Creativity, Confidence, Cash, Community

by Nell Merlino

There are some 10 million women entrepreneurs doing business in the United States today. Many of them seek greater stability for their families and communities by creating and introducing to the market problem-solving products and services. As layoffs and multibillion-dollar bailouts escalate, small businesses can provide solutions. Imagine that these women entrepreneurs are America's sleeping giant.

Women entrepreneurs are the economy's secret weapon. Creativity, confidence, cash, and community—these are the building blocks of America's entrepreneurial culture, and they are what today's smart entrepreneurs are using to grow their businesses and get the economy on the road to recovery. 

Creativity is needed to look at products, services, distribution, and infrastructure in a new or different way. Gayla Bentley of Houston, Texas, sold her affordable clothing line through major department stores. When sales slowed, however, she changed her model and sold through boutiques. Bentley didn't wait around for decisions to be made; she found buyers.

Confidence is key to problem solving and growth. Confidence comes from doing what you do best-whether it's developing your product, building partnerships, or creating your 10-year vision-then building a team that complements your strengths. The job market is full of extremely talented people looking to jump into growing businesses; there has never been a better, or more important, time to hire.

Then there is cash. In this economy with credit tight, cash is king, or for women entrepreneurs, cash is queen. Pay your credit card bills on time, and get your customers to pay you on time. Check in with your banker if you have one; get a banker if you don't. Also, look at where you can cut costs. Count Me In has partnered with Sam's Club this year to provide 625 Sam's Club memberships to women entrepreneurs so that they can keep costs down and cash flow moving. 

Most important is community.  Being involved in an active community of your peers will help you recognize pitfalls, learn shortcuts, and stay inspired. From networking organizations to breast cancer research walks and runs, we know that women are most likely to succeed when they set goals together, create accountability, and share support.

This is the moment for women entrepreneurs to create jobs and solve the economic crisis with creativity, confidence, cash, and community.

 Merlino is president and CEO of Count Me In For Women's Economic Independence, a not-for-profit provider of resources, business education, and community support for women entrepreneurs seeking to grow microbusinesses. It launched Make Mine a Million $ Business RACE in 2009, a yearlong business growth "marathon" for tens of thousands of women entrepreneurs to set their revenue goals and receive tailored education, business growth tools, and constant connection with one another. For more, visit www.makemineamillion.org.