contributions to their business and community, the impact of women-owned business will not only be greater by 2018, but it will constructively benefit the environment in which we work and do business.
Click here to find the full report.
Category: Stats, Women | No Comments »Veterans and Small Business
By Gabby Printz | June 1, 2010
Happy June!
I hope everyone enjoyed the holiday weekend. In the spirit of Memorial Day, I thought we might talk about starting and operating a small business as a veteran.
There are lots of programs and opportunities out there for veterans looking for technical assistance and even capital for starting a small business.
A great resource is the Center for Veterans Enterprise (CVE) which maintains the VetBiz Registry, a member site that lists your company in a database of other veteran-owned businesses. Through VetBiz, listed companies are given notice of and special consideration for federal contracting opportunities, and are updated with information and news affecting Veteran-Owned and Service Disabled businesses.
Another resource is the SBA Office of Veterans Business Development, the mission of which is “to maximize the availability, applicability and usability of all administration small business programs for Veterans, Service-Disabled Veterans, Reserve Component Members, and their Dependents or Survivors.” The SBA oversees an outreach program that caters to both start up veteran enterprise and those in existing business. Services include business plan workshops, feasibility analysis, counseling, mentoring, and technical training in more specific areas.
Find out more here.
Use this tool on the SBA website to find a Veterans Business Development Officer near you.
The VA Office of Small and Disadvantaged Business Utilization is also developing a mentor program, not unlike our Business Coaching Program, which is aimed at assisting veteran-owned enterprises to become “viable and/or more competitive in the small business community.” See the details here.
Other organizations and federal offices advocate on behalf of veterans enterprise, such as the National Veteran Owned Business Association and the VA Office of Small and Disadvantaged Business Utilization. These organizations help to guide policy, support the veteran community, and promote veteran-owned businesses as preferred vendors.
Are you a veteran business owner?
What is your experience with the available resources?
On the Importance of Health
By Gabby Printz | May 21, 2010
Yesterday, our Coaching clients met for their bi-monthly Roundtable discussion to talk about health and wellness. Going into the class, a few were wondering how this topic could be relevant to running a business. And they were surprised to find how much their health could affect their ability to run a business. As the title of the presentation suggests: Healthy You, Healthy Business.
We often acknowledge how fortunate we are to have the resources of the College at our disposal, and this Roundtable was no exception – our clients always benefit from these kinds of educational opportunities. Dennis Koch, PhD, coordinator of the Health and Human Performance program at Canisius and our friendly neighbor down the hall, was nice enough to put on the presentation for the Coaching ladies, with the help of some of his graduate students. Together, they facilitated a discussion on the importance of managing health, especially for a small business owner. Covering topics like stress management, body composition, diet and exercise, and blood pressure and cholesterol control, the group was not only given a basic understanding of these important , but they discussed goal setting and problem-solving techniques to achieve their health-related goals.
So why is health important to your business?
Owning and operating a business can be an emotionally, psychologically, and physically demanding job. And for women business owners, who often are trying to balance the demands of family life as well, the stresses on personal health are that much greater. So what happens if you’re not 100%?
We’ve been doing some research around here recently on the factors that contribute to business failure; often they are financial and organizational issues, but personal issues facing a business owner or sole proprietor can be damaging. By taking steps to keep yourself well, both physically and mentally, you can prevent possible health problems and ensure that you have the ability and energy to focus on running your business. Your productivity, unhindered by stress, a cold, or something more serious, is valuable.
Your health impacts your performance. To operate at your best, we suggest these helpful health tips:
- Eat a balanced diet: We’re not suggesting you go on a diet… just be conscious of what you eat, get your fruit and veggies, and maybe get rid of the secret candy stash in your desk drawer. At the WBC office, our fridge is usually stocked with yogurt and fresh fruit .
- Be active: Take some time out to go for a walk, play with your kids, or maybe, if you’re feeling adventurous, practice some office yoga. Canisius recently held a “Get in Step” program which gave out pedometers to measure and increase the amount of steps taken in a day.
- Manage stress: Make sure to maintain a balance between work and play. Even if you LOVE what you do, it’s always important to have time to de-stress. Get your 7-9 hours of sleep in, relax, and stay positive.
What health tips do you recommend? How do you think your health impacts running a business? Let us know in a comment below.
Category: Coaching | 2 Comments »Online Resources for Women Business Owners
By Gabby Printz | May 17, 2010
SCORE blogger Rieva Lesonsky wrote this great post on the top 15 sites for women in business. We think these are great sources and tools you can use to grow.
- AllBusiness.com
– Center for Women’s Business Research
– Committee of 200
- ForbesWoman
- The Hot Mommas® Project Mission
- NAFE (The National Association for Female Executives)
- National Women’s Business Council
- NAWBO (The National Association of Women Business Owners)
- OWBO (The SBA’s Office of Women’s Business Ownership)
- SBA (The U.S. Small Business Administration)
- SBDCs (The Office of Small Business Development Centers)
- SmallBizDaily
- Small Biz Nation
- WBENC (The Women’s Business Enterprise National Council)
- WPO (The Women Presidents’ Organization)
Commenters also suggested these additional sites:
- Business.gov
- Women’s Leadership Exchange
– Women Impacting Public Policy
- Women Entrepreneur
Find the full post on the SCORE Women’s Success Blog
You can also check out our blogroll down on the right-hand side.
What sites do you find helpful? Let us know in a comment below.
Category: Biz Tips, Media, Resources, Women | 6 Comments »« Previous Entries Next Entries »