The 7 Fatal Mistakes of Female Launchers

The 7 Fatal Mistakes of Female Launchers
From Recruiter - August 6, 2017

Ive had the pleasure of working with more than 3,000 female entrepreneurs over the last 10 years. During this time, Ive recognized a pattern of challenges new entrepreneurs tend to struggle with. These challenges tend not to result from lack of skills or access to capital; rather, they are matters of mindset and approach. Thus, they can be avoided.

Here are seven common mistakes that Ive seen female entrepreneurs make:

1. Waiting to Launch a Business Because You Dont Have a Perfect Business Plan Yet

Of course you need a plan, but I find that many women delay launching because their business plan just isnt perfect. Unless you are seeking funding from a bank or equity investor, you dont need a traditional 30-40 page business plan.

There are many simple tools on the market you can use to craft a solid starting plan. One of my favorites is the Lean Canvas.

2. Trying to Be All Things to All People

Igo to a lot of events, and because I like to help connect people, I often ask my new contacts, Who is your target customer? Interestingly enough, the majority of entrepreneurs fumble this question. They cannot succinctly articulate a realistic target market. One particularly egregious example was when a woman who sold skincare products told me her target market was anyone who has skin! Thats not a target market! If youre trying to be all things to all people, youll be remembered for nothing!

3. Not Asking for Help

I cant tell you how many times Ive heard someone say something along the lines of, I have a business degree! I should know how to do this!

Its okay to ask for help! I have an MBA, and 99 percent of what I handle as a business owner I did not learn in school. You will never know everything there is to know about running a business. Get out of your spare bedroom and find a local community of entrepreneurs. Surrounding yourself with like-minded people is critical to business success. Local chapters of SCORE and small business development centers (SBDCs)are great places to start. You should also try connecting with others on a daily basis, and coworking spaces are great places to do that.

4. Not Knowing Your Numbers

This issue is twofold. You must first put together logical projections for at least your first year of business. It doesnt have to be complex or fancy, just a month-by-month forecast of income and expenses. Then, you must hold yourself accountable to these numbers every month.

If youre anything like me, you would rather focus on marketing or customer interaction than on setting up a solid accounting system, but if you dont keep track of your numbers on a monthly or even weekly basis, you will almost certainly fail.


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