Commentary
10/23/2007
06:44 PM
Fredric Paul
Fredric Paul
Commentary

Women Entrepreneurs Shatter Myths

I attended a Make Mine A Million conference for Women entrepreneurs this morning in downtown New York City. And the first thing I came across was a bunch of lists about everything from HR Myths to Accounting Necessities. I love lists, so I'm passing them along here:



I attended a Make Mine A Million conference for Women entrepreneurs this morning in downtown New York City. And the first thing I came across was a bunch of lists about everything from HR Myths to Accounting Necessities. I love lists, so I'm passing them along here:The event was held at Pace University, across the street from New York's City Hall on an uncharastically muggy day. The Make Mine A Million group is dedicated to helping small women-owned businesses grow to $1 million in yearly revenue. There was lots going at the event and I plan to blog more about it, but first, I promised you lists!

Top 10 Myths From Melissa S. Cardon, PhD and assistant professor of management at Pace: 10. All your employees have to be like you. In fact, if they're all like you, they won't bring much new to the company. 9. All your employees have to be full time. Part time schedules offer flexibility for your company and your employees. 8. All your employees have to be hired by you. If you want to grow, you can't spend all your time hiring. Delegate and trust. 7. If you give them options, they will come. Incentive pay -- including bonuses -- are great, but don't give away your company. 6. You gotta know when to hold 'em. It's just as important to know when to fold 'em, and get rid of problem employees. It's better for you and them. 5. It's your way or the highway. As in number 10, it's critical to take advantage of other skill sets. Give employees the goals and let them figure out how to achieve them. 4. You gotta check everything yourself. Can't be done. If you want your company to grow, you've got to trust and delegate. (I'm sensing a theme here...) 3. Every project must succeed. Growing businesses need to try things. It's OK if not all of them make it -- just put your resources in to the ones that do. 2. You can't manage so much growth. You can if you hire the right people. (OK, you can't miss the theme now...) 1. You are alone. You are not alone. There are lots of resources for growing businesses. Take advantage of them. Growing a business is hard work, get help.

Top 5 Accounting Necessities From Susanne O'Callaghan, PhD and and professor of accounting at Pace: 5. Cash Budgeting. It's your key tool for paying your bills and not running out of money. 4. Good Internal Controls. Make sure your inventory isn't walking out the door, among other things. 3. Key Performance Indicators. KPIs, both financial and non-financial, are the best way to know how your business is doing. 2. Financial Statements. Try bartering 1-5% percent of your business to a trusted accountent for help with these. 1. Taxes! Take me seriously or they can shut down your business.

3 Keys To Creating A Successful Business From Maria Bartiromo, NBC News Anchor: 1. Work Hard. There is no substitute. 2. Love What You Do. You can't work that hard if you hate what you're doing. 3. Do The Right Thing. Don't just try to do the right, do the right thing.

OK, maybe Maria's aren't so practical, but hey, she's on TV!

And, if you want to see the Make Mine A Million winners on TV, just click here.

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