
The Project Findings
About
For the Spring 2024 semester of my MS Entrepreneurship program, I was tasked with finding a problem and creating a solution through a business. Because I know the demands and the rewards of running my own business, I wondered if other women entrepreneurs struggled with some of the same mental blocks and setbacks I had with my stress levels and mental health.
Over 72% of female entrepreneurs report issues with their mental health, about 54% of them with depression, and 41% with burnout. Most female entrepreneurs are establishing businesses for the first time, while also continuing to bear the weight of the mental load of household and family all while running their business. With an increase in women opening businesses and an increase in mental health issues, female entrepreneurs need more support than ever.
My focus was on the impact of stress from the demands of the business and household for female entrepreneurs, and how incorporating a mindfulness practice could create growth in their business and life. Below are some of the results of my research project for you to view, this does not include the final business I created as part of my presentation, but data that you might find interesting.
Key Concepts
The interview questions evolved over the course of the semester, but women entrepreneurs were interviewed about the following topics:
Problems within their businesses
Managing work and home schedules
Mindfulness tools and techniques
The use of business coaching or mastermind group development.
Quick Navigation
The 24 Types of Business Owned by Female Entrepreneurs
Corporate Wellness | Pediatric Clinic | Podcast Agency | Virtual Assistant & Social Media Agency
Corporate Wellness | Pediatric Clinic | Podcast Agency | Virtual Assistant & Social Media Agency
Brand Strategy | Pilates & Yoga Studio Owner | Business Consultant and Researcher | Social Media Agency
Brand Strategy | Pilates & Yoga Studio Owner | Business Consultant and Researcher | Social Media Agency
E-commerce Jewelry Company | PR Agency | Pelvic Floor PT Clinic | Virtual Fitness Boutique
E-commerce Jewelry Company | PR Agency | Pelvic Floor PT Clinic | Virtual Fitness Boutique
Mobile Vet Service Clinic | Architect & Engineering Firm | Professional Listening Service | Blogger & Podcaster
Mobile Vet Service Clinic | Architect & Engineering Firm | Professional Listening Service | Blogger & Podcaster
Life Coach & Therapist | Boutique Yoga Studio & Real Estate Agent | Content Creator/ Influencer | Leadership Coach
Life Coach & Therapist | Boutique Yoga Studio & Real Estate Agent | Content Creator/ Influencer | Leadership Coach
Toy Store Owner | Winery Operator & Proprietor | Boutique Spin Studio | Fashion Stylist
Toy Store Owner | Winery Operator & Proprietor | Boutique Spin Studio | Fashion Stylist
Top 3 Business Related Problems
Businesses with Employees:
Every business owner who employed part-time or full-time employees (not considering contractors) all said they struggled with their employees in some way. Whether it was HR and staffing issues, to hiring and training, to navigating different personality types, managing employees was the number one issue for these businesses. It did not matter business type or number of employees.
Client Acquisition & Retention
The second most common business-related struggle was with client acquisition and retention. Between paying for ads or grassroots lead generation, continuing to grow clientele was a challenge. Once the client was finally acquired the next big hurdle was keeping the client or keeping the client loyal to the brand.
Increasing Revenue & Offering New Services
This problem also came out of trying to find new ways to acquire clients. By continuing to offer new products and services businesses are able to increase clientele and retain clients, however, many entrepreneurs felt stuck in their offerings or blocks about what else could be offered. Many women also talked of wanting to offer more things but didn’t have the time or resources available to keep creating new and exciting offerings.
Using a Business Coach and/or Mastermind Group
3 of 24 Women Never Paid For/Hired a Coach
Every woman interviewed was involved in some sort of community. Whether it’s a local community based organization or an organization that is part of their type of job. Only three (3) out of the twenty-four (24) women interviewed had never paid for professional business coaching or a mastermind program.
Biggest Coaching Takeaways:
The top two key takeaways received from coaching services or mastermind groups were the receipt of tangible assets that could be placed directly into the businesses. The women knew they received value because they looked at a problem in a new perspective and were able to implement change right away because a tool had been given to them. The other major value these women received was the community of support. Many of them looked forward to their groups because of who they were paired with and confidentiality and non-judgment were the best indicators of success in these communities.
Biggest Coaching Frustrations:
After talking with entrepreneurs who used business coaches or mastermind groups, some of the biggest frustrations experienced were a lack of personalization and the feeling that the service was too formulaic. The groups were not segmented well enough, many women felt like the groups were too broad and they were not paired with other women in entrepreneurship equivalents when it came to the stage and size of their business. Lastly, the other main frustration discovered in a group setting was the “stitch and b*tch.” Many women were frustrated at the lack of content or clarity of content and many times the meetings were just a place where other business owners complained without taking action or action being discussed.
Physical & Psychological Symptoms of Stress Experienced
Anxiety | Heart Palpitations | Nausea | Numbness in Fingers and Toes | Short-tempered
Anxiety | Heart Palpitations | Nausea | Numbness in Fingers and Toes | Short-tempered
Stroke | Rash | Irritability | Tongue Swelling | Feeling "Shut off" | Manic | Jittery | Very Impatient
Stroke | Rash | Irritability | Tongue Swelling | Feeling "Shut off" | Manic | Jittery | Very Impatient
Headaches | Complaining Excessively | Feeling Drained | Feelings of Burnout & Disassociation | Sluggish
Headaches | Complaining Excessively | Feeling Drained | Feelings of Burnout & Disassociation | Sluggish
Lack of Motivation | Chest Pains | Angry | Irritable | Snappy | Tension in Shoulders and Neck | Eye Twitching
Lack of Motivation | Chest Pains | Angry | Irritable | Snappy | Tension in Shoulders and Neck | Eye Twitching
Lock Jaw | Exploding on Everyone | Depression | Spiraling Thoughts | Feeling like "Things Don't Matter" | "Not taking pride in myself or appearance"
Lock Jaw | Exploding on Everyone | Depression | Spiraling Thoughts | Feeling like "Things Don't Matter" | "Not taking pride in myself or appearance"
High Blood Pressure | Weight Gain | Acne | Lots of Crying | Feeling Paralyzed with Fear | Insomnia | Sleeping too much | Overly Tired | Sciatic Nerve Pain
High Blood Pressure | Weight Gain | Acne | Lots of Crying | Feeling Paralyzed with Fear | Insomnia | Sleeping too much | Overly Tired | Sciatic Nerve Pain
Median Stress Rating = 6 & Mean Stress Rating = 6.43
Participants were asked to rate their levels of stress from 1 to 10 with 10 being the most stressed.
Definitions of Mindfulness
In each specific definition of mindfulness that participants were asked to define, the idea of “presence” was always included. Here are three (3) definitions that were included:
“Coming home to yourself, being in your own body, getting out of your head, and not letting outside factors impact me.”
— Interview 8
“Being in touch with our deepest self.”
— Interview 15
“The feeling of being completely present and grounded without distraction.”
— Interview 23
Mindfulness Techniques
Though not each participant was able to define mindfulness or how they used it. Each participant was asked for ways they supported their mental health daily or weekly, some said they considered themselves to have ZERO mindfulness practiced, but did feel they had mental health support in some ways.
Many of the answers ranged from no habits, apart from therapy, to balancing chakras, and watching British TV or K-Pop Dramas.
Many of women discussed boundaries, time blocking, journaling, guided meditations, walking, movement, and using the program “Positive Intelligence.”
If the above was not practiced, the mention of “self-care” was used. These “self-care” techniques were practiced through spending time with family or friends, checking out with favorite tv shows, reading, volunteering, taking baths, and even “micro-dosing.”
The Business Idea Segments
As you know, segments are key to sales in business. Since the research was for a full semester project, the class was all about solving a problem with a business. In the business idea that was pitched, my final project contained (4) mindfulness-based segments. Each participant was categorized into one (1) of these four (4) mindfulness-based segments.
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The “What the Mindfulness” (WTM) Entrepreneur feels like her life is chaos and doesn’t see the value or prioritize mindfulness in her everyday life. She never has enough time and would rather do a lot of things herself. She feels lack of support in either her business, her home life, or both.
She feels really unproductive, has a lot of physical or psychological symptoms of stress, and needs to grow but she’s super burnt out. This particular segment has trouble with the idea of “time.” She wants more of it, but cannot exactly pinpoint what she would do with the extra time - it’s all just a dream that doesn’t seem to ever be reachable.
She wants better boundaries, growth in her business, more money, and more freedom. However, the chaos pile of it all seems too big and overwhelming, especially with the idea that she might need to incorporate more invisible work, like systems and operating procedures, to get where she needs to go.
It’s just easier to do everything herself, because she’s had to deal with too many unreliable people.Need: Systems & Operating Procedures/ Curated Chaos Checks
Potential Value Proposition: Solve, Evolve, & Achieve: Streamline Your Business & Create More Time -
The “Dating Mindfulness” (DM) Entrepreneur has tried some mindfulness practices, but hasn’t found any that have stuck or that she’s made a priority. She sees the benefit, she feels better, but there’s always something that stands in her way.
They are worried about their health issues coming back, their poor decision-making due to stress, and their negative self-talk. This segment wants to expand personally and professionally, but they just need someone in their corner to help with accountability and encouragement.
She knows what her stressors are, she knows what working for someone else is like, and she knows what her sense of accomplishment feels like when she’s helping her clients.
She wants a more consistent schedule, more money, more consistent moods, and the ability to continue to connect with others in their community.
Need: Community & AccountabilityPotential Value Proposition: Where Consistency Meets Mindful Growth & Meaningful Success
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The “Married to Mindfulness” Entrepreneur is rigid in her mindfulness practices. She’s got something going just about every part of her day. From when she wakes up to while she’s sleeping, mindfulness is part of her life.
She knows her worth, has firm boundaries, and is very tuned into how she feels and how things around her impact her mood. She has no problem chatting about her inner child's work.
This particular segment did not sell any physical products, but all the women in this segment had a service-based business in which they intentionally helped others. The other major difference between this segment and others, this segment was unwilling to let any sort of even good stress into their lives.
They were very strict with their mindfulness routines and often said there was nothing that kept them from skipping or missing out on their habits.
Note: This segment was not included as a potential customer in my business solution. -
The “Big F*cking Deal” Entrepreneur is all about growth. She’s willing to be stressed out to get better, the key difference between the BFD and the WTM is that she recognizes the different levels of stress and continues to solve problems through delegating and strategizing. She is a big rely-er on experts and leans on them when she has a question.
She knows her business is a BFD, she can see the vision, she has goals, and she wants to scale.
She started her mindfulness practice because it was taught to her as a child or she had a significant event that made her hit rock bottom. She practices mindfulness in a way that ebbs and flows with her schedule and needs.
She’s inspired and she wants to inspire others, but she does feel the pressure of supporting herself and maintaining her health. She’s intentional and she sets boundaries.
The other key differentiator with the BFD segment is she knows exactly how she would spend uninterrupted time. It’s not just an idea, because she’s done it before. She uses her uninterrupted time to solve specific problems in her business and that has catapulted her to the next level.
Need: Funding or Personalized Support for Growth
Potential Value Proposition: Fast-Track Growth, Sustain Sanity, & Succeed with Support
Interesting Quotes from Participants
WHAT'S NEXT & HOW YOU CAN HELP
WHAT'S NEXT & HOW YOU CAN HELP
I will be continuing my research through Summer 2024, as an Independent Study class.
Here’s where I need your help:
Pretotype testing and discussions about a future product
For referrals for BFDs, I will need to conduct at least 15 more interviews of Women Entrepreneurs to continue my research. Feel free to email them to info@erinccummings.com
If you’re interested in helping, please fill out the form below!
Let’s keep this party going
Please stay in touch! If you’d like to receive more information about product testing, more in-depth interview opportunities, or stay up to date on future projects, please fill out the form below.
NOTE: This is only for my research, this does NOT add you to my Weekly Newsletter email list, however, if you’d like you can also subscribe here.