Patricia G. Greene is a Professor of Entrepreneurship at Babson College, where she holds the Paul T. Babson Chair in Entrepreneurial Studies. Patricia’s research focuses on the identification, acquisition, and combination of entrepreneurial resources, particularly by women and minority entrepreneurs. She is a founding member of the Diana Project, a research group focusing on women and the venture capital industry.

On this week’s show, we discover what the main motivator is for most entrepreneurs and small business owners who start a business. The answer might surprise you, as it often isn’t for financial purposes. Throughout our young adult lives, we’ve been told that acquiring debt is bad for you, so what options do entrepreneurs have when seeking capital? Do they have to go into debt with a banker? You’ll want to listen in for more, as Patricia identifies some clever financial options for you.

 

Show Notes:

[2:20] When it comes to business owners, who are we talking about?

[2:35] The vast majority of small business owners have less than 10 employees.

[4:25] Why is Patricia interested in entrepreneurship?

[5:20] Money is often not the top motivator as to why people start business. If money isn’t, then what is?

[9:30] What kind of challenges do entrepreneurial women face, as they focus on raising/having children?

[11:25] Although there are no numbers behind this, women are more likely to build their business, based on their family's needs.

[11:40] How does Patrica help entrepreneurs at Babson?

[15:30] Babson built their program specifically for entrepreneurs. This is why so many students have had a dramatic mental shift towards how they approach business.

[21:10] How can a person grow their network list, when they don’t know anyone?

[24:30] How can a business owner approach someone of influence, without seeming selfish, or like a taker?

[30:30] When investing in crowdfunding, the risks are untested thus far. In angel funding, the risk is that 8 out of 10 investments will fail.

[30:45] How can the average person overcome these two vastly different risks?

[34:35] How many of us grew up with the notion that going into debt is bad? Despite knowing debt is bad, so many business owners have been told that it’s okay to go borrow the money.

[35:20] When it comes to acquiring debt, do men obtain it differently, vs. women? What has Patricia seen so far?

[40:00] If you don’t feel comfortable approaching a banker for capital, then figure out your next game plan and what would work for you.

[43:45] Small business owners have a lot of resources available to them that will help them grow their business. Big corporations simply do not have that.

[44:50] Entrepreneurs can’t go wrong by following the ABCs: Aspiration, Behaviors, and Confidence. Patricia explains further.

[46:00] It’s not necessarily harder to grow a business, than to run a small one. It’s just different.

 

Connect with Patricia:

Website

Email Patricia: [email protected]

 

Recommended Resources:

Goldman Sachs | 10,000 Small Businesses

Goldenseeds.com

The Diana Project

SBA Loan Programs

SBDC Program

 

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