Definition: A female business owner who is actively balancing the role of mom and the role of entrepreneur

Moms know everything. They know where their kids left their socks, they know what time the carpool leaves, they know how to get a cranky 4-year-old through a shopping mall. Given their mastery of multitasking, is it any wonder mothers make such good business owners.

Not if recent statistics are any clue. There are 10.6 million women-owned businesses in the United States, generating $2.5 trillion in annual revenue, according to the Center for Women's Business Research. Women are starting businesses at nearly twice the rate of men. And women with children are jumping in--each with a different business goal, a different family situation and a different strategy to balance it all.

Some work at home; some have branched out into family-friendly office spaces. They all have one thing in common: They are extraordinary women with successful businesses. 

Though it's not easy to balance a business with raising children, there are strategies to make it more manageable, says Lesley Spencer-Pyle, 40, founder of Home-Based Working Moms, a support network for moms who own businesses in Spring, Texas. Starting part time is one way to make the transition easier, she says. That way, you can better acclimate your children and yourself to your business' demands.

And scheduling is everything. "Develop a schedule that allows you to focus during work time," says Spencer. "Consider hiring someone to clean your house, a part-time assistant or a part-time nanny." Develop a support to delegate child-care and household duties--with your spouse, friends, family or other working moms in your network. 

For most mompreneurs, help and support from their spouses is critical, whether it comes in the form of taking care of the kids in the afternoon or evening or providing business support. Older kids can even help with some of your business duties.

And as important as your business is, don't continually sacrifice family time to work on it, says Spencer. "Periodically review how you are spending your time. Decide what is important to you, and work toward that goal. Eliminate time-wasters and things that [distance] you from those people and things."

Segmenting your business obligations into smaller chunks can also help--you can accomplish a smaller task while on the go, like composing a marketing letter while waiting at the dentist's office or sending an e-mail while waiting for dance class to start.

Most mompreneurs find the transition to business owner is easier when the business is based at home. When deciding what type of business to start, consider what your talents are and what you're most passionate about. Spencer notes that for work-at-home moms, any business involving the internet--from web design to an online store--can be a particularly good fit.

If you're in the market for a challenge, balancing a business with a family certainly qualifies. But if you plan your strategy, start slowly, enlist some help and follow your passion, you can grow your business while growing your family tree.