Starting a company is no easy feat. But for women entrepreneurs, it can be even more challenging. Female entrepreneurs often find themselves in a catch-22 where they need to prove themselves and grow their company simultaneously. With this in mind, we’ve compiled a list of 5 common mistakes female entrepreneurs make when starting their company.
Not Finding A Mentor
Many female entrepreneurs find themselves without a mentor. A mentor could be someone in the more professional industry, like a well-known CEO or business owner, who provides valuable insight and guidance. It’s important to remember that you will need this guidance in understanding how to run your company. Without it, you may find yourself in over your head at some point.
Don’t forget to get expert advice from different sectors too. Whether you need financial advice, or you need to consult with a Franchise contract lawyer to confirm what you are agreeing to, failing to have someone experienced to assist you can be a big mistake.
Not Saying No Enough
In a survey of 1,500 female entrepreneurs, 41% said they felt like they had to say “yes” to every opportunity. This is a common mistake that can hurt your business in the long run. You don’t want to be overextended and spread too thin. When you start saying yes to everything, you won’t have time for your company, and it will suffer. Saying no will free up your time so you can focus on doing the work that matters most.
Putting Too Much Emphasis On The “Likeability” Factor
It’s important to be personable. But when you start your business, it can be tempting to go too far with this tactic. It’s not about being the most likable person in the room but about being the most professional.
Don’t worry about people wanting to be your best friend when you start your company. You want to show that you have a good work ethic and know-how to build rapport with clients. The best approach is to keep it professional at first, then, over time, become more personal.
Trying To Do It All Yourself
The reality is you can’t do it all yourself. As a woman entrepreneur, you may need outside help to accomplish your goals. But if you don’t ask for help when you need it or try to do everything yourself, your business will suffer from the lack of support required to grow.
In addition, when you try to do it all yourself, the chances are that one person will end up doing the majority of the work while others in your company sit around with nothing to do.
Lack of Focus on the Bottom Line
One of the most common mistakes female entrepreneurs make is not focusing enough on the bottom line. Understandably, you want to grow your business, but don’t forget about doing what’s best for it. It can be challenging to know how much money you’ll need when you start your company. You may think that if you spend a few thousand dollars on marketing or get an expensive website design, you will get rich quickly. But remember, the goal isn’t to get rich quick; it’s to make money in the long run. That means keeping your expenses low, and your revenue high – which is why keeping your focus on the bottom line is so important when starting your company.
