Do not compete, DOMINATE!
Mompreneurship is a term that I do not care to use professionally. Still, it is becoming a popular trend in describing women who desire to remain full-time moms and launch a business simultaneously. Mompreneurship came to life around 1994, but the online age is making the term more acceptable. For example, an entrepreneurship magazine's website has a dedicated section towards it, and a Canadian magazine has a devoted topic to the subject. Women who accept the term mompreneurs balance the full-time requirements of taking care of their family and running an effective business.
Mompreneurs typically run a small-scale operations out of their home, primarily online selling platforms, but they can operate more extensive business operations, especially in the insurance industry. The entrepreneurship attributes and traits of mompreneurs are refined and improved enough to build insurance professions. A mompreneur is an entrepreneur who happens to be a woman, which is a great attribute! Women entrepreneurs carry the same essential attributes and personality traits as male entrepreneurs, but they excel in some areas of entrepreneurship because they are a woman. In my professional knowledge, opinion, and experience, women are better entrepreneurs than their male counterparts anyway! Women entrepreneurs are masters of specific entrepreneurial characteristics that allow them to thrive in the insurance industry. Some of the main characteristics include:
HAVING A STRONG WORK ETHIC
Successful mompreneurs have strong, self-starter personalities and know they must go out and earn success instead of it coming to them. They develop this work ethic by taking care of their family and handling multiple tasks daily.
BEING CREATIVE & INNOVATIVE
Moms are creative and innovative in getting past their children's stubbornness to eat certain foods and complete specific activities for proper care. Creativity and innovation are what help a business become successful!
BEING VERSATILE & AGILE
Adapting to change is a vital skill for entrepreneurs to master the ever-changing marketplace, consumer needs, and competitor technologies. Mompreneurs have the agility to keep up with the changing demands of adequately caring for children with different or unique needs. This agility allows them to maintain the momentum they need to keep up with progressing children; and a progressing business.
BEING CALCULATED & LOGICAL
Mompreneurs use multiple data sources and logic to care for their family, learning different tricks and life hacks to make informed decisions. First, they know to reach out to the right people at the right time. Then they evaluate and iterate their choices to ensure they have the right approach. They do all of this in a dynamic, ever-evolving environment.
BEING RISK TAKERS & COURAGEOUS
Risk-taking involves being a manager of risk. Mompreneurs manage risk every day and are not impulsive when it comes to taking a risk. They are comfortable with taking risks because they are worthwhile to the development of their children and family. The comfort-ability of taking risks is vital for a business to grow and succeed.
BEING PATIENT & HAVING PERSEVERANCE
Children do not grow overnight, and mompreneurs understand that patience plays a part in their growth. Likewise, business success does not happen overnight either; it comes from sustained hard work, overcoming obstacles, stress, and setbacks. Mompreneurs overcome years of obstacles, anxiety, and setbacks raising a family, so operating a successful business carries those similar traits.
BEING MOTIVATED & FOCUSED
Mompreneurs have a genuine interest in motherhood. Being motivated and focused means having a genuine interest in pursuing success. Setting goals helps mompreneurs stay motivated and focused by meeting and keeping constant engagement in their mompreneurship.
BEING PASSIONATE & DETERMINED
Mompreneurs are passionate and determined to raise their children properly, and they refuse to give up on successfully raising their children to adulthood. Mompreneurs take that same passion into their mompreneurship ventures and refuse to have a failing business venture.
HAVING CONFIDENCE & BEING OUTGOING
Mompreneurs capitalize on the idea of having great children, and they develop faith in that idea. Then, mompreneurs take that same faith and put it in their business with self-confidence to properly execute their mompreneurship.
MAKING CONNECTIONS
Mompreneurs are great connectors! They have the charisma to network with organizations and other mothers to gather the correct information to raise their children effectively. In addition, Mompreneurs are charismatic in networking with influencers and people to help lead to valuable and long-lasting relationships to excel in business.
Women-owned businesses represent one of the fastest-growing segments of the U.S. economy. The insurance industry has been a top industry for producing financial success for many households across the country; on a part-time or full-time basis. In 2015, nearly 65% of insurance underwriters were women. The CEO and 40% of senior leadership and board members are women at Penn Mutual. At MetLife Premier Client Group of New York City, 17% of financial advisors are women. These are examples of women on the employee side of the insurance industry, but they represent women's general success in the industry. An advantage of mompreneurs operating an entrepreneurial insurance profession is they can consistently earn equal pay to their male counterparts. The insurance industry has federal laws on some of its products that regulate and guarantee equal compensation on commissions despite the company marketing and selling them. Mompreneurs can choose the products that offer the best solutions to the clients they wish to obtain in their business. They have complete control over their entrepreneurial careers while maintaining their "mom" status. Mompreneurs also have full control over their schedule year-round and set their plan based on their lifestyle needs. Mompreneurs can build their insurance professions alongside other mompreneurs and build a network that supports the life and business style of mompreneurship.
Mompreneurs are culturally diverse in all backgrounds and can accommodate the same culturally diverse marketplace. Our LoEP Agency team is a significant advocate of mompreneurship! The LoEP Agency is a perfect fit for mompreneurs seeking to venture out of the typical business model because we provide continuous training for all mompreneurs, experienced or no experience at all. Mompreneurs looking to become an integral part of a company that is a leading figure in cultural, equality, diverse, and belonging insurance professions.