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Mom Entrepreneurs: 10 Rules for Doing Business

Kim Levine , the inventor of Wuvits or those little bags that provide soothing penetrating moist heat, has written a compelling account of how she started her business and all the ups and downs she experienced.

Her book “Mommy Millionaire: How I Turned My Kitchen Table Idea into a Million Dollars and How You Can Too!” is a very good read if you want to be learn what it is really like to turn a business into a success. I like the book because it is not self-serving and not one of those “I-am-great-hear-me-roar” ode to self. Instead, you’ll read about her desperation when she made a fatal mistake that led to near-bankruptcy to her efforts to revive her business, even driving 5 hours to stores selling her products so she can do an in-store demonstration in the hopes of increasing sales.

In one of the sections, she wrote about her 10 rules for doing business, and these are:

1. Don’t apologize for being a mom.
2. When dealing with someone in business, always ask yourself, “What’s in it for them?”
3. Pay your attorney for advice only. Most of the paperwork you can do yourself (including setting up your corporation, registering your trademarks, and even writing your own patent).
4. Find a mentor. Having someone who’s “been there and done that” can really help you get through tough times and understand it’s part of the territory.
5. Remember that nobody ever got rich by spending money, and understand what overcapitalization is and how to avoid it.
6. Have a story. Everybody loves a good story.
7. Create a pitch and cold-call! Nothing has been more effective for me than cold calling major accounts.
8. Realize that everything happens for a reason. Accept challenge, conquer it, and learn from it.
9. Learn the “$20,000 Rule”: what it really takes to fund even the smallest business start-up.
10. Believe in yourself!