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10 myths that drive women into business
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One of the fastest-growing forms of work today for women is entrepreneurship. With the promise of freedom and flexibility for family, more women are taking the leap to defy a down economy by going into business for themselves.
If you are one of those women standing at the edge of this decision, be careful of the common myths we as women tend to buy into when making such a choice.
Myth #1: This is as good a time as any. These women are in danger of "entrepreneurship by "default" due to low income, exhausted severance benefits, or other financial reasons. More than 50% of new businesses fail within 5 years, according to Dun & Bradstreet - a sobering statistic for women thinking of starting a business on a "whim."
Myth #2: All I need is a good idea. An idea is a start - but the execution is also critical. The prospective entrepreneur must either have business skills to launch and manage a business, or bring other people onto the management team that do.
Myth #3: I can do whatever I want now. While it seems you could embark on any path that suits you, you should research whether an adequate market exists for the product or service you have in mind.
Myth #4: I'll be my own boss. Working at a corporation with that *!@#? boss might not have been all that great - but as a business owner, every one of your clients is your boss. Are you prepared for that?
Myth #5: I'll regain my respect. Because a job loss is very visible to friends and family (not to mention business colleagues), some people launch a new business after being laid off thinking it will restore their self-respect. But the daily rejection common to new businesses can take it away again as surely as starting the business may have restored it.
Myth #6: I'll get rich. Well, maybe eventually, but it takes most businesses 2 years to break even. Can your cash flow sustain that kind of a drain until it does?
Myth #7: I can do it better. Building a better mousetrap, leveraging other products' weaknesses, works sometimes, but it must be an improvement that customers recognize, value, and will pay for. And if your new company tries to cut costs while improving the item, quality may also suffer.
Myth #8: If I can manage someone else's business, I can manage my own. Consider the huge difference it takes to be responsible for all of the tasks that need to be done in your business. Many new business owners find they need to make quite an adjustment to not having a copy machine, secretary, and conference room readily available, not to mention employees to whom to delegate responsibility.
Myth #9: I'll have more time for my family. Nope - most entrepreneurs work more than 60 hours per week at first, and unless they plan carefully, will be unable to take an extended vacation until the business is firmly established.
Myth #10: I'll have more security. Being in charge of your own destiny is a double edged sword. While you will be in charge of your business direction and not victim to layoff cycles, the business success depends on you. The resulting roller-coaster effect in business may not feel secure at all.
Don't get me wrong! Entrepreneurship for women does offer many rewards, but you must be prepared and committed. Take whatever time is necessary to determine if you are ready; this will be time well spent.
Your Small Business Administration district office coordinates services for women, helping them access appropriate training, counseling, mentoring, federal contracting opportunities, financing, and more. They can also provide information on other local resources, including SBA resource partners and lenders.
In addition, The SBA hosts Women Business Centers that specifically provide business training, counseling, mentoring and other assistance geared to women, particularly those who are socially and economically disadvantaged. There is one such agency here in Denver to help you on your path to becoming an entrepreneur:
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