Going into business can be an amazing adventure. It can open new doors and help you re-invent your life in ways you’ve only dreamed possible. It also takes a lot of hard work to make good on that “million-dollar idea.” It’s true that more and more women are becoming successful businesspeople. But it’s not just luck or a good idea that gets them there.
For my new book, Secrets of Millionaire Moms, I interviewed seventeen women from across the country – women who’d built multi-million dollar businesses – to discover exactly what it takes to achieve this level of success. Many of their businesses are household names – Baby Einstein, Build-a-Bear Workshop, Shabby Chic and Airborne Health, to name a few. These women graciously shared their experiences in the business world, their sources of inspiration, and how they managed to balance entrepreneurship with motherhood. I hope the book will inspire women to make their own leap from great idea to booming business, which is why the book also includes practical information and insights to help that process along. Here are just a few of the “secrets” these millionaire moms shared with me:
From Jeanne Bice, creator of the $100 million+ Quacker Factory line of women’s apparel: “You can have a business and you can make just enough money to hang on,” says Jeanne Bice, “but one day you become very tired when you realize you’re killing yourself just to hang on. That’s not the purpose of life or the purpose of business. If you’re going to be in business, it should take you to glory.”
From Maxine Clark, founder and CEO of Build-A-Bear Workshops, a $350+ global company: “One of the things that supposedly holds women back is that we’re so emotional, that we want everybody to like us,” shares Maxine Clark. “Well, what’s so wrong about that? If people like you and trust you and depend on you, they’re going to work with you and stay working with you and probably feel really great about working for you. We’re finding that those are important skills—and not just necessary for women to have.”
From Lane Nemeth, who grew Discovery Toys to over $100 million: “The world is out to tell you why you’re going to fail. Whether it’s your parents, your friends, your husband, the capital (or lack thereof), your manufacturer—I believe you need, in a budding business, these odd kind of blinders that allow you to think, ‘they’re wrong, I’m right, and I can’t fail,’” said Lane Nemeth,“That’s what I did.”
From Madelyn Alfano, owner of the Maria’s Italian Kitchen chain, a $15 million+ business. “Sales hide a multitude of sins,” said Madelyn Alfano. “When your sales are big, yes you have your profits, but you may not know if it’s just due to the volume. If your item is not marked profitably enough, it’s not going to last. So you have to constantly look at the numbers—sales numbers, cost of goods sold, and profits.”
There are so many more insights in the book on what it takes to launch, grow, and run a business while at the same time creating a fulfilling life. I am grateful to all these wonderful women for sharing their stories–which were, at times, highly personal. To learn more about the book, or to purchase your own copy and start your journey, click here.
Tamara Monosoff is founder and chief executive of Mom Inventors, Inc., a business she launched from her kitchen table. She is also the bestselling author of The Mom Inventors Handbook and columnist for Entrepreneur.com.
Want to know more? Read a review and an excerpt.
