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Women in the Workforce: starting a small business

Small Business
Posted at 7:49 AM, Jun 20, 2013
and last updated 2013-09-05 16:47:36-04

(WTXL) --  In 2013, The United States will celebrate 50 years of National Small Business Week.

Small businesses are a big part of our nation's economy. According to White House officials, small businesses create two out of three net new private sector jobs in our economy. Small Business Week, a celebration of their contributions, will take place June 17-21.

Women are another big part of the economy. In fact, the highest percentage of women ever (40 percent) are now the sole or primary family breadwinner.

As part of Small Business Week, WTXL/ABC 27 spoke with entrepreneur and author Susan Solvic on ways that ordinary people, especially women, can create and manage a small business successfully.

Solvic offered the following tips:

Q. How do you know when you're ready to start a business?

A.  There is no formula for knowing when you're ready to start a small business. One thing that I tell to small business owners is that you first have to have a great idea. Secondly, you need to test the market. You need to make sure that people are really interested in your product or service, and that you can make money on that product or service. In other words, people are willing to pay you what you need to make a profit in that business.

However, there comes a point where you just have to get the courage and begin.  Don't be afraid of failure. When starting or managing a small business, you're going to make mistakes. Consider mistakes as market research, and learn from them rather than let them stop you.

Q. What are some obstacles women face when starting a business?

A. Women have less access to capital, less access to market, and less access to technology. Many women have succeeded in small businesses despite these obstacles. However, technology can really help level the playing field.

Q. How do you manage your family life and your work life?

A. One thing I always say is that you can have it all, but not all at the same time. Some time your work life will take a back seat to your family life, and vice-versa. Technology can really help by allowing people to work from anywhere.

For more tips, view the attached video.

Small businesses create two out of three net new private sector jobs in our economy.