3 Mistakes Women Entrepreneurs Make When Starting A Business
Starting a new business can be difficult for both men and women, so being forewarned of the pitfalls can be critical to success.
It's not a news flash that men and women focus their attention differently in most areas of life. So when launching a small business too often women fall prey to 3 major mistakes.
(1) Underestimating the amount of time the business will require - Entrepreneurship is like giving birth - it is a 24/7 commitment. If you think you can exchange your 40 hour a week job for a part time entrepreneurial venture, you are beginning your business at a disadvantage that it may never recover from. There is no balance in your life when you launch a new business. Entrepreneurship is not for part timers...at least not at the beginning. Don't make this number one biggest mistake that too many women are led to believe. If your new business doesn't require your full attention - you aren't giving it the love (passion), food (money), shelter (place to grow) that it needs to thrive.
(2) Underestimate the Investment Required
Women particularly are encourage to believe that it is possible to start a small venture with pocket change. Phrases such as 'shoestring budget', 'pay as you go' are used more often with women's ventures than they are with men's as if to say women can get by with less funding. Perhaps this fantasy comes from the fact that there is much less funding available for women owned businesses, but wherever the fallacy comes from don't believe it. Entrepreneurial ventures need to be funded adequately if they are going to succeed. Of course, it is possible to invest in phases of the startup, but underfunding is a mistake that often kills a new venture just when it is ready to explode into the market.
(3) Hiring Friends
Women are great at relationships and often believe that a best friend from college, the playground or women's group will be the perfect partner needed for a small venture. Because she thinks just like you is exactly the reason you don't want to hire her. Small businesses start off with a few key people who must have a variety of skills. Your out-going, gregarious friend that is great with people and feels like a kindred spirit is almost always NOT who you need to launch your business. Please don't make this diastrous mistake that so many women make when starting a business. Separate a piece of paper and write down all the qualities you bring to the business. Now list all the abilities you are lacking.....this is the resume of your first hire.
Women entrepreneurs continue to carve a niche in the marketplace with new products and services that make the small business arena a fun place to play. Avoiding these 3 major mistakes will almost guarantee that your business will be one of the few that makes it to its first anniversary.
Let me know when you celebrate your first year and I'll tweet it to my network...
To learn more about my networking click here