10 Things Yoga Teaches Us About Small Business Ownership |  |
| 10 Things Yoga Teaches Us About Small Business Ownership Posted: 22 Jul 2012 11:00 AM PDT It’s funny where you pull life lessons from, isn’t it? For me, it’s often on the yoga mat. Recently, I’ve noticed a few parallels when practicing yoga that I believe can be applied to running a small business. You’d be surprised at the connections:
1. You’ll Never Be Perfect. Despite practicing yoga for 12 years, I still fall. I still have trouble getting into some poses. I think in small business ownership, the idea is that if you run a business long enough, eventually you’ll get it perfect. Not so. As long as your industry, technology, marketing techniques and competitors continue to evolve, you will need to grow and adapt. Stagnation equals failure and while you should continue to strive towards perfection, knowing you’ll never attain it can be…well, enlightening. 2. If It’s Not Working, Let It Go. In yoga, there’s the temptation of stretching one’s body beyond where it wants to go. There’s always the price to pay for that. In business, you can’t force a product or marketing technique if it’s not working. It will cost you time and money. Instead, admit failure early, cut your ties and move on. 3. It’s All About Balance. We hear a lot about work/life balance in the entrepreneur world. It’s not BS. If you work 90 hours a week, your ability to make the right decisions on the fly will diminish. If you’re permanently on vacation from your business, it won’t succeed. In yoga, that “sweet spot” happens when you can stand on one leg blissfully. It can happen, but you have to work toward it. 4. Getting Out of Your Comfort Zone Is a Good Thing. There are those yoginis who would rather stick to the downward dog poses they’re comfortable with because they’re easy. There are those business owners who would rather continue to operate like they have been for years. But by pushing yourself just a little, you’ll be amazed at what you (or your business) can do that had been just out of your comfort zone. 5. Comparing Yourself to Others Can Throw You Off. I still struggle to not check out my yoga neighbors in a class to see how high they can hold their legs. It’s not a competition. In small business, yes, you have competitors and you absolutely should be aware of what they’re up to. But constantly comparing your business to theirs won’t really net you any benefits. Instead, focus on making your strengths stronger so that you have enough competitive advantage to shine. 6. Hot Yoga Isn’t For Everyone. The very idea of practicing yoga in a 100+ degree room is enough to throw me in a tizzy. That’s fine; it’s not for me. Likewise, for you as a business owner, don’t try to force yourself into products or industries that you don’t naturally gravitate towards. Instead, focus on those that bring you pride and that your customers love. A niche market is better if it’s one you adore working in. 7. You’d Be Surprised What You Can Do When You Let Go. Whether it’s a handstand or that next creative idea for your business, sometimes trying too hard to make it happen is exactly what you don’t want to do. Take a step back from the situation. Stop thinking about it. You’ll find the answers you were looking for when you let go. 8. You Can Only Do One Thing at a Time (Well). Self-proclaimed multitaskers, I’m talking to you! You think that writing emails while strategizing about your business, while also talking to a client on the phone will help you save time, but you’re actually not doing any of those tasks well. Take it from someone who has tried balancing on one foot while thinking about her company. Something has to give (and I have the bruise to prove it). 9. Be Happy Where You Are. This concept, called Santosha, doesn’t suggest you never strive to grow your business. What it does suggest, however, is that you appreciate how far you’ve come and be content with your efforts so far. 10. The Best Way to Grow is to Try Something New. Trying new yoga poses invites creativity. Likewise, trying new strategies, techniques or other ideas in your business can help you grow in ways you couldn’t possibly imagine. Be open to what comes. Yoga Photo via Shutterstock From Small Business Trends |
| A Rising Tide Raises Financial Strategies For Women Entrepreneurs Posted: 22 Jul 2012 05:00 AM PDT
The book examines the tactics women-owned businesses have traditionally used, and why those differences exist. Cole and Robb based their findings on research from a Kaufman survey of over 4,000 new US based firms (There is a chapter dedicated to world trends), as well as real-world stories. Mixing Academic and Real World Perspectives The material in A Rising Tide is shaped by three theories, recently established by economists and researchers:
An experience businessperson may perceive these theories as being self-evident. That same person would be missing the point of theories, and thus the book. The book sets the expectations of what should shape tactics and assets for running a business. So having higher expenses and revenue in the survival stage in the Life Cycle Theory is understandable. The overviews are useful for an under represented sector that has a particular relationship to capital, according to the authors:
There's also the aspect of the motivations, which result in different measure of success.
Insights such as that in the last two sentences – provided by another researcher, among a number of which the authors introduce and index – places the theories at the heart of the real world challenges. Motivation Sources for Entrepreneurship The wonderful quality Cole and Robb infuse in their book is how the motivations enlighten academia and real-world experiences. That mix makes the highlights understandable and actionable. For example, read this takeaway about what an entrepreneur should do based on the Resource-Based Theory:
In later chapters you will read how those theories are played out, or not played out, such as the reason why external equity is not sought:
The reasons may be complex, but the authors explain it to make the complex straightforward, without speaking down to the reader. A Rising Tide has dedicated chapters for each business model or stage, so it covers a wide gamut. A chapter on minority women entrepreneurs notes constraint of capital access compared to men, while another centers on nascent firm concerns. A chapter with a focus on family-based businesses – acknowledging the familiar loyalty choice between family and career that professional women face – is a savvy inclusion alongside a chapter on technology-based firms. Public policies and economic data can feel esoteric, but not in this case. The information is contrasted against the strategy choices women-owned firms make. Principle In Action segments appear in the chapters, showcasing the thoughts and brief histories from various firms, including:
Each brief covers the points Cole and Robb raise. You'll also read some thought why some actions are worthwhile, as well as suggestions. A few resources are offered. Mentions, such as Springboard and Astia, are not as numerous as the finance and networking resources in Locavesting and Our Black Year. But combine all these books together and you will be more resource-rich than your competitors. The best conclusion you will draw from A Rising Tide is how economic reality and trends can affect your strategy. The decisions you will make after reading A Rising Tide will make your business rise fast. From Small Business Trends |
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