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The Entrepreneur’s Source: Presents 10 Tips from Women in Business


The Entrepreneur’s Source® Presents 10 Entrepreneurship Tips from Successful Women in Business

Over the past 30 years that The Entrepreneur’s Source® has been in business, women have come a long way as entrepreneurs and are becoming a force to be reckoned with in the business world. As of 2015, it is estimated that there are just over 9.4 million women-owned businesses in the United States, generating nearly $1.5 trillion in revenues and employing over 7.9million people, according to the State Of Women–Owned Businesses In 2015 Report Commissioned by American Express.

Between 1997 and 2015, when the number of businesses in the United States increased by 51%, the number of women-owned firms increased by 74% – a rate of  1-­ 1/2 times the national average.

Source:  American Express OPEN/Womenable.

These women possess many traits that make them great business owners, such as a willingness to take initiative and deploy effective communication. Similarly, several studies have even found that women in leadership positions tend to deliver a higher return on sale, invested capital and equity when at the head of a business. All in all, women in business are thriving, and this is something to be celebrated.

The growth in the number of women-­‐owned firms over the past 18 years exceeds the growth rates of all but the largest, publicly-­traded firms – topping growth rates among all other privately-held businesses over this period.

Another bright spot of privately-held women owned firms is they have added an estimated 340,000 jobs since 2007. While men-owned and equally-owned firms, employment has declined over the past eight years.

Source: American Express’ OPEN/Womenable.

As October marked the U.S. Small Business Administration (SBA)’s 27th annual National Women in Business Month, The Entrepreneur’s Source® deemed it appropriate to highlight words of wisdom from ten successful women in business to hopefully inspire prospective women entrepreneurs into action. Business Ownership Advice and Wisdom from Women Entrepreneurs:  

On Hiring

  • “You have to be willing to do as much as possible by yourself up until you simply have no choice but to hire someone; and even then, you will have to stay intimately involved in the day-to-day operations, because even the best employee will never be as vigilant as you will. Hire prudently, go slow and don’t go overboard.” – Lori Greiner, Shark Tank investor and entrepreneur
  • “Have people around you that believe in you.” – Tracy Anderson, fitness entrepreneur
  • “Hire based on culture and core values fit — the intangibles not shown on their resume — then be very clear about your expectations and leadership weaknesses up front.” Kelsey Ramsden, founder of Sparkplay

On the Business Grind

  • “You kind of have to be irrationally optimistic or naively positive to keep on the hustle.” – Whitney Komor, founder of The Best Day
  • “Balance is a long-term game…It’s easy to get distracted by the details; you need to prioritize.” – Katia Beauchamp, Co-Founder of Birchbox
  • “Ignore everyone who says you’re crazy and it will never work. Adopt the stance, “oh yeah, just watch me.” –Debra Gould, President of Six Elements Inc

On Finding the Right Fit

  • “I often use the example that I love donuts, but I do not think it is a good idea to eat them for breakfast, lunch and dinner; however, if a donut business were to be a feasible business model for me, I would need to put my emotion to the side and look at the return on investment. It is important to do the same with any kind of business model. Thinking that people need to enjoy or love a product to capitalize on it is a limiting belief.” – Tamara Loring, Brand Lead at The Entrepreneur’s Source®
  • “Research, research, research… You want to look at all the different options and don’t limit yourself because you think, oh that’s something for men to do, or that’s something that only married people do together.” – Barbara Moran-Goodrich, President and CEO of Moran Family Brands

On Being a Woman in Business

  • “I don’t put any energy into wondering if I have different challenges than any other leader or business owner because I am female. I think at the end of the day, if you are good at what you do, that’s all that matters.” – Andi Atteberry, founder ofBlingsting, writes
  • “Women have an innate ability to empower others—their staff, their employees, their co-workers and in many cases, their customers.” – Judy Stoleson, The Entrepreneur’s Source® coach and Co-Founder of Women Empowered by Business (WEBB)

Take the First Step: If this article inspired you to take the leap into franchise business ownership, then contact a career coach at The Entrepreneur’s Source® today. Consulting with an E-Source Coach is a great resource to help you define your I.L.W.E. Goals and begin to explore business opportunities, helping you to become a successful woman in business.

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The Entrepreneur’s Source Reviews the Question: Why Do So Many People Fear Self-Employment?

Why Do So Many People Fear Self-Employment? The Entrepreneur’s Source Reviews this Question

If the road to self-sufficiency was challenge free, we all would take it. Unfortunately, there are some obstacles to overcome in one’s journey to self-sufficiency, and the most difficult hurdle for an individual to overcome tends to be the fears they instill in themselves.

According to the Bureau of Labor Statistics (BLS), one in nine people is self-employed, yet fear of self-employment is one of the larger fears that individuals face when looking to achieve self-sufficiency. Many people are afraid of losing what they are familiar with by jumping into the unknown. These people may know what they need to do, but simply don’t take action because the risk involved with the career transition may seem too great. Today, The Entrepreneur’s Source reviews some of the fears associated with self-employment and what the reality of self-employment may look like for you.

So, Why Do Millions of Americans Fear Self-Employment? Many people fear being the sole decision maker in their career. Nobody wants to be the person who made the wrong call about their business, and when it comes to self-employment there simply is nobody else to blame but yourself. But think about it this way: Wouldn’t you rather be making the decisions in your own life and career rather than having someone make them for you? Fear of making the wrong choice shouldn’t paralyze you from unhappily staying in your old job. In fact, none of us have the ability to always make the right choice; that is called being human.  Having someone else make all of your career decisions for you is a complete loss of power in your career.

Other individuals fear that they’ll fail at being self-employed. Many people falsely associate being self-employed or being a business owner with a higher risk in terms of failure, but in reality it depends on how you define failure. Shouldn’t being unhappy in your career or not meeting or exceeding your Income, Lifestyle, Wealth and Equity (I.L.W.E.) Goals be considered a failure?

Many individuals fear being self-employed because they cannot escape the sense of insecurity that arises from the lack of a perceived corporate safety net, when in reality this corporate safety net may not even exist. Taking the leap toward self-sufficiency leaves you in charge of your career path. It is about getting your head wrapped around the idea that you are no longer going to be compensated for time and effort, but purely on results, regardless of how much time and effort you put in. For some this idea is liberating and admittedly for some it can be unnerving.

The Reality of Self-Employment and Business Ownership Yes, on average individuals who are self-employed tend to work slightly more hours and, on average, are paid slightly less than those who work for someone else, according to Pew Research Center. But just how big is this discrepancy? On average, self-employed people work 42.7 hours per week, compared with 41.7 hours for other employees and make on average $26 dollars per year less than an employee who works for someone else. Although these individuals are putting in slightly more hours for slightly less pay, the overall difference isn’t overwhelmingly significant. In fact, according to Pew Research Center, individuals who are self-employed actually tend to have a higher level of job satisfaction than those who work for others.

So why are people who are self-employed happier if they’re working slightly harder for slightly less? In short, people tend to value autonomy, flexibility and opportunity. When you put those ideals into practice, you’re a much happier professional. If you had the chance to enjoy the freedom, flexibility and work environment that comes with being self-employed, wouldn’t you work harder for that lifestyle?

As humans, we don’t like to leave our comfort zones, but what if there was a way to explore and learn what it takes to become self-sufficient? What if you focused on what you have to gain as opposed to what you have to lose? What if you found out that there was a career option that can lead to a more fulfilling life?

This is where working with an alternative career coach can be of benefit to those questioning their career paths. A coach at The Entrepreneur’s Source can help talk you through the advantages and disadvantages of self-employment and help you discover if it may be the right career choice for you to achieve self-sufficiency. For more information about becoming self-sufficient, contact an alternative career coach at The Entrepreneur’s Source today.

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Franchise Source Brands International (FSBI) Names Art Coley as CEO and President

Franchise Source Brands International (FSBI) Names Art Coley as CEO and President

Franchise Source Brands International™ (FSBI)—a multi-brand business coaching franchisor, which includes the industry-leading, 30-year-old brand The Entrepreneur’s  Source®—has appointed Art Coley, Jr as CEO and president. Coley’s strong entrepreneurial background and proven success in brand growth with AlphaGraphics and ICED, among others, will allow the company’s founder Terry Powell to step back from day-to-day operations and resume the role as FSBI chairman and continue to provide visionary support and direction.

As CEO and president, Coley will use his 20-plus years of franchising experience to oversee FSBI’s family of brands, which in addition to The Entrepreneur’s Source consists of three other operating companies—AdviCoach®, ZorSource® and Expense Reduction Coaching®—as well as a sister franchise, Decor&You®. In the fall of 2014, Coley agreed to be a member of The Entrepreneur’s Source advisory board, working closely with executive leadership to empower its brands and elevate the company to the next level.

“Through my advisory board role, Terry was very transparent with all areas of the company, including financials, human resources, franchise development, franchisee support, vendor relations, marketing, etc., and allowed me to have work sessions with each of the departments, each member of the leadership team and franchisees,” Coley said. “In my experience with successful founder-operated companies in the past, I’ve found that rarely will the founder have the conversation that truly needs to be had – letting go of the reins and allowing someone else to drive their vision. I have been very impressed with Terry and am convinced that he is ready and willing to do what is required for me to step in and properly assess and recalibrate the company. This will mean some change and that’s not always easy.”

FSBI has had tremendous success and its business coaching brands dominate the $1.5 billion market with a commanding 33 percent of the business coaching and consulting franchise market in North America. The Entrepreneur’s Source is the largest and most well-established franchisor/franchisee coaching organization that exists today, having worked with more than 640 franchisor partners and bringing hundreds of thousands of candidates to franchisors over the past three decades. The brand helps individuals explore business ownership and find the right franchise opportunity, as well as aids franchisors in achieving growth goals.

In order to meet the opportunities and challenges of the next 5-10 years, FSBI is going to assess all areas of the business and make required changes to remain relevant and strong. Coley’s franchising, sales and small business experience makes him the perfect fit for leading the development of FSBI’s brands as it enters its next growth phase. He first met Powell 20 years ago through mutual friend and mentor Bud Hadfield, International Franchise Association’s Hall of Fame inductee, founder of Kwik Kopy Printing and ICED.

“Art and I have worked together on a number of brands and developed a friendship over the years, so I know he is the right leader to take over the driver’s seat of FSBI, help get things in order and lead our growth,” Powell said, adding that his skillsets and experience brings great value to the company.

“I’ve spent my entrepreneurial career building and growing these businesses, and bringing Art in as CEO and president ensures all the brands to be successful long into the future, for decades to come.”

Coley is assuming the leadership role in large part due to his prior relationship with Powell and understands the delicate transition that businesses typically experience when a founder-entrepreneur steps out of the day-to-day of the business to let someone else drive their vision.

“Terry has been highly influential in my professional development over the past 20 years, and is a significant industry contributor with outstanding success growing multiple franchise brands,” Coley said. “I’ve enjoyed the opportunity to learn his brands from the inside out and look forward to integrating strategies that will boost operations to drive growth and profits for both franchisees and franchisor.”

Coley joined AlphaGraphics in 2007 as the head of global development and was promoted to president and CEO in January 2012. Throughout his tenure with the company, he helped secure more than 300 franchise agreements. Previously, he held various leadership positions with ICED – an alliance of franchised printing and copying centers – including director of public relations, president of one of its brands and executive vice-president of franchise development.

 

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The Entrepreneur’s Source Terry Powell Featured in Franchising USA

The Entrepreneur's Source Terry PowellThe Entrepreneur's Source Terry Powell

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The Entrepreneur’s Source Keith Orr in The News Journal

The Entrepreneur's SourceThe Entrepreneur's Source

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