By Michele DeKinder-Smith
Every business owner has probably sat back in her chair, eyes closed, imagining what life would be like if she was living her ideal entrepreneurial type. Okay, who are we kidding – you are too busy to be sitting in a chair dreaming! But ev
ery once in awhile, amidst the heavy schedule you are keeping, you do wonder, what could my life be like if I designed my business to perfectly suit me and my family?
Whether you are a “Merry Jane” imagining a full-scale business that still allowed her time freedom, or a “Tenacity Jane” imagining smartly directing a team of people to implement her vision, one thing remains important: know thyself! Women entrepreneurs don’t come in one size, shape, personality, or approach to business – you are unique, and yet, you also share certain experiences, attitudes, challenges, and triumphs with many other women.
A recent study from Jane Out of the Box, an authority on female entrepreneurs, reveals there are five distinct types of women in business. Based on professional market research of more than 2,500 women in business, this study shows that each type of business owner has a unique approach to running a business and therefore each one has a unique combination of needs.
When you learn about who you are as an entrepreneur – and you discover that all of your issues are not yours alone, but in fact, shared with thousands of other women entrepreneurs, relief washes over you, as you realize that you are in the company of many other dynamic women who are feeling just as you are. Your priorities become more clear and you can move forward with greater confidence in your business and in your life. You can personalize a business that will serve you well, both in lifestyle and income, an entrepreneurial venture that is tailor-made for your personal needs, personality, and even, weak spots. Knowing who you are is the first step to changing who you are, if there is anything that isn’t working for you, and if your entrepreneurial life is working well for you, knowing who you are and what you need will help you keep it going!
Here’s a sneak preview of the five Janes we identified in our research. It’s likely that one or more will be singing your name. Taking our assessment online will confirm for you what your intuition tells you. Do these women sound familiar to you?
Merry Jane is a woman business owner who is building a part-time or “flexible time” business that gives her a creative outlet (whether she’s an ad agency consultant or she makes beautiful artwork) that she can manage within specific constraints around her schedule. She may have a day-job, or need to be fully present for family or other pursuits. Representing about 19% of women in business, she realizes she could make more money by working longer hours, but she’s happy with the tradeoff she has made because her business gives her tremendous freedom to work how and when she wants, around her other commitments.
Because time freedom and creative stretch are so important to Merry Jane, she must make thorough examinations of other potential entrepreneurial types before making a change. Most Merry Jane business owners reported high levels of satisfaction with their companies, although most also said they would like to attract new clients and increase their income.
Accidental Jane is a successful, confident business owner who never actually set out to start a business. Instead, she may have decided to start a business due to frustration with her job or a layoff and then she decided to use her business and personal contacts to strike out on her own. Or, she may have started making something that served her own unmet needs and found other customers with the same need, giving birth to a business. Although Accidental Jane may sometimes struggle with prioritizingAbout 18% of all women business owners fit the Accidental Jane profile. what she needs to do next in her business, she enjoys what she does and is making good money.
Many Accidental Jane business owners eventually evolve into one of the other entrepreneurial types. However, many run successful businesses as Accidental Jane for years, fulfilled by their work without being overwhelmed by it. Accidental Jane enjoys her freedom, and her biggest challenges include maintaining an even workload and keeping the workload at a manageable level.
Go Jane Go is a woman who is passionate about her work and provides excellent service, so she has plenty of clients – so much so, she’s struggling to keep up with demand. At 14% of women in business, she may be a classic overachiever, taking on volunteer opportunities as well, because she’s eager to make an impact on the world and she often struggles to say no. Because she wants to say yes to so many people, she may even be in denial about how many hours she actually works during the course of a week. As a result, she may be running herself ragged and feeling guilty about neglecting herself and others who are important to her.
Of all the five entrepreneurial types, Go Jane Go is undoubtedly the busiest, with more than a quarter of those interviewed reporting working more than 50 hours per week. Consequently, Go Jane Go business owners also take home the largest personal income. They often report feeling stressed and overwhelmed, but revel in being the best at what they do and being of service to others.
Tenacity Jane is the entrepreneur whose business is not performing to her expectations right now–particularly financially. This is the single largest group of female entrepreneurs, so women in this group shouldn’t feel bad about their circumstances, nor should they feel alone. Many others are having similar experiences, for a variety of reasons. Slower-than-budgeted revenue growth after starting the business, lack of knowledge in one or more areas of business management, and industry or economic downturns all can result in lower-than-desired financial results.
Although she may be struggling with the finances, Tenacity Jane’s passion is undeniable. She believes in the business she’s building and works hard to be profitable. As a result, she may feel stressed, overwhelmed, and worried at times. She may also be putting in more hours than she’d like but she’s determined to do what she needs to do to succeed. This can be a time of great personal and professional growth and the very successful, highly profitable business owners we’ve interviewed often say they have walked in Tenacity Jane’s shoes and that the lessons they learned from that period were incredibly valuable.
Jane Dough is an entrepreneur who enjoys running her business and generally, she makes a nice living. She is comfortable and determined in buying and selling, which may be why she’s five times more likely than the average female business owner to hit the million dollar mark. Jane Dough is clear in her priorities and may be intentionally and actively growing an asset-based or legacy business. It is estimated that 18% of women entrepreneurs fall in the category of Jane Dough.
Although Jane Dough is what Jane Out of the Box researchers refer to as “a natural born entrepreneur,” she is not without her challenges. Although, on average, her personal income is slightly less than Go Jane Go’s, Jane Dough’s business income is the highest of all the five types. She works long hours, manages a team of people, and spends more time running her business and strategizing than she does “doing the work.”
Interested in learning more about the five Jane types and which Jane you are? Ciara and I recently had a 1-hour phone call in which we discussed all of the Janes. And we also have put together audio clips that discuss each Jane type in depth. You can find the call and the clips by clicking here.
