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KEARNEY - How do you balance work and family?

Women still believe they're more responsible for balancing family and work. Although the gap is closing, women still spend significantly more time doing household tasks than men, said Kacey Koch, director of recruiting for Northwestern Mutual Financial Network The Tri-City Group.

"To say working women have faced challenges is an understatement," she said.

Koch spoke about women in entrepreneurship Tuesday as part of $martMoney Week, which aims to help increase community awareness of personal finance management, small business ownership and entrepreneurship.

Koch said 10.1 million women own their own businesses, and those businesses generate $2.3 trillion in sales each year and employ 18.2 million workers.

Women are opening their own businesses to gain control of their schedules and because of frustration with the glass ceiling.

"Owning your own business will eliminate the struggle for advancement," Koch said during her presentation to about 30 students at the University of Nebraska at Kearney's West Center.

Women make about 74 cents to every dollar a man makes. In a lifetime, a woman will lose $250,000 because of the wage gap, Koch said.

"More and more women are not willing to sacrifice family life for careers, and for some this means becoming an entrepreneur," she said.

The majority of female-owned companies are in consulting, financial planning, life coaching and personal training.

Many women succeed in running their own business because most women are not afraid to ask for feedback and advice, Koch said. Women also gauge success by the relationships they've built and whether they are doing something worthwhile.

Koch said 45 percent of female entrepreneurs say they do a great job of balancing family and work.

The key to opening a business is to find something you're interested in and something there is a strong demand for, Koch said.

Be prepared to struggle, though, she said. "During the first three years, you'll be overworked and underpaid."

She also said an entrepreneur should choose a business she loves "so all those long hours you put in don't seem like work."

Koch also said those who are thinking of starting a new business shouldn't be afraid to fail.

Advising students on entrepreneurship is important because of the tough job market, Koch said.

"Right now, with the job market, owning your own business can get you where you want to be on your own time," she said in an interview.

"People today want happiness in their jobs. They want a career they're passionate about. If they work for themselves, they can create their own happiness," she said.

All $martMoney Week events are free. For a list of $martMoney Week events go to www.unk.edu/academics/ cee.aspx?id=5905.

e-mail to:

sara.giboney@kearneyhub.com