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

By now it’s no secret that women are leaving corporate America to start their own businesses at twice the rate of men.  Statistics show that over 75% of women-owned enterprises open for business in 1997 were still operating in 2000.  That’s about equal to the survival rate of all U.S. businesses.  Recent data also indicates that women invest more in their businesses than do men.  Which just goes to show – women have it what takes to run and maintain successful operations. 

If you’re in business for yourself (or thinking about starting your own company) there are some things you can do to grow your company:

1.         Follow Mrs. Fields Recipe for Success.  Debbi Fields, founder of Mrs. Fields Cookies, once said it was all about passion, persistence, and perfection.  Whether it’s starting a non-profit organization or a for-profit business, you’re going to put a lot of time and energy into it.  Your focus has to be directed toward something you are so passionate about doing – and doing well – that nothing can deter you from success.

2.         Develop a clear vision of where you want to go and a strategy for getting there. Many entrepreneurs with great ideas fail because they think their product or service should sell itself.  They work hard, but not smart.  Your vision of where you want to be a year, five years or even six months from now will guide your day-to-day actions.  Write it down.  This makes it concrete and tangible rather than just an idea floating around in your head. Then develop specific and measurable steps for how you’re going to achieve it. This is your blueprint for success.

3.         Create a distinctive brand.   There are thousands of motivational speakers, meeting planners, and trainers marketing their services.  What distinguishes you from your competition?  It may sound counterintuitive, but rather than try to be all things to all people, create a narrow niche that identifies you as an “expert” in your field.  Author Barbara Stanny uses the tag line “The Leading Authority for Women and Money.”  I use “Get and Keep the Job You Want.”  Make your brand synonymous with your area of expertise. 

4.         Think and act BIG.  When Jamie Foxx accepted the Academy Award for the starring role in the movie Ray he thanked his grandmother for teaching him to “act like you’ve been somewhere.”  Big is relative.  You may never aspire to be the biggest agency, but you should act as if you already are.  Doing so causes you to see things and consider options you would otherwise overlook or think impossible.  When I started my business I put thousands of dollars into marketing materials at a time when I could ill afford to do so.  But it made me look and feel competitive.  I had to live up to the “big” image I conveyed to potential clients and eventually my firm became it.

5.         Learn the language of money.  In  Nice Girls Don’t Get Rich: 75 Avoidable Mistakes Women Make with Money I talk about the fact that women are less likely to understand the basics of money and investing than men.  Regardless of the size or nature of your venture, you need to understand how to make it profitable.  As an entrepreneurial leader you’ll be involved with budgeting, investing, payrolls, or other forms of money management.  Take a course in finance for non-financial managers at your local community college, start reading The Wall Street Journal, and other money magazines.

TAGS: entrepeneurs, growing your business, women business owners