On December 5, join us at Babson College for an event with Ginny Wilmerding, author of Smart Women and Small Business: How to Make the Leap from Corporate Careers to the Right Small Enterprise

1. What prompted you to write Smart Women and Small Business: How to Make the Leap from Corporate Careers to the Right Small Enterprise?

I wrote this book because it didn't exist, and there was a huge need for something like it. Five years ago, as an aspiring business-owner looking to buy a business with a partner, I found that none of the small business advice books that really impressed me were written from a female point of view, and the books that were written for women focused on two themes: starting businesses from scratch and running home-based businesses. I felt that there were so many more paths to consider and that women needed to hear about other women who had followed them: paths that included buying a business, acquiring a franchise, consulting for or joining a small business, working in or taking over a family company, and working with business partners (female or male). Five years later, when I was bought out of the wholesale importing company I co-owned with a partner, I decided to take some time off to interview about 50 women and experts and write the book. I wrote this book simply because I wanted to make a difference in women's lives. I want my readers to know that I am one of them and I can relate to them. I hope the book helps each woman approach her search for the right small enterprise in the smartest way possible, so that she can be not only happy, but financially successful.

2. Why is the book for women only? Don't men and women need the same kinds of advice about small business?

Most of the advice in the book is equally applicable to men and women, but there are several reasons why this book is tailored to a female audience. First, many mid-career women find it more useful to combine a discussion of business and careers with their concerns about work-family balance. They want to think about business choices such as retail vs. wholesale, bank financing vs. equity financing, and partners vs. going it alone within the context of how they'll be able to juggle everything on a day-to-day basis. Second, women really respond well to mentoring and positive role models, and this book is filled with examples of women they can relate to, emulate, and take personal inspiration from. Finally, many women haven't been socialized to be comfortable with the nuts and bolts of business and money in the same way as men. Focusing openly on profits and cash flow, debt and credit issues, and the monetary value of the businesses they've created doesn't always come naturally to them. This is one reason why, even though women-owned businesses are the fastest growing small business sector, businesses with over $1 million in revenue owned by men outnumber those owned by women by a factor of 8 to 1. Although I am not suggesting that women must create huge growth businesses, I do want to help women become unapologetic about being profit-oriented and more comfortable with taking risks so that their businesses survive and their efforts turn out to be financially worthwhile.

3. For the future entrepreneurs out there, are there some lessons that you or the women you interviewed learned the hard way and want to share?

There are many:

• Change the way you think about business careers, focusing less on prestigious titles, salary, and resumes and more on how you want to spend your time and make good use of your background. Look at the down-to-earth small business world as a worthy target of your highest career ambitions.
• Realize that starting a business from scratch is probably the hardest way to get started. Existing businesses can offer lower risk and more predictability. Before you write off buying a business as too expensive, consider not only your startup costs but the income you will forego while you build your way to profitability.
• Spend a day visiting or working in a similar business to the one you want to start or buy, to be sure it's what you want to do.
• Design your business so that it's not overly dependent on you, and delegate as much as you can. Your business will be worth more, and you will feel less of a burden to make everything happen.
• Don't be afraid to borrow money; do what it takes to apply for a proper business loan. Your business is more likely to fail and you are more likely to face credit problems if you don't plan for your capital needs in advance and instead depend on credit cards and money from friends and family.
• If you're going to work with a business partner, prepare yourself for partnership success by planning for it very deliberately. In addition to legal documents, spell out your different roles and responsibilities so they're crystal clear, and consider going on a retreat to get to know the ins and outs of each other's personalities.