Guest Opinion: Release your hidden entrepreneur
BY LIZ MYERS | Founder, The Myers Method Inc.
If you’ve considered starting your own business, or dreamed of being your own boss, you may be a hidden entrepreneur. Until this year, Iowa ranked low in women-owned businesses. This year, the state ranked fourth. If you want to contribute to the state’s growing success in female business ownership, create your future success by starting your business with smart techniques based on real experience.
Reflect on your past
Think back to your younger self and what you enjoyed that also gave you a deep sense of satisfaction and accomplishment. Did you sell more Girl Scout cookies because you wanted to win a prize? Was your fish tank an income source because you bought small angel fish and grew them to sell at nice profit? Were your Saturdays spent learning acting and theater at the local park district?
These are some of my success memories that encouraged me to start Myers Consulting in Communication and Training. This business grew into The Myers Method Inc. providing business writing and presentation skills seminars and coaching for major corporations.
Research and be realistic
The Small Business Administration reports that 36.2 percent of nonfarm small businesses are female-owned. Even if you don’t know many personally, we’re out here and you will find support from us! As you look into beginning your own business, research fearlessly and let your confidence and passion lead you while realistically evaluating the opportunity and risk.
I began part time, learning from a mentor who believed in me and coached me every step of the way. She introduced me to professional associations where I expanded my network and knowledge. My bachelor’s degree in English education gave me academic expertise in language, writing and teaching. Earning a master’s degree in American studies with a focus on business and popular culture while working full time prepared me with analytical and research skills, and time management. I learned to shape seminars to meet a client’s needs. My theater training became the background for giving presentations.
Stay curious, ask questions and adapt your existing skills to your new venture.
Hire expert advice
“The E-Myth” by Michael Gerber provides valuable advice for entrepreneurs to stick with their main skill set and seek support for the other essentials of a business.
His thesis makes sense: No one can be expert in every aspect of running a business. For example, I didn’t know about regulations on subcontractors, home office deductions, and equipment depreciation. A very good accountant who understands my particular industry counseled me and helps guide many decisions.
The SBA reports that 90 percent of women-owned businesses don’t have at least two employees, so that means we need to hire advice and skills from outside. Entrepreneurs, though sometimes visionaries, often suffer from shortsighted perspective in managing.
Be confident in your strengths; look for and pay attention to smart guidance.
Elizabeth Myers founded The Myers Method Inc. in 1981 to foster better communication at work. Author of numerous programs in presentation skills and business writing, she recently moved the company from Princeton, N.J., to Iowa. Her client list includes corporations in finance, insurance, pharmaceuticals, technology, manufacturing and retail.
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