10 Things Yoga Teaches Us About Small Business Ownership

It's funny where you pull life lessons from, isn't it? For me, it's often on the yoga mat. Recently, I've noticed a few parallels when practicing yoga that I believe can be applied to running a small business. You'd be surprised at the connections:

1. You'll Never Be Perfect. Despite practicing yoga for 12 years, I still fall. I still have trouble getting into some poses. I think in small business ownership, the idea is that if you run a business long enough, eventually you'll get it perfect. Not so. As long as your industry, technology, marketing techniques and competitors continue to evolve, you will need to grow and adapt. Stagnation equals failure and while you should continue to strive towards perfection, knowing you'll never attain it can be…well, enlightening.

2. If It's Not Working, Let It Go. In yoga, there's the temptation of stretching one's body beyond where it wants to go. There's always the price to pay for that. In business, you can't force a product or marketing technique if it's not working. It will cost you time and money. Instead, admit failure early, cut your ties and move on.

3. It's All About Balance. We hear a lot about work/life balance in the entrepreneur world. It's not BS. If you work 90 hours a week, your ability to make the right decisions on the fly will diminish. If you're permanently on vacation from your business, it won't succeed. In yoga, that “sweet spot” happens when you can stand on one leg blissfully. It can happen, but you have to work toward it.

4. Getting Out of Your Comfort Zone Is a Good Thing. There are those yoginis who would rather stick to the downward dog poses they're comfortable with because they're easy. There are those business owners who would rather continue to operate like they have been for years. But by pushing yourself just a little, you'll be amazed at what you (or your business) can do that had been just out of your comfort zone.

5. Comparing Yourself to Others Can Throw You Off. I still struggle to not check out my yoga neighbors in a class to see how high they can hold their legs. It's not a competition. In small business, yes, you have competitors and you absolutely should be aware of what they're up to.  But constantly comparing your business to theirs won't really net you any benefits. Instead, focus on making your strengths stronger so that you have enough competitive advantage to shine.

6. Hot Yoga Isn't For Everyone. The very idea of practicing yoga in a 100+ degree room is enough to throw me in a tizzy. That's fine; it's not for me. Likewise, for you as a business owner, don't try to force yourself into products or industries that you don't naturally gravitate towards. Instead, focus on those that bring you pride and that your customers love. A niche market is better if it's one you adore working in.

7. You'd Be Surprised What You Can Do When You Let Go. Whether it's a handstand or that next creative idea for your business, sometimes trying too hard to make it happen is exactly what you don't want to do. Take a step back from the situation. Stop thinking about it. You'll find the answers you were looking for when you let go.

8. You Can Only Do One Thing at a Time (Well). Self-proclaimed multitaskers, I'm talking to you! You think that writing emails while strategizing about your business, while also talking to a client on the phone will help you save time, but you're actually not doing any of those tasks well. Take it from someone who has tried balancing on one foot while thinking about her company. Something has to give (and I have the bruise to prove it).

9. Be Happy Where You Are. This concept, called Santosha, doesn't suggest you never strive to grow your business. What it does suggest, however, is that you appreciate how far you've come and be content with your efforts so far.

10. The Best Way to Grow is to Try Something New. Trying new yoga poses invites creativity. Likewise, trying new strategies, techniques or other ideas in your business can help you grow in ways you couldn't possibly imagine. Be open to what comes.

Yoga Photo via Shutterstock

A Rising Tide Raises Financial Strategies For Women Entrepreneurs

The discussion of women leading business startups gets an upstart with A Rising Tide: Financing Strategies for Women-Owned Firms, written by Susan Coleman and Alicia M. Robb.

The book examines the tactics women-owned businesses have traditionally used, and why those differences exist.

Cole and Robb based their findings on research from a Kaufman survey of over 4,000 new US based firms (There is a chapter dedicated to world trends), as well as real-world stories.

Mixing Academic and Real World Perspectives

The material in A Rising Tide is shaped by three theories, recently established by economists and researchers:

• Motivational Theory â€" individuals will take actions they believe will lead to expected and desired outcomes.
• Resources-Based Theory â€" that a firm is a collection of resources.
• Life Cycle Theory â€" a firm undergoes different stages of operation.

An experience businessperson may perceive these theories as being self-evident.  That same person would be missing the point of theories, and thus the book.  The book sets the expectations of what should shape tactics and assets for running a business.  So having higher expenses and revenue in the survival stage in the Life Cycle Theory is understandable. The overviews are useful for an under represented sector that has a particular relationship to capital, according to the authors:

“Although the percentage of firms increased from 26.5 to 29 percent from 1997 to 2007, women owned firms still constitute less than 30 percent of all firms.”

There's also the aspect of the motivations, which result in different measure of success.

“Alternatively, women consider their businesses an extension of their personal lives, and they manage their firms in a way that will allow them to fulfill multiple goals and objectives…for too long women-owned businesses have been measured with the same yardstick as men-owned businesses, so we expect to see the same size, growth, rates and standards of performance…if women have different motivations and goals for their firms, their outcomes and measures for success will also differ.”

Insights such as that in the last two sentences  â€" provided by another researcher, among a number of which the authors introduce and index â€" places the theories at the heart of the real world challenges.

Motivation Sources for Entrepreneurship

The wonderful quality Cole and Robb infuse in their book is how the motivations enlighten academia and real-world experiences.  That mix makes the highlights understandable and actionable.  For example, read this takeaway about what an entrepreneur should do based on the Resource-Based Theory:

“Understand that your tasks as a new entrepreneur are to assemble, develop and mobilize the resources you need to make your firm successful. These include financial, human and social capital.”

In later chapters you will read how those theories are played out, or not played out, such as the reason why external equity is not sought:

“If women do not seek external equity, their lack of demand may be consistent with the goals they have for the firm: smaller in size and scale, easier to control and less complex….”

The reasons may be complex, but the authors explain it to make the complex straightforward, without speaking down to the reader.

A Rising Tide has dedicated chapters for each business model or stage, so it covers a wide gamut.  A chapter on minority women entrepreneurs notes constraint of capital access compared to men, while another centers on nascent firm concerns.  A chapter with a focus on family-based businesses â€" acknowledging the familiar loyalty choice between family and career that professional women face â€" is a savvy inclusion alongside a chapter on technology-based firms.

Public policies and economic data can feel esoteric, but not in this case.  The information is contrasted against the strategy choices women-owned firms make.

Principle In Action segments appear in the chapters, showcasing the thoughts and brief histories from various firms, including:

• Smith Whiley and Company, a provider of mezzanine and private equity funding.
• Helen Russell, cofounder of Equator Coffee and Teas.
• Kate Meyers, who started a web-based legal and medical transcription services firm, Brown and Meyers.
• Debbie Godowsky, who ships cookie treats to college students in her business Cookies Direct.
• Vivan Akuoko of Evay, a minority women owned day spa in Hartford Connecticut.

Each brief covers the points Cole and Robb raise.  You'll also read some thought why some actions are worthwhile, as well as suggestions.  A few resources are offered.  Mentions, such as Springboard and Astia, are not as numerous as the finance and networking resources in Locavesting and Our Black Year.  But combine all these books together and you will be more resource-rich than your competitors.

The best conclusion you will draw from A Rising Tide is how economic reality and trends can affect your strategy.  The decisions you will make after reading A Rising Tide will make your business rise fast.

Fresh Contests and Awards for Small Businesses

Applying for an award or contest can bring your business added recognition and publicity. Awards also fire up your employees! Customers pay attention to awards, too.

Winning awards or contest won't happen by chance. It's up to you to take action.  Here's a list of awards and competitions we recommend checking out:

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DYMO â€" Win Expert Advice for your Small Business

DYMO Endicia has partnered with ecommerce and business experts Marsha Collier and John Lawson to bring small business owners the chance of a lifetime:

Two lucky business owners will win a 1-hour phone consultation with either Marsha or John. Ask your burning business questions, get expert advice, and discuss your management strategies with online sales and marketing gurus.

Dell $100M Innovators Credit Fund

Dell has launched a $100 million Innovators Credit Fund, with the purpose of helping entrepreneurs “maximize potential for innovation, speed to market and job creation.” The credit fund will offer both funding and technology resources with IT support, depending on what each start-up needs.

To be eligible, you must have already received some angel funding or venture capital before you can apply. Start-ups can get up to 10% of its current funding or up to $150,000 with limited credit terms. See website for details and application.

Staples Design Your Dream office Sweepstakes
Enter by July 28, 2012

Enter Staples' Design Your Dream Office Sweepstakes on Facebook and you could win $5,000 worth of your dream Staples products, plus a $500 shopping spree at Staples.

Rock Your Biz Blogging Contest
Enter by July 30, 2012

Join BizSugar.com for the Rock Your Biz Blogging Competition through July 30, 2012, to learn some great tips on how to take your business to the next level with online networking, blogging, or social media. Gain exposure for your company and a chance to win some cool prizes including an iPad3 from Grafton Media, incorporation or LLC filings from Corpnet.com, mind mapping subscriptions from MindMaple, Amazon gift cards, and credits from JustRetweet.

To enter, simply write and publish a blog post on your blog, sharing tips or advice on how to use online networking, blogging, or social media in a small business. Then submit it for voting at BizSugar under the “Rock Your Biz” category.

DailyCandy Start Small, Go Big Contest
Enter by August 3, 2012

The 2012 “Start Small, Go Big” contest, sponsored for the third year in a row by Ink(SM) from Chase, includes mentors from some of the biggest names in fashion, home, beauty and food including Rebecca Minkoff, Jonathan Adler, Lauren Moffatt, Christiane Lemieux of DwellStudio, Lev Glazman & Alina Roytberg of Fresh, Alison Pincus and Susan Feldman of One Kings Lane, and more. Categories for entry include Fashion, Home, Food & Drink, Health & Beauty, and Digital & Tech. See website for entry details.

Win an Office Assistant
Enter by August 7, 2012

To celebrate the launch of high-tech recruitment company TeleworkingExpatsForHire.com, business owners can win the services of a teleworking office assistant for two months worth $4,800.
See company LinkedIn page for details

Accelerate Michigan Innovation Competition
Enter by August 8, 2012

The Accelerate Michigan Innovation Competition is an annual international business plan competition in Michigan. The event is the world's largest business plan competition with more than $1 million in prizes. The goals of the competition are to promote Michigan as a venue for innovation and opportunity and stimulate job creation.

American Airlines Flights. Camera. Action.
Enter by August 10, 2012

Upload a short video telling how the connections you make through travel help your business soar â€" and you might win up to 80 round-trip tickets for your company and exposure to thousands of potential customers.

The New York Times Make Your Pitch Contest
Enter by August 29, 2012

Submit your pitch on video, telling about your product or service, your marketing plans, your customer base. Tell what makes your business different - why it is one to watch? Do you need capital? If so, how much and what for? Most important, how are you going to make money?

All video pitches that meet the submission guidelines will be featured on The New York Times small-business Facebook page and selected pitches will be featured on the New York Times You're the Boss Blog.

PITCH NYC 2012
Enter by August 31, 2012

After hosting the successful 5th Annual PITCH 2012 in the Silicon Valley, Women 2.0 is excited to launch the inaugural PITCH NYC Conference & Competition 2012 (PITCH NYC 2012).

Open to early-stage high-growth ventures around the world, PITCH NYC 2012 invites companies with at least one female in the founding team to apply. Applying companies must be in beta stage and have received less than a million in funding. They are looking for the most disruptive web/mobile ventures, connected device companies, double and triple bottom line ventures, etc. Prizes include $25k cash, services and more.

See website for entry rules (you have to send in your business plan on a napkin!)

MillerCoors Urban Entrepreneurs Series
Enter by October 26, 2012

The 2012-2013 MillerCoors Urban Entrepreneurs Series (MUES) business plan competition is now open and accepting entries.

Since 1999, MillerCoors has invested more than $1.7 million in the dreams of entrepreneurs. This year brings new opportunities for entrepreneurs like you. Enter your business plan for a chance to vie for a $50,000 business grant and potentially become a MillerCoors supplier.

Infusionsoft Battle of the Apps
Enter by December 31, 2012

?Do you have a great idea for an Infusionsoft App, integration or plug-in that will enhance the Infusionsoft user experience? Then you have a shot at being crowned the Kick Apps Champion in the Battle of the Apps 2013. First prize is $10,000. See website for details.

The list of awards and competitions is brought to you by Small Business Trends and Smallbiztechnology.com.

To find more small business events, contests and awards, visit our Small Business Events Calendar.
If you are putting on a small business contest, award or competition, and want to get the word out to the community, please submit it through our Small Business Event and Contests Form (it's free).

Please note: The descriptions provided here are for convenience only and are NOT the official rules. ALWAYS read official rules carefully at the site holding the competition, contest or award.