Every business owner has probably sat back in her chair, eyes closed, imagining what life would be like if she was living her ideal entrepreneurial type. Whether she was a Merry Jane imagining a full-scale business that still allowed her time freedom, or a Tenacity Jane imagining smartly directing a team of people to implement her vision, one thing remains important: before changing her type, every female business owner must consider her own priorities to ensure that she truly becomes her “ideal.”
A recent study from Jane Out of the Box, an authority on female entrepreneurs, reveals there are five distinct types of women in business. Based on professional market research of more than 2,500 women in business, this study shows that each type of business owner has a unique approach to running a business and therefore each one has a unique combination of needs. This article outlines two of the five types and provides ideas they may consider before changing their entrepreneurial type.
Merry Jane is a woman business owner who is building a part-time or “flexible time” business that gives her a creative outlet that she can manage within specific constraints around her schedule (whether she’s an ad agency consultant or she makes beautiful artwork). She may have a day-job, or need to be fully present for family or other pursuits. Representing about 19% of women in business, she realizes she could make more money by working longer hours, but she’s happy with the tradeoff she has made because her business gives her tremendous freedom to work how and when she wants, around her other commitments.
Because time freedom and creative stretch are so important to Merry Jane, she must make thorough examinations of other potential entrepreneurial types before making a change. Most Merry Jane business owners reported high levels of satisfaction with their companies, although most also said they would like to attract new clients and increase their income.
Considerations for Merry Jane:
* Time freedom versus growth: It is possible for Merry Jane to start work with more clients and make more money while maintaining her time freedom – it just may require some juggling. For example, Merry Jane could continue working a desirable number of hours performing the creative tasks she loves, but hire someone to help her with business-related tasks, such as taking information for proposals, sending invoices, and answering e-mails. Once she starts hiring team members, she may shift into the Jane Dough group. If she doesn’t hire team members but still wants to grow her business, she may find herself working longer hours than she wants to, possibly feeling overcommitted – a Go Jane Go.
* Creativity versus growth: Because Merry Jane business owners often started their companies as creative outlets, they may be disappointed if business growth affects their ability to flex their creative muscles. Again, hiring someone to handle non-creative tasks could lessen the impact, but any growth will require additional time from Merry Jane. Whether she tries to do it all, like Go Jane Go, or learns to delegate, like Jane Dough, is completely up to her.
* Timing: Merry Jane business owners often have myriad responsibilities in addition to running their businesses. They may take care of their children or aging parents, or they may have full-time jobs in addition to running their companies. Therefore, Merry Jane must consider the timing of any entrepreneurial type change. For example, if becoming a Go Jane Go or a Jane Dough means spending more time working on her business, maybe the transition can wait until her young children enter school, or until the business can support her not having another full-time job.
Jane Dough is an entrepreneur who enjoys running her business and generally, she makes a nice living. She is comfortable and determined in buying and selling, which may be why she’s five times more likely than the average female business owner to hit the million dollar mark. Jane Dough is clear in her priorities and may be intentionally and actively growing an asset-based or legacy business. It is estimated that 18% of women entrepreneurs fall in the category of Jane Dough.
Because most Jane Dough business owners report a high level of satisfaction with their businesses and with business ownership, it is unlikely that they would want to change to another entrepreneurial type. Jane Dough often already is living her ideal type. She brings home a high personal income, enjoys the strategizing on which she spends her time, and manages to fit in time for rest and relaxation. However, Jane Dough business owners can still benefit from the strengths of some of the other types.
Considerations for Jane Dough:
* Communicate like Go Jane Go: Go Jane Go takes business personally, and values her relationships with her clients as well as with her employees. On the other hand, Jane Dough believes business is business – and therefore, in her fast-moving style, she can sometimes communicate abruptly with team members who were inspired by her passion. Even if Jane Dough does not want to change her type, she may consider improving her communication skills so her team members feel valued and appreciated.
* Create like Merry Jane: Jane Dough absolutely loves planning and strategizing for the growth of her business. However, sometimes she is so visionary that she may not be as aware as she should be of what is happening on the front lines of her business. Jane Dough, her team members, and her business may benefit from her periodic “days in the field,” when she could stay abreast of the company’s daily workings, through time spent with the people and processes.
* Be a role model like Accidental Jane: Accidental Jane business owners define success, in part, by their ability to live life on their own terms – and to encourage others to do the same. Jane Dough, a successful businesswoman by anyone’s standards, could adopt a similar mindset and create a mentoring program in her business. Not only could she be a role model to a would-be entrepreneur, but she’d be giving back, like Go Jane Go.
* Stay passionate like Tenacity Jane: Jane Dough is undoubtedly passionate – she could not have attained her level of success without that passion. Sometimes, in the day-to-day operations of any business, though, things become routine, and the passion that drove entrepreneurs to succeed fades. Tenacity Jane business owners show courage, passion and determination every day – and all business owners should strive to do the same, no matter what their level of success.
From deciding whether it is time to make a change, or deciding that she’s already living her ideal type, every business owner must periodically consider where she is, and how that compares with where she wants to be. When the two align, she’s living her ideal type – and that is pure enjoyment.
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.