Women are the fastest growing demographic within the realm of entrepreneurship. Blink your eyes and somewhere there is a woman opening a letter stating her business has been licensed by her state. A quick online search will reveal the dramatic increase of interest in women-owned businesses. However, there is one bit of information that is harder to find…the number of women-owned businesses that fail. But why do they fail? Many times it’s the “business” of their business which initiates the beginning of the end, namely that there is a lack of love for the day-to-day maintenance and nurturing required to sustain a healthy business.
Loving the business of business is not an easy task. Yet, there are several reasons why learning to love the business of your business is important:
- You are the primary reason. You have immediate needs which need to be met – like a mortgage and healthcare insurance – but you also have future needs, such as retirement or tuition for your children.
- Generational wealth is something many women overlook but need to consider. You want to leave your children with opportunity and legacy, which they can also pass on to their children or your grandchildren. The business of business offers invaluable financial lessons to pass on generation to generation.
- The people who work for you as employees or contractors are incredibly important. Your profits enable them to take care of themselves and their families.
- Paying close attention to your business enhances your self-worth and makes it difficult for others to exploit you or take advantage of you financially.
- A sustainable business gives you the power to be creative in the way you conduct business to earn a profit.
- Loving the business of your business enables you to contribute to the economic development of women and your community.
- Your sense of well-being and security are enhanced when you know your business is healthy and secure.
There are baby steps and big steps involved in the nurturing of a business. Resources abound to assist you in the journey of becoming a more loving business owner. Utilize local university law and business schools for services and consultation, which many times can be free or only charge a small fee. Organizations like SCORE provide counsel from experienced mentors. Also, your city probably has reputable business incubators for women and small businesses.
This feature was submitted by Monica D. Green
Monica D. Green is a Cleveland, Ohio based hair and beauty entrepreneur and consultant committed to developing future entrepreneurs. Her salon So Curly, So Kinky, So Straight was recently featured in Essence magazine as one of the 30 hottest in the nation. Green’s business endeavors include natural hair expos and the first healthy hair beauty and barber school in the state of Ohio. She is a frequent speaker to women’s and business groups.
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