Monday, May 31, 2004
RE: congratulations mamma bear!
congratulations to re:invention's client, Susan Walters-Flood, President of Nu-World Foods, on the birth of her son, Gavin Alexander (8 pounds, 8 oz.)!
Sunday, May 30, 2004
RE: Martha and WVF (a win-win for women entrepreneurs)
Martha Stewart makes the news of the day. According to the June 7th issue of Newsweek, Martha's legal team is exploring an alternative sentence opportunity: serving 20 hours a week teaching low-income and minority women to become entrepreneurs for the Women's Venture Fund (WVF), a New York nonprofit and multi-service micro-lender. Do you think Martha's classes will include smart money small investor tips? 
All joking aside, could be a big boon to WVF -- an organization certified as a Community Development Institution by the U.S. Department of Treasury and awarded with the SBA Office of Advocacy "Vision 2000 State Model of Excellence."
WVF proselytizes a 6 Stage Entrepreneurial Development Model from desire to mass market. Worth a look (the chart is too large to upload here).
A synopsis of WVF's Model:
stage 1: Desire - a woman entrepreneur has an emerging idea, with no clear sense of what needs to be done.
stage 2: Friends and Family - the entrepreneur has developed a product or service, but they only serve a limited market (friends and family members).
stage 3: Indigenous Neighborhood Market - the entrepreneur continues to evaluate the market opportunity through personal preferences and shopping experiences but begins to extend their product and services sales to strangers.
stage 4: Local Market - the entrepreneur begins to encounter an objective market that has no affiliation to her.
stage 5: Trade Show and Conventions - the true beginning of a stabilized small business coupled with critical evaluation of the entrepreneur's marketing concept, the larger competitive industry, and larger scale opportunities.
stage 6: Mass Market - the last and final developmental step when an entrepreneur recognizes a mass market and chooses the final form product or service she will supply based upon market demands.
This 6-stage model has me intrigued. And it is substantially different than the 3 Stage Development Model offered by Katherine Catlin in her book "Leading at the Speed of Growth: Journey from Entrepreneur to CEO." Ms. Catlin is deemed somewhat of an expert on the lifestages of businesses and moderated a panel on the subject at the Office Depot's 4th Annual Success Strategies for Businesswomen's Conference in Boca Raton this past February. Catlin's 3 stages?
stage 1: Initial Growth
The first stage after start-up, when you need to change from a Doer and Decision Maker to a Delegator and Direction Setter.
stage 2: Rapid Growth
The stage when you strive to become a market leader - and need to change yourself into a Team Builder, a Coach, a Planner, and a Communicator.
Stage 3: Continuous Growth
The stage when you need to explore new avenues for growth - and transform yourself into a Change Catalyst, an Organization Builder, a Strategic Innovator, and the Chief of Culture.
What do you think? Which staged model makes more sense? Can a model universally apply to all start-ups? Hopefully leapfrogging stages is a viable option. And if Martha IS going to be doling out the WVF 6-stage model, here's to hoping she'll serve it up with a side of souffle and a nifty floral arrangement...
Friday, May 28, 2004
RE: what is the undoing of a superwoman entrepreneur?
Chicago Tribune recently featured an article titled "Beware...of the Witchy Woman." The article suggestively explores the ancient myth that the "undoing" of a superman is a superwoman.
Reporter Louise Kiernan references an "elite cadre of women who somehow possess a superhuman power to weaken the once-invincible male athlete. Never mind the shattered knee or pulled hamstring or even the back-blowing sneeze, it's the girl who poses the real risk." Examples proffered? Sheryl Crowe, Brooke Shields, Cathy Crosby, Delilah (of Samson and Delilah), & Elin Nordegren. Louise does a darn fine and humorous job of calling into question he-man, she-devil mythology.
Makes a gal wonder, what is the undoing of a superwoman entrepreneur? Please tell me it is NOT THE ABSENCE OF A SUPERMAN.
Two Facts (One for Reference, One for Grins):
(1) Women entrepreneurs are much more likely to be married than paid workers. Click HERE for the Center for Women's Business Research's chart.
Evergreen single K.O. kibbles - "how did I miss out on this trend?"
(2) This past March, Shi Qingqi, executive vice-president of the China Association of Women Entrepreneurs (CAWE) urged women to study not only strategies for managing a business but also skills to achieve domestic happiness. Shi told a forum on women's leadership organized by Guanghua Management School of Peking University: "Don't treat your husbands the same as employees and try your best to be humble at home." Shi based her suggestion on the finding that the majority of divorces of Chinese women executives result from their attitude of superiority towards their husbands.
K.O. kibbles - "Oh women of China, lend me your ears!" China just landed itself first point on my agenda when I meet next week with Hedy Ratner, head of Chicago's Women's Business Development Center, fresh from her meeting with "The Forum for Women Entrepreneurs" outpost in Russia.
Thanks for sending me into the holiday weekend laughing...
Wednesday, May 26, 2004
RE: "just right" mama-bear maternity leave planning for entrepreneurs & small biz
Met with a new potential client yesterday, who mentioned that she is expecting (congratulations!). Yet another re:invention client is due any day -- and she is gunning to get as many projects as possible completed before delivery (she's a mama-bear-to-be on a mission!). Last year, one of my most highly asteemed mentors, Sandy Hwang Adam - CEO Maven Cosmetics, gave birth to her baby boy during channel distribution negotiations with Sephora and Marshall Fields.
In small businesses, maternity leave can have great impact on both owners and employees. New mama-bear entrepreneurs need to assure clients and investors that they can stay on task. And since federal leave law doesn't apply to small businesses, it is up to entrepreneurs and their new mama-bear women employees to work out a remarkable and fair leave policy. Beyond planning for leave time and flexible work schedules, small businesses must prepare for staffing implications; recognizing it is far easier to find temp help than to train a full-time replacement.
Not that this is a pressing problem for me, mind you (evergreen single though surprisingly still optimistic!). Yet it is obvious to me that women entrepreneurs need to plan formal, fluid policies for themselves and their teams or they could end up "in a bowl of hot porridge."
Haven't thought about this issue yet? You might want to, future mama-bear (or papa-bear), you just might.
Today's Miami Herald Story explores this issue. Hungry for an example of a company that has it "just right?" Austin's T-3. Owner Gay Gaddis and her T-3 and Under Program have received national recognition from the U.S. Department of Labor and have been profiled on NBC's The Today Show.
Welcome ideas and suggestions from other Mama-Bear or Papa-Bear Entrepreneurs & Small Biz Team Members who have figured out how to handle these issues "just right!"
Monday, May 24, 2004
RE: The New Rule for Women: FINANCE For the Company You Want to Become!
On May 13, I was graciously invited to the Women's Leadership Exchange (WLE) conference here in Chicago (thanks WLE!) 
One of the breakout sessions: a panel discussion about business growth led by members of Chicago's Women Presidents Organization (WPO). Requirements for WPO membership? $2 million + in revenues -- $1 million + for service businesses. For a list of WPO chapters click HERE.
Most of the women on the WPO/WLE panel and in the audience took great pride in sharing their ability to grow while remaining debt-free. With the exception of one gutsy panel member with sound accounting accumen who climbed way out on a limb. Debt -- she said, is essential for growth.
You could hear a pin drop in the room. Gasp! Many of the women in the audience -- even on the panel beside her -- seemed well....shell-shocked. Indeed, many women are conservative and even risk averse to debt. Taking on debt requires a huge leap of faith for women (as if the risk involved with starting a business doesn't demand enough of our psyches!) The fact is: debt is downright essential. Without debt, you may not be able to afford to grow, market your services and products, secure new distribution, buy or lease equipment, hire a PR firm....With interest rates still at historical lows, it's certainly a good time to pursue credit. And debt might be just the thing you need if you've been struggling to break the million dollar mark.
Three fun facts for you to chew on...
* The recent study conducted by the National Foundation for Women Business Owners showed that, even among the fast growing small businesses in America, women owners are far less likely than their male counterparts to take on corporate credit lines or cede equity ownership to outside investors.
* According to findings from the National City Survey (in conjunction with the Center for Women's Business Research) announced on May 21st, almost 41% of women business owners said they do not have credit services with any bank or financial institution. One out of three (33%) attribute their lack of credit to being a start up business. The other top reasons women business owners do not pursue financing are a belief that they would not qualify for credit (26%) and the perception that the credit process is too difficult or cumbersome (20%).
* According to Maria Coyne, SVP, Women-Owned Business Initiatives, KeyBank, "Women-owned businesses with $1 million plus in revenues make greater use of sophisticated financial strategies than do smaller women-owned firms."
That last bullet has me reflecting on the old adage: "dress for the position you want, not for the position you have." Perhaps the new rule for women entrepreneurs should be: "finance for the company you want to become."
Can't say I'm an expert in this area. So I have found one for you. Who better to offer counsel about credit than a savvy woman banker, former entrepreneur, Harvard Alum, SBA Designated National Women in Business Advocate, and WPO Advisory Council member? None other than: Teri Cavanagh, Senior Vice President and Director of the Women Entrepreneurs' Connection (WEC) at Fleet. 
The WEC, established by Fleet in 1998, provides women entrepreneurs with financial and informational resources. On the heels of Springboard Enterprises, WEC has committed $2 billion over a five-year period to assist women with capital, resources and information to grow their businesses.
Two Action-Oriented Articles Written by WEC's Teri Cavanagh to Get You Started:
For Women Business Owners, Debt May Be Your Best Bet
A How To Guide to Getting Credit
Friday, May 21, 2004
RE: Business Matchmaking for Women Entrepreneurs
Since I was musing about matchmakers and matchmaking earlier this week, it's only fitting that I end the week with more juicy matchmaking ideas...
The SBA Business Matchmaking program was designed by the U.S. Small Business Administration (SBA) and Hewlett-Packard to help small-business owners secure government and corporate contracts. The program consists of regional programs, educational tracks, SBA counseling and online opportunities to network and connect with buyers from major procurement organizations. SBA's Business Matchmaking events are scheduled to be held in Detroit in June, Philadelphia in July and August, and Austin and Los Angeles in September. SBA also held a massive Matchmaking Event at SBA Expo this week in Florida. Seems like a great way to generate sound business leads. Mary Hammill from Global-5 (one of the women honored at this year's SBA Expo & mentioned in re:invention's blog this Wednesday) credits the SBA's Business Matchmaking program for helping her secure $5.5 million worth of contracts.
Read the full BusinessWeek story.
Thursday, May 20, 2004
RE: Springboard Enterprises Balcony on Fire - Bell Sounds For All Women Firefighters
According to today's Washington Post, it appears Springboard Enterprises (an organization that has helped women entrepreneurs raise over $1 billion in funding) is undergoing serious audit by the SBA. I find the timing of this announcement to be quite ironic -- in light of this being Small Business Week. Two of Springboard's women leaders (Springboard's President, Amy Millman, and Debra Filtzer, Springboard's Program Manager) -- are being investigated for using "their positions as government employees to engage in matters related to Springboard venture capital forums for women after they developed a financial interest in Springboard." Some of the allegations against the two include "violating contracting rules, giving out cash awards without authorization and violating travel rules." Both of these women have quietly and steadfastly denied any wrongdoing.
Noted lead on the audit is a man (of course) named Marc Bickoff. Marc's contact info -- for those of you wanting to help champion a good works organization and 2 women in need -- is marc.bickoff@sba.gov and his direct line at the SBA is 202.205.7723.
Springboard was launched in Washington in 1999 by another powerful and impressive woman, Kay Koplovitz (founder of USA Networks, former Chair of the National Business Women's Council appointed by President Clinton, and now head of BoldCap Ventures).
I feel for Amy and Debra. They have done tremendous work with Springboard, and helped many women-led businesses succeed. The unfortunate part is that all of their great work might be shadowed with this news. Calling all Women Firefighters in for duty.
Wednesday, May 19, 2004
RE: Celebrating National Small Biz Week, Woman-Style
President Bush has officially proclaimed May 16 through May 22, 2004 to be "Small Business Week." Guess re:invention's blog should have been ready to welcome the week with fanfare and vibrato on Monday (sorry for being remiss).
A BusinessWeek photoshoot for a remarkable re:invention client took some planning time.
In honor of National Small Business Week, the SBA is holding SBA Expo 2004 today through Friday, May 21st 2004 at the Orange County Convention Center in Orlando, Florida. They are expecting 3,000 to attend this year's event. Highlights of the show include the announcement of the National Small Business Person of the Year. Fifteen of the nation's top women entrepreneurs will also be recognized during SBA Expo's "Celebrating Women in Business" breakfast event. Congratulations to these wonderful women!
The top 5 national winners:
Christine Bierman - Colt Safety Fire & Rescue (St. Louis, MO)
Millie Hernandez-Becker - Jet Equity (White Plains, NY)
Mary Ann Elliot - Arrowhead Global Solutions (McLean, VA)
Mary Hamill - Global 5 (Orlando, FL)
Pamela Moore - Ice Tubes, Inc. (Tallmadge, OH)
Read more about the other 10.
Saturday, May 15, 2004
RE: Battle of Wits (And Tactics) Between 2 Blondes
Good recent example of taking the low road in PR. The front cover of the April 26th Wall Street Journal included a strange article titled, "Making a Match for John Kerry, A Game All Can Play....Barbie Adler Has Some Ideas About a Running Mate -- Somebody With Less Hair."
The rock solid, responsible reporting article opens with this commentary:
As John Kerry searches for his vice-presidential running mate, Chicago matchmaker Barbie Adler has a few pointers, starting at the top of the senator's head. "John Kerry has tons of hair," she says. "For balance, he needs a running mate with a little less hair." Ms. Adler says she recently offered that exact suggestion to a top Kerry aide who, at a social gathering, seemed very "dialed in" to her matchmaker's intuition. 
Over at Blog9, they mused that this just might be the worst.political.analysis.ever. And Stephen Terrell's Weblog says, "just plain silly."
This has been begging for comments from a good woman....
Note to the WSJ: thanks for doing your part to contribute to the marginalization of women entrepreneurs! Even though equal blame rests on the head of Barbie who clearly agreed to the story (along with Barbie's PR agent, Dever, touted in Chicago as the next big thing). Now I've got nothing against Ms. Adler (I personally know she has brains as well as beauty and have written about her on re:invention's blog). So this really isn't intended to be a Battle of Wits and Tactics Between Two Blondes. And I've never met Dever. The fact remains: why is it that Barbie had to "dumb-down" to get substantive press? I know the goal was to be cute and funny. READ: Barbie's goal is to be Jessica Simpson.* But Barbie is a successful woman entrepreneur/YEO member/role model who asks men for $10K for her matchmaking services. Did posturing as a "political half-wit" help Barbie secure new clients? I think us Gals need to stand for power, fun, and strength, and not take the low road nor let anyone marginalize our capabilities and intelligence.
Some may argue the PR worked because Barbie was covered in respectable national press. I ask: what respectable man would lay down $10K for matchmaking services to a woman whose approach to matchmaking seems so sadly superficial (i.e., her understanding of the political race was relegated to thick versus sparse heads of hair). Most successful men want women who won't make them wince.
If that's what it takes to win ink as a woman entrepreneur -- and I think it's somewhat selfish of a successful woman entrepreneur to take down all other woman entrepreneurs with her when she should be serving as a role model -- then count me out.
It's changed my mind about PR for re:invention's clients -- not all coverage is good coverage. Disappointed, Barbie. Hope this is the last time I need to offer less than glowing support for a strong, savvy women entrepreneur such as yourself. I'm on a mission to help women entrepreneurs as they "smarten-up!" Come on, Barbie...don't make it harder for me!
* Jessica Simpson dumbed-down and the U.S. ate up her show and her edible Desserts body cosmetics line.
Friday, May 14, 2004
RE: Best Small Business Blog Nomination
We're excited to have been nominated as Marketing Sherpa's Best Small Business Blog, along with plenty of other well-deserved nominee bloggers. Appreciate your kind vote and support.
Click HERE to vote...
Wednesday, May 12, 2004
RE: Should you "stay" or should you grow?
Shades of The Clash! As an entrepreneur, you eventually come to the age old entrepreneur's dilemma: stay small? or grow? Success is a slippery slope.
Staying small has many advantages:
-ability to personally cater to your customers (or a client) and meet their immediate needs no matter how crazy
-passionate employees who are committed to personal follow-through at all hours of the nite as long as you feed them pizza (or for many of us gals...low-carb snacks!)
-a greater sense of control
-ability to quickly adjust to competitive or market changes
-lower overhead
-a wider scope of project responsibilities so you and your team don't get bored
-time to go shoe shopping when you like.
But lately. I've been mulling over the advantages of GROW - GROW - GROW. 
Stumbled across Entrepreneurial Mind's BLOG entry about keeping focused and grounded during growth. Then I found this simple All Business article appropriately titled Should You Stay Small or Grow? After reading both and counting too many cups of coffee instead of sheep late last nite, it dawns on me this morning that most small businesses stay small because they are headed by entrepreneurs who try to do too much by themselves. Growth requires delegation and letting go of "your baby company." Growth also requires alliance building, partnership negotation, deal making, and aggressive business development to expand your core services or distribution and dedicated customer/client outreach.
What if individual entrepreneurs could find ways to coordinate their efforts better with other entrepreneurs and formalize ROI-building business growth partners? I bet those entrepreneurs could double, maybe triple their results. After all, women entrepreneurs have the pressing need to "hunt" for new business and the desire to "nest" or affiliate with like-minded women.
This could all be silly gal talk. Or it could be an inkling about a concept really new. What do you think? Welcome your thoughts...
Sunday, May 09, 2004
RE: Dear Mom - you score more credit for supporting your entrepreneurial daughter!
Dear Mom,
Happy Mother's Day! Have I told lately "how much you rock?" I know how much you laugh when I use that pet phrase. You were always there to inspire me (and egg me on when I needed it). You were the first to believe in me, you remain my biggest fan, and for that I am eternally grateful. Since YOUR guest star host turn on re:invention's blog in January, moms continue to be heralded for their role in influencing an entrepreneur's rise to success. In fact, in the news today:
1. Raves for The Recent TV Special Exploring the Great Moms Behind Superstar Entrepreneurs
Appears Moms instill entrepreneurial instinct and spirit in their children. Note to Mom -- no one can hold a candle to you! Lemonade Stories, a one-hour documentary sponsored by Babson College, recently offered an in-depth look at entrepreneurs and their mothers. Moms interviewed include Evelyn (mom of Russell Simmons - cofounder of Def Jam recordings), Eve (mom of Richard Branson - Virgin), & Jane (mom of Kay Koplovitz - cofounder of USA Networks). Mary Mazzio, director of the documentary, had this to say about moms featured in the documentary: "What is fascinating is that many of the mothers featured in the film were raised at a time when women were not expected to work. Yet all of these women were risk-takers and encouraged their children to take risks to achieve their dreams. These moms also stood by their children later in life, in moments of failure and times of crisis. Richard Branson and Russell Simmons both claim they would have gone out of business, but for last-minute loans from their mothers, who stepped up when no one else did." The special aired on CNNfn on Friday, May 7. read more
2. Make Way For The Growing Trend of Mother-Daughter Duo Entrepreneurial Businesses
Apparently mother-daughter partnerships are a growing trend. As more women enter the workforce and open their own companies, many seek to pass the business on to the next generation -- to daughters who often have grown up helping out. Although there are no statistics, many believe there are now more mother-daughter companies than ever.
read more
Best wishes to moms everywhere today, especially YOU, Mom! I love you!
with much love,
your devoted daughter
p.s. did you get the shoes?
Thursday, May 06, 2004
RE: the 7 sexy snippets of truth
Quick note from a gal who hasn't slept in 3 days. Well...maybe a few nods. Since I am strapped for time, I thought I would share the Seven Sexy Snippets of Truth. I'm fortunate enough to have my own Sage Counsel whispering these words in my ear every day. Surprisingly enough, sometimes the best advice (the advice you need to hear most) is simple. Sharing the 7 Sexy Snippets here with you....
1. Your greatest strength is your greatest weakness.
2. People do more to avoid pain than gain pleasure.
3. People make decisions emotionally and defend them logically.
4. Questions are the key to the universe.
5. 99% of what you worry about never happens so why worry.
6. If you say it they doubt it; if they say it then it's true.
7. If it is a crazy full moon today, it won't be a full moon tomorrow....the moon will begin to wane, though the naked eye might not notice.
More prolific writing this weekend!
Monday, May 03, 2004
RE: How Matthew Lesko Is Alot Like Mary Kay
I'm a big believer that men can learn alot from women. And women can learn equally as much from men. As is often the case, great minds (men and women) think alike. Take, for instance, Matthew Lesko, late-night TV infomercial icon. Wearing a wardrobe suggestive of the Riddler and oozing the charm of Urkel, Lesko promises to reveal the secrets of how to snatch money from the government, shouting "take the money, it's free." After reading the not-to-be-missed Harvard Business School's Working Knowledge article about Lesko's rise to fame, I began thinking....
Wow. Matthew Lesko and the late Mary Kay. Like-minded thinkers.
What? You say you don't see the similarities? A quick side-by-side comparison:
1. You Gotta Fail Forward to Success.
Lesko went into business for himself after an unremarkable career in consulting. "My first two businesses failed. And thank God they failed," he says. He was able, then, to find out what he really wanted to do.
Talking about the importance of flexibility and tenacity, Lesko suggests, "I know what worked yesterday. I don't know what will work tomorrow. Nobody does." But that doesn't mean you should stop trying, he says. "If you never fail, you're really not doing anything. Go out and do it your way."
Mary Kay's quote is on the left navigation bar today. "People fail forward to success." She also once said, "When you come to a roadblock, take a detour."
2. Business School Doesn't Teach You, Life Does. And You Don't Have to Spend Big Money to Make Big Money.
Lesko says business school is a great way to learn how to run a huge corporation but fails at teaching the skills required to grow your own business. Lesko also asks, "Can you solve a problem without throwing money at it? Can you do it with little resources?"
Did Mary Kay go to B-School? Nope. She also once said, "There are two things people want infinitely more than sex and money... recognition and praise. "
3. Branding? Try Just Having Fun!
Lesko scoffs at all the business-speak employed by b-schools today. "Branding?" he says of his signature brightly punctuated suits. "I was just trying to have fun."
Mary Kay liked the color pink and used it to her advantage, in spite of its connotations of frivolity and femininity. Editor Kirsten's Note: If you live in Chicago, you know I wear signature white suits (A white suit makes me feel like I'm a blank slate, and I get a kick out of challenging myself to not spill on it).
4. Too Often We Settle For Someone Else's Idea of What We Need to Be. Wear The Shoes You Like.
Taking a page from his own book, Lesko advises, "Take whatever is weird or different about you and make that your best part."
Mary Kay made an empire out of lipstick, southern charm, cheerleading, and girlpower. And high heels, pearls, and loud earrings? Mary Kay wasn't afraid to wear them. Editor Kirsten's note: I'm a big believer in this one. My ex used to tell me about the only thing I was good for was shopping for shoes.
5. Focus On The Good Of Man- or Woman-kind.
Lesko explains his motivation in business has been altruism, not greed. The interview ends with this quote from Lesko: "People are so unhappy working for large organizations, because, really, they don't care. When you have your own thing, you can paint the world your way -- the way you always wished the world was."
Mary Kay's take on this theme? "The real success of our Company is measured to me in the lives that have been touched and given hope."
Mary Kay and Matthew Lesko -- of the same mind. Who woulda thunk it?
P.S. Nope. I've never sold Mary Kay. But I've been reading her biography. And I am looking to add a Mary Kay executive director to re:invention's advisory board, along with the other 8 women we've invited to serve as advisors.
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