Women make great entrepreneurs!
One subset of entrepreneurs is mommy entrepreneurs, or “mompreneurs.” In 1972, when there were only 402,000 women-owned businesses in the U.S. As of 2018, there are 12.3 million! According to The American Express State of Women-Owned Businesses Report that was commissioned by American Express, four out of every ten businesses (40%) in the United States are now owned by women. A 58 percent increase since 2007. While the overall growth of businesses, increased by only 12 percent during the same time period. These women-owned businesses employ 8% of the total private sector workforce and contribute 4.3% of total revenues.
While the number of women-owned businesses in the US has grown immensely over the last decade, the amount of revenue generated by these businesses has fallen behind substantially. To combat this issue, Bankrate, Inc. created a guide to help female entrepreneurs overcome challenges such as lack of funding, resources, and revenue. Their guide explains how women can build successful businesses by utilizing mentorship programs, improving their credit, and applying for specialized funding. Check out Closing the gap: How to overcome obstacles as a female entrepreneur.
Motherhood can be the best preparation for entrepreneurship.
Entrepreneurs solve problems, transform the way we do things, create jobs, spur economic growth and drive prosperity. Moms solve problems every day, often several times a day. They transform the way their children do things by teaching them what is proper behavior, how to do tasks, and assigning them responsibility. Moms are responsible for creating prosperous, self-sufficient, and confident adults that contribute to the growth and well-being of their community. They not only balance being the CEO of the household and the owner of a business but thrive at it.
Moms have a strong desire to give back. Many of their businesses are designed to overcome everyday obstacles that we face or they provide new opportunities for families and communities to succeed.
It’s moms like Chrissy Weems, the co-founder and CEO of Origami Owl, that are making a huge impact and transforming how we do business. Starting small, with home parties and a kiosk at the local shopping mall, she has built her multinational jewelry company with a focus on good works and family spirit. Believing in the principle of “pay it forward,” the Chrissy Weems Scholarship was created to help the future entrepreneurs and small business owners of our world. The full details of this $1000 scholarship can be found at ChrissyWeemsScholarship.com
Another inspiring mom is the founder of Invisibelly. After the birth of her second child and years spent building a successful career in investment banking, Shamanth Pereira created a business that helps women feel comfortable and confident.
Moms have passion. Having kids gives you completely new priorities in your life. Every successful small-business owner and entrepreneur must have a passion that drives them forward even when things are rough. And while all successful entrepreneurs have passion, it takes a different kind of passion to manage both a business and family at the same time. When your “why” is strong it acts like an invisible force driving you forward.
One important skill for business owners that motherhood prepares you for is the ability to delegate tasks. From assigning chores such as taking out the trash to who is in charge of the carpool this week, moms are experts at delegation. Being a mom forces you to think practically and to learn how to prioritize. They focus the important stuff is and cut out the fluff.
Moms know how to inspire and motivate. Just like CEOs, moms are always under constant pressure to inspire, motivate, and entertain. Mothers are truly masters of negotiation and sales. Who else could convince a kid that cleaning their room is actually fun? Or, that those brussel sprouts are really yummy?
Being able to juggle work, play dates, naps, practices, homework, shopping, meal prep, baths, and so much more; mothers are blessed with time management skills that most single people can only dream of. Moms efficiently get through all of these tasks by distinguishing what’s important and by being able to keep their eye on the big picture. Moms know that being smart is not always about being right. There are times to win an argument and times to back down if it serves your long-term interests.