Category: Entrepreneurs

Growth. It’s a word whispered through the lips of female entrepreneurs as they dream about their businesses. But even though you’ve dreamed of it since you hung out your shingle, are you really ready to handle it when it shows up on your doorstep? Research by Jane Out of the Box, an authority on women entrepreneurs, reveals five distinct types of businesswomen – and five ways they may handle growth. This article details the way two of those “Janes” may handle growth.
Accidental Jane is a successful, confident business owner who never actually set out to start a business. Instead, she may have decided to start a business due to frustration with her job or a layoff and decided to use her business and personal contacts to strike out on her own. Or, she may have started making something that served her own unmet needs and found other customers with the same need, giving birth to a business. Although Accidental Jane may sometimes struggle with prioritizing what she needs to do next in her business, she enjoys what she does and is making good money. About 18% of all women business owners fit the Accidental Jane profile.
Accidental Janes often rely on word of mouth and deep relationships to build their businesses. Massive growth opportunities may catch her off-guard because she’s not typically seeking growth, feeling content with where she is today, overall. Therefore, a significant growth spurt might feel overwhelming. It’s important to first remember that you do have choices – you don’t have to seize every opportunity that comes your way. Consider whether you really want the opportunity, or whether you’d rather you’re your business the way it is.
If you decide you desire the growth, remember that you have several factors working in your favor. First, you are a consummate professional – so your new clients/project will undoubtedly be a success. Secondly, you’re very well-connected. Reach out to your friends and associates in the business and “share the wealth.” Explore ways to partner that get the work done effectively and well, without keeping you busier than you prefer to be. Finally, because your business is generally supporting your financial needs, now may be the ideal time to hire a part-timer to help with some of the tasks you least enjoy, whether that is handling your books, cleaning your house, or doing the filing.
Whether you pursue the opportunity or not, make sure to periodically check in with yourself to make sure you’re still happy with what you’re doing. One of the most wonderful qualities of Accidental Jane is that she is content, overall, with her business and her life. So make sure massive growth is handled in a way that ensures you maintain your balanced life.
Tenacity Jane is an entrepreneur with an undeniable passion for her business, but who tends to be struggling with cash flow. As a result, she’s working long hours, and making less money than she’d like. Nevertheless, Tenacity Jane is bound and determined to make her business a success. At 31% of women in business, Tenacity Janes are the largest single Jane type.
As a Tenacity Jane, huge growth may seem like the ticket to the place you always imagined your business would go. It may be your dream come true – so to take best advantage of it, make sure you create a thorough plan and carefully examine the finances before jumping in with both feet.
Planning and budgeting go hand-in-hand when growing your business. Much of the planning for massive growth has to do with ensuring timelines are reasonable and there is sufficient profit to make the work worth it. Consider this example: You sell a product for $100 that costs you $80 to make and takes 30 minutes per order to customize. You’ve got sales of $5,000 a week (50 units X $100). You’re working on orders 25 hours a week (50 units X 30 minutes) and clearing $1,000 a week (50 units X $20 profit) – for hourly “working time” pay of $40/hour.
A retailer has just called to say they want to order in bulk. They want an additional 100 units a week, and they want you to reduce your cost to $90, which they will mark up to earn their profit. It’s thrilling to think about doubling your volume with just one customer – but can you create a financial plan that makes this work?
* You’ll need an extra 50 hours a week in product customization. You clearly can’t do that yourself, so you plan to hire 2 people at $15/hour for 20 hours per week, each. This is going to cost $600/week. And, you’ll do an extra 10 hours a week yourself. Managing the two people on your team will take an additional 5 hours of your time each
week.
* Your weekly revenue will now be $14,000 ($9,000 from the 100 new units at $90 each, plus your existing customers at $5,000/week) – massive growth!
* But your income per hour of your time actually diminishes. You “clear” only $1,400/week (your original orders of $1,000 plus only $400/week on the new customer orders after you pay your team and because the new customer wants you to reduce your rate). Remember, too, you’re working an extra 15 hours – so your hourly rate falls to $35/hour. And you’re busier than you’ve ever been.
Another planning consideration is cash flow. When will you pay your two people? When do you pay your vendor(s) who provide the materials for the product you’re making? And, importantly, when will you be paid?
Your out of pocket costs for materials to make the product will triple, because you’re now making 150 per week instead of 50 units. If you have to front those costs and if you pay your team members weekly, costs will really build up. In a four-week month, you will “front” $50,400 for your business. If your customer is going to pay you on 30-day terms, do you have the $50,400 you will need to keep the business afloat while waiting for the cash to flow in?
This exercise isn’t meant to be bleak – it should be empowering! By breaking down the plan and budget, you’re now in a position to really negotiate with this customer. All of the following are options:
* Tell the customer you can’t sell to them for $90, but you can for $95. (This would boost your hourly rate to $47.50 and clears $1,900/week.)
* Tell the customer you can only negotiate on price if he/she pre-pays monthly (ensuring you have cash flow).
* Hire a 3rd person at $15/hour to do half of your work. (This will add an additional $300/week in expense, but your hourly rate will increase to $55/hour even under the $90 pricing scenario – and you’ll have more time than you do today to find another big customer.)
As you can see, taking the time to plan and budget will ensure that your massive growth doesn’t break the bank. Knowing the parameters of profit and loss will help you make smart decisions and give you strength when you negotiate. Take the time to make sure you have a solid understanding of the system that will sustain your growth so your
business can thrive.
Whether you’re an Accidental Jane or a Tenacity Jane, growth can be a pleasant surprise and a great opportunity to make more of your business. It can be the chance you’ve been waiting for to achieve the dream you’ve been dreaming – just make sure you accept on your own terms!
About the Author:
Michele DeKinder-Smith is the founder of Jane out of the Box, an online resource dedicated to the women entrepreneur community. Discover more incredibly useful information for running a small business by taking the FREE Jane Types Assessment at Jane out of the Box. Offering networking and marketing opportunities, key resources and mentorship from successful women in business, Jane Out of the Box is online at www.janeoutofthebox.com

Chances are, people who are in business for themselves view financial freedom as a motivating factor for venturing out on their own. Money in the bank—time off for friends, family and travel—and even a luxurious lifestyle can all be part of the vision that entrepreneurs have when they set off to build a business. But according to the latest research, when it comes to women entrepreneurs, financial prosperity isn’t the only carrot: the desire for “greater work-life balance” is also a primary motivating factor.
A new study from Jane Out of the Box, an authority on women entrepreneurs, reveals that there are a significant number of women in business who’ve created significant financial success, but who may feel overwhelmed by a to-do-list that is out of control. This article provides important “Do’s” and “Don’ts” for duplicating the success of the market segment known as “Go Jane Go” in the year ahead—without taking on the stress of her hectic life.
Comprising 14% of all women entrepreneurs, Go Jane Go is passionate about her work, and has no problem marketing and selling herself, so she has plenty of clients—but she’s struggling to keep up with demand. She may be a classic overachiever, taking on volunteer opportunities as well, because she’s eager to make an impact on the world and may really struggle saying “no”. Because she wants to “say yes” to so many people, she may even be in denial about how many hours she actually works during the course of a week. As a result, she may be running herself ragged and feeling guilty about neglecting herself and possibly others who are important to her.
At the same time, her hard work is also paying off. Go Jane Go takes home more money from her business at the end of the day than any other segment of female entrepreneurs, and she’s four times more likely than the average female entrepreneur to have hit the one-million dollar mark. However, her “big paycheck” may reflect a tendency to delay hiring people to help her get the work done.
Other types of women entrepreneurs can learn a lot from Go Jane Go’s can-do attitude that will help them achieve financial success. Just remember that it is possible to have too much of a good thing. Business owners who know they’re a Go Jane Go must pay careful attention to the pointers below. Where might a business owner be able to gain a little perspective that will help her gain better balance in her life overall?
1) DO—Be an idealist
A big-picture vision of her life’s purpose is a motivating force, and it’s a big part of why Go Jane Go is so successful. Knowing what she stands for will not only help her get out of bed in the morning inspired by the possibilities, it will attract clients to her door who can see big things for themselves.
2) DON’T—Be a perfectionist
While providing a great product or service is virtue—and going the extra mile to make it happen can help to set you apart—pushing herself too hard is not a sustainable strategy in the long run. Perfectionistic habits may cause Go Jane Go to wind up working very long hours, contributing to her stress level and guilt feelings. Remember that satisfying customers, if an entrepreneur is a natural perfectionist, is often easier than meeting her own exacting standards—so learn to recognize when “good is good enough” – because Go Jane Go’s good will be better than many people’s “best”.
3) DO—Build a team
Go Jane Go knows how to attract other people who are equally good at what they do and can be an effective catalyst that inspires her team members to go the extra mile. She’s great at recognizing and appreciating others and gladly and generously shares all kudos with members of her team.
4) DON’T—Ignore Poor Performance
Although she inspires others to want to go that extra mile, Go Jane Go may be better at seeing someone’s potential than their actual performance. As a result, when a team member is not performing, she may tend to make excuses for that person. Rather than initiate what she may perceive as a confrontation, Go Jane Go may burn extra energy following up with the poor performer, attempting to understand the reasons behind the performance issue instead of addressing the problem directly. Or, she may start gradually removing work from the person, doing more and more herself as her trust in them diminishes. If an entrepreneur has had problems giving critical feedback in the past, she should commit to herself that she will no longer let such things fester.
5) DO—Deliver great customer service
Go Jane Go tends to be all about relationships, and this is a key factor in her success. She knows that integrity and communication are the twin pillars of lasting business relationships, and she knows how to be responsive to her clients’ needs, desires and timeframes. As a consequence, her customers love her, and recommend her to everyone they know.
6) DON’T—Forget to set aside “self-time,” which is important as “business time”
Go Jane Go can keep herself so busy meeting others’ needs that she seldom has time to take care of herself. She is often last on her own to do list. This may manifest itself in taking client calls after hours or on weekends, giving more hours to volunteer activities than she originally agreed, or investing lots of time in counseling and supporting other people. While being responsive is important, returning phone calls after hours or spending weekends putting out fires are habits that quickly become counterproductive in terms of creating or maintaining the life balance many business owners seek. Most problems are not dire emergencies and will wait. People respect those who have good and reasonable boundaries. Also, while volunteering for a great cause can be a deep source of personal satisfaction, over-committing is another classic habit of the overwhelmed and over-stressed. Go Jane Go should carefully consider before investing more time, and make sure she is investing sufficient time in herself to feel rested and ready to go.
Go Jane Go proves that being loving in business, having high personal standards, and the confidence and passion to help others succeed are a winning recipe for financial success as an entrepreneur. For business owners who see this as their style, the key is to care for themselves as compassionately as they care for others. Over the long haul, this is necessary to ensure they can be their strongest, happiest selves … and therefore do even greater work in the world.
About the Author:
Michele DeKinder-Smith is the founder of Jane out of the Box, an online resource dedicated to the women entrepreneur community. Discover more incredibly useful information for running a small business by joining Jane out of the Box. Offering networking and marketing opportunities, key resources and mentorship from successful women in business, Jane out of the Box is now available as a FREE membership. Claim yours today at www.janeoutofthebox.com

Determining whether a particular skill you possess is natural or acquired is an important step to doing more of what you do best. Because many of of our natural skills bring a greater feeling of joy, these skills are worth discovering and developing.
A “skill” is a behavior or ability you’ve developed through training or experience. And, while all personal skills are behaviors, not all behaviors are skills. For example, telling a joke is a skill; laughing at a joke is a behavior.
Some of your skills are natural, meaning that were born with the potential to develop them easily. By the way, you usually have a strong affinity for those skills which are natural to you. Some of your skills are acquired, meaning you had to put more effort into developing them than you did your natural skills.
You may be able to perform both with equal ease, but the skills that are acquired will cost you more in terms of psychological, emotional and physical effort. The skills that are natural to you tend to bring with them fulfillment and joy, leading to a greater feeling of life success.
Take 10 minutes to reflect on the behaviors you perform every day.
o Which of these behaviors are skills?
o Which of these behaviors do you find easy, look forward to doing, or gain great satisfaction when you do them?
o Which do you find more challenging?
o Which do you find yourself putting off or postponing?
These are important keys to discovering your natural skills. Discovering and nurturing a new talent is an opportunity to find what you need to be successful in life and enjoy life more fully. When we are doing what we love, we are often performing at our best. This leads to a kind of fulfillment that allows us to live life passionately and happily.
To learn more about discovering your natural skills please visit www.vrft.com.
About the Author:
Gary Jordan, Ph.D., has over 27 years of experience in clinical psychology, behavioral assessment, individual development, and coaching. He earned his doctorate in Clinical Psychology from the California School of Professional Psychology – Berkeley. He’s the co-founder of Vega Behavioral Consulting, Ltd., a consulting firm that specializes in helping people discover their true skills and talents. www.vrft.com.

Over the past 20 years, the number of businesses owned by women has grown by more than 42%. In fact, in 2008, women-owned firms accounted for more than 1.9 trillion dollars in sales.
But while more and more women are eager to become small business owners, they’re also still facing more challenges than men. Businesses owned by women are nearly 50% less likely to reach the million dollar mark—and often produce less return on investment for hours worked.
A new study by Michele DeKinder-Smith, market research professional and founder of the website www.janeoutofthebox.com, has recently released a study that reveals five different types of female entrepreneurs. Each personality type has a different approach to business, along with different strengths and challenges.
Success can be defined in many ways and it’s clear that each of the five types have their own definition of success. Taken overall, if we consider business revenue and personal satisfaction with work/life balance, one might say that the type that is most conventionally successful is the type known as “Jane Dough”.
Why should we pay attention to Jane Dough? Comprising 18% of all female entrepreneurs, she’s five times as likely to hit the million dollar mark as the average female entrepreneur. She’s also one of the groups most satisfied with her work/life balance. So, if growing a large business while working reasonable hours is important to a business owner, she can learn from Jane Dough’s characteristics, behaviors and decisions.
Here are some of the traits that tend to make Jane Dough so successful.
1) Focus on growth
Running a business is filled with a ton of minor details, every day of every year. But Jane Dough has learned how to personally stay focused on the big picture: growing her business. This means getting past the details, the billable hours and the overdue invoices—and paying attention to the process of getting (and handling!) more business, in less time.
2) Building teams and systems
Jane Dough knows there’s only so much a woman can do by herself. Because business growth is an important goal, she’s learned how to build a team and delegate responsibility. This means using systems that create leverage and prevent her from falling victim to the ‘dollars for hours’ trap.
3) Prioritization
Along with a focus on growth and systems, Jane Dough tends to prioritize those activities that will make her the most amount of money with the least amount of personal time expended.
4) Looking ahead
How does Jane Dough stay so focused on exactly what she needs to do to grow a successful business? Well, many of these women started their companies with a big vision and/or they are intentionally building a business they can later sell or pass on to their children. These big, longer-term priorities help her stay consistently focused on the big picture.
5) Putting in the hours—but leaving work at work
Jane Dough is the type of entrepreneur who’s willing to put in the hours it takes to make her business successful. However, unlike some other types of female entrepreneurs, for whom business can be intensely personal, Jane Dough understands that work is work and that tomorrow is another day. Because she’s supported herself with systems that give her the flexibility to problem-solve when she needs to, she feels confident that she can and will be able to manage things during the hours she has designated for work. Yes, she might check her email in the evening after she’s home, but she’s not going to consistently find herself spending her personal time as a slave to demanding customers. Her ability to mentally keep work and personal life reasonably separated and her perspective and confidence that she can solve any problems tomorrow contributes to her higher-than-average work/life balance.
6) Confidence in marketing and selling
While many women in business express concerns about their ability to successfully market their business for profitability, Jane Dough is highly confident in selling both herself and her business. This confidence (which can be learned!) is a major factor in her financial success.
7) Perspective
When the going gets tough, Jane Dough stays focused, and doesn’t let doubt creep in. She tends to view challenges and setbacks objectively rather than personally, and keeps focused on her big picture goals. Jane Dough loves her business and she keeps it in perspective, as well.
Interested in learning more about the five Jane types and which Jane you are? Check out www.janeoutofthebox.com.
About the Author:
Michele DeKinder-Smith is the founder of Jane out of the Box, an online resource dedicated to the women entrepreneur community. Discover more incredibly useful information for running a small business by taking the FREE Jane Types Assessment at Jane out of the Box. Offering networking and marketing opportunities, key resources and mentorship from successful women in business, Jane Out of the Box is online at www.janeoutofthebox.com.