The Ms. CEO Show

Felicia Joy’s column appears every Monday.  Share your questions and feedback by leaving a comment.

Week after week more people are giving in to fear and faithlessness as we collectively trudge through this economic downturn. I am not here to judge. Every woman entrepreneur has to make the decision for herself as to whether she will give in and give up—or get up and go on. Individually we have to decide whether or not we will be The Woman in the Arena. Whether or not we will be a Ms.CEO. Or, at least be one right now.

Theodore “Teddy” Roosevelt, the 26^th president of the United States, once gave a speech entitled “The Man in the Arena” in which he talked about the person who is willing to strive for something great, which always comes only after a great struggle. The words he strung together to make his points are among the most eloquent ever written or spoken, but one passage of the speech—and one line in particular—stirred me to the depths of my soul when I first heard it and has stuck with me ever since:

“It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat.”

That place of the cold, timid soul is a place of nothingness. It’s a place that lacks commitment. That lacks heart. It lacks chutzpah and guts. It lacks passion and the conviction of one’s own beliefs. It is an agonizing place to be in emotionally, spiritually, mentally and financially—and it is a place we cannot afford to visit or certainly ever stay in as entrepreneurs.

If you’ve done all you can or all you feel up to right now, then closing up shop and going to get a job is not failure. But indecision is. Of course, the sweetest victory would be for an entrepreneurial Woman in the Arena to battle through this downturn and emerge victoriously. But epic outcomes take epic heart and if you’re not up to it don’t lose everything for the sake of appearances. Cut your losses now.

One of our greatest tools in life is the power of a made up mind. And right now, a choice is staring you in the face: Give in or go on. Once you make that ultimate decision your next steps will become obvious and clear.

What To Do If You Are Cutting Your Losses and Moving On

If your choice is to give in, do what you need to do to close your business with grace and respect—and salvage relationships and finances as best you can. Also, write your re-emergence plan. It doesn’t have to be long and drawn out. It can be three bulleted point lists. One titled, “My Next Business”, the second titled “What I Know for Sure that I’ll Do Differently Next Time” and the third, “What I Need for My Next Business Adventure.” Then go find the best paying most fulfilling job that you can for now. Repair your financial picture where necessary—paying off all debts and saving as much money as you can. Continue your entrepreneurial development by reading, attending classes, listening to The Ms.CEO Show and subscribing to Ms.CEO Magazine (first issue due out in early 2009). Achieve or acquire all the items on your “What I Need for my Next Business Adventure” list and get ready. When things turn around and you’re feeling up to an entrepreneurial venture again you will be wise and prepared to make your move. Above all else right now: Be happy.

What To Do If You Are Digging Deep and Continuing On in Business

If your choice is to continue as The Woman In the Arena then understand that we have one mission for our companies and employees right now: To survive. Look for the open doors to survive:

• Collaborate: Conserving resources is critically important. Find ways to produce events, buy advertising, serve customers or move product in collaboration with another business. Somebody will partner and collaborate with you. We all have a vested interest in working together to survive. In some cases it may even be wise to merge one or more businesses into one big one and all the owners can then work together to survive and grow the business during this downturn. (For example, the world does not need another PR firm. Anybody in the marketing, PR and event planning businesses should be looking to merge with other practitioners and agencies as soon as possible.) The bottom line is: Stuck up noses will quickly fill with water and drown during this economic storm—don’t go under because you refuse to collaborate.
• Co-habitate: If your business does not absolutely require office space get rid of it and work from home, and find a way for your employees to do the same. But if your business does require office space or a store front, find someone to share it with. This will save money and free up cash flow that will help you market and survive. Think of unconventional ways of applying this as well. If you own a catering service and have an industrial kitchen, rent it out at night to someone who has need for a commercial kitchen. If you own a gym or large office, rent it out for events. Nothing like a little decoration to create a special space. Just ask Martha Stewart, Nate Berkus or Donna Whitehead.
• Annihilate: Get rid of any doubts. Once you make up your mind then there is no doubt you can make it in business—the question is how. Look for the open door. Ask, seek, knock. Look every single day with expectancy for the answer to your survival. And annihilate all doubts. You will feel fear because the air is thick with it these days but feel the fear and do it anyway—that’s courage.
• Agitate: Get out of your comfort zone. Go get new business. Do it now. Today. Call the big kahunas. Call people you’ve read about in the paper and ask for business or call people and ask them how they are surviving. Secret agents don’t get paid unless they’re in the Secret Service. Open your mouth. Pull PR stunts. Do things you never would have imagined in the past (of course, make sure it is all legally, ethically, and morally sound) to keep your business alive.

We may all be living paycheck-to-paycheck or payroll-to-payroll for awhile; but imagine the pride you will feel on the other side of this storm when we re-emerge and re-enter the land of milk and honey with a deeper appreciation for who we are, what we have, what we have survived and our willingness to be The Woman in the Arena.

Be Enouraged,

Felicia Joy

A Business Woman’s Best Friend

P.S. The Make Mine A Million $ Business RACE is a great place to challenge yourself and get the answers you need in order to continue on.  Learn more about it and sign up today.