{"id":2057,"date":"2012-08-10T07:11:54","date_gmt":"2012-08-10T11:11:54","guid":{"rendered":"https:\/\/kerryhannon.com\/?p=2057"},"modified":"2012-08-10T07:11:54","modified_gmt":"2012-08-10T11:11:54","slug":"male-entrepreneurs-can-learn-a-lot-from-women","status":"publish","type":"post","link":"https:\/\/kerryhannon.com\/?p=2057","title":{"rendered":"Male Entrepreneurs Can Learn a Lot From Women"},"content":{"rendered":"

\"\"<\/a>Ever have a knee-jerk reaction to something you read?<\/p>\n

I recently ran across a\u00a0USA Today<\/em>\u00a0column by Rhonda Abrams, \u201cWomen Entrepreneurs Can Learn a Lot From Men<\/a>,\u201d and found some of it pretty irritating.<\/p>\n

Abrams wrote, \u201cWomen could emulate some traits of male entrepreneurs if they want to grow their companies.\u201d Her stereotypical advice included urging women business owners to be more confident, move faster and avoid trying to do everything themselves.<\/p>\n

Here\u2019s my question: In the business world, why are women always being told to man up? Females who want to succeed, experts often say, should pump up the testosterone and put on their big-girl panties. If the spirit moves you, make \u2018em boxers.<\/p>\n

(MORE:<\/strong>\u00a05 Mistakes That Can Put You Out of Business<\/a>)<\/p>\n

My view is that women\u00a0don\u2019t\u00a0<\/em>need to be more like men. In fact, based on my interviews over the years with more than 100 women running companies, I think male business owners could learn a lot from their female counterparts, as I\u2019ll spell out below.<\/p>\n

Women Business Owners Are Confident<\/strong><\/p>\n

Incidentally, I don\u2019t believe for a minute that women entrepreneurs lack confidence. A\u00a0survey released by The Hartford<\/a>\u00a0in April supports my view. It found that 91 percent of female small business owners said their companies were successful; only 80 percent of male entrepreneurs felt that way.<\/p>\n

In my admittedly unscientific research, a female’s measured approach to running a business breeds confidence and profits. There’s no need for bravado.<\/p>\n

3 Ways Male Entrepreneurs Should Be More Like Females<\/strong><\/p>\n

So, with apologies to Rhonda Adams, here are three qualities of successful\u00a0women<\/em>\u00a0that I thinkmen<\/em>\u00a0should adopt.<\/p>\n

1.<\/strong>\u00a0Be frugal<\/strong>. Candida G. Brush, chair of the entrepreneurship division of Babson College and director of the Arthur M. Blank Center for Entrepreneurship, told me: \u201cWomen entrepreneurs tend to bootstrap their businesses not only in the beginning, but also through the early startup stage.\u201d<\/p>\n

Brush\u2019s research found that by hanging onto cash and operating their new companies conservatively, women business owners often have shipshape balance sheets. That makes it easier to attract lenders and investors later on, once the firms have track records.<\/p>\n

One small example of this tight-purse philosophy: Many female entrepreneurs I\u2019ve interviewed worked out of their home offices initially, while males usually paid for rental space straightaway.<\/p>\n

When you have less in overhead, your business can be nimble and, presumably, grow faster.<\/p>\n

2. Be cautious and strategic.<\/strong>\u00a0In my interviews, I’ve learned that women tend not to leap off the high dive when launching their companies. Instead, they painstakingly research and rework a business plan. By contrast, men frequently jump into their new businesses based on gut instinct, which can result in a costly belly flop.<\/p>\n

One woman I spoke with earlier this month spent an entire year crafting her boutique\u2019s business plan with help from an advisor from\u00a0SCORE<\/a>, the nonprofit counseling network associated with the U.S. Small Business Administration (SBA). Her plan was so ironclad, she landed a $40,000 low-interest development loan \u2014 and, two years after opening its doors, her business is thriving.<\/p>\n

In some ways, starting a company is like investing. You need to be in it for the long haul to succeed.<\/p>\n

In her book,\u00a0Warren Buffett Invests Like a Girl: And Why You Should, Too<\/em>, The Motley Fool\u2019s LouAnn Lofton writes that \u201cinvesting like a girl\u201d is a good thing. She\u2019s referring to the legendary Buffett’s calm, disciplined and patient approach. Lofton says women put in more time and effort than men researching possible investments, considering every angle and alternative points of view. I believe this same philosophy translates to female entrepreneurs who are \u201cinvesting\u201d in their own businesses.<\/p>\n

3.\u00a0<\/strong>Be more responsive to your employees.<\/strong>\u00a0The female-owned companies I\u2019m familiar with usually offer family-friendly benefits, such as flextime, job-sharing and telecommuting. Most of the small businesses run by the men I\u2019ve interviewed don\u2019t.<\/p>\n

According to the U.S. Council of Economic Advisers\u2019 2010 report,\u00a0Work-Life Balance and the Economics of Workplace Flexibility<\/em><\/a>, when companies provide family-friendly policies, morale gets a boost and workers feel more loyalty to their employers. That invariably translates to less turnover, lower absenteeism and greater productivity. To me, that\u2019s all good juju for bottom-line profitability.<\/p>\n

(MORE:<\/strong>\u00a0How to Get the Business Loan You Want<\/a>)<\/p>\n

What Women Entrepreneurs Really Want<\/strong><\/p>\n

One more thing: I\u2019ve found that many businesswomen don\u2019t want to build empires. They want to be their own boss, do something that inspires them and make as much money as when they were working for someone else.
\nposted by\u00a0Kerry Hannon<\/a>, More by this author<\/a><\/p>\n

\"matureKerry Hannon has spent more than 25 years covering personal finance for Forbes, Money, U.S. News & World Report, and USA Today. Her website is\u00a0kerryhannon.com<\/a>. Follow her on Twitter\u00a0@kerryhannon<\/a>.<\/p>\n
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