Women Entrepreneurship – Common Mistakes and How to Avoid them

Getting started with a business is electrifying, challenging, and exciting. Women entrepreneurs are generally faced with a multitude of obstacles along the way, but understanding the possible mistakes before you make them could make a vital difference between business success and business failure.

When I first started my business few years back, I was just a start up, both in business and in my entrepreneurial skills also. It took me almost 3 years to book any profits and in the journey while I made awesome amount of mistakes, I also learned a lot of things about myself and the business.

I have today tried to list out a few mistakes which I made and I believe that all women entrepreneurs commonly make, probably it will make your journey little smoother:

I will do It all by myself

Most women entrepreneurs have a native belief that they have to do it all by themselves. It doesn’t really matter if this conviction comes from family history, their surroundings, or psychology, what matters is that they have to recognize they cannot do it all. They need to learn to identify when help is required. Along with this they will have to believe and understand that it’s not a sign of failure to ask for help. It’s a sign that their business is growing, hence it needs to be viewed as a positive and not a negative. “You can’t do it all,” advises Pallavi (one of my close pals). “When I first started my gifting solutions business, my clients only wanted to work with me and no one else in my team. I learned to tell them that I was handing off things to staff members who were much more qualified than I to do certain tasks”

Financial Statements are scary

It’s great to have gut, intuition and creativity. But those don’t necessarily lead to profit and money growth. If you’re scared to deal with numbers, think of your profit and loss statement as a gardening job. Your money needs care, watering, weeding, fertilizing and pruning. Don’t avoid looking at your sales numbers or how much you’ve spent. Money is the life force of your business. Look after it.

The Mommy Guilt

Mommy guilt—it’s a feeling that no one will be able to understand unless they’re a mother. It is feeling which comes to most working mothers that they are not spending enough time with their children. Rather than feeling bad about this fact, you need to realize that this feeling is here to stay. As mothers, we will never feel like we’re doing enough for our children. Rather than lamenting the time you can’t spend with your kids as you build your business, make the time you do have with them the best it can be. If your kids are happy, you’re doing just fine.” Some time I miss spending enough time with my daughter”. I have spent last three years nurturing my business just as a mother would do to new born kid.  But at the same time, I firmly believe that “This Business is also like my kid. I need to give it time as well and it deserves equal attention as my 3 years old daughter”  

Avoiding sales and selling

Women entrepreneurs mostly hesitate going out for a sales job as think it is a man’s job to go out and sell. Here’s something many female owners don’t know: Women are born salespeople. Women inherently possess many a traits which are required to be a successful salesperson, such as great communication skills, strong will power, and a desire to serve. You will have to think about selling, because you can’t run a successful company if you don’t completely understand how sales are done. 

Self Doubt

It’s ok to have times of self-doubt, but you don’t give into them. Think about it, if you, yourself don’t believe in your capabilities, why would customers, vendors, investors, or anyone else? You have to get into a habit of building up your network of fellow business women and entrepreneurs that you can communicate with, learn from, and ask for help. Find a mentor who can help harness your ‘youness’ in you. You can do it.

It is important to know what traps you can fall in early in the business life cycle. Get to learn the tools and techniques to avoid succumbing to these mistakes by enrolling on our custom developed training programs. For details, please visit www.leaderinu.com/life.php or contact us at info@leaderinu.in

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