7 Crucial Things All Women Entrepreneurs Should Know

10 months ago
This article was written by a member of the SheKnows Community. It has not been edited, vetted or reviewed by our editorial staff, and any opinions expressed herein are the writer’s own.

Who said entrepreneurship is easy? Anyone who decides to become an entrepreneur will know that there are plenty of hurdles you will come across. As a matter of fact, becoming a successful entrepreneur often means that you have to learn the skill of navigating obstacles regardless of what industry or business you are working in. However, it is not necessary that the same challenges befall every entrepreneur. The advantages you possess and the hurdles you encounter can vary according to your demographic, but most importantly, they can vary according to your gender. Yes, it is a man’s world, but there is no denying that women are making their own way.

In the last decade, the percentage of women in the workforce has risen and today, plenty of women fall in the category of Fortune 500 CEOs. But, how did they manage to get ahead when there is so much competition and unique challenges they have to deal with? If you wish to succeed, here are the 7 things that all women entrepreneurs should know:

1. Know every obstacle

Whenever you encounter a roadblock in your business, you have to go into research mode immediately. This means you need to talk to experts on that area in order to get to the bottom and eliminate the problem. Those who have dealt with similar problems and managed to come out on top are the real professionals and you need to figure out how they coped in order to survive. This is a great way of dealing with some puzzles that pose to be an uphill battle for female entrepreneurs most of the time.

2. Develop a reliable network with the right people

When you have the goal of becoming an entrepreneur, it is essential for you to get in touch with like-minded females who share the same aspirations or are on the same track. Sure, you may not find many in your own neighborhood, but the world has gotten smaller and people have become more accessible, thanks to social media. You can connect with other women entrepreneurs for developing and building a strong network so you can get guidance on a lot of issues you may have to face later on.

3. Accept that mistakes are inevitable

One major problem that faces a lot of women entrepreneurs is that they are simply unwilling to accept their mistakes. You want to be perfect and you don’t want to be mocked or disappoint anyone. But, this kind of thinking is only going to bring you down. Kelly Caldwell, a successful Guelph Realtor, suggests "When you anticipate that mistakes are an inherent part of entrepreneurship, you will be in a better position to handle them. So what if you have to file for Chapter 11 bankruptcy? It gives your business a chance to reorganize and deal with its debts in a healthy manner and still continue operations."

4. Always take your time

You need to take time when you are on the way to become an entrepreneur. Get to a point where you feel the situation is manageable and only then should you pursue it. Trina Koster, another entrepreneur, an established wedding photographer, says "Taking on something you cannot handle is going to wreck your confidence when you mess it up. You can turn down opportunities if you are not ready to take them on. There is no harm in that."

5. It’s a marathon not a sprint

When you are establishing a business, the journey is a marathon and not a sprint. Looking at social networks can often make you forget this, but you have to take things at a steady pace if you want your business to last. This doesn’t mean you stop moving; you just do it on your own terms.

6. Don’t let emotion get in the way

Things are going to get tough, but this is the time when you need to be in control of your emotions and not let them get in the way. If necessary, you can take a step back and evaluate until you feel you can deal with the situation. Don’t let emotions drive your actions and decisions because it is simply bad for business.

7. Never let your fear get you

Lots of women entrepreneurs are afraid of losing everything they have worked for. This allow this fear to prevent them from moving forward and taking risks. What will be the point if you do so? Don’t let loss aversion hold you back.

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