4 Reasons for Females, Minorities to Consider Entrepreneurialism After a Career Setback

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From time to time, I post guest-written blogs that are pertinent to my consulting areas of diversity and career development. Within diversity, as a certified LGBT-Business Enterprise via the National LGBT Chamber of Commerce, I am very interested in diversity within the small business realm, and want to promote larger companies doing business with diverse suppliers.

Last month, I published by first guest blog from Marissa Perez, co-founder and head marketing writer at Business Pop, “Competing in Business as an Underrepresented Entrepreneur.”  Marissa has spent the last 10 years honing her marketing skills, and now is sharing her small business / entrepreneurial expertise through this second guest blog she has provided.

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Career setbacks can feel devastating at first, but how you respond and attempt to move on can make all the difference. For women and minorities, who can both experience more hardship in corporate environments, this could be the perfect chance to spread those entrepreneurial wings and soar. Still not convinced? Here are some small business facts that may just change your mind, and your life for the better:

1) Your Time Really is Valuable

If you have been stuck in a corporate environment for some time now, you’ve likely gotten used to hustling and pushing the limits on your daily schedule. This sort of mentality is common within corporations, with a primary focus on profits. While profits are important in business, Inc. points out time is really your most precious commodity. If you’re spread too thin, you can’t give your all to your top priorities.

Now you may need to spend more of that time getting your new business started, but at some point it may be helpful to take a step back and delegate some of your work. Upwork is an amazing resource when it comes to finding and hiring freelance talent, from graphic design help for your website to a virtual assistant to assist with administrative duties. You can post your job description within minutes and start looking for freelance help to expand and evolve your business, and to make the most of your valuable time.

There are a multitude of financing options available to new entrepreneurs.

2) Your Funding Options are Plentiful

Time is certainly your most precious asset when it comes to your professional and personal life, but there’s no denying that having the right funding can help any new business succeed. Thankfully, there are quite a few options that you can use to help get your business up and running, from business loans to angel investors to crowdfunding.

While any of these funding sources can be a lucrative way for entrepreneurs to secure the financial resources needed to start a new business, women and minorities should also consider using special grants and loans to make their entrepreneurial dreams come true, and the former may not need to be paid back. Many companies and organizations provide funding to businesses owned by women or minorities, so you just need to do a little digging to find one that will benefit your new business.

3) Your Setback Can Provide Opportunities

Career setbacks can feel like any other loss, so it’s important for you to take time to grieve any losses and process any negative feelings, especially if you lost your job. Feeling angry, unfocused and even a bit depressed is completely normal after being laid off, let go, or quitting a job. When that work environment was toxic, which can often be the case for women and minorities who are working in the corporate world, you may need some additional time and self-care to recover and move on.

One of the most important things you can do to expedite this recovery process is to avoid internalizing any toxic behaviors from others and to recognize that those behaviors had more to do with your former boss, co-worker or environment than you. As Thrive Global explains, learning from setbacks is also an important step for ensuring your success as an entrepreneur.

4) Your Small Business Options are Endless

If you’re not sure what type of business would be best for your interests and goals, however, know that there are endless opportunities for both minorities and women in the small business world. If you have a creative talent, such as woodworking or writing, then you can always turn your pastime into a lucrative new small business. You can also secure licenses that can help propel you into a new career, whether that’s as a massage therapist, electrician, web developer, or veterinary technician. Offering freelance services through Upwork can also be a good option and you can maintain a freelance side gig if you ever decide to return to a full-time position.

Working for a corporation can leave many women and minorities feeling unappreciated and left behind. Consider turning what feels like a loss into an opportunity to start your very own small business. Then you will be in control of your time and your success.

4 Active Listening Skills of Influential Leaders

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NOTE:  Stan Kimer is a retired IBM executive and successful DEIB entrepreneur / consultant who is now seeking paid board positions with large or medium size companies.  Link to a blog about my credentials.

A good leader is able to effectively communicate their thoughts and opinions to their workers. While it’s important for leaders to be able to share their thoughts, it’s equally important that leaders have the ability to listen to the wants and needs of those working under their direction. One survey found that not feeling heard is the second most common complaint. Below are some of the ways that you can incorporate active listening in your day-to-day routine.

1) Pay Attention

This may seem like an obvious tip, and that’s because it is. Paying attention is the first step to actively listening to your employees. It can be difficult sometimes to give someone your completely undivided attention, but you can start by genuinely hearing what the person is saying. Try not to object, cut them off, or spend the whole time figuring out how you plan to respond. Instead, take the time to process what the person is saying to you.

Being attentive and looking engaged is important for active listening

A good way to ensure that you’re actually listening is to repeat what the person has said to you. This can be in the form of summarizing their thoughts, paraphrasing their feelings, and asking questions for clarification. By repeating what the speaker is saying, you’re not only showing the speaker that you’re listening to them, but you’re also creating a mutual understanding between the two of you. This alignment will give you the ability to lead your workers in a direction that works for both of you.

2) Use Non-verbal Cues

Your non-verbal feedback is equally as important as verbal feedback when showing someone that you’re actively listening to them. Learning to appropriately use your body language to show you’re paying attention goes a long way in strengthening the relationship between the speaker and listener. You can start by making eye contact to show the speaker that you’re listening to them, and nodding periodically to show that you understand what they’re saying. Limit the distractions that could take your attention away from them. This means putting down your phone, turning off your computer, and removing anything else that will keep you from concentrating on the conversation. These simple actions will reassure the speaker that you care about what they have to say.

Don’t focus so much on your non-verbal that you let your mind wander from what the person is saying to you. Do just enough so that the person is encouraged to keep talking, but not so much that you’re distracting yourself. This will help strengthen the relationship between you and your workers, and reassure them that their thoughts are valued.

Even in an position of authority, you can appear friendly, open, approacable.

3) Remain Approachable

Active listening doesn’t only happen when a conversation is happening, but it also happens before the conversation even takes place. The first step is to remain accessible to your workers. If you’re a leader who often needs to be away from the office or who is sometimes unreachable, then it might be appropriate to look into Voice over IP communication, which makes it possible for you to be reached on any device that has an internet connection. This technology allows you to receive phone calls, text messages, documents, videos, and other forms of communication through a medium that is convenient for both the sender and the receiver, which will give your team the confidence to reach out to you.

Once your workers are confident they can reach you when the need arises, you have to help people feel comfortable enough to actually do it. You can do this by keeping an open mind during conversations and refraining from judgemental comments or statements. Encourage people to give constructive criticism without fear that they’re questioning your leadership. It also might be beneficial to learn how to be more inclusive with your workers to make sure you’re not unintentionally silencing the voices of those around you. The more you assure your workers that you are genuinely interested in the things they have to say, the more you’ll see them coming to you with questions and concerns— creating a more productive workforce.

4) Practice These Skills Outside the Office

The only way you can get better at active listening is to practice. While active listening has immense benefits in the workplace, it can also be very beneficial to your home life as well. Practice these skills when talking to your friends or your spouse, and keep doing it until these practices become second nature for you. You’ll find that not only will your personal relationships improve, but you will slowly build trust and gain respect from the people you manage as well.