Every year, more and more American women are starting their own businesses. But did you know that 80% of these women will give up after only a few years? I'm here with Racheal Cook to talk about the nitty-gritty of running businesses.
After completing her MBA, Racheal went on to work in the corporate world. She was earning good money but had no life outside of her work. When she had 10 panic attacks in 10 weeks, Racheal knew it was time to find an alternative career.
Racheal started her own business helping yoga businesses with all those corporate business details that small teams and solo entrepreneurs probably don't know. One of the first questions she poses to her clients is for them to tell her what their measure of success is. This means how they define if they've had a productive week or not.
One thing that Racheal's learned over the last 10 years working for herself is that you need to ask for help. Juggling three kids and growing business has meant learning where you're expending energy that doesn't bring you money and outsource it. She also is passionate about the power of your referral network; a good word about you and your business is worth its weight in gold.
Working with Racheal requires her clients to monitor their time every single week. She asks them to send her a CEO scorecard at the end of every week and this helps everyone see where time is being spent – and if more time is being spent on those $10 tasks, it's time to start outsourcing.
As a business owner, you need to be okay in the face of failure and rejection. Every entrepreneur will get told no, make some bad business decisions, and go through some tough times. It's the ones who can look failure in the face and move on from this with their heads held high that will succeed in business.
How do you measure your success? What are the things you're doing that aren't generating revenue? Are you afraid to ask questions?
In This Episode:
- Why you need to figure out what your measure of success is
- When you need to ask for help in order to make your business succeed
- How relying on your referral system can be so beneficial for your business
- Why your clients should track their time and how much value they put into their business each week
- What a CEO scorecard is
- Why you need to be okay with failure and rejection as a business owner
"I didn't want to rent away the best years of my life hoping that eventually, I'd get to the point where I can live the life I really wanted." ([2:51])
"The number of women starting businesses these days is amazing. Nearly 2,000 women per day in the US are starting businesses. But 80% will give up within a few years. That just breaks my heart." ([30:00])
"There are some accidental successes out there, but most of the successes I know are people who put in the work, and they put in the time, and they're not afraid to get out of their comfort zone." ([31:13])
"Get educated on business, don't be afraid to ask questions, and don't be afraid to find people who truly support you." ([36:59])
Are you a female millennial entrepreneur who wants to start or scale your service-based business but not sure where to start? Go to http://www.drcortneybaker.com/10-secrets to get your free copy of the 10 Secrets Female Millennial Entrepreneurs must know before launching their service-based business. Get your free copy now!
About Dr. Cortney Baker… She is an award-winning entrepreneur, researcher, author, speaker, and an advocate for gender equality. As a leadership expert and mother of three, she is passionate about inspiring and empowering women to lead with greatness.
Dr. Baker is the author of the best-selling books: The Ten Do's and Don'ts for Business Leadership: Lessons to Lead Effectively and Unlimited: Conquering the Myth of the Glass Ceiling. She is passionate about helping ambitious female millennial entrepreneurs go from side-hustle to CEOs!
Feedback? Questions? Comments? For more information or to reserve Dr. Cortney Baker to speak at an upcoming event, please contact her at: [email protected] or 1-469-708-8840.