Global stagnation has seen an unprecedented situation unfolding worldwide; large corporates feeling the pinch of a slowing economy has had no choice but to cut down on costs, which has inadvertently meant job losses for a significant number of talented individuals. Instead of wallowing in self-pity, this remarkable group of people has gone on to start businesses of their own, leading to the entrepreneurial revolution.
Encouragingly, women make up a significant number of this group of people who have established their businesses’ and enjoying flexible working terms. Yet, the prevalence of pre-set gender roles such as up keeping the household, raising children, and catering to the family’s educational and recreational needs while fulfilling their own career goals can be challenging to balance. This transition from the corporate world to the entrepreneurship world requires women to dig deeper because they are trying to find their place in a male-dominated society. This shift is not easy, but it is gratifying in the long run. For those of you wondering if you have what it takes to be your boss, here some tips that can be useful in the life of a female entrepreneur:
1- Plan ahead
Have an idea of what can you offer that has value to your target market. Choose your work field, perform research, identify your target audience, research competitors, develop a work plan, and set achievable targets for the first year. Consider crucial considerations such as whether you want to work alone or with a partner. Do I want a physical address for my company, or do I want to work from home? Is the sort of company I want to start needing unique technical skills or financial and marketing resources that I don’t have? Asking other entrepreneurs about the venture’s advantages and disadvantages is an excellent place to start.
2- There is never a perfect time to begin. Just do it.
It’s essential to prepare for the transition from the corporate world to entrepreneurship, but don’t let this be an excuse to place your business plans on hold. There will never be a perfect time to start your company; just a better time—dive in once you’ve gathered enough information and developed the foundations of your business model. Entrepreneurship requires a certain amount of risk. Instead of starting big and struggling down the road, many entrepreneurs take small but safer measures at first. Once they’ve built a stable base, they start taking more significant risks.
3- Be an innovator
It is good to get inspiration from someone else but let it end there. Become an entrepreneur because passion is driving you. Let your excitement over your idea be why you start your business, not because someone else made it.
4- Expect to wear multiple hats
Be prepared to work harder than when you were an employer. You will have to play many roles in your business. Especially in the beginning, you will have to do a lot on your own, the finances, the operations, distribution, marketing, and customer service. It will be your show to run from start to finish. Even if you have help, you have to manage it all and be on top of everything. It is your business, so you have to multitask and take ownership of every aspect of it.
5- To be successful, you must accept failures and mistakes.
You are the captain of the ship, and you weather every storm. You take in water, and when something breaks, you don’t give up, but you get your hands dirty fixing it. Every business will face mistakes and stumbles. However, we take on the challenges as lessons and become better, wiser and more competent.
6- Discover the real meaning of “being tired.”
Working for yourself is exciting; you imagine flexible hours and endless time to do things for yourself. This is not how things will begin. When you are on top of things, you will find you will work harder than you ever have. You won’t want to stop because you want to achieve more and bring in more money. You may experience burnout, but you will learn to work better and realize talent and abilities you never realized you possessed.
7- Get organized
It will help if you plan your life around starting your business correctly. You will need to dedicate the time to create and set up without neglecting your mum duties, especially if your child or children are still young and demand more of you. Here are some tips on how to balance:
Step 1: Set up days and hours to work. Create predetermined schedules; have to-do lists that you check off. Please do not take on too much. It leaves you overwhelmed. The idea is for your work life and personal life, not to intertwine.
Step 2: Make sure you set aside time for your other half, your children, as well social life. Have someone you can trust to babysit for you and an assistant to cover certain things when taking your time. Do not be afraid to ask for help.
Step 3: You need to have a separate space to work that is quiet, where you can dedicate yourself to working. If working from home is not possible, then look for a coffee shop or a space you can rent out so you can work and focus.
8- Learn what to do with your money.
You need to be conscious of what you do with your earned money. You will have good months when you make more than you anticipated, then you will have months when you do not make anything. You will also have to be aware of paying taxes once you start earning a certain amount. Asking for assistance from an accountant is not a bad idea so that you stay on top of your money.
Every business success story starts with the smallest amount of faith. Know your strength and run with it. Believe in yourself.