Jennifer Openshaw says: Don't be afraid to start your own business
Filed under: Entrepreneurship, Career, Wealth
Starting your own business may seem like a scary idea in today's economy. But for women who do their homework, it can be done.
You just need to take a few simple steps -- for one, start with the WeSeed philosophy of going for what you know. If you take the right steps, who's the boss? You are!
Here's my advice, which I'll be offering to WalletPop readers on a regular basis, so tune in...
Yes, starting a business isn't easy. And it's even tougher in this economy. But it's one of the most satisfying things you'll ever do.
Here's the deal: I talk to a lot of women and I hear the same things. "It's too scary." "I'm not sure where to start." "I don't know too many women who do this."
That last one is tough: The numbers say that over 30% of all privately held businesses are owned by women, but they receive less than 5% of the total venture capital available, according to the Senate Small Business Committee.
Doesn't sound fair, does it? And it proves that the dough is steeped in the old boys' club -- no wonder there are more businesses owned by men. But if you have a dream, you're not going to stay home and cook dinner, and you're not going to accept a cap on your capital stream.
Here's what I want you to do:
• Start with what you know. Do what I've done look to your everyday life for problems needing a solution. They're right in front of you. It's how we teach people about investing at WeSeed and it's the same approach you'll want to use in starting a business. Why? Because you want to tap into that powerful knowledge you already have.
• Pen your plan. When you meet with venture capitalists, they're going to ask for a business plan. This is the one document you want to start its stuff. It doesn't have to be a zillion pages but it needs to be concise – map out what, where, how, when, and why. Detail how the company is going to succeed and then get it out there. National Association of Women Business Owners has a list of resources, including business plan samples and media outlets, that can help you.
• Form a corporate board. Look, credibility is everything. You want to you're your company look like a star, even if it's not one... yet. Find leaders in your industry, community association committee members, and media types to back your cause.
• Find out who's who in VC. Venture capital funds often specialize, so don't go after the semi-conductors capitalists if your biz is all about fashion. And don't forget - there are venture capitalists like Women's Growth Capital Fund (WGCF), VCFodder, and Fund Isabella that only invest in female entrepreneurs.
could be you!
• Put your purse down. If a venture capitalist doesn't throw a few dollars your way, there are plenty of federal and state grants that are earmarked for women's initiatives. And I know a lot of women who've gotten them. Federal law mandates a 5% procurement goal for women-owned businesses. In 2006, the Feds doled out $11.6 billion in women's grants, according to the Federal Procurement Report. Grants.gov has an easy search, too.
Just because we're starting low with the venture capital dollars doesn't mean it has to stay that way. Now go out and bring home the bacon for your business.
I'm Jennifer Openshaw with WeSeed, helping you start with what you know.
For more small business advice and articles, check out AOL Small Business.
You just need to take a few simple steps -- for one, start with the WeSeed philosophy of going for what you know. If you take the right steps, who's the boss? You are!
Here's my advice, which I'll be offering to WalletPop readers on a regular basis, so tune in...
Yes, starting a business isn't easy. And it's even tougher in this economy. But it's one of the most satisfying things you'll ever do.
Here's the deal: I talk to a lot of women and I hear the same things. "It's too scary." "I'm not sure where to start." "I don't know too many women who do this."
That last one is tough: The numbers say that over 30% of all privately held businesses are owned by women, but they receive less than 5% of the total venture capital available, according to the Senate Small Business Committee.
Doesn't sound fair, does it? And it proves that the dough is steeped in the old boys' club -- no wonder there are more businesses owned by men. But if you have a dream, you're not going to stay home and cook dinner, and you're not going to accept a cap on your capital stream.
Here's what I want you to do:
• Start with what you know. Do what I've done look to your everyday life for problems needing a solution. They're right in front of you. It's how we teach people about investing at WeSeed and it's the same approach you'll want to use in starting a business. Why? Because you want to tap into that powerful knowledge you already have.
• Pen your plan. When you meet with venture capitalists, they're going to ask for a business plan. This is the one document you want to start its stuff. It doesn't have to be a zillion pages but it needs to be concise – map out what, where, how, when, and why. Detail how the company is going to succeed and then get it out there. National Association of Women Business Owners has a list of resources, including business plan samples and media outlets, that can help you.
• Form a corporate board. Look, credibility is everything. You want to you're your company look like a star, even if it's not one... yet. Find leaders in your industry, community association committee members, and media types to back your cause.
• Find out who's who in VC. Venture capital funds often specialize, so don't go after the semi-conductors capitalists if your biz is all about fashion. And don't forget - there are venture capitalists like Women's Growth Capital Fund (WGCF), VCFodder, and Fund Isabella that only invest in female entrepreneurs.
could be you!
• Put your purse down. If a venture capitalist doesn't throw a few dollars your way, there are plenty of federal and state grants that are earmarked for women's initiatives. And I know a lot of women who've gotten them. Federal law mandates a 5% procurement goal for women-owned businesses. In 2006, the Feds doled out $11.6 billion in women's grants, according to the Federal Procurement Report. Grants.gov has an easy search, too.
Just because we're starting low with the venture capital dollars doesn't mean it has to stay that way. Now go out and bring home the bacon for your business.
I'm Jennifer Openshaw with WeSeed, helping you start with what you know.
For more small business advice and articles, check out AOL Small Business.
Reader Comments (Page 1 of 1)
2-19-2009 @ 10:48AM
TomSachdeva said...
History proves that most millionaires start their business in times of depression, Start looking for the thousands of opportunities each day brings ,start looking the glass as half full ,not half empty .There has never been a better time to start your own business.
http://www.thetorontorealestate.com
Reply
2-27-2009 @ 7:18AM
Barb said...
Last year I started a home based business.I love it! It has change my life, I don't have to pay daycare for children,I can put my kids on the bus, and take them off. Wow what a concept!
I work this business around my family. I was able to start it for $100.00, and after filing my taxes found out that my business made money last year. RECESSION PROOF!
Reply
2-26-2009 @ 5:19PM
David said...
I've been doing my home base business for 2 years now. When you first start out you are NOT going to make million dollars over night. But if you just put half the time that you spend building your bosses company. And give yourself a 3 to 5 year plan to build your own. The sky is th limit. I was scared to do something different because I was with my company for 10 years and I couldnt see myself there for 10 more years. So I started my own home business and worked both until I let them go. You get out what you put in. Now when I give 110% I am doing it for myself and my family. I wont fire my self!!! I enjoy the time that I have home now with my family. Go to my website and view my company presentation. www.WattsBusinessOverview.com If it's not for, please DON"T join my business. If love to travel and see the opportunity please go for IT!!! To view my company go to www.WattsParadiseVacations.com Send me a e-mail and lets talk. David of Watts Paradise Vacations, LLC
Reply
3-02-2009 @ 8:04AM
Dave said...
I've been doing my home base business for 2 years now. When you first start out you are NOT going to make million dollars over night. But if you just put half the time that you spend building your bosses company. And give yourself a 3 to 5 year plan to build your own. The sky is th limit. I was scared to do something different because I was with my company for 10 years and I couldnt see myself there for 10 more years. So I started my own home business and worked both until I let them go. You get out what you put in. Now when I give 110% I am doing it for myself and my family. I wont fire my self!!! I enjoy the time that I have home now with my family. Go to my website and view my company presentation. www.WattsBusinessOverview.com If it's not for, please DON"T join my business. If love to travel and see the opportunity please go for IT!!! To view my company go to www.WattsParadiseVacations.com Send me a e-mail and lets talk. David of Watts Paradise Vacations, LLC
www.WattsAisle19.com
Reply
3-08-2009 @ 2:39PM
Chuck said...
Amid all of this economic turmoil, I attended a Jan Pro seminar in July of last year, did my homework, and signed on in September. It is hard work, but receipts grew to over $70,000 in just 6 months. They have a Veterans program and an excellent credit program. Guess one can't believe everything they hear about how lousy the economy really is.
Reply
3-12-2009 @ 10:44AM
Kastner said...
Lotions, potions, juices, vacations, candles, herbs, legal plans and this and that. Who can afford these luxury items with the economy the way it is? People are tightening their belts and getting rid of anything that they don't need. And on top of that, these companies are charging up to $500 in start up costs!
Start your own business today offering the most sought out commodity in America, Healthcare! Everyone needs healthcare! Earn up to $160 per person in up-front commissions while earning up to $60 per month in ongoing monthly residuals on every person you sign up.
This isn't one of those discount plans and it's accepted at EVERY doctor, hospital and dentist nationwide! This medical and dental program is only $85 per family, per month! No License Needed!
All these opportunities cost money to sign up, not us. We'll also give you 2 paid vacations per year, medical and dental benefits, 401k, car allowances of up to $1000 per month, and 8 other ways to earn an income. Keep in mind, it cost's NOTHING to get your business started today!
What's it going to be? Pay one of these mlm's to sign up and offer a product that families can't afford because of the economy or sign up today (no cost) and offer a product that everyone (including yourself) is looking for, medical and dental benefits.
Learn more about this 26 year old, debt free, recession proof, non profit business. Please feel free to give me a call 303-674-6406 / 800-800-2716 or visit my web site @ www.iabmemberships.com
Reply
4-01-2009 @ 7:53PM
Giftlady said...
Great advice. Get started today and get help with a virtual administrative assistant to help you along the way with research, typing, phoning, writing and all office services. For further info see me at: http://virtualadministrativeassistant.blogspot.com/
Reply
4-28-2009 @ 2:18PM
Jon said...
I am 70 years old, so what am I doing starting a new business?
I had a sharpening business but didn't like the equipment or the way I was doing my business. So I changed the machine to a development of my own and offered the opportunity to some of my friends. They were also retired. They loved it, and they were able to supplement their social security.
So I put the system into a franchise that the Boomers could get into at a reasonable cost. Or those that wanted to "Fire their Boss" could do it and have more time to build up their own business rather than work for the betterment of their boss.
I am having too much fun to quit working.
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