10 ways to define and achieve success

Ruth Bastedo, program consultant, Next Steps Program for Experienced Women Entrepreneurs,Initiative for Women in Business, Rotman School of Management

For some, success is a malleable, ever-moving target. But for others, it’s steady and fixed. As a two-time entrepreneur in digital communications, and advocate for women in the entrepreneurial space, I have found that for women, success changes with the evolution of life and business goals. Women also juggle a lot and tend to have career paths that differ from their male counterpoints.

“Women are more than three times as likely than men to choose to become entrepreneurs for work-life balance,” says Dr. Beatrix Dart, Associate Dean, Executive Degree Programs and Executive Director, Initiative for Women in Business at the Rotman School of Management, University of Toronto. “The primary motivations for men are typically the prospect of independence and the earning potential. Women are more risk-averse, which leads to less desire to grow the business by seeking sufficient financial support and to consider export opportunities.”

The silver-lining? Women entrepreneurs know how to run their business for profitability. According to a January 2012 TD Economics report, “Average net profit before tax of female-owned businesses was 89% of male-owned businesses in 2007, a difference that is not statistically significant, and is an improvement from being only 52% of male profits in 2000.” They’re also also starting to pick up the pace at which they seek to grow. In fact, the percentage of female-owned businesses intending to expand increased over the previous period and was higher than the percentage of male-owned businesses (44 per cent versus 38 per cent), according to the report.

How are they tackling the growth challenge? Here are 10 great strategies for defining and achieving success on the new playing field, written by the women entrepreneurs of Rotman “Next Steps” program.

1. Find a few good networks

Anita Agrawal, COO, Best Bargains Jewellery

Join professional networks in your industry and outside of it. I can’t stress how important this is. By joining professional networks in your own industry you gain credibility, have access to a wealth of knowledge and also have many opportunities for advancement. We’ve been members of our professional industry organizations for over 22 years (such as the American Gem Trade Association and the Canadian Jewellers Association). However, we’ve only recently learned that there are many opportunities for women-owned businesses outside of our standard industry networks.

By joining general women’s business networks (such as WEConnect, women entrepreneur classes at Rotman or CAWEE), you can expand your traditional client base, learn about incentives for women owned businesses, small finance opportunities and also learn about business practices that could apply to your industry that you might not have thought of before. Most importantly, by joining women’s business organizations we’ve learned that you create a network of support and gain insight from other women business owners who have had similar challenges or experiences as you.

2. Be optimistic!

Brooke Hunter, president and founder, HUNTERS International Insurance

The number one piece of advice I could give any entrepreneur (or anyone!) is to be optimistic. It’s amazing how much easier it is to tackle a challenge with the vision of a positive outcome. It also allows us to bounce back from failure so much faster and move onto the next opportunity – and clients like dealing with optimists.

Ironically, my job as an insurance broker is placing insurance against the downside. So when it comes to my company’s mission statement, we make it a point to express our upside. We exist “to preserve our clients’ prosperity, enterprise, and opportunity.” Now, just so we don’t look at the world though rose-coloured glasses, clients let you know with their feet whether or not you are successful.

I repeat the above mantra regularly so I always remember who is in fact paying the bills. My colleagues are interesting, sharp, optimistic people who understand these fundamentals and my advice is to hire accordingly.

3. Hire great staff and get out of the way

Julie Mitchell, principal, Parcel Design

This is Parcel’s ninth year in business. In the agency world, the average client relationship is two years. We work with more than a handful of clients that have been with us since the beginning. I’m extremely proud of that track record, but my phone doesn’t ring much anymore. Clients are calling, but it’s no longer me they want to talk to.

There was a fundamental shift at Parcel when I recognized that to attract and retain amazing people, I needed to get out of the way. Capable staff don’t want (or need) to be told what to do. Giving up control is hard and it definitely happened gradually for me. In a few years, I’ve gone from a typical 70 hour work week to something much more civilized. I went from being stressed out about working too much, to feeling guilty about not working enough.

I’m taking six weeks off to enjoy the summer at my cottage with Charlie, my four year-old son. That terrifies me, not because I worry that they won’t be able to run Parcel without me, but because I know they can run Parcel without me.

4. Joy, passion and doing great work

Maggie Fox, founder and CEO, Social Media Group

Success for me has both internal and external components. Externally, I’ll judge the success of our organization based on how we’re perceived by our peers and the business community at large. Are we getting referrals from existing clients? Are we quoted frequently, asked to speak as subject matter experts and thought leaders? When our thinking and work is validated in this way, I know we’re doing something right.

Internally, I have one question I ask of myself and my team: are we having fun? It sounds simplistic, but if you’re having fun, it means you’re doing something that is rewarding and that you’re good at. If you bring joy and passion to your work, you can’t help but be successful. A fun job is a byproduct of success, and for me, if it’s not fun, it’s not worth doing.

5. Embrace the journey

Virginia Poly, President, Poly Placements

As an entrepreneur, every day is very different. There’s no such thing as routine. So in many ways, my definition of success changes on a daily basis: some days I’m very excited that we’ve hired a couple of new staff members who I know are going to make a real difference to the organization; other days I’m excited because we’ve won a piece of business which I know is important to our overall strategic plan. Some days I walk into our new office and I see everyone working really well and I think, “Wow, look how far we’ve come in such a short time!” All of these things are my definition of success.

I don’t think of success as an end point. To me, it’s a journey. Growing a business is all about taking on new challenges and working really hard outside our comfort zone. At year-end, I look at our balance sheet and when I see solid growth over several years, I feel successful. But it’s the day-to-day things like putting together a team of incredible people who then, together, do really great things, that make me feel the most successful.

6. Make each and every moment count

Jody Steinhauer, president and chief bargains officer, Bargains Group

I do a lot of public speaking, and there’s a talk I do now called: “Canada’s Leading Bargain Entrepreneur Tells How To Work 100 Hours A Week And Be Happy, Healthy, Profitable And SANE”. Let’s just say that the word “balance” may be a bit challenged in my life. But, I believe most entrepreneurs both need and can work long hours and still have the life they love.

I am truly blessed as I have figured out how to successfully make each and every moment of my day count by blending my core personal philosophies into the main stream of my bargain business. I am able to practice them and profit from them too, so working those 100 hours a week does not really feel like “working”, it’s just what I do and I love each and every minute! If I could find a way to put more hours in a day or add an eighth day to the week, believe me I would.

I also believe that being a social entrepreneur is important to this balance so find what you love, work hard, help and inspire people around you by giving back and you will always have balance in your life no matter how many hours you work. Plus, giving back makes great business sense.