Lowcountry Women Entrepreneurs

National Recognition for the Center for Women

2011-01-05T16:23:00.003-05:00

USASBE 2011
Changing the Present, Creating the Future

We are proud to support the Center for Women

Please join us on January 15, Saturday
10:15am - 11:30am
Outreach Pillar Session with

Dorothy Perrin Moore
Emeritus Professor of Business Administration
The Citadel School of Business

Coordinator and Introductions

Panelists
Judith Moore, Charleston Cookie Company
Bill Hall, Charleston Tea Plantation and Owner of William Hall Tea
Elizabeth and Adeline Mazyck, Charleston Sweet Grass Basket Designers and Business Owners

Jennet Robinson Alterman
Executive Director
Center for Women

Co-Chair and Interactive Discussion Leader and Moderator

The Center for Women exists to make personal and professional success an everyday event for women.

In 2010, the Center for Women launched the
Women Empowering Women
Micro Loan Program (WEWMLP) to help women start or expand their business.

The micro loan program is an outgrowth of the Entrepreneurial Women Series,
started in 2003, to provide monthly workshops on practical business aspects for starting, managing and building a business. It became clear over the last few years of working
with aspiring business women that the most difficult obstacle they face is
acquiring funding to support their proposed business ventures.

The WEWMLP was created to meet this financial need.

All gifts for Center for Women
received during the USASBE 2011 Conference
will go to the Women Empowering Women Micro Loan Program.

Find out more on how you can share your time, talent and treasure at
http://c4women.org/give.html

For more information about the conference, visit our website
www.USASBE.org/conference/2011

Lessons Shared from Lowcountry South Carolina Entrepreneurs

2011-01-05T16:01:00.004-05:00

Exciting Event Sponsored by the Center for Women

A Featured USASBE Pillar Session
Center for Women, Charleston, SC

Dorothy Perrin Moore, Co-Chair, Session Coordinator

United States Association of Small Business and Entrepreneurship
15th Annual USASBE Conference—Saturday, January 15th, 2011, Hilton Head Island, SC

The session showcases five South Carolina based entrepreneurs. Each presenter brings an array of creative approaches to launching, growing and nurturing a venture originating in the rich culture of the Low Country.

William Barclay Hall, one of the world’s foremost authorities on tea, will share the history and marketing strategy of the Charleston Tea Plantation, the only tea plantation in the U.S.A. This plantation provides a fascinating insight into both South Carolina’s colonial past and the vision and persistence of those who worked to see tea grown commercially in the U.S.A. William, a partner in the tea plantation, also owns William Hall Tea Holdings, an international tea trading company. He is also a tea consultant to a major U.S. Supermarket chain and does consulting work around the world. For more information about the tea plantation go to: http://www.charlestonteaplantation.com/about-us/faq's.aspx

Judith Moore, Founder and Owner of the Charleston Cookie Company, a 2011 recipient of the Enterprising Women Award and a 2008 recipient of the U. S. Chamber of Commerce Blue Ribbon award. Judith will share her experiences from startup to diversifying her market, from selling seriously good cookies made with heavenly ingredients to people interested in sending cookies to friends and family for birthdays, say "thanks" or "feel better" or just to express love, to her emphasis on wholesale to the food service industry. For more information about the company see http://www.charlestoncookie.com/.

The Charleston Sweet Grass Baskets of Elizabeth Mazyck are displayed in the American Museum of Natural History, featured in the book By Southern Hands, authored by Jan Arnow, and prominently displayed on the cover and in the Teachers Guide, Grass Roots African Origins of an American Art. At the conference, Elizabeth and her cousin Adeline, will display samples of their craft and share the rich story behind basket weaving and how the art has been passed down from generation to generation. Both artists have basket displays at the Artisians Center in Walterboro, South Carolina. Elizabeth is famous for the rectangular basket she creates on an oval foundation by bending, but not breaking, the corners of the bulrush as it is coiled. While called the Charleston Sweetgrass basket, in reality the craft is native to the Mt. Pleasant and outlying island areas, with traditional sale locations active along Highway 17, at the 4 Corners of Law and the old market center in downtown Charleston and, more recently, on the internet. For more information on the origin of the Sweet Grass Basket see Grass Roots: African Origins of American Art http://www.africanart.org/travelling/17/grass_roots_african_origins_of_an_american_art

Jennet Robinson Alterman is the Co-Chair, Moderator and Interactive Discussion Leader for this session. A native of Charleston, Jennet is the Executive Director of the Center for Women. She has worked in television broadcasting, state and federal government and the non-profit sector, and served as a Peace Corps Volunteer in Afghanistan, Peace Corps Country Director in Swaziland and the Interagency Coordinator for Peace Corps worldwide. In 2002, the Center established the Entrepreneurial Woman Series to provide technical assistance and support to women entrepreneurs and business owners. More than 5000 women have participated in the series. Under her leadership, the Center received numerous grants and awards, including the 2005 Award for Excellence in Non-Profit Management from the S.C. Association of Non-Profit Organizations, Oprah’s Angel Network Grant from Oprah Winfrey in 2006, the Family Circle Cup Tennis Tournament official charity of choice in 2009, the Charleston Metro Chamber of Commerce 1773 award for the Public/Non-Profit Sector and People Against Rape’s Outstanding Victim Service Program in 2009.

FRESHEN UP YOUR BUSINESS STRATEGY TOUR

2010-04-11T17:46:00.006-04:00

SPRING TIME VALUABLE NEWS FOR LOWCOUNTRY WOMEN ENTREPRENEURS

The best predictions are that the largest impact of the recessionary period for 2009 is beginning to fade. Recovery prospects appear most promising. Some new blogs and postings are out there to enable the woman owner to take a fresh look at potential opportunities for business growth and success for 2010 and beyond.

There are three important sources of information to check:

FIRST STOP IN GAINING KNOWLEDGE TO CULTIVATE NEW CUSTOMERS:

The new list of Women's Business Enterprise National Council (WBENC) Awards, announced in late March (http://www.wbenc.org/). WBNEC is the leading advocate for, and authority on, Women's Business Enterprises (WBEs) as suppliers and vendors to the nation's corporations as well as the nation's leading third-party certifier of businesses owned and operated by women. The Council offers the “only national award honoring corporations for world-class programs that create level playing fields for women's business enterprises (WBEs) to compete for corporate contracts." The 21 award winners include: Accenture, Alcatel-Lucent, AT&T Inc., Avis Budget Group, Inc., Chevron, Dell, Energy Future Holdings, Ernst & Young LLP, Exxon Mobil Corporation, IBM, Johnson & Johnson, Manpower, Marriott International, Inc., Microsoft, Office Depot, PepsiCo, Inc., Pfizer Inc., Shell Oil Company, The Home Depot, UPS, and Verizon. Also look for the upcoming posting of current suppliers and procurement executives from hundreds of major U.S. Corporations at WBENC Blog Site.

SECOND STOP ON SPRING FRESHEN UP TOUR:

Go to http://www.we-inc.org/, a network to keep women entrepreneurs informed. Two important announcements were recently signed into law as part of health care legislation and job growth. Follow the link to Health Care and Hiring Tax Credits: Does your firm qualify? Further, you may wish to check out the opportunities from The Department of Energy (DOE), Office of Small and Disadvantaged Business Utilization upcoming conference, 11th Annual DOE Small Business Conference & EXPO, May 10-11, 2010 at the Georgia World Congress Center, in Atlanta.

FINALLY, GO TO SCORE WOMEN'S SUCCESS BLOG

An especially helpful Blog “Customer Service: How Effective Are You?” has thirteen tips on how to better serve your internal and external customers more effectively. Posted by Vernita Naylor, Ft. Worth SCORE

THE CENTER FOR WOMEN ACKNOWLEDGES AND APPLAUDS THE IMPORTANCE OF ENTREPRENEURS IN THE LOWCOUNTRY

2010-02-18T18:57:00.000-05:00

National Entrepreneurship Week 2010 - Feb 20 - 27

Under the United States House of Representatives Resolution Number 699, this special event, now in its third year, encourages the celebration of the contributions made by entrepreneurs at the local, state, and national levels. The Governors of Maine, Michigan, New Mexico, North Dakota, Virginia, and Wisconsin have signed special proclamations in honor of entrepreneurs. In addition to celebrating the importance of American entrepreneurs, the House Resolution also highlights the “lifelong learning educational opportunities that prepare the NEW business leaders of the future.”

I have forwarded a request to our Governor to also write a proclamation to honor entrepreneurs in South Carolina.

During the week of February 20-27th, teachers, students, parents, entrepreneurs and officials are challenged to discuss the “20 Questions for All Americans” that highlight entrepreneurial literacy. Because situations vary and change over time, there is no one right answer to each question. After answering the questions, you may wish to download and present to anyone you choose the “Genius Certificate.” Go to http://www.nationaleweek.org/20-questions/activities; and http://www.nationaleweek.org/

Another important reason to celebrate the week is the recently announced plan by U.S. Commerce Secretary Gary Locke “to create a new Office of Innovation and Entrepreneurship within the Department of Commerce and launch a National Advisory Council on Innovation and Entrepreneurship,” to leverage and promote entrepreneurship innovation.

Cathy Ashmore, Executive Director of the Consortium for Entrepreneurship Education, has sent information on the events of this special week in a special email to Consortium and Entrepreneurial Educators. For more information see cashmore@entre-ed.org and the National Entrepreneurship Week, House of Representatives and Commerce Department websites.

NEW DATA ON WOMEN MAJORITY OWNED BUSINESSES

2010-02-14T18:06:00.002-05:00

The recent (2009) Center for Women’s Business Research study of 417 women representative business owners shows that the products, services, jobs and income they create has a significant economic impact. According to the Center, the more than “$2.8 trillion dollars annually from majority-women-owned firms coupled with the more than 23 million people who are employed directly and indirectly by these firms again proves that women-owned firms are not a small, niche market but are a major contributor and player in the overall economy.” (p. 10)[1]

Women owners operate in all business sectors: 20.9% in professional, scientific and technical services; 13.4% in retail and wholesale trade; 11.0% in business services; 10.8% in administrative, support and waste remediation; 8.6% in healthcare and social assistance; 7.7% in communication media; 6.2% in financial, real estate and insurance; 7.0% in personal services; and 14.4% in a combination of other fields. (Women Owned Businesses by Industry, Table 2, (2009); Figure 4, (2008) p. 7). What is new is that the highest percentage by far is now in professional, scientific, and technical services.

This profile of businesses owned most likely reflects not only women who exited corporations to start businesses of their own due to the absence of opportunities to advance into the top positions, difficulty in balancing family and business demands, company layoffs, downsizing and changes in the overall economy but also more subtle changes, particularly the increasing number of women who are achieving higher educational levels than men in these fields.

What might all this mean? First, as women increase their percentages in businesses formerly owned by men, they bring a new style of leadership and an appreciation of the value diversity adds. Second, the data suggest a “need for new thinking and programming to support women who seek to grow their businesses.” As the Center points out, most of the small business programs in this country are geared to helping the neophyte or start-up owner. That means neither the existing college nor university educational offerings nor the federal government’s Small Business Development Centers and Small Business Administration services are addressing the special needs of women who want to grow their businesses, whether it is in terms of adding employees, expanding into overseas markets, or taking on additional customers and product lines.

Given the importance of these women-owned businesses, this niche needs to be filled. There is an opportunity here for an enterprising college or university to build a collaborative effort with a non-profit organization like the Center for Women or for the development and sponsorship of an economic development center in the Lowcountry to build and enable this process through a creative grant.

_____________

[1] Center for Women’s Business Research (October, 2009). The Economic Impact of Women Owned Businesses in the United States. http://www.womensbusinessresearch.org. (Direct citations and percentages of ownership quoted from this study as indicated by page numbers above.

A Business Plan that Works

2009-06-26T08:51:00.009-04:00

Field Work and Candor

There are a number of good reasons for crafting a first rate business plan. At the top of any list are the requirements that the prospective entrepreneur think things through before any serious money and time are committed and the necessity of presenting something solid and persuasive to family, friends, prospective investors and others who will be expected to back the effort.

Is getting all this information and constructing a business plan hard work? You bet it is. But not nearly as hard as being entranced by common myths about starting a business and finding out about the problems later. I listed a few of these myths in my book Careerpreneurs (pp. 150-151):

· I’m smart, I can just wing it.
· I can do it on a shoestring.
· No sweat, I have a great idea.
· I’ve got nothing better to do.
· Starting a business will help my personal relationships.
· With my experience, starting a business should be easy.
· A bad economy will mean fewer competitors.
· A good economy will ensure success.
· I’m mad as hell and I’m not going to take it anymore.

The formal, written business plan should include many items: an executive summary, the description of the business and its field, the uniqueness of your product or services, identification of the target market and potential competitors, a financial assessment, an assessment of risks and more. But even a business plan that seems to cover the bases can fall short when subjected to critical scrutiny.

Some of the clearest, and sharpest advice on writing a sound business plan, and an excellent introduction to the subject, can be found in the recent Wall Street Journal article by John W. Mullins (The full citation appears at the end of this blog entry.) Anyone planning to go into business would be well advised to read his entire article before getting into the specifics of business plan construction.

The main subject of a good business plan, says Mullins, is not the entrepreneur, the accumulated knowledge and experience of the people who will be running the firm, state-of-the-art or cutting-edge technology or why the product or service is the best--even if it is. The well thought out plan “starts with a clearly defined problem—something that’s really troubling or compelling—supported by evidence.” “If the pain,” the need for the business, “isn’t real . . . [t]here’s no need for a solution.” Who is the target market (who feels the pain)? Where are the customers who need the product or service?

It takes considerable research to define a target market, but the effort is absolutely necessary. The secondary data (market size, trends and the like) must be found and analyzed and cited in the business plan. But beyond this, Mullins says, the prospective entrepreneur needs primary data from interviews or a personal survey to demonstrate the likelihood that customers will buy what the business will offer. The plan must also describe how customers will become aware of the product and the distribution system that will allow them to buy it.

The sources of the expected profits from the business should be examined carefully, Mullins says. “Does the revenue model depend on making a large number of small transactions (think Amazon.com) or a small number of large ones (automobile manufacturing). Do its profit margins depend on high gross margins to cover high product-development costs (think Microsoft), or lower margins to cover slimmer operating costs (Costco)? Is a large investment in development or other fixed assets required (a manufacturing facility, for example)? Is the working capital cycle favorable or unfavorable (do you expect to be paid in advance), or will you have to carry inventory and receivables that can tie up scarce cash (manufacturing and distribution businesses)?” As Mullins states, “Some combinations of these factors are clearly attractive. Others are obviously flawed from the start.”

The business plan should place the background, education and experience of the operating team in the context of the critical success factors typical of the industry. “A business plan that identifies its critical success factors and shows how the team’s expertise and experience are suited to addressing them,” Mullins notes, “is much more likely to attract capital—or at least a second look.”

Finally, in describing the opportunities, candor is important. “Experienced entrepreneurs know better than to assert that everything is wonderful,” Mullins warns: “The facts are that most opportunities are highly uncertain. Most new ventures fail” Mullins advises, the business plan should identify and deal candidly with the fact that while things will probably not go according to the original plan the operating team will be able to cope successfully.

See John W. Mullins, “Why Business Plans Don’t Deliver: The five most common flaws and how to fix them.” The Wall Street Journal, June 22, 2009, R3.

News from the Council for Women Owners

2009-06-17T18:28:00.003-04:00

Three News Flashes:

In Need of Short-Term Capital?

According to the National Women's Business Council Newsletter issued on June 16th, if you are in need of a loan you may be interested to know that on June 15, the U.S. Small Business Administration (SBA) launched a new loan program to assist small businesses in need of short-term capital. “The America's Recovery Capital (ARC) Loan Program will provide deferred-payment loans of up to $35,000 available through SBA's 7(a) participating lenders. ARC Loans are interest-free to the borrower, 100% guaranteed by SBA to the lender, and have no fees associated with them.”

Interested in International Markets?

The National Women’s Business Council, is cooperating with the Overseas Private Investment Corporation and the Minority Business Development Agency to promote two “Expanding Horizons workshops,” one on September 24, 2009, in Boston, MA, and the second on October 22, 2009, in St. Louis, MO. Both workshops are geared to obtaining assistance for minority and women-owned small businesses in participating in the global marketplace.

Check out the American Recovery and Reinvestment Act (ARRA) of 2009 for potential tax savings in 2010.

The U. S. Department of Energy website http://www.energy.gov/taxbreaks.htm is constantly updated on the array of tax incentives for consumers and business owners under the new revision of the “American Recovery and Reinvestment Act of 2009 which extended tax incentives originally introduced in the Energy Policy Act of 2005 (EPACT) and amended in the Emergency Economic Stabilization Act of 2008 (P.L. 110-343). Businesses, utilities, and governments are also eligible for tax credits.”

Information and updates at the Department of Energy site on tax credits based on information from ENERGYSTAR.gov and IRS.gov

2009-06-03T11:40:00.004-04:00

Preparation for Legal Advice
Dr. Dorothy Perrin Moore

In these days of litigation and advanced search engines, now operated routinely by corporate sponsors to tap in to consumer opinion and product responsiveness, it becomes even more important for the small business owner and entrepreneur to know where to gather the needed information to conduct business in the most efficient way.

Two recent articles have a special meaning to those who share information on the internet and in other ways about their business.

First, I recommend that you become familiar with an article posted in the Small Business Advancement National Center (SBANC) Newsletter Issue 569-2009, entitled “Understanding How Lawyers Operate and Reducing Your Legal Costs.” Under the leadership of Dr. Don Bradley III, the Executive Director of SBANC, information is provided on how lawyers charge for their services and the importance of doing your homework in advance. The recommendations apply to those who serve on boards, whether public or private and manage or own their own companies. While the article suggests that many sites offer advice, a sampling is provided of sites considered to provide excellent preliminary information. The author of the column is careful to caution that these sites are not meant to replace the experienced legal council you will need in conducting business.

Sites listed in the SBANC Newsletter are:

American Law Source Online is a compilation of links to online sources of legal information for the United States.

Findlaw includes basic legal information concerning contracts, employment, and patents.

Internet Legal Resource Group links to over 4,000 Web sites and is an excellent source of legal forms.

American Patent and Trademark Law Center provides access to basic patent and trademark information.

Legal Information Institute provides access to constitutions, codes, court opinions, statutes, enterprise law, ect.

Nolo provides free information and an incredible list of legal workbooks and manuals to assist you.

More Business offers excellent articles offering advice concerning legal, marketing, and technology issues.

The resource book used by SBANC for this newsletter article is posted as: J.D. Ryan and Gail P. Hiduke. Small Business An Entrepreneur's Business Plan: Understanding How Lawyers Operate and Reducing Your Legal Cost, Dryden Press Series in Management, Pages 264-265, 8th Edition.

For those who post material on the internet I also recommend reading “Bloggers, Beware: What You Write Can Get You Sued,” by M.P McQueen, Wall Street Journal, Thursday, May 21, 2009, D1, D2. You will find this article at http://online.wsj.com/article/SB124287328648142113.html

Networks and Networking

2009-05-27T11:45:00.001-04:00

The networks of a woman entrepreneur resemble a sphere. She is at the center, the essential core, connecting not only to subordinate managers but also to her employees on the organizational surface. In turn, they link to their neighbors and network to others more distant. The intricate links form a graphic; they are a means of unleashing the energy of all.

I began the network chapter in my book Careerpreneurs (p. 61) with this image for a reason. Networking is not an afterthought, something to be done after more important matters are attended to. It is a way to add value to your business. As Lois Weisberg, the Commissioner of Cultural Affairs for the City of Chicago said, it is the way to forge the links that allow one to stand “at the intersection of different worlds, connecting people, creating opportunities, and spreading ideas.”

There is abundant evidence of the benefits of cultivating value-adding networks. Some begin with the cultivation of everyday relationships with people who are skilled, informed, and rich in resources and connected to others. As Justin Lahart recently noted in a Wall Street Journal article describing innovative companies such as Accio Energy of Ann Arbor, the bright spot in the Michigan’s economy,

“Accio Energy got its start in 2007 based on plans two of the founders [engineers Dawn White and David Carmen] hatched at Zinger man’s Deli, Ann Arbor’s renowned gourmet-food destination.”
“Arco got some of the seed money for the three-person start-up from Mary Campbell, an area venture capitalist who met Ms. White in a running group. Jeffrey Bausch, a former General Electric automotive development manager, is Cacao’s general manager. Ms. White met him while helping shuck corn at an organic produce company that Mr. Bausch’s wife, another former Ford engineer, started and Ms. White helped fund.” (“Ann Arbor and Warren: A Tale of Two Economies,” WSJ May 26, 2009, p. A14)

Such joinings appear to be serendipitous accidents, but they are anything but. It is through networks that a businesswoman can exchange vital information about resources, potential partners, joint relationships and more.

There are four general types. Personal networks are developed on the basis of personal bonds and relationships. Professional networks (the XYZ Business Association) have the advantage of offering renewed energy in your business field. Formal organizational networks (Chamber of Commerce) provide open ways of getting and receiving information. Opportunistic networks (the illustration above) are created when people come together and individually decide there is a payoff in continuing the association.

Because the value-added dimension of network affiliation comes from the quality and level of information exchanged, working to develop contacts with such strategic interest groups as customers, suppliers and investors is important. The beginning can be business roundtables, chambers of commerce, industrial councils and other loosely structured federations of business leaders or affiliations in economic development organizations or, as in the example above, simply mixing with energetic people in a vibrant community.

Researchers commonly; agree that networks are most valuable when one enters them without expecting an immediate benefit. But because time is a precious commodity, not to be easily relinquished, the entrepreneur must continually decide which networks are valuable and worth the investment.

Deciding which networks to cultivate and which to drop can be done by making a personal assessment (Careerpreneurs, pp. 86-87)

Is this network worth my time and energy?
Do I have time to cultivate key relationships in this network?
Can I take the risk of not developing this networking opportunity?
How attractive are the members and the businesses they represent?
What is the network affiliated with that I value?
What are the collective opportunities that I cannot acquire otherwise?
Is there a sense of exchange among members?
If the network contains competitors, what is their impact on my business?
What exciting programs does the network provide that are unavailable elsewhere?
What do I bring to the table?
What do I have to offer in exchange for what I gain?
What is the personal payback to my business and my profession?
Is this network too large or too small to be useful?
Is this the kind of network I need at this stage of my business growth?
Do I create connections with people in trade, professional and social organizations?
With how many people do I discuss business matters?
How much time do I spend developing and maintaining contacts?
Do I reach out beyond personal friends and people I have known for some time?
How frequently do I interact?

Finally, it is important to know the density and diversity of your present networks, meaning how many of the people you know also know each other? If the answer is 50 percent or more, there is too much in-groups activity. You can benefit from expanding your network options and leaving time for the chance meetings and random activities that can generate opportunities.

2009-05-27T11:00:00.000-04:00

Lowcountry Women Entrepreneur’s Success Blog
Author: Dr. Dorothy Perrin Moore

Author Biosketch:

Dorothy Perrin Moore is an Emeritus Professor of Business Administration at The Citadel School of Business, where she held the title of Distinguished Professor of Entrepreneurship. She is the author of Careerpreneurs-Lessons from Leading Women Entrepreneurs on Building A Career Without Boundaries, which received the ForeWord Magazine Book-of-the-Year Gold Award in the field of Business. She is the coauthor of Women Entrepreneurs--Moving Beyond the Glass Ceiling, now in its seventh printing, and has published some 68 refereed journal articles, book chapters, proceedings and technical reports, in addition to numerous professional conference presentations and practitioner writings. A former entrepreneur, she received her Ph.D. in Management, Organizational Behavior and Human Resource Management from the Darla Moore School of Business, University of South Carolina. She is a recipient of the Academy of Management, Women in Management Division’s Sage Janet Chusmir Award for outstanding service as mentor, scholar, and role model; a recipient of the Division’s Sage Scholarship Award for outstanding contributions to research on gender in organizations; a Justin G. Longenecker Fellow in the United States Association of Small Business and Entrepreneurship and a recipient of a Certificate of Achievement as the Women in Business Advocate for South Carolina from the Small Business Administration. Her most recent book, coauthored, Island in the Storm, Sullivan’s Island and Hurricane Hugo, earned the Bronze Award in the 2006 ForeWord Magazine Book-of-the-Year awards for regional works. Professor Moore remains actively involved in developing programs and conducting research on women entrepreneurs and has served for the past eight years on the Center for Women Board. In 2010, her chapter on Women as Entrepreneurs and Small Business Owners, will be published by Sage Publications in the volume on Gender and Women’s Leadership. For more information see: http://faculty.citadel.edu/moore/.