“The thing I love about entrepreneurship is that you are in control of your own destiny. It is scary and it is hard. The freedom of entrepreneurship does not come without a price, and you must still work very hard, but I have found it to be worth it.” – Donna Miller, MBA, SPHR-SCP
Donna speaks from a wealth of personal experience on both women as entrepreneurs and as leaders. She is co-founder and CEO of Purse Power Inc. (PursePower.com), based in Edmond, where she works to help women nationwide use their trillions of dollars of collective economic power to create, support and improve opportunities for women and girls. She also is the chief growth officer for human capital management at Xyant Services (Xyant.com), based in Norman.
Donna boasts over 30 years of hands-on experience as an entrepreneur and executive in Fortune 500 companies in the computer, telecom, cable and energy industries. Additionally, she is an award-winning talent management consultant and a formally trained executive coach who has spent the past 15 years as an entrepreneur doing executive coaching, leadership development, strategic facilitation and team building.
“As a mother of triplets,” she said, “I entered the entrepreneurial world when I had three young children at home and a highly demanding VP job working 70-plus hours per week. I left corporate America, in part, because I was missing my children’s childhood and needed to have a more flexible way of supporting my family.”
The children—triplets Sean, Anastasiya and Seth Miller, now 24—came along 15 years into her marriage to childhood sweetheart Kurt. “I tell my children that I won the baby lottery. I could not feel more blessed.”
In April, Donna led the World Café session of Oklahoma City University’s Women in Leadership Conference, held at the National Cowboy & Western Heritage Museum. Open discussions focused on ways to improve women’s lives in the state.
Donna observed that, for example, “We were recently ranked 51st (including the District of Columbia) on the Wallet Hub's rating of ‘Women’s Economic & Social Well-Being’ and ‘Women’s Health Care & Safety.’ I believe it is high time to change this and we, collectively, have the power to do it.”
So, You Want to Be an Entrepreneur?
Donna enthusiastically shared with Lifestyle readers advice for would-be or fledgling women entrepreneurs:
· Embrace Resilience: The journey of entrepreneurship is filled with challenges and setbacks. Embrace resilience by viewing failures as stepping stones to success. Persist through adversity, and remain flexible, adapting your strategies, as necessary.
· Seek Out Mentorship and Networking: Build relationships with mentors who have walked the path before you. Their insights and guidance can be invaluable, helping you navigate obstacles and make informed decisions. Additionally, immerse yourself in networks of like-minded professionals. Networking can open doors to new opportunities, partnerships and resources.
· Highlight Your Unique Value Proposition: Understand and communicate what sets your business apart. Your unique perspective as a female entrepreneur can be a significant strength, offering fresh approaches and solutions to industry challenges.
· Prioritize Work-Life Balance: While the drive to succeed is important, no one ever looks back on their life while on their deathbed wishing that they spent more time at work. Maintaining a healthy work-life balance is crucial for long-term success and well-being. Set boundaries, delegate tasks when possible, and make time for self-care.
· Leverage Technology and Social Media: Utilize technology and social media to reach a wider audience, market your products or services, and streamline your business operations. Being tech-savvy can significantly enhance your business's efficiency and visibility.
· Stay Informed and Continuously Learn: The business world is ever-evolving. Stay informed about your industry, market trends and emerging technologies. Embrace a mindset of continuous learning and be open to acquiring new skills that can benefit your business.
· Advocate for Yourself and Others: Don't shy away from promoting your achievements and advocating for your needs, whether it's in negotiation settings or in seeking fair opportunities. Furthermore, support other women in business by creating opportunities, offering mentorship, and fostering a community of mutual support.
· Believe in Your Vision: Confidence in your vision and capabilities is contagious. Believe in the value you bring and remain committed to your goals. This conviction will not only propel you forward but will also inspire confidence in your team, customers, and stakeholders.
· Resources: Accelerators and business incubators, SCORE (retired executives that will advise you for free), the SBA, NAWBO (National Association of Women Business Owners), Enterprising Woman Magazine and WPO, the Women President's Organization are there to assist you.
Purse Power
The idea for Purse Power was born during a vacation to Miami taken by the Babcock sisters: Donna and Drs. Karen Nern and Phyllis “Freddi” Pennington.
“Our mother was a brilliant, beautiful nursing professor, author and activist who was also a survivor as an adolescent. All three of us have MBAs and two are medical doctors. Our mother raised us to be strong, independent women. Her battle cry was ‘To whom much is given, much is expected.’ We have all taken this to heart and want to make a difference in this world.”
As the sisters discussed what could be done to drive positive change, “we realized that the power was already in women’s hands,” Donna said. “If we could get women to use their enormous economic power to buy from companies that actively create opportunities for women and develop a funding stream for battered women's shelters in the process, we could shatter glass ceilings and change lives.”
They took their concept for Purse Power to friends and colleagues, and on Jan. 21, 2017, Donna and several of her friends—armed with pins and buttons inscribed “Purse Power - We have it. Let’s use it”—joined in the historic Women’s March in Washington, D.C., as well as other marches across the country. In August of that year, Purse Power Inc. was formed.
“We gave away 30,000 pins in three hours, and they have since traveled all over the world,” Donna said. “One of them has even made it into the hands of the Smithsonian, and they are putting it in their African American exhibit!”
She explained the statistics behind the need for an organization like Purse Power:
“Despite women making between 73-85% of all purchasing decisions, holding trillions of dollars in spending power and influencing 67% of investment decisions, our representation in senior leadership roles remains disproportionately low. Although it is getting better, we hold only 8.2% of CEO positions and around 32% of board seats.
The transition of wealth is also becoming increasingly relevant to the mission of this Edmond-based organization.
Morgan Stanley highlights that by 2030, women are expected to control a large share of the $30 trillion in financial assets currently owned by baby boomers, Donna noted, adding that women are not just the main recipients of this wealth transfer; they tend to outlive men by about five years, significantly expanding their impact on investment capital, voting rights and the governance of corporations.
With the financial sector adapting to this transition, Purse Power is committed to encouraging women to leverage their substantial economic influence to foster positive societal shifts by endorsing companies that actively support women, according to Donna.
This substantial transfer of wealth to women is seen as a pivotal moment for societal transformation, especially because of women's leanings towards philanthropy, making ethical investments, and backing initiatives that aim for gender equality. With women controlling a major slice of the world's wealth, their investment choices could help resolve deep-rooted social issues, encourage responsible business operations, and stimulate inclusive economic progress.
Donna’s mission in life is to make a difference for women. Through Purse Power and her many other endeavors, including partnering with her co-founders to deliver the OKC Women in Leadership Conference each year, speaking to Fortune 500 Women’s Employee Resources Groups, acting as an advisor to the Oklahoma Commission on the Status of Women and playing her role as the Women Presidents’ Organization Virtual Midwest Chapter co-chair, Donna is fulfilling the life purpose voiced from a mother to her three daughters many years ago: “To whom much is given, much is expected.”
