2013, Volume 1, Number 1
By Alexis Burnett
Are you currently having doubts about your business? You can’t figure out how to get out of the rut your business is in? Well don’t worry, because there are plenty of women entrepreneurs in your position who can share best practices and the ups and downs of being a business owner.
Women often don’t think they are capable of launching their own businesses. In reality, women entrepreneurs are the fastest growing group of small business owners in the U.S. According to Forbes, by 2018, women will create more than half of the 9.72 million small business jobs in the country. But none of these women will be successful entrepreneurs all on their own, so we are sharing the top five tips gleaned from our own clients to help you navigate the often tumultuous journey of starting a business:
The 80-20 rule. Remember that it’s impossible to get everything done all at once. Twenty percent of your thoughts, conversations, and activities produce 80 percent of your results.
- Set goals and monitor progress. Whether you just received your business loan approval or gained 2 more customers, record the specific event and how it sets you closer to reaching your goals.
- Reject negative thinking and be comfortable taking risks.
- Always tell yourself “I can” and “I will.”
- Starting and growing a business takes time.
Annette Alvarez, a WVF client recently shared a skill that has helped her become successful in her own business.
“I am a very strong minded and adamant person. Once you believe in your idea and concept, you’ll be successful”. – Tostobueno LLC
In addition to the above tips, remember that ideas always need time to develop, don’t dwell on the first thing that comes to mind. Figure out the main purpose of your business or product and focus your efforts on that. “Realizing that we exist for our customers and have a clear plan of where we would like Aromas to be in the future keeps me focused,” said Jo-Ann Barrett, WVF client & founder of Aromas Bakery & Boutique Café.
Success doesn’t have a deadline because everything needs time to grow. Nothing happens overnight when starting a business. Plant your seed, nurture it, and eventually it will blossom. Sara Blakely, founder of Spanx Shape Wear, tried for two years before finally patenting her product. With only $5,000 to her name and after being turned away by numerous retailers, she finally snatched a deal with the Neiman Marcus Company. In the end it all paid off – Blakely’s net worth is currently one billion dollars. It just goes to show you, sometimes success has a longer time frame than we would expect.