Startup failure is a serious thing. About one-third of small businesses fail during their first year in business, according to the SBA.
Ginger Siegel is the head of small business at Mastercard and she shared her insights on what it takes to succeed as a small business owner and reduce the failure rate.
Mastercard works with partners, such as banks, to provide to them resources to help small businesses grow, Ginger explained.
Bakers, start their businesses to BAKE, not to deal with spreadsheets, cash flow and accounts receivables, said Ginger.
They, as most all business owners do, started business with a passion for their craft.
In order to be a success in their business, business owners must have the tools to run a great business.
As small business owners, we don't have many of the resources that a larger business has, so it's vital to surround yourself with experts who can help you and that you have the right tools.
I've found from personal experience that having a coach (or mentor) has been extremely valuable to me in the growth of Smart Hustle. I INVEST in myself and attend events where I can learn.
There's a number of tools I use to ensure my day is as productive as possible. Of course it's not just the tools but HOW you use the tools as well, so get training in them.
Some of the tools Mastercard has provided with its partners are mobile receipt capture, partnership with Intuit QuickBooks and more.
Smart businesses wake up excited every day, but they also know what they don't do well and get help in that area.
Ginger's advice to women business owner?
- You are rocking it and studies show you're growing your businesses faster than your male counterparts.
- Keep focused on the REASON you started your business. Most female founders started their business for PURPOSE over PROFIT and they want to make a difference.
- Don't ever apologize for starting your business because of work-life balance.
- The fact that they are seeking balance is one reason they have been so successful.
- Keep doing what you're doing because you are awesome.
In closing our discussion Ginger said starting and growing a business is TOUGH, so reach out and get help.
Don't ever be afraid to ask for help. It takes a village to run a successful business.