Euro-FEM Module 2: Business Idea and Innovation

Strengthening the Civil Society and Business
Networking of FEMale Entrepreneurs and
Exchange of Experience (Euro-FEM)
TR2015/DG/01/A6-096
This project is funded by the European Union
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SMALL AND MEDIUM SIZED INDUSTRIES’ CHAMBER OF
PIRAEUS
PRESENTATION
MODULE 2: BUSINESS IDEA AND INNOVATION
Aiming to introduce the participants into idea making process and present them some
successful female entrepreneurs and their stories. The innovation process and its
assessment will be also introduced.

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What is innovation: why almost everyone
defines it wrong
A useful definition of innovation is easily understood, is simple,
and clearly tells you whether something is innovative or not.
Definitions matter; it’s hard to have effective discussions and build on concepts without them. And
the best definitions offer utility.
Mention the word innovation in a corporate context, and you’re likely to see some eye rolling.
The word “innovation” has turned into something of a buzzword whose application is so broad and
nebulous that it often feels useless.
But innovation is critical in the modern economy.
That’s why we’re going to come up with a clear and useful definition for innovation.
For our purposes, a useful definition of innovation probably:
•Has easy to understand tests for filtering
•Reliably filters out the sorts of activities that set corporate eyes
rolling
•Rarely excludes things most of us would consider meaningful
innovation
•Is brief and simple

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Various definitions of innovation
It won’t take much Googling to see that the definition for innovation varies widely.
Here are some paraphrased selections:
•Application of ideas that are novel and useful
•It’s about staying relevant
•Great idea, executed brilliantly, and communicated well
•Feasible, relevant offering with a viable business model perceived
as new and adopted by customers
•Introduction of new products and services that add value to an
organization
•As long as it includes “new” and addresses customer needs, any
variation goes
•Fundamental way companies bring constant value to their
customers
•Work that delivers new goodness to customers in new markets and
radically improves the profitability equation
•Implementation of something new
•Implementation of creative ideas to generate value
•Anything new, useful, and surprising
•… and so on

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There are good concepts in those definitions, but none seem to strike the right balance of
clarity, utility, and brevity. We probably need to look elsewhere.
Webster’s defines innovation as “the introduction of something new.” It’s hard to
dispute that’s accurate. But it doesn’t seem particularly useful.
Perhaps that’s because innovation exists outside of our business mindset.
By their definition, introducing a new paint color that’s a half-shade different from any
others known in the market is innovation.
Most of us would not consider that “innovation,” at least not in a useful way. It might be
the absolutely perfect shade for your new house, but I think we need a better definition for
our purposes.
Peter Drucker said “Innovation is the specific instrument of entrepreneurship… the
act that endows resources with a new capacity to create wealth.”
It’s eloquent.
The concept of endowing resources with a new capacity to create value is interesting. But still it
doesn’t feel like a particularly useful definition.
Scott Berkun thinks “Innovation is significant positive change.” That’s starting to sound
better to me.
He adds the notion of “significance.” If it doesn’t matter (to someone), should we call it
innovation? I think not.

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But this definition focuses on the outcome rather than the process. If you don’t know
whether something is innovative until after the fact, it’s hard to apply the definition
proactively. And while the word “change” implies novelty, it’s probably too broad. What if
we’re looking at a change to a well-known business model that results in a loss in stock
value but an increase in stability?
There’s something novel about that, but it doesn’t feel like innovation to us.
Tim Kastelle writes innovation is “not just having an idea—but executing it so
that it creates value.” He incorporates three key concepts: an idea, execution, and
value creation. You’ll see below this is probably the closest to our definition.
A proposed definition of innovation
Here’s how we define innovation:
Innovation is the process of creating value by applying novel
solutions to meaningful problems.”
The reason we believe it has utility is in the three explicit tests for “innovative-
ness” we can apply:

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•Is it novel?
The notion of novelty is baked right into the word “innovation.” If it’s not new, it’s probably
more optimization than innovation.
•Does it solve a meaningful problem?
If not, maybe it’s art instead of innovation. That’s not to say art isn’t valuable, but it’s
generally not designed to solve a problem. To us, innovation is.
•Does it create value?
If not, maybe it’s an invention rather than innovation. Inventions can lead to value
creation, but usually not until someone applies them through innovation.
It also points out that—at least where we’re concerned—innovation is a process.
It’s not the result itself per se, but the path to get there. We know it’s possible to innovate
unsuccessfully—there’s plenty of evidence that innovations often fail. What’s key is that
you’re seeking to create value by applying a novel solution to a meaningful problem.
According to this definition, innovation isn’t limited to the commercial context.
Non-profits can be innovative; their value creation metric is simply different.

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The Value of Definitions
Don’t underestimate the role that definitions and language can play in getting your
team on the same page.
Even revisiting the way your organization defines this can unlock new ideas and help
organizations prioritize initiatives.
And it ensures that your team is making meaningful progress toward creating truly
innovative solutions.

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Innovation: Definition, types of
innovation and business examples
What is innovation? How many types of innovation are there? Can there be innovation
outside of the business world? Is innovation the same as an invention? And what are the
good examples of innovation on business? Let’s find out.
What Is Innovation?
The Oslo Manual, an international reference guide from the OECD for collecting and using data
on innovation, defined the concept of innovation as:
“(…) a new or improved product or process (or a combination thereof) that differs significantly from the
unit’s previous products or processes and that has been made available to potential users (product) or
brought into use by the unit (process).”
Different Types Of Innovation
According to the 4th and most recent edition (2018) of the Oslo Manual, there are four main
types of innovation:

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Organizational Innovation
Organizational innovation refers to the development of a new organizational strategy
that will somehow change a company’s business practices, as well as the way its
workplace is organized and its relationship with external stakeholders.
Examples of organizational innovations:
1. The first companies adopting a four – day week working schedule of only 4 days per
week
2. The first companies that started to use the power of digital and allowing employees to
skip the office and work from home (depending on the role)

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Process Innovation
Process innovation is about implementing a new or improved production or delivery
approach, including changes in operational methods, the techniques used and the
equipment or software.
Examples of process innovations:
1. The first firms betting on SaaS (software as a service) technology, and
using, for instance, cloud contact centers from Talkdesk, changed the way
their customer support processes used to be organized
2. The first hotels that decided to make decisions based on big data using, for
instance, insights from the Climber Hotel, made changes on their
decision-making approach

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Product Innovation
Product innovation is the introduction of a new or improved good or service. These inventions or
changes may have to do with improving technical specifications, the materials or the software used or
even advancing on UX (user experience). However, product innovations don’t need to improve all
functions or performance specifications.
An improvement to or addition of a new function can also be merged with a loss of other functions or
the downgrade of some other specifications.
Moreover, a product innovation must add available to potential users but doesn’t necessarily need to
generate sales. Because if it did, then innovations with low demand or, for instance, digital products like
apps that are free would be excluded. At the same time, routine changes or updates aren’t considered
product innovations as they are only correcting errors or making some seasonal changes.
Examples of product innovations:
1. Lego has been changing the materials of its famous bricks to biodegradable oil-based plastics
2. The first electric vehicles introduced in the car’s market were also an innovation, and new
batteries with longer ranges that keep coming out are also an example of innovation.

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Marketing Innovation
Marketing innovation means developing a new marketing strategy that produces changes
in, for instance, the way a product is designed or packed, or even other decisions regarding
price or promotion.
Example of marketing innovation:
Haagen Dazs’ new waste-free container
Eco-innovation And The Sustainability Approach: A 5th Type Of
Innovation:
Eco-innovation is an innovation resulting in significant progress towards the 2030 goals sustainable
development established by the UN.
In practice, it means reducing the impacts of our production modes on the environment, improving
nature’s resilience to environmental stresses, or achieving a larger efficient and responsible use of natural
resources.
In this way, we can say eco-innovation may create value in two different areas. First, from a sustainable
development perspective, as it promotes sustainability throughout a product’s entire life cycle, it helps to
address challenges such as climate change, resource scarcity, and biodiversity.
Second, it can also boost a company’s performance and competitiveness.
By embracing new and greener processes, technologies and services, eco-innovation can help
organizations access new markets, increase productivity and profitability across the value chain,
strengthen their reputation or attract new investors.

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Examples of eco-innovations:
1. A while ago, Procter and Gamble realized householders could save on their electricity
bill by switching to cold-water washings and started developing cold-water detergents
(product innovation)
2. As part of its sustainability strategy, IKEA is changing its fleet to electric vehicles
(process innovation).
3. Nestle’s new paper-based straws as an alternative to plastic straws (marketing
innovation).
The first companies concerned with the sustainability of their operations that decided to
change their suppliers and partners if they don’t prove they are also making efforts to
become more sustainable (organizational innovation).
Check the video that follows to better understand the concept of eco-innovation:

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What is innovation? 15 experts share their innovation
definition
Innovation is truly a confusing buzzword which many people love to hate.
Every business leader agrees that it is important. But nobody can quite seem to agree
on what it actually is or what it means.
If you ask Google for an innovation definition, it is less than helpful, coming up with
over 300 million results with thousands of definitions.
Its own definition is pretty much useless: “the action or process of innovating”.
Using the traditional sources for a definition such as the Oxford dictionary also
doesn’t help much, with their answer being “Make changes in something established,
especially by introducing new methods, ideas, or products”.
Three questions were made to innovation experts to see how they talk about innovation
with their clients, and compiled the results for you here:
1.What is your definition of “innovation”?
2.What mistake do companies often make when they talk about innovation?
3.What simple thing can a company do to change their conversation / perspective about
innovation?
Even amongst the group of industry insiders here who teach and author books on innovation
methodologies, case studies and thought leadership, there was a huge variety between the
responses.
So in the last section, it is analyzed what everyone said to find the most common themes, to try
and see if it is possible to use the common threads to determine the most effective definition
you can use.

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Let’s get started.
Nick Skillicorn
What is your definition of “innovation”:
Turning an idea into a solution that adds value from a customer’s perspective
What mistake do companies often make when they talk about it?:
They talk about it being a company value without actually putting the required level of support behind
it to make it happen.
Coming up with ideas is relatively easy, fast and cheap, but then those ideas need to be executed. This
is where companies often fail, by not providing the required level of time and budget to take a rough
idea, refine it, experiment on it and finally turn it into a real solution.
Additionally, companies usually think of it just from an internal viewpoint, such as whether they think
the offering is being improved when it is updated.
In reality, if the customer doesn’t perceive the changes as having value, then they won’t be compelled
to purchase it.
So it is all about the customer’s perceived value.
What simple thing can a company do to change their conversation / perspective about it?:
Flip it on its head, and look at every new thing you are trying for various customers’ perspectives.

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David Burkus
What is your definition of “innovation”:
The application of ideas that are novel and useful. Creativity, the ability to generate novel and
useful ideas, is the seed of innovation but unless it’s applied and scaled it’s still just an idea.
What mistake do companies often make when they talk about innovation?:
The think about products or technology. Innovation is bigger than a product or a technological
platform. And in truth, it’s the innovations to organizations and management that precede
product or technology innovation anyway. Great leaders don’t innovate the product; they innovate
the factory.
What simple thing can a company do to change their conversation / perspective about
innovation?:
Change the conversation? For starters, let’s have the conversation.
Conversation meaning a two-way dialogue. Telling employees that “we need more great ideas”
almost never works…yet it’s almost always what is done.
Instead, let’s open up a dialogue with everyone in the organization about how we can get better
at finding, testing, and implementing the great ideas that people are already having.

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Stephen Shapiro
What is your definition of “innovation”?
Very simply put, innovation is about staying relevant. We are in a time of unprecedented
change. As a result, what may have helped an organization be successful in the past
could potentially be the cause of their failure in the future. Companies need to adapt and
evolve to meet the ever changing needs of their constituents.
What mistake do companies often make when they talk about it?
The biggest mistake companies make is asking others for ideas. When asking for ideas,
we invite a lot of noise and unnecessary work. Every person inside and outside of your
organization has an opinion, suggestion, or idea about how to improve things. The reality
is that most of these ideas won’t be effective in producing positive results.
What simple thing can a company do to change their conversation / perspective about it?
For the most effective results, focus on the question, not the solution/idea. I have done a
number of studies that show that when you ask people to think outside the box, you
reduce the quality of your solutions.
Framing the challenges correctly is a critical key to innovation.

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Pete
Foley
I define the innovation process as a great idea, executed brilliantly, and communicated in a way
that is both intuitive and fully celebrates the magic of the initial concept. We need all of these
parts to succeed. Innovative ideas can be big or small, but breakthrough or disruptive
innovation is something that either creates a new category, or changes an existing one
dramatically, and obsoletes the existing market leader.
What mistake do companies often make when they talk about innovation?
We need to stop calling everything breakthrough or disruptive, especially in internal company
discussions. It is more than OK to have a balanced pipeline of big and small ideas, and we need
to get comfortable with that again. But language matters, and once we start calling good but
smaller ideas breakthrough, we lower the bar. This is a recipe for mediocrity, and is one of the
reasons why so many companies struggle with too many small initiatives and not enough big
ones.
innovation?
Make a long-term investment in innovation culture.
Strategy is important, but it is culture that drives most of the smaller, often largely unconscious
decisions that permeate an innovation organization. Big ideas take time, productive failure,
communication, and collaboration.

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Gijs van Wulfen
An innovation is a feasible relevant offering such as a product, service, process or
experience with a viable business model that is perceived as new and is adopted by
customers.
Companies lack focus in their discussions on innovation. Often there’s a senior manager
experiencing an urgent need for something new, fueled by a business challenge. A new
competitor may have entered the market; revenues may have decreased dramatically or a
big contract has been lost. One essential point is often missed at the start: innovation
ideas for what? That’s the question! When you focus your innovation efforts, you’re much
more productive. You should start innovation choosing a clear focus.
Don’t accept the status quo. Innovation means coming up with something really new: a
big idea. When you fully accept the status quo at work or in your personal life nothing will
change. There’s a wonderful quote by George Bernard Shaw: The reasonable man adapts
himself to the world; the unreasonable one persists in trying to adapt the world to himself.
Innovation often starts with something that annoys you personally and is relevant for you.
It’s the WHY for innovation.

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Kevin McFarthing
The introduction of new products and services that add value to the
organization.
Companies often confuse invention and innovation; they’re different things.
What simple thing can a company do to change their conversation / perspective
about innovation?
Companies should really listen more to their consumers and customers.

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Robert Brands
Not an easy answer: Innovation needs to be defined and agreed upon in each organization,
making sure it is strategically and everybody is aligned. Without it, misalignment results in
less than optimal focus and results. As long as it includes “new” and it addresses customer
needs and wants, any variation goes.
Innovation is not just Idea generation. It should encompass all Ten Imperatives to Create
and Sustain Innovation, from Inspiration to Results; a structured repeatable process
needing continued reinforcement and continuous improvement.
Since it is “Innovative or Perish”, the ideal thing an organization can do is set a clear and
simple goal, like “At least one new product per year” that can be adopted and understood
at all levels. However, make absolutely sure objectives and rewards are aligned.

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Paul Hobcraft
The fundamental way the company brings constant value to their customers business
or life and consequently their shareholders and stakeholders.
They confuse it with invention, they use it to define anything new, they forget it has to
contribute new value and be valued by others as better than what they have known.
innovation?
Placing innovation into the core of the organization’s thinking changes the
conversations, it alters the time horizons, it shifts the whole dynamics of where to go
to grow and sustain the organization for the future.

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Mike Shipulski
Work that delivers new goodness to new customers in new markets, and does
it in a way that radically improves the profitability equation.
Companies do creativity when they should do innovation. There can be no
innovation without commercialization.
What simple thing can a company do to change their conversation /
perspective about it?
Move from idea generation to product commercialization.

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Paul Sloane
Creativity is thinking of something new. Innovation is the implementation of
something new.
Many companies make grand statements about their commitment to
innovation but do not invest in the time, people or money to prototype
innovative ideas.
perspective about innovation?
Commit the resources to a good staff ideas scheme with the target of
implementing at least 5 ideas per employee per year.

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Jeffrey Baumgartner
The implementation of creative ideas in order to generate value, usually
through increased revenues, reduced costs or both.
They confuse creativity, especially idea collecting, with innovation.
perspective about it?
Put more women in top management.
Research studies have shown it improves the success rate of innovation,
and also the bottom line.

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Stefan Lindegaard
I try not to define “innovation” as we should tone down our use of the word
and term.
They talk too much about innovation. They should get back to basics.
perspective about innovation?
Stop talking about innovation.
Focus on corporate transformation – in most cases, this should be driven by
digitalization and disruption issues.

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Drew Boyd
Anything that is new, useful, and surprising. That last criteria, surprising, tends to ‘surprise’
people because they usually don’t hear many people talk about it. For me, a great innovation are
the simple ones that make you slap your forehead and say, “Gee, why didn’t I think of that?”.
The biggest mistake companies make is not taking stock in how innovative they already are. I’ve
worked with some of the most innovative companies in the world whose employees moan that
they’re not innovative enough, or that they desperately want a “culture of innovation.” So I tell
companies they don’t have an innovation problem. They have an employee perception problem.
My best guess is that employees get frustrated when they see their company kill a viable project
in favor of other priorities. It wears them down.
A simple thing companies can do to change the conversation about innovation is to train it. Set
up formal courses teaching systematic methods of innovation.
Teach people about idea management, idea selection, and pipeline development. In other words,
see innovation as a competency like leadership or ethics.

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Michael Graber
New, organic value creation by applying creativity, in-depth
relationships with consumers and customers, and new thinking.
What mistake do companies often make when they talk about
innovation?
Because innovation is a process, they bucket it as a value
engineering process, rather than a value generation process.
What simple thing can a company do to change their
conversation / perspective about innovation?
Live it. Host workshops. Bootcamps. Show executive support for
innovation projects.

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Jorge Barba
Something new or different that delivers value to the world, with the key criteria
that I’m not innovating if I’m not bettering people’s lives. Put simply, it is the
future delivered.
Mistakes are too many, one is punishing people for trying new stuff. Leaders that
want to build an organization that innovates consistently must provide six things
to employees: freedom, resources, diverse teams, support, encouragement and
challenge. In other words, you can put it like this: Have bold goals, get out of the
way and reward people for trying.
What simple thing can a company do to change their conversation / perspective
about it?
Companies, just like people, get in their own way. So ask, how are we impeding
people from doing the things necessary that drive innovation? Then stop doing
that and start doing that does.

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Analysis of the innovation definition
As you can see by all of the responses above, every expert has their own views on
how companies can improve it.
Some of them even rightly point out that it’s become a bit of a buzzword and
for a singular definition as it will vary based on circumstance.
But after going through all of the responses, it became clear that there are
that crop up again and again.
Here is the analysis of the most-cited aspects of innovation according to this
Based on all of these factors combined, if we
were to create the ultimate innovation
definition, it would be:
The ultimate definition of innovation
Executing an idea which addresses a specific
challenge and achieves value for both the
company and customer

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Business is the activity of making one's living or making money by producing or
buying and selling products (such as goods and services).
Simply put, it is "any activity or enterprise entered into for profit. It does not mean it is
a company, a corporation, partnership, or have any such formal organization, but it
can range from a street peddler to General Motors."
Having a business name does not separate the business entity from the owner, which
means that the owner of the business is responsible and liable for debts incurred by the
business. If the business acquires debts, the creditors can go after the owner's personal
possessions.
A business structure does not allow for corporate tax rates. The proprietor is personally
taxed on all income from the business.
The term is also often used colloquially (but not by lawyers or by public officials) to
refer to a company.
A company, on the other hand, is a separate legal entity and provides for limited
liability, as well as corporate tax rates.
A company structure is more complicated and expensive to set up, but offers more
protection and benefits for the owner.

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Innovation is commonly defined as the "carrying out of new combinations" that include
"the introduction of new goods, ... new methods of production, ... the opening of new
markets, ... the conquest of new sources of supply ... and the carrying out of a new
organization of any industry“.
However, many scholars and governmental organizations has given their own definition
of the concept.
Some common element in the different definitions is a focus on newness, improvement
and spread. It is also often viewed as taking place through the provision of more-
effective products, processes, services, technologies, art works or business
models that innovators make available to markets, governments and society.
An innovation is something original and more effective and, as a consequence, new, that
"breaks into" the market or society.
In economics, management science, and other fields of practice and analysis, innovation is
generally considered to be the result of a process that brings together various novel ideas
in such a way that they affect society.
In industrial economics, innovations are created and found empirically from services to
meet growing consumer demand.

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6 QUESTIONS TO ASK BEFORE STARTING A BUSINESS
If you’re considering starting your own business, you’re not alone.
Being an entrepreneur has many perks, such as setting your own hours, the flexibility of
where you work, and the satisfaction of building something from the ground up. Yet, there
are also some drawbacks—not least of all the fact that half of all startups fail within five
years of being incorporated.
Entrepreneurship is the pursuit of opportunity beyond currently controlled
resources. When you hear the word “entrepreneur,” you might think of Apple’s Steve
Jobs, Microsoft’s Bill Gates, or OWN’s Oprah Winfrey, who each saw a need in the
market and filled it with an original product or delivery system. Their respective
businesses have not only been successful, but changed the landscape of their respective
fields—from personal electronics to digital media. Each took risks and were met with
immense rewards, but not all entrepreneurs are so lucky.
So, what does it take to be a successful entrepreneur?
Although there’s no single characteristic that makes a perfect entrepreneur,
some common traits of successful ones include curiosity, adaptability, decisiveness,
and innovation.
Is starting a business the right choice for you?
Here are six questions to ask yourself before doing so

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QUESTIONS TO ASK WHEN STARTING A BUSINESS
1. Is Now the Right Time to Start a Business?
Your idea may never take off if you try to start your business at an inopportune time. Are you
currently in a position to pursue entrepreneurship? Consider your relationships, financial
wellbeing, and physical health.
For instance, if you recently welcomed a baby into your family, you may not have enough time
and energy to dedicate to the growth of your business.
On the flip side, perhaps you’ve recently been laid off from your role in corporate finance. This
turn of events could spark an ambition that can be poured into starting your new venture, backed
by your professional experience.
It’s also important to consider if the timing is right in the broader economy and the specific
market you want to enter. You should ensure your offering meets a current need.
For instance, take the coronavirus (COVID-19) pandemic and the preparation to reopen offices.
These unique circumstances have generated a need for companies to prevent the spread of
germs and enforce social distancing, while allowing employees to work alongside one another.
It’s an opportune time for someone who, for example, wants to produce and sell transparent
cubicle partitions, because that product fills a market need.

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2. Do You Have a Business Idea, and Is That Idea an Opportunity?
When starting your own business, you need to know what you plan to sell. If you haven’t
fleshed out those details yet, brainstorm using the following prompts:
•Why does it take so long to ____?
•Why does ____ cost so much?
•Can I deliver ____ with a new business model?
•What can I change about ____ to improve it?
Your idea doesn’t need to be a new invention—it simply needs to fill an unmet need. If you
have an idea for an original product, that’s great, but an improvement to an existing
product’s cost, production, functionality, or accessibility can go a long way. You should also
determine whether your business idea is an opportunity.
In Entrepreneurship Essentials, opportunity is defined as "a proposed venture to sell a
product or service for which customers are willing to pay more than the required
investments and operating costs." In other words, people must be willing to pay more for
your offering than you’ll spend creating it.
To find out if your idea is an opportunity, first come up with a hypothesis. For instance, “I
hypothesize that businesses would be willing to pay $150 per transparent cubicle
partition.”
Next, test your hypothesis by conducting market research.
Reaching out to strangers from your target market segment, rather than friends, family,
and colleagues, who may sing false praises.

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3. Are You Prepared to Pivot and Adapt?
Entrepreneurship is an iterative process. If you know that adapting to new information and
pivoting when original ideas fall flat aren’t your strengths, develop those abilities before
becoming an entrepreneur.
With your earlier hypothesis in mind, say your research tells you 75 percent of people you
interviewed aren’t willing to pay €150 per transparent cubicle partition. Given this
information, you need to adapt.
You test further hypotheses and discover the majority of your target segment is willing to
pay the original €150 if the transparent cubicle partitions are both high-quality and easy to
install and remove. This leads to the development of a new prototype, reassessment of the
cost to manufacture, and another round of hypothesis testing.
The ability to adapt and frequently pivot, especially in the early stages of your business, is
essential.

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4. Do You Have a Strong Team, or the Ability to Form One?
No successful entrepreneur got to where they are by themselves.
All great companies, even those with iconic entrepreneurs, had many other people
who were involved and, without whom, the company might not have made it so big.
In Entrepreneurship Essentials, Apple is used as an example to illustrate the power
of a team on a growing business.
“Steve Wozniak was the engineering genius behind the company’s early products,”
Sahlman says.
Shortly after it was incorporated, Mike Markkula and Mike Scott joined as seasoned
executives who proved themselves essential to the company’s growth. Steve Jobs,
who had previously been forced out of the company, returned to Apple when it was
on the verge of failure and revitalized its products. Without each of them, and
countless others on their teams, Apple would not be where it is today.
If you decide to start a business, keep in mind that successful business owners
know when to ask for help and delegate tasks.
Whether that means starting your business with a partner or two, building a strong
team as you grow, or simply accepting any help and advice you can, know that your
potential success relies on the strength of the people around you.

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5. Are You Prepared for the Possibility of Failure?
Entrepreneurs must be prepared for the possibility of failure when starting a
business.
The very real possibility that your business may not survive is something you need to
come to terms with before pursuing entrepreneurship, and you should have a plan for
that scenario.
6. Why Do You Want to Start a Business?
As you consider starting a business, continually return to the most basic
question: Why?
While only you can answer this question, understanding the relationship
between risk and reward can help illuminate your motivations.
It’s the point where the potential of reward—whether that be pursuing your
passion, becoming the next big brand, or filling the market’s need—outweighs
the fear of risk that your entrepreneurial journey begins.
Ask yourself what you hope to gain from starting a business, and list the risks
you anticipate.
If the pull of potential rewards outweighs your fear of risks, it’s a good sign
you’re ready to be an entrepreneur.

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FORGING YOUR OWN PATH
Asking yourself these questions can shed light on whether starting a business
is a path you want to pursue.
It can be a lot of work and come with inherent risk, but armed with informed
decision - making, an innovative concept, a solid team, and a bit of luck,
starting your own business can be an extremely fulfilling experience.

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THE IMPORTANCE OF INNOVATION IN BUSINESS
Modern businesses grow and succeed in today’s corporate climate for a myriad of different reasons. Some
are known for their products, others for their services, and others still for less easily-defined factors such as
strong brand loyalty or captivating ad campaigns.
If you were to look at the organizations that truly stand out from the pack today as clear leaders within their
industries, however, it would be clear that they all have one common factor: they all embrace innovation.
These innovative leaders include relatively new organizations such as Uber and Amazon—which changed
processes at the core of their industries in order to disrupt the status quo—as well as stalwarts
like Microsoft and Apple, which have been around for decades but owe their continued success to constant
reinvention and innovation.
Yet, no matter its industry or current standing, an organization cannot expect to maintain a competitive edge if
innovation is not part of the overall business strategy.
Read on to explore the concept of innovation in business, examine what makes innovation so critical, and
learn about the steps you can take to become more innovative in your career.

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What is Innovation?
Innovation, as a concept, refers to the process that an individual or organization
undertakes to conceptualize brand new products, processes, and ideas, or to
processes, and ideas in new ways.
In the world of business, there are many different types of innovation that a
often tied directly to individual products, internal processes or workflows, or
even embrace all three in an effort to spearhead growth while adapting to the ever-
Apple is a great example of an organization that effectively embraced innovation at
lifetime. In the ’90s, for example, the company was on the verge of bankruptcy, but
partnering with Microsoft—a company long seen as the enemy.
This move effectively shaped Apple’s entire corporate philosophy and led to the
was an overall turning point for the company.
However this was only the beginning for Apple, the partnership with Microsoft kick-
risk-taking, which led to the invention of tech products many consider staples of
iPods, iPhones, Macbooks, Apple Watches, iPads, and more—alongside the
effectively reshaped the music industry as a whole.

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Why Is Innovation Important for Business Success?
We’ve all heard the phrase “adapt or die” and for businesses to achieve success in today’s modern world, this is
a universal truth.
Take, for example, the massive expansion in technological advancements in the past decade; because of this
extreme growth, businesses have been forced to adapt and expand more than ever before.
This increasing need for growth and change also provides a great deal of opportunity for businesses.
Nearly everybody agree that growth in technology has been the biggest improvement to life in the past 50 years,
and, as a result, companies that embrace innovation have a had sizable advantage in ultimately meeting the
demands of their customers.
Simply put, companies cannot afford to stay afloat if they do not embrace innovation and change.
Following are three critical factors on the importance of innovation in business.

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1. Innovation Helps Companies Grow
As mentioned above, if you want to grow your business in order to become more successful and profitable, there
are a few ways that you can go about achieving that goal.
Though it will be a slow path forward, you might choose to plod along your current path, growing incrementally as
you perfect your existing products and business models. Instead, you might choose to grow your business by
merging or acquiring others, which is faster, but also typically a much more expensive avenue for growth.
Or you might choose to evolve by rethinking your product or business model—or both—from the ground up,
which is a process that can lead to rapid expansion and allow you to scale your business very quickly.
2. Innovation Keeps Organizations Relevant
The world around us is constantly changing, and in order for your business to remain relevant and profitable, it
will eventually need to adapt in order to meet these new realities.
Technology continually proves to be a driving factor in the need for change.
To quantify the recent impact, look at the facts:
•90 percent of the world’s data has been created in the last couple of years.
•More than 570 new websites are created every minute.
•8 billion devices will be connected to the Internet by the end of 2020.

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These changes have led to a new age of innovation across business models and industries, allowing new businesses
to enter the market and disrupt incumbents in serious ways.
Just as a start-up often innovates in order to break into an industry, established organizations need to innovate in
order to fend off competition and remain relevant in this changing environment.
3. Innovation Helps Organizations Differentiate Themselves
At the core, innovation is about doing something differently from everyone else operating in your space. If your organization is
using innovation on its products, for example, then the goal is to develop or update the products until there is nothing else on the
market like it.
If your organization is using innovation on its processes, it’s because doing so will save you time, money, or other resources, and
give you a competitive advantage over other companies stuck in their systems. In either scenario, your organization is taking the
time to try something new because sticking to the status quo simply isn’t working.
While the natural success that this brings can be reward enough for many companies, it would be a mistake to overlook another
key advantage: innovation helps an organization differentiate itself and its products from the competition, which can be
particularly powerful in an oversaturated industry or market.
While delivering value to your customers should always be a company’s main focus, doing so in a way that is memorable and
different from everyone else can become a standout element of your brand identity and business strategy, as well.

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How to Embrace Innovation
In order to drive business growth, stay relevant in changing times, and differentiate from the competition,
business leaders must be able to think creatively and embrace innovation into their business models.
This doesn’t mean that a willingness to innovate is the only ingredient for success, however: leaders must also
have a solid understanding of how to go about bringing that innovation to life.
One way to do this is by gaining experience working on exciting, challenging, and innovative projects, as doing
so will expose you to the skills needed to become an innovation driver within your organization.
A master’s degree in innovation is designed to not only help you hone these specific skill sets, but also provide
you with real-world, hands-on experiences that will make you an effective innovator.

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Use innovation to grow your business
The successful exploitation of new ideas is crucial to a business being able to improve its
processes, bring new and improved products and services to market, increase its efficiency
and, most importantly, improve its profitability.
Marketplaces - whether local, regional, national or global - are becoming highly competitive.
Competition has increased as a result of wider access to new technologies and the increased
trading and knowledge-sharing opportunities offered by the Internet.
This guide explains how you can make innovation a key business process and outlines the
different approaches you can take.
It gives you advice on planning for innovation and creating the right business environment to
develop your ideas.
It also outlines the help and support available to innovative businesses.
•The business case for innovation
•Approaches to innovation
•Planning innovation
•Encourage innovation in your business
•Funding innovation

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1. The business case for innovation
It is important to be clear about the difference between invention and innovation. Invention is
a new idea. Innovation is the commercial application and successful exploitation of the idea.
Fundamentally, innovation means introducing something new into your business.
This could be:
•improving or replacing business processes to increase efficiency and productivity, or to
enable the
business to extend the range or quality of existing products and/or services
•developing entirely new and improved products and services - often to meet rapidly
changing
customer or consumer demands or needs
•adding value to existing products, services or markets to differentiate the business from its
competitors and increase the perceived value to the customers and markets
Innovation can mean a single major breakthrough – e.g. a totally new product or service.
However, it can also be a series of small, incremental changes.
Whatever form it takes, innovation is a creative process.
The ideas may come from:
•inside the business, e.g. from employees, managers or in-house research and development work
•outside the business, e.g. suppliers, customers, media reports, market research published by
another organization, or universities and other sources of new technologies.

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Success comes from filtering those ideas, identifying those that the business will focus on and
applying resources to exploit them.
Introducing innovation can help you to:
•improve productivity
•reduce costs
•be more competitive
•build the value of your brand
•establish new partnerships and relationships
•increase turnover and improve profitability
Businesses that fail to innovate run the risk of:
•losing market share to competitors
•falling productivity and efficiency
•losing key staff
•experiencing steadily reducing margins and profit
•going out of business

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2. Approaches to innovation
Innovation in your business can mean introducing new or improved products, services or processes.
Analyze the marketplace
There's no point considering innovation in a vacuum.
To move your business forward, study your marketplace and understand how innovation can add
value to your customers.
Identify opportunities for innovation
You can identify opportunities for innovation by adapting your product or service to the way your
marketplace is changing. For example, if you're a specialist hamburger manufacturer, you might
consider lowering the fat content in your burgers to appeal to the health-conscious consumer.
You could also develop your business by identifying a completely new product. For example, you
could start producing vegetarian as well as meat burgers.
You could innovate by introducing new technology, techniques or working practices - perhaps using
better processes to give a more consistent quality of product.
If research shows people have less time to go to the stores, you could overhaul your distribution
processes, offering customers a home-delivery service, possibly tied in with online and telephone
ordering.
If your main competitor's products have a reputation for being cheap and cheerful, rather than
trying to undercut them on price you could innovate by revamping your marketing to emphasize the
quality of your merchandise - and consider charging a premium for them.

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3. Planning innovation
Some innovative ideas may just come to you out of the blue.
However, you should ideally have:
•innovation as part of your business strategy
•a strategic vision of how you want your business to develop - if you dedicate your time to
monitoring trends in your business sector, you can then focus your innovative efforts on the most
important areas.
Innovation will not only improve the chances of your business surviving, but also help it to thrive
and drive increased profits.
There are lots of practical ways of assessing whether your ideas have profit potential:
Assess the competition
Find out who your competitors are and where they operate.
Use the Internet and advertising sources such as the Yellow Pages to find out about their products,
prices and operating culture.
This can give you an overview of their selling points, as well as any areas you might be able to
exploit.
For example, if the competition is focused on value for money, you might want to emphasize the
quality of your product or service.
Study market or industry trends
Awareness of the climate in which your business is operating will help you to plan.
You can find a lot of information about your industry on the Internet.
Business and trade magazines will also feature useful articles.

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Build a relationship with your customers
It's not enough simply to know who your customer base is.
You need to communicate effectively with them as well.
Communication involves not only listening to their needs but also actively observing their
behavior around current products and services and generating ideas on how you can make
improvements.
Involve your suppliers and other business partners
Pooling your resources with your suppliers or other business partners will help to produce and
develop creative ideas.
Potential partnerships can also be developed through business networking opportunities.
Next, consider what taking a particular innovative step could mean for your business.
Ask yourself:
•what impact it will have on your business processes and practices
•what extra training your staff may require
•what extra resources you may need
•how you'll finance the work
•whether you'll be creating any intellectual property that will need protecting
Finally, you should include your vision in your business plan by:
•putting down your goals, both long and short term and detailing how you intend to achieve
them
•linking goals to financial targets, such as achieving a specific turnover by a set date
•reviewing your plan regularly

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4. Encourage innovation in your business
There are many sources you can use to help generate new ideas for the business.
Suppliers, business partners and business network contacts can all make valuable contributions to
the creative process, as well as providing support and encouragement. Your employees are also a
vital asset in generating innovative ideas. To get the most from them, you need to create an
innovative environment and encourage creative thinking.
Steps to promote innovation
•Make sure you have processes and events to capture ideas. For example, you could set up
suggestion boxes around the workplace or hold regular workshops or occasional company away
days to brainstorm ideas.
•Create a supportive atmosphere in which people feel free to express their ideas without the risk of
criticism or ridicule.
•Encourage risk taking and experimentation - don't penalize people who try new ideas that fail.
•Promote openness between individuals and teams. Good ideas and knowledge in one part of your
business should be shared with others.
•Stress that people at all levels of the business share responsibility for innovation, so everybody feels
involved in taking the business forward. The fewer the layers of management or decision making
in your organization, the more people feel their ideas matter.
•Reward innovation and celebrate success. Appropriate incentives can play a significant role in
encouraging staff to think creatively.
•Look for imagination and creativity when recruiting new employees.
Remember that innovative thinkers aren't always those with the most impressive list of qualifications.

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5. Funding innovation
There are a number of ways you can fund your growth through innovation, either by using
your own funds or tapping into external funding such as loans or equity finance.
However, any route to external funding will need a high-quality business plan that describes
your business and sets out detailed forecasts of where it's going.
Businesses often turn to their banks for a line of credit or loans for additional finance,
depending on their borrowing needs.
If you're willing to relinquish some control of your business to external investors, you could
consider using equity finance.
The two main routes for this are investment from business angels and venture capital firms:
•Business angels are wealthy individuals who invest in private companies, typically from
€30,000 to €500,000.
•Venture capital firms provide higher levels of investment in return for shares in the business.
Government programs
You may also wish to consider applying for a government program. This will only usually
cover part of your project, but you will retain control of the shares in your business.
Other sources of help
Small and medium-sized businesses can claim tax refunds and credits on appropriate research
and development spending.

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Celebrating Female Entrepreneurs: 10
Women Whose Stories Will Inspire You
Meet ten female entrepreneurs who took ownership of problems, created solutions to
those problems, served people, and became fabulously successful.
Countless women have already stepped up the plate and entered the world of
entrepreneurship. Many of their names you may not even recognize. So it’s time to learn
about some ladies who paved the entrepreneurial road for the next generation.
Who is the First Woman Entrepreneur in the
World?
The history of female entrepreneurs dates back many centuries ago.
Unfortunately, you probably didn’t read about any of them in your history textbooks.
However, these female business owners were pioneers in their time and made it possible
for other women to follow in their footsteps.

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#1: Haircare Pioneer - Madam C.J. Walker (Sarah Breedlove)
Perhaps the first mainstream entrepreneur was Sarah Breedlove, later known as Madam C.J. Walker. Sarah was born
into poverty. Her parents were both former slaves, and she became an orphan at a young age. To say she built an
empire out of nothing is an understatement. And that’s why she’s number one on our list of inspiring female
entrepreneurs.
Sarah Breedlove didn't have a comfortable upbringing. She had to grow up quickly and learned the harsh realities of
life at a young age. When she was only 14, she married her first husband. Sadly, Breedlove became a widow when
she was only 20. As a single mother, she struggled to feed her family with a meager $1.50 a day salary.
Sarah went on to marry Charles J. Walker, and his name would eventually become her legacy. Shortly after her
marriage, Breedlove’s hair began falling out due to a scalp disorder. After numerous snake-oil remedies failed, she
decided to come up with her own concoction. Her first venture into entrepreneurship began with the introduction of
Madam Walker’s Wonderful Hair Grower.
Breedlove began advertising her hair products to African Americans under the Madam C.J. Walker brand. Her
products were an instant success in 1905, and she was the first American woman to become a self-made millionaire.
Even though she passed away in 1919, her haircare brand still lives on to this day.

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#2: Beauty Boss - Estée Lauder
Estée Lauder was born into an entrepreneurial family. Her father owned a local hardware store,
and her uncle was a chemist known for making face lotions and creams. Initially, Lauder only sold
her cream to her friends, but after receiving glowing reviews, she decided to bring the product to
market. It became her goal to help all women feel and look beautiful.
Lauder wasn’t the type to take no for an answer. She became known for a tactic called guerrilla
sales. Once when a manager refused to stock her fragrance, Lauder “accidentally” spilled it all
over the counter. The aroma caught the attention of nearby customers, so the manager had no
choice but to sell her products.
Although Lauder died in 2004, the umbrella company still generates over $14.2 billion in sales per
year.
Estée Lauder Quotes
Her headstrong personality led to some of the most famous female entrepreneurs quotes:
“I have never worked a day in my life without selling. If I believe in something, I sell it, and I sell it
hard.”
“I didn’t get there by wishing for it or hoping for it, but by working for it.”
“If you don’t sell, it’s not the product that’s wrong; it’s you.”
“Act tough: what others call tough, I call persistent.”

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#3: Curve Enhancer - Sara Blakely
Sara Blakely fell into entrepreneurialism out of need. At a young age, she sold fax machines by
going door-to-door. During her tedious shifts, Blakely realized she needed better undergarments
to wear under her not-so-forgiving white slacks. In a pinch, she MacGyvered a makeshift remedy
using a pair of pantyhose.
Knowing other women could benefit from figure-improving shapewear, Blakely began marketing
her invention to local retailers—she even shilled her product on the Neiman Marcus sales floor. In
the blink of an eye, the Spanx brand came to life—and Blakely was only 27.
Little did she know she would soon become one of the most successful female entrepreneurs
under 30.
Blakely’s jump into the entrepreneurial world was well worth it. Not only did Spanx become a
celebrity-endorsed brand seemingly overnight, but Forbes also named her the youngest self-made
female billionaire. Today, her net worth is over $1.1 billion.

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#4: Genes Guru - Anne Wojcicki
Even though you’ll rarely catch her in a pair of bluejeans, Anne Wojcicki is the go-to person when
it comes to unraveling your genes. Former wife of Google co-founder Sergey Brin, she is the co-
founder of the highly publicized website, 24andMe.
The company began as a way for the general public to take control of their health. Today, it helps
reunite adopted children with their biological parents, and gene profiles can even solve cold
cases.
Many serious health issues, including certain types of cancer and autoimmune disorders, have a
suspected genetic link. In March of 2018, 24andMe received FDA clearance to sell cancer-testing
kits directly to the consumer.
For this reason, Wojcicki became one of the top female entrepreneurs in 2018.
As she says about her company, “When people have access to their information, they can mitigate
risk.”

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#5: Syndicated Entrepreneur - Oprah Winfrey
Of all the famous female entrepreneurs in the world, no name is more recognizable across the globe
than Oprah Winfrey. Even though Oprah has an estimated net worth of $3 billion today, money didn’t
always grow on trees.
Both poverty and sexual abuse cut her childhood short. Little did young Oprah know how her rough
start in life would pave a golden road to success.
Determined to make something of herself, Oprah worked as a news anchor, and viewers paid
attention whenever she was on the air. Soon, the Oprah Winfrey Show made its debut. Her ratings
rivaled those of Phil Donahue.
In 1986, Oprah began Harpo, Inc., her own production company.
After years of success, she knew the type of television content her audience desired, and she wanted
to produce topics she found interesting.
Oprah’s story proves you don’t have to be born with a silver spoon in your mouth to become one of
the most-loved icons in the world.

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#6: Healthcare Helper - Stephanie Eltz
You don't have to stay in the United States to find talented women. A trip across the pond will
introduce you to many aspiring businesswomen, including Stephanie Eltz. She is the co-founder of
Doctify—a healthcare platform designed to take the guesswork out of finding a doctor and booking an
appointment.
Eltz is no stranger to the health industry; she’s a practicing orthopedic surgeon. However, when
searching for a doctor to remove a cancerous mole, she soon felt the same frustrations of her patients.
Which doctors are the best? How do you schedule an appointment quickly? What do other patients say
about the office?
These questions led to the creation of Doctify. This unique platform connects patients with a network
of specialists from a variety of practices. Users can also leave reviews to let other patients know about
their personal experience with a particular doctor. It was her mission to give patients the ability to take
control of their healthcare choices.

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#7: Market Linker - Hafsah Jumare
Not every country in the world is as privileged as the US. Poverty is a way of life in most third-world
countries. Nigerian entrepreneur Hasfah Jumare decided to address this issue head-on. She wanted to
find a way to link smaller Nigerian startups with broader markets across the globe.
The idea for CoAmana began while Jumare was finishing her Ph.D. proposal. She poured her entire
income into funding her dream, but she faced many obstacles along the way. However, she never let
rejection stop her.
In an article entitled “Northern Nigeria Female Entrepreneur Invents Digital App To Boost Small
Businesses,” Aledeh.com reports how the company focuses on closing societal gaps through “market-
enabling” technologies.
Today, the impact of CoAmana is evident throughout Nigeria. The pilot launch connected 120 small
business owners with a much broader world market.

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#8: Representing the Underrepresented - Kimberly Bryant
As Kimberly Bryant watched her daughter’s interest in computers blossom, she also noted her
frustration. Kia would tell her mom how the boys always received preferential treatment in school.
Bryant decided to investigate further. Not only did she find favoritism amongst boys, but she also
witnessed the underrepresentation of minorities.
Bryant made it her mission to give female minorities the same opportunities as their male peers.
She formed the Black Girls Code with this goal in mind. This non-profit organization teaches
underrepresented youth valuable computer programming skills.
Recently, Bryant partnered with two other successful women to bring awareness to females in the
workforce.
In a video called “3 female trailblazers help revive Rosie the Riveter jumpsuit,” the Today show
reports how Bryant plans to celebrate working females with a redesign of the iconic jumpsuit.

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#9: Detoxifying Beauty - Cassandra McClure
Have you ever read all the ingredients inside skincare and makeup? Cassandra McClure did, and what she
found out shocked her. As a professional makeup artist, McClure believed she knew everything about makeup.
But after a psoriasis diagnosis and dealing with a host of other ailments, her life quickly changed.
Doctors couldn’t explain McClure’s sudden symptoms.
However, after learning about the link between health issues and toxic beauty products, she decided to make a
change. And once she did, she noticed a difference in her mood and health within days.
McClure soon discovered finding healthier beauty alternatives wasn’t as easy as she hoped. To simplify the
search for other consumers, she began her Clean Beauty brand. She even introduced her first makeup product
last year, called the Lash Binder.
Today, there is a massive shift toward healthier makeup and skincare. Although Clean Beauty Podcast has
become a highly lucrative venture, wealth was never McClure’s goal.
Empowering women to take control of their health through ingredient education remains her mission.

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#10: Plant-Based Cravings - Pinky Cole
Vegans like junk food just as much as meat-eaters. This revelation is what turned Pinky Cole
into a seemingly overnight sensation in the vegan community. One night, Cole was hungry but
didn’t want the stereotypical “healthy” vegan food. No, she had a craving for a hearty, plant-
based burger.
But finding a vegan burger joint is like finding a needle in a haystack.
Cole decided to satisfy her own craving, so she opened Slutty Vegan in 2018. It was an instant
success. Vegans could finally indulge in “naughty” food once reserved for carnivores—but
without the meat. Everything on the menu is vegan, and her food is neither expensive nor
bland.
Even with the success of her restaurant, Cole still loves to give back to her community. In a USA
Today video called “Female entrepreneurs clear balances for 30 college seniors,” Cole and
Stacey Lee pay off the debt of several seniors from Clark Atlanta University. As an alum of the
college, Cole wanted to pay it forward.

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How Many Female Entrepreneurs Are There?
The number of women entrepreneurs has grown exponentially over the past few decades.
The world has shifted from the belief that women should stay home and raise the kids,
and today, there are more females than ever testing the waters of business ownership.
So, just how many female-owned businesses are out there in the world? That’s a multi-
faceted question and not one that’s easily answered. But we can assume the answer is well
into the millions.
How Do Entrepreneurs Start?
Have all these success stories given you the itch to begin your own business? There is
always room for new startups in the country.
Entrepreneurship provides jobs and brings in revenue. It also creates legacies. After all,
capitalism is what makes the American dream a reality.
While there’s no set-in-stone method for beginning your entrepreneurial journey, there
are a few steps everyone should take.
Here’s what you need to do before you open for business:

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Decide on a business model.
Do you see a problem in the world that you want to solve? The most successful
entrepreneurs are free-thinkers and problem-solvers.
Even when everyone else says something is hopeless, they create their own paths.
Research your marketplace.
Is anyone else already doing your vision? Can you do it better?
While competition isn’t a bad thing, you need to make sure to bring something more to the
table.
Make your plan.
Every successful startup has a rock-solid business plan. This document will make you do
some critical thinking before you jump in headfirst.
It will also help you set realistic goals to hold yourself accountable.
Choose a business structure.
Now is the time to learn all about LLCs and S-corps. Get help before you settle upon a
business structure as it will have a profound impact on taxes and legal issues.
File all the documents.
You’ll need to file for any licenses and registrations within your region. If you have any intellectual
property, now is the time to register and protect it. You should also apply for any local grants that
support women entrepreneurs.

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How Much Do Entrepreneurs Work?
There is a rumor that entrepreneurs never sleep—they just eat, work, and drink coffee (or
other spirits). While starting a business will require a bit of effort, the total hours you put in
won’t necessarily determine your success.
Work smarter, not harder.
You may be familiar with that old saying, but what does it mean exactly? As a female
entrepreneur, the hours you devote to your startup should directly impact the business.
Sure, you could try to work 95-hour weeks, but is that type of schedule practical if you’re
also juggling three kids, two dogs, and a husband?
While you shouldn’t expect to work only a few hours a day in the beginning, you need to
find ways to make your business run itself. Look for ways to automate your business.
Consider hiring a virtual assistant to lessen your burden, and clock in and out at the same
time each day.
Treat your business like a “normal” job and schedule set hours. While it may tempt you to
work all hours of the day and night, you’re more likely to experience burnout. But if you
really want to work 12 hours every day of the week, make sure all those hours are actually
productive.

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How Much Do Entrepreneurs Make?
The sky's the limit when it comes to making money as a woman entrepreneur. According
to the job-posting site, Indeed, the average salary of an entrepreneur is $2,670 per month.
While that may not be the six or seven figures you hoped for, it’s a starting point.
Of course, if you surround yourself with like-minded entrepreneurs like you’d find in The
One Percent community, you could find the resources needed to reach your goals faster.
Consider Cait Scudder.
In an interview with Forbes, this young millennial recaps how she left her 9-5 job to begin
following her dreams as an online entrepreneurship coach. She dove into this unknown
world with a vision and plenty of determination, and her hard work paid off big time.
Cait enjoyed an impressive 5-figure launch, and one year later, her revenues jumped to
well over 6-figures.
Cait’s story proves your business doesn’t have to be just “average.”
As long as you have a solid plan, a strong work ethic, and the desire to succeed, there
isn’t a goal you can’t reach.

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How Do Entrepreneurs Become Rich?
Do you want to make more than 5-figures? What about more than 6-figures? If there’s one
thing history has shown, it’s that entrepreneurs can earn as little or as much as they desire.
Look at the billionaires on the Forbes 400. Sure, some of these folks inherited their money
from mom and dad. But many built their fortunes from the ground up. Of those, a growing
number are also female.
The ability to build a profitable business that fulfills a need in the marketplace by serving
people is the beauty of capitalism. All you have to do is find a need for a good or serve and
fulfill it. Start by taking a look around—what problems can you solve for consumers? Once
you determine the answer to this pressing question, scaling your business will be the easy
part.
Who Is the Richest Female Entrepreneur?
Believe it or not, the wealthiest female business owner works in a male-dominated
industry. Diane Hendricks earned her fortune as the co-founder of ABC Supply, the largest
roofing distributor in the United States. As of 2019, Hendricks’ net worth is an estimated $7
billion, which is more than $2 billion higher than the previous year.
This impressive number lands her first on America’s Richest Self-Made Women list
released by Forbes.
Her annual revenue is more than double that of other top female entrepreneurs 2019.

Associated
Partners:
Are All Entrepreneurs Rich?
Rich is a subjective word. While one person may define rich as having a plethora of
wealth, another may believe it to be a sense of happiness. And neither definition is
incorrect. So even if you break 6-figures in your first year, you may consider yourself to
be rich for many other reasons.
Here’s some more food for thought: female entrepreneurs earn a variety of riches in their
pursuits. Sure, the money is nice, but you become wealthy through freedom, fulfillment,
and experience. The longer you stay in the game, the more you’ll develop a reputation
with other entrepreneurs. Ever wonder why do many successful one-percenters have so
many companies and ventures going on at once? They know how to network to continue
building a lasting legacy.
Would any of these successful entrepreneurs ever give up the freedom of being their own
boss to return to the corporate rat race?
Although we didn’t get the chance to ask every billionaire in the world, it’s safe to assume
the answer is no.

Associated
Partners:
Ready to Add Your Name to the Growing List of Women
Entrepreneurs?
Women make up nearly half of society, and the assumed gender roles of the 1950s no
longer apply. Bonnie Birgas in Windsor, ON is proof. After working in construction for 25
years, she founded DS60 Roofing and Siding.
Today, female entrepreneurship is more common than ever, and the number of women-
owned businesses continues to increase each day.
Now is the time to stop wishing and dreaming for a better life, and appreciate the capitalist
society in which you live.
This era is full of female entrepreneurs success stories, and there’s no reason why your
name can’t one day rise to the top of the Forbes 400.
The Takeaway
One reason people find success stories like these so inspiring is that they're ready to find
their mission or calling in life. They want to build a business around that calling - a
business that lets them call the shots in their life.
They also want that business to create enough revenue that they can invest their profits
to gain long-term wealth. If that sounds like you, we'd like to invite you to take a look at
The One Percent.
That's exactly what the entrepreneurs inside this community are doing... right now.

Euro-FEM Module 2: Business Idea and Innovation

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Euro-FEM Module 2: Business Idea and Innovation