12/21/2007

Adults have until Feb. 15 to nominate teen business owners for the Girls Going Places entrepreneurship award program, sponsored by The Guardian Life Insurance Company of America.

Educators, parents and community members are encouraged to nominate successful teen business owners ages 12 to 18 by submitting a 750-word essay endorsing their nominee. Nominees, in turn, must write a 250-word personal statement on one of four topics: entrepreneurship, business leadership, financial independence or giving back to the community.

Guardian and Girls Going Places will award three top prizes of $10,000, $5,000 and $3,000, along with 12 finalist prizes of $1,000 each.

Judges will pick finalists who:

• Demonstrate budding entrepreneurship and/or financial acumen;
• Have taken the first steps toward financial independence;
• Make a difference in their school or community;
• Show potential for future success by initiating a new business or service.

--Eve Gumpel

 

12/13/2007

Twenty women entrepreneurs from all over the country will compete in Los Angeles on January 23 for help to grow their businesses past the $1 million mark within two years.

The Globe Theatre at Universal Studios Hollywood will host the Make Mine a Million $ Business program, in which 20 finalists who have submitted promising growth plans will compete for assistance designed to help turn their businesses into million-dollar enterprises.

Each participant will make a three-minute pitch to a panel of business experts and a live audience of women business owners in a bid for awards packages that include mentoring, money, marketing and technology assistance. The live audience and judges will collaborate to vote for 10 awardees.

The 10 winners will join 100 more alumni, many of whom already operate million-dollar entities.

The Make Mine a Million $ Business Program was created by Count Me In, a nonprofit organization, and OPEN from American Express, the small business division of the financial services company. The program's ultimate goal is to inspire 1 million women to declare their intent to build million-dollar businesses by 2010.--Eve Gumpel

12/6/2007

The Lower Eastside Girls Club in New York City does more than offer economically disadvantaged girls a place to go after school. It gives them entrepreneurial training as well, through its Sweet Things Bake Shop. The club offers an eight-week Cookie Academy for girls aged 13 to 17 three times a year, plus an intensive culinary camp during the summer.

The bakery was founded in 1999 to provide employment for community women--some of whom had no other work skills at the time--and job training for Eastside girls.

The academy, which pays the girls a stipend, takes 12 girls a session and usually has girls on a waiting list, as well. "It's one of the only opportunities these girls have had to make some money and have a job," says Adriana Pezzulli, director of development for the nonprofit organization. "It's run by community women who know the girls, it has a great reputation within our neighborhood, and then the girls get to learn how to bake and run a small business." According to Pezzulli, some graduates have gone on to culinary school. And one of those is now employed full time by the bakery.

The one-day-a-week classes cover everything from how to measure wet and dry ingredients to the science behind baking, as well as topics such as customer services and information about running a small business. Before the class is over, students get baking experience and a chance to work alongside the bakery staff.

The club calls on young women who've been through the program as extra hands during high-production seasons, such as now, when the bakery has four kinds of holiday cookie tins available.--Eve Gumpel

11/28/2007

A new way of assessing women-led businesses shows they are making a greater contribution to the U.S. economy than previously reported, a new study has revealed.

The report, drawn from the Census Bureau's 2002 Survey of Business Owners and Self-Employed Persons, is the second half of a two-part study prepared for the National Women's Business Council.

Previously published data only included information on businesses owned at least 51 percent by women. The new report includes data on companies where a woman owns a percentage of the business at least equal to any other owner, and where a woman or women manage day-to-day operations.

Using those criteria, more than 1 million women-led businesses generated more than $300 billion in revenue in 2002, or about 3 percent of U.S. gross domestic product. Combined, more than 7.5 million businesses were women-owned or women-led businesses in 2002. The combination employed 9.6 million people and generated nearly $1.2 trillion in revenue--about 12 percent of U.S. GDP.

Other noteworthy statistics:

• Twenty-nine percent of women-led firms had paid employees compared with 14 percent of women-owned firms.
• Only 16 percent of women-owned/women-led (WOWL) businesses had employees, but those firms generated 86 percent of all WOWL revenue.
• Women-led businesses were concentrated in low-revenue industries, with the highest number in retail trade.
• Three percent of women-led firms were in wholesale and another 3 percent were in manufacturing. But these generated high levels of total receipts--16 percent and 10 percent, respectively.

Women-led firms had higher receipts than women-owned companies, but women-owned firms paid employees more, on average.--Eve Gumpel

11/13/2007

Entrepreneur.com e-mail marketing columnist Gail Goodman and WomenEntrepreneur.com blogger Lauren Berger both took home top honors from the fourth annual Stevie Awards in Las Vegas last night. The Stevie Awards for Women in Business is just one of four such programs recognizing outstanding performances in the workplace. The women's program specifically honors the accomplishments of women executives, business owners and the companies they run. Constant Contact CEO Gail Goodman was named "Best Entrepreneur" and Intern Queen Inc. president Lauren Berger won the title of "Best Young Entrepreneur." Fellow WomenEntrepreneur.com blogger Rachael Herrscher was also named a finalist for the "Best Young Entrepreneur" award for her website, TodaysMama.com.

Click here for a complete list of finalists and Stevie Award winners.

11/12/2007

Entrepreneur and American Express are teaming up once again to offer a special one-day, free event for women entrepreneurs. Entrepreneur experts such as Rosalind Resnick, Catherine Seda and Kim T. Gordon will guide you through sessions geared toward launching and growing your business. In addition, you won't want to miss valuable networking opportunities and a chance to pitch our editors. You'll also be able to meet and learn from our OPEN from American Express® and Entrepreneur magazine 2007 Woman of the Year.

This year's event is on Tuesday, January 29 in Miami Beach, Florida. Seating is limited, so register now.

11/1/2007

About 37 percent of small-business owners say growth is their company's single most important priority over the next six months. That's why OPEN from American Express and SCORE are pairing up to launch a "Small Business Speed Coaching Test Drive" to help enhance small-biz prosperity. The series will give entrepreneurs the chance to partake in 30-minute, one-on-one evaluations with experienced SCORE business coaches. Interactive workshops will also be held to help participants learn more about strategic business planning, effective marketing and business finances.

This seminar tour will make stops in Orlando, Phoenix, Atlanta and Chicago. The first seminar takes place in Orlando on November 8. More workshop information can be found online. Registration, which is free, is available on a first-come, first-served basis.

10/26/2007

Are you looking to grow your business to the million-dollar level? A new survey from the Make Mine a Million $ Business program says the key turning points in climbing the million-dollar mountain come after five years in business, five employees and $250,000 in sales.

The organization surveyed more than 1,100 women on business and personal issues, examining their fears and aspirations. They asked the women to rank the five most important factors in getting them to the million-dollar mark. Surprisingly, money wasn't the top choice; instead, it was self-confidence. Money came in second, with marketing trailing behind, then mentoring, and last but not least, support. As for their greatest fears, 19 percent of the women surveyed said they fear failure, while 27 percent reported fearing losing touch with family and friends.

10/23/2007

Breast Cancer Awareness isn't all about pink ribbons. Entrepreneurs who have dealt with the disease are bringing some interesting products to market in response to their experiences.

Two entrepreneurs taking action after a fight with breast cancer are sisters Jeanette Caligiuri and Bonnie Scalfaro, owners of Faith and Hope Boutique in Abington, Pennsylvania. Their boutique specializes in breast forms, bras, loungewear, bath and body products and more.

After the sisters both had mastectomies, they found that they couldn't find bras that fit properly and that the items made for breast cancer survivors weren't very attractive, so they took matters into their own hands and just started selling attractive bras and personal care items in their new store this month. 

Banu Ozden, formerly the director of computing systems research at Bell Laboratories and a faculty member at the University of Southern California, started her business, SmartMedicalConsumer.com in response to the trouble she had with her medical bills when she was first diagnosed with breast cancer in 2001. First, she had trouble getting a straight answer from doctors or insurers about what her treatment would cost. Then she ended up being over billed by more than $4,000, and it took her months to find and right the mistakes.

In 2005, Ozden was diagnosed again--this time her breast cancer had metastasized. After finding that she could tolerate her treatment well, she decided to take the leap, leave her job--and her good health insurance plan--and start her business.

She developed an online application that would not only track patients' bills, but would also detect billing errors. SmartMedicalConsumer.com, which launched in 2005, has been available to the public since January. Ozden expects it to receive about $6 million in funding over the next two years and plans on licensing the app to corporations and insurers while still letting individuals use the service, too.

For more on women entrepreneurs with breast cancer, check out "In Business With Breast Cancer."

10/17/2007

The University of California, Davis, Graduate School of Management in partnership with the Forum for Women Entrepreneurs and Executives published its third annual annual "UC Davis Study of California Women Business Leaders".

The study details the presence of women at the very top of the 400 largest publicly held corporations in California. "Our findings paint a disappointing picture of female representation on the boards and in the executive suites of these high-profile companies," says the UC David website.

A quick rundown of the study's results:

• Women hold only 10.4 percent of the board seats and highest-paid executive officer positions.
• More than 30 percent of the companies have no women in a top executive position or on the board of directors.
• Half of the 400 companies have no woman among their executive officers.
• Forty-seven percent have no women in the boardroom.
• Only 13 of these 400 companies have a woman CEO.

Where are the women in California's top companies? Despite all the evidence that suggests women bring a great deal of value to the boardroom--including a 2007 Catalyst report that said greater gender diversity on the boards of Fortune 500 companies is correlated with higher return on equity, sales and invested capital--California's top companies have a long way to go. "It's clear that women continue to be an untapped resource," says the UC Davis site. "The same innovative thinking that drives the world's eighth largest economy is not propelling women into top leadership positions at the largest public companies in the Golden State." --Francine Kizner

10/17/2007

So you've finished one of the hardest parts of the process--receiving your WBE certification. Now what do you do with it? Chris Brown, owner of Marketing Resources & Results, knows just how difficult marketing your certification can be. So she created a helpful list to guide you through the steps she took after her company received its WBE certification. Here are five steps Brown highlights:

• Write a press release;
• Add your WBE logo to your stationary, website, brochures and trade show materials;
• Post a page on your website dedicated to WBE supplier designation;
• Network with other WBE women-owned business enterprises to find out what's working for them; and
• Print out your certificate and frame it in your place of business.

For more tips from Brown and to make a copy of her WBE supplier diversity program marketing plan, click here.

10/12/2007

Women entrepreneurs recently dished about their lives in MasterCard's "Women in Small Business" survey. The survey, conducted by Ipsos Public Affairs, polled the women about their purchasing strategies, payment methods and reward-program preferences. But it also discovered the biggest challenges women small-biz owners say they face in running their business. According to the survey, 21 percent of women reported having trouble stretching their time among multiple projects and roles, 12 percent cited healthcare costs, and 11 percent said balancing family and work was their biggest challenge.

The survey also pointed out some good news for women entrepreneurs. About 78 percent of women-owned small businesses have been in existence for more than 10 years, while 25 percent generate between $1 million and $5 million in revenue annually.

9/25/2007

A new survey sponsored by RSM McGladrey and the National Association of Women Business Owners has created a profile of today's average woman entrepreneur. After surveying 650 women across the country, the 2007 Survey of Women Business Owners found that women entrepreneurs are more educated. In fact, 40 percent of them have a post-graduate education, compared to 9 percent of the entire female labor force. Here are other key findings from the survey:

• They take more risks. Sixty percent of women surveyed would use up to 95 percent of their personal savings or put up their home as collateral for a loan to start or expand their business.
• They have been successful for a while. More than 60 percent of the businesses surveyed have been in operation six or more years, higher than the 40 percent reported through other surveys for all businesses.
• They started young. Forty percent of businesses with more than $6 million in revenue were started by women between the ages of 20 and 29.
• They can get financed. Less than 6 percent have gone to a bank and never been able to receive financing.
• They have a family life and run a business. Sixty-eight percent are married, higher than the national average of 53 percent for working women. And 67 percent of those surveyed have children.

 

9/25/2007

In May, we told you about some legislation passed by the House Small Business Committee, including one bill creating new Women's Business Centers across the country. Now, we have an update from a blog on Washingtonpost.com. Last week, lawmakers scrutinized the SBA for repeatedly failing to comply with laws aiding women-owned businesses. During the hearing, House Small Business Committee Chairwoman Nydia Velazquez (D-NY) grilled the deputy administrator, saying the agency is sending the message "we're not interested in doing business with women." Velazquez also brought up the fact that the agency still hasn't implemented legislation signed into law seven years ago to help aid women with federal procurement issues. Originally, the SBA had testified that the program would be implemented by September 30, but now it's saying it can't meet that deadline.

At one point, Senator John Kerry (D-MA) asked Anoop Prakash, the associate administrator in the SBA's Office of Entrepreneurial Development, "Do deadlines mean anything [to you]?" Under pressure from Kerry, Prakash agreed that the SBA would implement new legislation that provides permanent funding to the Women's Centers within the next 120 days.

9/17/2007

If you're a reader of Michelle Anton's Weekend Entrepreneur blog, you won't want to miss her speaking at the Head to Toe Women's Expo on Saturday, September 30 at 3:00 p.m. at the Orange County Fair and Exposition Center in Orange County, California. Anton, a former producer for Dr. Laura Schlessinger and author of Weekend Entrepreneur 101: Great Ways to Earn Extra Cash, will join more than 250 exhibitors demonstrating the latest trends in hair and fashion, in addition to cooking demos by Discovery Network's Chef Marcela. Tickets are available at the door for $8 and parking is free. For more information about the event, visit www.headtotoewomensexpo.com.

9/12/2007

For some people, it takes years, possibly even decades until their entrepreneurial dreams become reality. But for entrants of the Girls Going Places Entrepreneurship Award Program, many of their dreams have been realized before their 18th birthdays. The contest, sponsored by the Guardian Life Insurance Company of America, recognizes teenage girls exemplifying exceptional entrepreneurship. To kick off the eighth annual program, Guardian is offering three one-day conferences around the country. "These conferences give us an opportunity to educate young women on the range of entrepreneurial opportunities that are available to them," said Emily Viner, a field vice president for Guardian. Conferences are scheduled for November and December in Georgia and New Jersey, with additional conferences lined up next year in Florida, Pennsylvania and Florida.

As for the contest, the grand-prize winner will receive $10,000. Girls between the ages of 12 and 18 can enter the contest, and applications must be received by February 15, 2008.

8/21/2007

Yesterday, Sens. John Kerry (D-MA) and Olympia Snowe (R-ME), both of the Senate Committee on Small Business and Entrepreneurship, urged the Small Business Administration to comply with a law to make renewal grants available for Women's Business Centers nationwide. "Unless the administration acts quickly to get funding to these Women's Business Centers, some of them may be forced to cut key services or possibly shut down entirely," said Kerry.  

Originally, Congress planned on implementing the renewal grants program immediately to ensure centers received the necessary funding by October 1. But since that didn't happen, the centers would have to wait another year for funding. Kerry and Snowe are asking the SBA to make a compromise regarding its grant-making process so those centers can receive the grants by January 1 instead.

8/15/2007

When you were in the beginning stages of building your business, did you think about the geographical implications? After reading this article, you just might think again about where you're doing business. According to a study by Bizjournals, certain regions of the country are more conducive to women executives in business. The survey looked at variables like education, elevated salaries and entrepreneurship in determining the ranking. Topping their national list: The San Francisco-Oakland area, thanks to its mix of industries and supportive network for women. Coming in behind San Francisco is Washington, which ranked high in the survey due to the education levels of its female workforce. New York City and Los Angeles came in third and fourth, respectively. Madison, Wisconsin rounded out the top five. "These are places with exciting business climates and strong population growth," said Erin Fuller, executive director of the National Association of Women Business Owners. "I think they tend to be more creative and more open to the advancement of women."

If you want to know where Bizjournals' findings suggest women avoid doing business, take a look at the state of Utah. Ogden, Utah came in at the bottom of the standings, with the average female worker in Ogden being paid 50 percent less than the average male. The other cities ranking at the bottom of the list include Salt Lake City, Bakersfield and Stockton, California, Augusta, Georgia and Palm Bay-Melbourne, Florida.

8/8/2007

Entrepreneur.com and Womenentrepreneur.com columnist, Tamara Monosoff, also founder and CEO of Mom Inventors Inc., is currently offering three tele-seminar series topics:

• Business Basics for Entrepreneurs
• Inventing & Product Development
• Sales Education for Non-Sales People

The courses will address the most common questions Monosoff receives, including the first steps to inventing, product safety and getting onto QVC. Monosoff will be offering the classes via telephone and internet. For additional seminar information, visit Monosoff's website. If you want to give her tele-seminar a test-run, Monosoff is offering two sessions of the "First Steps to Inventing" seminar for free.

8/2/2007

Do you feel like your life is a little too much like an episode of The Office? Then Bizzflip.com has the perfect contest for you. Yesterday, the website launched its "10% Lunch Online Video Contest" inspired by its blog, The 10% Lunch. BizzFlip says its blog reflects the way many people feel about the corporate work environment. As the contest website says, "This is a call to action to stop complaining about your job and to do something about it!" To enter, you must submit a 30-to-60-second video by November 1. Videos will be judged on creativity, originality, overall appeal and the likelihood to motivate someone to tell their boss enough is enough. So here comes the good part: One grand prize winner will receive 10-percent ownership, in private stock, of BizzFlip, Inc.