Being an entrepreneur comes with its challenges and successes. However, women face a lot of stumbling blocks as compared to their male counterparts. How do you make sure that you overcome the challenges in order to succeed?
"I made a conscious decision not to tell anyone in my life. Now I tell people--don't tell anyone your idea until you have invested enough of yourself in it that you are not going to turn back. When a person has an idea at that conception moment, it is the most vulnerable--one negative comment could knock you off course." This is a strategy that Billionaire Sara Blakely, who founded ‘Spanx’ an apparel company, used when she decided to start up her business.
Being an entrepreneur comes with its challenges and successes. How do make sure that you overcome the challenges in order to succeed?
Fail fast and often: It’s a fact that women are more reluctant to take risks. If you are looking to start your own business, run with all the ideas that you have and don’t look back. If you don’t risk failing, you’ll never have the opportunity for success.
Know the market: Once you have found the niche market that you want to start your business, research the market that you want to delve into and look for the needs that are untapped. This will ensure that your journey to success will be realized. Collect potential customer or sales data as often as you can. This will help you project your sales and marketing strategies.
Make work fit your schedule: Technology has made it easier for people to work on the go and have a better work and life balance. For example, you can have a Skype call meeting while still getting time to do the personal things that matter to you.
Save for the future: Ensure that you add your salary to the budget so that you’re able to pay your own expenses and taxes. You cannot determine your profit before you have paid all your bills which must include your savings and salaries.
Know the ins and outs: It’s important to understand your operations, services and customers. You need to know things such as your return on investments, break-even point and costs of running your business. It is advisable that if your expenses are more than a third of your total return than you may decide to reconsider your profit loss strategy.
Are you a female entrepreneur? What other strategies are you using? Let us know in the comments!