Women's Business Blog

Women Entrepreneurs: What Really Matters?

Posted by Vicki Donlan on Mon, Sep 8, 2014 @ 17:09 PM

Launching a business is a dream of women entrepreneurs and men entrepreneurs around the world. The goals range from wanting to control one's own destiny to becoming independent from the day to day of working for the "man". Owning one's own business is not for the impulsive, manic businesswoman who's only "MO" (modus operandi) is to operate a business on her own terms. Why? Because, unfortunately, no matter how much business ownership is in your control it will always require the owner to work within the guidelines of others. Let me explain.

TEAM

Every business requires the assembling of a team. Yes, even those businesses that set out to establish a sole proprietorship. The Small Business Administration defines a sole proprietorship as "an unincorporated business owned and run by one individual with no distinction between the business and the owner. The owner is entitled to all profits and is responsible for all business’s debts, losses and liabilities."

But, as a famous poet once said, "no man is an island", basically meaning that we are all part of something else and that also works in a business. Every business requires the work of others to successful allow it to effect the change desired. NOTICE - I did not say that ONE does not build it and succeed by one's own hand. What I am saying is that one MUST understand the importance of building a team. The success or failure of building that team will totally affect the amount of success the business will achieve.

Let me provide some examples. If you set off to launch a consulting firm offering your services back to your former employer you will be required at the very least to establish relationships with an insurance company to cover your liability, a phone/cable company to cover your internet/WIFI services, a printing company to cover your printing services, as well as an accounting or tax company to make sure you comply with state and government taxes. Even a sole proprietorship requires relationship skills to build a successful team to get business done.

Of course, most companies require a larger team. In my experience, the most successful businesses are those that develop the most successful teams. Corporate culture is a concept we hear a lot about and that great college business cases are focused on. The fact is building a corporate culture starts with the entrepreneur. There are good (successful) corporate cultures and bad (unsuccessful) corporate cultures - those tend to be the ones no one ever hears about because the businesses don't last.

Unfortunately, too often successful corporate cultures change when the business outgrows its culture. It is always sad to see this happen, but it demonstrates how fragile a successful corporate culture is. I have also worked with women entrepreneurs unaware of the corporate culture they have fostered. Once identified, they are enlightened and empowered to realize that the company's culture is stronger than what they are actually feeling. In this case, the team can elevate the business to greater success by the woman entrepreneur's sharing of her need for direction. There are leaders and followers and followers will bolster a leader in times of trouble if only asked to respond.

Owning and operating one's own business can be daunting at times, but by understanding that the development of a strong team can steady the course women in business, particularly, can learn to use their natural skills for building relationships. These relationships are as important with staff as they are with vendors and customers. The fact is when I use the word TEAM I am always referring to staff, vendors, and customers. Successful businesses care as much about their staff, as they do about their vendors and their customers. The recent case of Market Basket here in Massachusetts is a perfect example of this point.

So what really matters in business? In my opinion, it is the relationships established during the process. To this day I have a strong bond with the vendors I used - I refer them regularly and am proud of the work we did together. The customers we garnered are people I care about today and whom I would feel confident I could work with again. And, finally my staff, a team that I carefully constructed and worked with to develop a successful business that changed a small piece in the world. We worked to make a difference and I will always be eternally grateful for their support, their allegiance and their talents. This is what really matters in business - team!

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Topics: small business owner, entrepreneurship, women entrepreneurs, woman entrepreneur, business owner, team, leaership, leader