Recognize Opportunity

Are you tired of working harder and getting paid less?  Are you looking for a greater sense of fulfillment?  Have you found that sexual and/or age discrimination has held you back or even prevented you from gaining meaningful employment?  Millions of women have, and are still experiencing this very predicament; but so many are also determined to solve this dilemma by leaving employment and starting their own businesses.

Women entrepreneurs are one of the fastest growing segments of the Canadian economy and represent a growing economic force in that country. In fact, between 1991 and 2001, women’s self-employment expanded by 43%.

Although most women are attracted to entrepreneurship for positive reasons, the past 20 years have seen a rise in such motives as frustration with work environments, the desire for greater challenges and more flexibility.  Did you know that 4 out of 5 businesses are started by women?  The average age of woman business owners is 45.  Almost 80% are married and over half have children.

Whether this describes you or not, if you are a woman, your chances of success as an entrepreneur are good!  That’s what I wanted to discuss in this article.  It turns out that it really doesn’t matter what prospective Employers think of you.   As my friend, Jeff, who works with Baby Boomer start-ups says; “They won’t hire us, but they’ll sure buy from us.”  While this refers to Boomers, the same is true for women.  Thus, the key is to muster up the courage to see yourself as the next thriving woman-owned start-up business in your community.  Thus, you must first recognize that opportunity is knocking for you, a woman.

They say that “opportunity only knocks once.”  That is a lie!  Actually, opportunity is knocking all the time; it just doesn’t always knock very loudly.  You want to be in tune to new opportunities and be prepared to act when it’ right.  As a leading Entrepreneurial Coach and Mentor, I suggest that we make our own economy.  Now is a great time to explore all your options for starting your own business.

Remember that Bill Gates started Microsoft during a recession.  I have enjoyed making millions in profits from Real Estate Investing in good and bad economies and today, I mentor students internationally.  This time is the “perfect storm” for new and experienced Entrepreneurs alike.  So take heart.  You’re actually in the right place at the right time!  Financial freedom is within your reach.  Stay tuned for more entrepreneurial tips just for women.

Maybe you’ve heard about the person who ‘had to feel for the floor in the morning before getting out of bed.’  One thing you can be sure of; they are not an Entrepreneur!  Once you recognize a real opportunity, your next step will simply be to do something about it.    It’s a simple step, but the most difficult one by far.

We humans are funny.  We can stand on the sidelines completely paralyzed by what we do not know.  That’s right.  Fear of the unknown is probably the greatest challenge you will encounter as an Entrepreneur.

Of course, friends and family can play a huge part in fanning the flames of fear.  Negative views must be put in its place.  Sometimes, negative people need to be put in their place…and that’s not in the “front row” of your life!

International research during the past couple of years has revealed that women business Owners consistently voice certain needs for their business’ development; 1) access to capital, 2) access to education / training, 3) access to networks and markets and 4) to be taken seriously.  This last concern is part of the challenge I’m speaking about.  Often the naysayer will try and discourage you from taking a step into what may be unfamiliar.  They are letting their own fears dominate the conversation and giving too much credence to their words can be the biggest obstacle standing between you and your financial freedom.

Thus, while you must decide to make a career shift, you will want to be sure that your resolve is absolutely firm and will not be shaken loose by negative input.  You will, of course, cover all of the bases as you conduct your due diligence.  Nevertheless, you will do it with a firm resolve to make something happen.

One way to make it happen is by your choice of association.  Positive-minded individuals in general make the best company.  The right associate for you needn’t be someone in your exact industry but, rather, a true-blue Entrepreneur who has the “success mindset.”  I talk about this mindset in my book “The Tipping Point of Success.”  It is a learned behavior and rubbing shoulders with those who are where you want to be is a great start.  Don’t put it off.  Yes, if you recognize that you are in the right place at the right time to start your own business, make the decision now to do something about it today.

Do Your Homework

It’s fear-inspiring enough to leave your comfort zone of employment and branch out into business ownership.  Doing it blindly is not only scary, but foolish.  As a leading Business Coach, I do advocate developing oneself personally and that includes adding courage to the list.

One way to find the needed courage to start a business is by performing adequate due diligence through research.  If you are making a career shift you may be doing it in 1 of 2 ways.  You could be starting your own business in the same field in which you have been employed or you could branch out into an entirely different field.  Either way will require a fair amount of research.  You may question the need to do homework if you are staying in the same industry.  The simple answer is; “running a business is a whole different ball game.”

Over the years I have observed Craftsmen who knew their trades quite well.  They might even execute the craft better than their bosses.  Many have naively concluded that they were, thus, already better suited to compete in business than their boss.  This can be a grave mistake.  As one renowned business expert states it; “Building a successful business requires more than technical know-how. None of us are experts at everything. So surround yourself with other experts to fill the gaps. Whether you hire employees, sub-contract work, create joint ventures, work with Coaches/Consultants or develop strategic alliances, the support you need is available. Don’t try to do it all on your own.”

So, do you have what it takes?   I recommend you do some self-analysis by candidly answering the following questions.  1) Am I a good listener so I will understand my customer’s needs?  2) Do I get discouraged easily and tend to give up quickly?  3) Do I follow through on projects?  4) Do I work well with others and recognize the concept of synergy with other businesses.  5) Can I let go and delegate or do I need to do everything myself?  These as well as other pertinent queries will help you determine your readiness for entrepreneurship.

Now it’s time to research your desired industry.  The following items, along with capitalization should be part of your checklist:  1) Is there a substantial market for my product or service?  2) Do I have a marketing plan/budget for my new business?  3) What is my competition like?  4) How sustainable is my business model?  Make sure you first have “all of your ducks in a row.”

Considering the foregoing, it should be no surprise just why so many new businesses fold within a very short time of their launch.  Don’t let this discourage you, though.  Doing your homework will help equip you for many of the bumps in the road ahead.  In another article we will discuss some very helpful tips that can insure success in your business.  Now go hit the books! 

Commit

Once you have done your research, you must follow through.  This calls for commitment.  Commitment is manifested in a variety of ways.  For one thing, if you’ve committed to your long term business objectives, you won’t vacillate back and forth, losing your resolve.

Sadly, this is a very easy thing to do.  The world is full of negative opinions with its naysayers and haters.  You must not waver and allow these inclinations to overtake you.  Commitment calls for maintaining mastery over our own destiny.  We cannot allow trials and set-backs to cause us to pull away from our own personal mission.  Our personal mission may include starting and running a gainful business.  Your commitment may be, rather, to your personal dreams instead of feeding some secular goal.  Knowing this may make it easier for you to commit.  Remember, for many, a profitable business is purely a means to an end.  That end could be simply to spend more time with your children.  Either way, hold those dreams up high!

As time goes by, you will encounter situations where you may have doubts about the advisability of continuing with your venture.  This is completely natural.  I have discovered, much to my dismay, that the world in general really doesn’t care if we make it or not.  It is up to me to take responsibility for sustaining my own inner drive to succeed.

It can feel awfully lonely when you are blazing a new trail.  Think, though, of the alternatives.  That rumination in itself can temporarily cure you of all of your doubts!  You could: 1) be back working for that cantankerous boss whom you loathe; 2) find yourself daily dealing with sexual harassment or discrimination; 3) or constantly worry about your financial future.

All of the above are less than you want or deserve.  Take charge and charge ahead!  What do they say the “tough” do when the “going gets tough?”  That’s right.  The tough Entrepreneur remains true to her resolve and keeps moving ahead!  Some risks are well-calculated and well worth taking.  Starting your own business as a woman can very well be one of those savvy moves.  You will not always know what lies ahead of you.  But if you’ve done your homework and made all the necessary preparations, go ahead.  You may be surprised how far your commitment takes you!

One way of avoiding unseen pitfalls is to get a Mentor.  We will discuss this in a later article.

Get a Mentor

The concept of mentorship is as old as civilization.  In the traditional family arrangement, Mom and Dad would have been our Mentors.  Today, however, few children wish to pursue the family business and thus require skilled mentorship from an outside source.

Not long ago, I remember seeing a special segment on the TODAY show with Meredith Veiera.  The focus of this week-long report was on mentorship and featured Meredith’s Mentor in the field of broadcasting.  It was an endearing piece and caused a lot of thinking folks to reflect on their own career needs.  For many employees, large companies provide a program of continuing education in order to stay on top of trends and keep a competitive edge.

Back in the early 1990s a study was done among employees which showed that women who have been involved with a form of mentoring relationship, have reported an increase of almost 94% in their professional productivity.  Mentoring statistics show that professionals who have used a Mentor earn between $5,610 and $22,450 more annually, than those who perhaps didn’t use a mentor.   While that study was performed among employees, the value of mentorship is underscored here.

For the Entrepreneur, however, it is a different story.  In previous article we discussed the paralyzing affect that fear can have on a new Entrepreneur.  A good Mentor can help you to overcome your fear of the unknown because they should be familiar with the hidden “potholes” that commonly appear for a business start-up.  Occasionally, that which seems dire may only be a rite of passage and will quickly pass.  I find myself often reassuring my students of certain nuances in their business that may seem formidable.  Simply having someone you can call or email for affirmation is a great asset.  So, if you don’t yet have a Mentor, start with a support group of like-minded individuals who can provide that positive feedback that will keep you on track.

What things should you look for in a Mentor?  Today more and more people are using this title and I seriously doubt they are all qualified.  I recommend you look for 1) ample real-world experience, 2) measurable success in your industry, 3) good listening and teaching skills and 4) a vested interest in your success.  It is crucial that they bring these attributes to the table.  Otherwise they are nothing more than a high-paid cheerleader.  You deserve better.  In my mentorship program we offer a joint venture partnership to our students so we make money when our protégés make money.  So, you can reduce the amount of money you pay for a Mentor by finding someone who is willing to split profits until you’re able to do it on your own.

It’s hard enough out here in the business world to try to do this alone and competition can be fierce.  You need an advantage.  You need to find someone you can trust to take you under their wing.  Remember, once you have the Mentor you can trust, prepare yourself to follow their direction closely.  Practical application is the bottom line.  Everything you pay your Mentor to teach you will be rendered useless without your full cooperation.  Ask plenty of questions, but ultimately, be prepared to act on what you learn.

Take Massive Action

So you have decided to start your own business.  You did your research.  You’re excited and committed to seeing this through.  Great!  Just one thing; you have yet to follow through on the promise you made to yourself.  All of the preparation and training you invest in can be rendered useless without taking massive action.

Notice that I said “massive” action.  Many new Entrepreneurs will spend a small fortune on training and other tools they’ll need in business.  These things are essential.  Nevertheless, without meaningful action, and a lot of it, you may soon lose steam and quit.

If you are convinced that this business you’ve chosen to pursue is the right choice, you must come out of the gate blazing!  The fact is that some in your industry may not take that kind of approach and may even be a little anemic in comparison.  So what!  Your taking the proverbial “bull by the horns” and massively moving forward will eliminate much of the less-driven competitors from your radar screen.  Don’t concern yourself with everyone else.  Simply attack your business with enough gusto to absolutely succeed.

Today, massive action can be accomplished in a variety of duplicable ways that require very little time and effort.  Thank goodness.  Social media is a particularly thrilling and effective way of keeping in touch with new and existing clients.  If you have questions on this subject, there are a plethora of qualified Coaches in Social Media out there competing for your business.

Massive action is not to be confused with hard work, though.  Utilizing the many high-tech tools today is a way of working much smarter without the sweat of long hours in the office on the telephone…like we used to do.  Learning to use the many innovative resources available is the savvy way to run a business.  The sobering truth is that in this information age, hesitating can cost you dearly.

In a past article I spoke of the value of a Mentor.  Imagine, though if you invested in the top Mentor in your industry only to do nothing with their advice.  That would be a terrible loss of time and money.  Thus, when you get good advice, don’t wait around for validation and encouragement to act.  When you’re in business you must have confidence in your own good judgment and be poised to make decisions without stalling.  So, my advice for you today is to adopt the proactive mindset of a true Entrepreneur.  In the words of NIKE; “Just do it!”