Image: iStockphoto

Starting a new business can be frustrating, stressful and taxing. But  believe it or not, according to  a new study, entrepreneurs are the happiest — whether their business is a success or a failure.

The  study by the University of Pennsylvania’s Wharton School of Business surveyed 11,000 graduates of the school’s MBA program, who were asked to rate their happiness with their career overall, their current job and their work-life balance, small business owners. About 20 percent of the graduates started their own businesses.

Although the study did find the more money someone earned, the happier they were, it also discovered “the role entrepreneurship played in a person’s overall career satisfaction,” reports The Street. “If money really was the key to happiness, you would expect the high-level execs at financial firms to rate themselves as happiest. But that wasn’t the case. Grads running their own businesses ranked themselves happier than all other professions, regardless of how much money they made.”  Only 56 percent of  the Wharton grads who started their own businesses actually made a profit.

The entrepreneurs in the study also felt they had more control over their time—even if they worked endless hours getting their business off the ground. “Grads running their own businesses also rated themselves higher than any other profession when it came to work-life balance,” writes The Street. “An entrepreneur can choose to take a break to attend a daughter’s soccer game or son’s school play, even if that means working late into the night afterward.”

Image: iStockphoto

It’s October 1, which means it’s the start of National Women’s Small Business Month. Huzzah! And while we’ve reported that resources can be hard to come by (microloan anyone? maybe a crowdfunding campaign?) there are signs that things might be turning around just a bit, for minority women business owners specifically and for black entrepreneurs, in general.

Wayne Sutton, founder and CEO of PitchTo, a company that creates tools for investors and entrepreneurs, argues on TechCrunch that now’s the time for minorities to not just be entrepreneurs, but also investors. Citing research from The Center for Venture Research, Sutton shows that there is a small but robust community of women and minority entrepreneurs who are seeking and getting angel investment.

Add to that an increased interest in startups among African-American entertainers, athletes and other assorted celebrities. “The fact that celebrities and athletes are getting more active in the tech startup space could also continue the increase in minority entrepreneurship in various cultures, especially for African-Americans who often look to the sports and entertainment industries for careers,” Sutton writes. “Now there are conferences such as Venture Draft, which educates and connects athletes to venture capitalists in the hopes of providing the necessary information that could spark investment opportunities to entrepreneurs in markets outside of Silicon Valley.”

He goes on to name a number of other organizations focused on black and Hispanic startups like the Minority Angel Investor Network and Golden Seeds.

Still, Sutton makes the appeal for more angel investors in minority businesses. In some ways, there’s simply the need for more investors to see the value in minority- and women-owned businesses; to be confident in the fact that these are capable entrepreneurs and you will make a return on your investment. In other ways, minorities and women are still growing in areas of entrepreneurship. Every day, women and minorities are learning more about the business world and making strides to capitalize on the profits and satisfaction it has to offer. This new breed of high-level businessperson will attract investors.

By way of helping, and in honor of the aforementioned National Women’s Small Business Month, the Small Business Administration (SBA) is hosting four webchats this month, where tips and advice will be available. We’ll also suggest that you keep an eye on the National Women’s Business Council, which is hosting a big event this week and, throughout the year, has the ear of government members and the SBA. If there’s something happening for women business owners that you can take advantage of, they’ll probably know about it.

Image: ThinkStock

With so many people struggling to deal with the rising costs of living and the staggering unemployment percentages throughout the nation, many people are thinking more seriously about going into business for themselves.  The liberty to do what you please with your own time and the financial freedom that entrepreneurship provides are priceless.  However, being a small business owner comes with its own challenges.

I own a small nonprofit consulting business and have a number of friends who have their own entrepreneurial endeavors.  There is one frustration that it seems a few of us share.  We’ve had clients who just don’t do right when it’s time to pay.  Why oh why must we make it hard for the business owner who is trying to establish him or herself, build clientele, and end the year in the black?  People rarely go to the register at a department store and negotiate the price of the merchandise they’re purchasing.  They pay the price indicated on the tag.  People don’t expect to walk out with items and then pay the store when they can; they understand that they are participating in business exchanges and that they must provide payment for a product in order to receive it.  Why aren’t these simple concepts understood as readily when doing business with entrepreneurs?

I recall working with a client who I deeply discounted my services for because she started all of our conversations with long stories about how little she could afford, and I really wanted to help.  I drafted a contract which she signed, secured the first payment installment and we began our work together.  We worked with relatively few problems.  That is until the work was complete and it was time for her to settle her account.  It was at that point that Miss Lady began a disappearing act as impressive as Franklin of Terry McMillan’s popular novel with the same name.  She was dodging phone calls, not responding to emails, the whole nine yards.  When I finally caught up with her, she had spectacular stories for days to explain why she had been unavailable.  I wasn’t concerned with much of what she had to say.  My train of thought was essentially…forget that story, pay me!  I got the money I was owed and I made a conscious decision to actively avoid similar situations in the future.

Moving forward, I implemented these simple commandments and you should too if you own a small business and want your money on time.

1.   Only begin work with clients who demonstrate an ability to pay.  If conversations about compensation are strained and leave you feeling uneasy, politely decline the business and walk away.
2.   Set your own price and don’t allow clients to haggle you.
3.   Be upfront about your payment policy and get it in writing,
4.   Never begin work without at least securing a deposit, 50 percent preferably.
5.   Stop working if a payment is delinquent and resume work once payment arrangements have been made.
6.   Never deliver the final product before receiving the final payment.
7.   Treat all business relationships as business relationships whether you’re doing business with family, friends, friends of friends, coworkers, etc.
8.  Speak directly about compensation.  If a client is actively avoiding the topic of payment, address the issue politely, but directly before payment is due and before a problem arises.
9.  Be persistent. If a client owes you money, continue to follow up with them until payment is received.
10. If push comes to shove, utilize small claims court and collection agencies.

People deserve to be fairly compensated for the work that they do.  If you’re a business owner, take the necessary steps to ensure that you get the money you’ve worked for every time. And if you’re patronizing friends and family who own their own businesses, stop fishing for a hook up and pay those people what they’re worth and ON TIME.

Sheena Bryant is a writer and blogger in Chicago.  Follow her on twitter at @song_of_herself.

Tasha Robinson, founder of Imperfect Concepts Boutique

Any woman who is a true Sex and The City fan has jealously lusted for Carrie Bradshaw’s amazingly fashionable, eclectic wardrobe (we all got to know and love Mahnolo Blahniks through Carrie’s shoe obsession). But many of the items that Carrie rocked with such stylish flair were surprisingly found in vintage clothing boutiques. If you’re like me, you don’t have the first clue where to start when looking for classic items (I should really be ashamed of this living in New York City) but now it looks like maybe this “vintage gem” search doesn’t have to be so hard with virtual clothing resale store Imperfect Concepts Boutique.

Created by Southern University alum Tasha Robinson, Imperfect Concepts Boutique is an original resale boutique that offers affordable prices for vintage and modern fashion items. Unlike a consignment shop, the items are not provided by patrons in exchange for payment, but instead are carefully discovered and chosen by the Imperfect Concepts team from a variety of sources like vintage stores, thrift shops and estate sales. Robinson decided on the name “Imperfect Concepts” to pay homage to each item’s unique story. Never been interested in vintage fashion? Robinson tells her clients that there are a number of reasons why people should shop in vintage and consignment shops, including being able to find quality designer clothes for great prices, as well as developing your own personal style.

Armed with a degree in public relations and communications, Tasha was always very fashion conscious and displayed an uncanny sense of style. ICB was born out of her own frustration with not being able to receive fair value for her own exclusive pieces, as well as her need to do some major closet clean-up. “I was tired of not getting the full value of my clothes when I took them to consignment shops,” says Robinson. “When the store first started it featured a plethora of my clothing.”

Even with an ingenious idea like Imperfect Concepts Boutique, there are always obstacles and hurdles that come with being a entrepreneur. When Tasha first started her business she had to come to terms with the fact that she was not experienced in being a business owner, and had much to learn about how to handle the operation of a successful company. “When I started ICB there were thousands of resale stores, but not many that were not a part of Ebay. Therefore I had to learn everything on my own,” Tasha recalls. “I overcame this by researching and hiring people who knew what I couldn’t comprehend.”

Today Imperfect Concepts Boutique has over 3,000 monthly readers and a social media presence, most notably on the fashion industry’s virtual bulletin board Pinterest. Tasha has been doing so well that she is able to support herself solely as an entrepreneur, a feat that takes many business owners years to reach. Tasha manages her success by keeping organized objectives. “I have weekly and monthly sales goals that I adhere to,” explains Robinson. “The numbers are checked every quarter to make sure [they] are aligned with the yearly goals.”

Tasha’s advice for those wanting to start their own business? “Research the industry you want to enter intensely. Make sure you are bringing something to the table in your niche market. Wholeheartedly believe in yourself, company, product or service before you ask someone else to. Finally follow your passion. Money isn’t everything if you’re unhappy.” Now that’s a perfect concept.

Image: Eyecandy Images

Many of the speechmakers at this week’s Republican National Convention have been throwing out the “We built it” mantra, totally taking President Obama’s words out of context. They’ve been using the phrase to talk up all the good stuff that would happen for small business owners if Mitt Romney and Rep. Paul Ryan won the election. Last night, Rep. Paul Ryan took a moment to in his speech to tell listeners about his mom’s interior decorating business. (It also should be noted that many people are questioning the accuracy of many of the claims that Ryan made in his speech.)

But after taking a closer look at Rep. Ryan’s economic plan, Path to Prosperity, which would be the biggest indicator of which way he leans, there’s really no indication that entrepreneurs, and particularly minority and women entrepreneurs, would dramatically benefit from a change in the White House. Rep. Ryan would only be the Veep. But many suspect that President Mitt Romney would take cues from the plan Ryan has previously laid out before Congress. Entrepreneur provides an overview of its key points.

Moreover, Inc. magazine has this to say: “While in the budget Ryan mentions that he’d strip away regulatory bureaucracy that could ease the start of certain small businesses. But he voted against the Small Business Jobs Act, which some think increased contracting opportunities for the smallest businesses, and also increased the SBA’s lending capacity.” The article says that Ryan has promised to “close loopholes,” but it’s still unclear which ones those would be.

We’ve covered the struggles for minority and women-owned businesses to find financing and other resources for their businesses. (Check out this story about microloans for an interesting alternative.)  That’s an area that we haven’t seen addressed by the campaign. Moreover, it’s an issue that really stems from the banks and their policies. For Wall Street, the biggest concern is regulation and the consumer protections that the Obama administration has proposed, which touches on some of those issues, but isn’t directly related. (Learn more about that here.) In terms of regulation, the GOP platform has favored less rather than more.

One thing is clear: the Republicans have some very serious problems attracting women and minority voters at the moment. Many have commented on the lack of diversity on the GOP convention floor. Insane policy suggestions surrounding women’s health have alienated many female voters. A recent poll shows Romney getting exactly zero percent of the black vote. And he’s not doing that much better with the Latino vote.

So Romney’s got a lot of voter problems and small business is just another one.

Image: Comstock

This summer, the Brick City Development Corporation (BCDC), Prudential Insurance and New Jersey Community Capital (NJCC) announced the BCDC Newark Fund, a loan program intended to help small businesses that want to set up shop in Newark, N.J. The program is just one part of a larger effort to bring companies to the city.

The largest city in the state, Newark is about 13 miles from Manhattan. It has experienced a resurgence over the past few years, boasting the area’s first new arena in a quarter century, the Prudential Center, which opened in 2007; a growing population, which is a big change from the previous decades when residents fled; and a landscape that’s being redesigned by an influx of new businesses, buildings, and green spaces, even urban farms. Just this week, Prudential, which has been headquartered in Newark for more than 130 years, got approval for a $444 million office facility.

Prudential has more than 50,000 employees around the world and $961 billion in assets under management. During the press conference announcing the new loan program, Lata Reddy, the company’s VP of corporate social responsibility noted that small business is “critical to the economic vitality of the city.”

With this latest fund, Marie Mascherin, chief lending officer at the NJCC, told us the partner organizations were trying to create an alternative to traditional sources, like banks, which have become more cautious about lending money to small businesses and startups. Add to that the lack of resources for minority-owned businesses and there’s a real need.

“We’re trying to fill a void that’s been created as a result of the banks pulling out,” says Mascherin.

According to BCDC CEO Lyneir Richardson, the goal of his organization “is to have a variety of tools” available to small business owners and minority entrepreneurs who need a helping hand.

“Our approach is to be proactive,” says Richardson. “We want to get the message out that if companies see an opportunity here, we can be the first stop.”

The organization has a number of funds, and millions of dollars have already been invested in building new businesses in the city, with “three or four deals in the pipeline,” Richardson says. Businesses that have already benefited from the BCDC’s help include a franchisee, a clothing retailer, two grocery stores (“solving the food desert problems,” says Richardson), a pediatric dentistry office, and hotels.

Besides the financial assistance the group offers, it also serves as the center of a small business network, connecting people and companies in a way that’s useful for all parties involved.

“Our work is more of a quarterback,” says Richardson. “Our goal is to make economic development happen.”

With all of that in mind, Richardson has four main reasons why small business owners should plant their flags in Newark:

• It’s close to New York.
• It’s a hub that’s accessible to Newark International Airport, home to to the third most active port in the country, and near trains and roads, which has proven handy for distribution companies.
• There’s great access to talent because of the five colleges (Rutgers and New Jersey Institute of Technology among them) and 44,000 students who live and study in the city.
• “Now we have this Mayor whose celebrity helps not only shine a light on the city, but on entrepreneurs,” says Richardson.

We see them on TV, and on the movie screen. We hear them on the radio. We follow them on Twitter. Our fave celebs are creating all kinds of buzz and blazing trails in everything they do. These business-savvy celebs have launched some lucrative ventures worth checking out. Take a look…

straightfromthea.com

Jennifer Hudson

It seems that just about everything JHud touches turns to gold. First, it was her Oscar-worthy role in Dreamgirls. Then it was her Grammy-award winning debut album. Now it is Weight Watchers. JHud wowed us with her phenomenal weight loss reveal last year, and now she hopes to influence people in her native Chicago to do the same. JHud became the first celebrity to have a Weight Watchers center when she opened the Jennifer Hudson Weight Watchers Center in Chicago’s Hyde Park neighborhood last fall.

What’s next for JHud? A launch of her new clothing line, the Jennifer Hudson Collection on QVC this fall, as well as recurring role on the hit NBC show Smash, where she’ll take on the role of Broadway star Veronica Moore.