Last week I provided a list of things to consider if you’re thinking about starting your own business.  Today I want to give you a list things to avoid.  Most people know me as the author of Nice Girls Don’t Get the Corner Office and other books, but, in fact, I’ve been the President of Corporate Coaching International for over 20 years.  I can tell you my worst day working for myself is better than my best day working for someone else.  That doesn’t mean, however, there weren’t a few rough spots along the road to ultimate success.  Let me tell you about 3 of the most common pitfalls women experience when starting their own enterprises and how to avoid them:

• Reinventing the wheel.  One of the biggest mistakes women make is thinking we have to go it alone.  We may ask for directions more than men, but we don’t ask for help.  There’s no need for you to go it alone when there are people out there who have been there, done that.  Many cities have free services for small business owners and there are business coaches who cater to entrepreneur
• Undervaluing your product or services.  Women, more than men, are afraid that if they place too high a price on their services no one will buy them.  Placing too low a price on your product causes people to think it’s not worth it.  Charging more than the market can bear will cause you to lose customers or clients.  Do your research, find out the going price in your market and charge accordingly. 
• Listening to nay-sayers.  When I started my own business, my mother said it made “her stomach turn” to think of me being “unemployed.”  I had two brothers who already owned their own businesses, but she doubted my ability to go the same route.  Surround yourself with “yea-sayers” – people who think like you or who support your efforts.  Join the National Association of Women Business Owners (NAWBO) for the support you need.  

For a free entrepreneur’s quiz to see how prepared you are to run your own enterprise, contact me at info@drloisfrankel.com. Good luck with your venture!

TAGS: entrepeneurs, entrepreneurial mistakes, women business owners