WEII ModuleBonus Balancing 11 29 05

Managing and Growing the Post-Start Up BusinessBONUS MODULE: Balancing Multiple Priorities: 

Managing and Growing the Post-Start Up Business BONUS MODULE: Balancing Multiple Priorities An offering of the George Washington University Women’s Entrepreneurial Leadership Initiative

In this Module:: 

In this Module: Profile of a Balancer Challenges Tips for Success Case Discussion Special Note: Cases and research for this section is supplied by The Hot Mommas™ Project. Founded by GWU faculty member Katherine Korman Frey, The Hot Mommas™ Project is the research arm of consulting firm Vision Forward and provides research, curricula, and training for dynamic women leaders. One of the Hot Mommas Cases is the recipient of a Coleman Foundation Case Award.

Profile of A Balancer: 

Profile of A Balancer “In charge” in several areas of their life. Professional drive = high/very high. Personal drive = high/very high. Constantly seeking ways to make things better.

Profile of a Need-To-Be Balancer: 

Profile of a Need-To-Be Balancer Over-doing it at work. Network of family/friends deteriorating. No good answers for the “eulogy” question. “I have no life”.

Challenges in Balancing: 

Challenges in Balancing Hot Mommas™ Project Research shows: #1 Expectations (from self / from others) Other Common Challenges: Time – time management and organization are skill, not all have them True, deep-down, prioritization

Challenges in Balancing: 

Challenges in Balancing Entrepreneurs vs. Employees Who has the best balance? Entrepreneurs with < 5 Staff vs. > 5 staff. Who has the best balance? Reality Check: What do you envision as your future? Large business, small business, work for someone else? Above research is from The Hot Mommas™ Project.

Helpful Tips in Balancing: 

Helpful Tips in Balancing What do survey takers from The Hot Mommas™ Project survey find most helpful? Supportive Spouse Reasonable Work Goals Outside Help Organization Personal time

Planning for Balance: 

Planning for Balance Just as you develop a business plan, think ahead and plan for balance. What Hot Mommas™ Survey takers find helpful in terms of work set-up: Flexibility in Schedule Childcare Services/Other Outside Support Office Proximity to Home

Helpful Tips for Balancing: 

Helpful Tips for Balancing Tools most helpful to survey takers: Technology (PDAs, Blackberries) Child Care Other tools: Action Planning – Personal Style Action Planning – Professional (Delegation) Prioritization Exercise – Personal Prioritization Exercise – Professional (Focus)

Helpful Tips Wrap Up: Competitive Advantage: 

Helpful Tips Wrap Up: Competitive Advantage Developing a personal competitive advantage: Creates options for entrepreneurship and intrapreneurship Creates a solid negotiating position vs. “the standard” TAKEAWAY: START DEVELOPING A COMPETITIVE ADVANTAGE EARLY

Pause: Minicase - Melinda: 

Pause: Minicase - Melinda Melinda - Intrapreneur turned Entrepreneur Married, 2 kids. Head architect of Smithsonian Air & Space Museum. Works 4 days per week, until 4:30 pm. Now has own firm and contracts at high rate.

Pause: Minicase - Melinda: 

Pause: Minicase - Melinda Melinda - Intrapreneur turned Entrepreneur How did Melinda arrive at such a high-power position on her own working terms? How did she parlay this into her own company? Do you see a scalable model for her company?

Pause: Hot Mommas™ Case - Kimberly: 

Pause: Hot Mommas™ Case - Kimberly Kimberly – Entrepreneur in midst of personal and professional growth Single, in relationship. Owner of multiple yoga studios. Designs and sells yoga wear line. Author of soon to be published book. Works approximately 14 hours per day.

Melinda – Streaming Content: 

Melinda – Streaming Content What happened and update: In Melinda’s own words.

Pause: Hot Mommas™ Case - Kimberly: 

Pause: Hot Mommas™ Case - Kimberly Kimberly – Entrepreneur in midst of personal and professional growth Kimberly’s professional challenge is a management challenge as her business grows. What would you suggest to help Kimberly grow her organization with the right people?

Pause: Hot Mommas™ Case - Kimberly: 

Pause: Hot Mommas™ Case - Kimberly Kimberly – Entrepreneur in midst of personal and professional growth Kimberly’s personal challenge is regarding “burn out”. She writes books on tranquility, but does not practice what she preaches. What would you suggest?

Kimberly – Streaming Content: 

Kimberly – Streaming Content What happened and update: In Kimberly’s own words.

SUMMARY:: 

SUMMARY: Basics (spouse, expectations, organization, etc.) are huge support in balancing. Develop competitive advantage. Build in balance early: Project forward to imagine your career, understand balance challenges in each sector.