Women In Business

5 traps to avoid as a woman entrepreneur

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There are a lot of different women in this world. Some women want the home life. Some women want the corner job. Some people want to own their own home, business, and future. Now, each choice comes with its own benefits, drawbacks, and dangers.

The ones for the last one, however, are probably the least well understood. For that reason, here we’re going to explore the traps that might line your path, so that if you want to be an entrepreneur, you won’t end up in a deep hole wondering how to get back on your road (or even worse, if it’s ever possible to get back on it).

1. Not continuing to learn

This goes for everybody who wants to be an entrepreneur. You’ve got to accept that if you want to get ahead, you’ve got to continue learning new skills. After all, as your business grows and time moves on you’ll need new skills to accompany the old ones.

For that reason, you have to keep educating yourself. That means reading, studying and expanding your knowledge base. There are some great ways you can do so nowadays. For example, edX offers hundreds of free courses from some of the world’s best universities. That’s a great place to expand your knowledge about anything from how to handle your employees by studying a bit of psychology, to how to handle the books by brushing up on your finance. In that way, you’ll be prepared to avoid digital business disasters.

2. Trying to have your cake and eat it too

As a woman, it’s very difficult indeed to both have a family and a business. At least initially, you’re going to need to sacrifice one for the other. Yes, that’s unfair, but unfortunately, that’s the way the world is. There is still a lot of implicit (and explicit) sexism and women still have to do the majority of the housework.

The best way to sail around that and get your business off the ground is to not get tied up in all that. So, control your relationships and watch out for any accidental slips by taking birth control medication of some form or another. Otherwise, you might find your dream coming crashing down after one night of indiscretion. That’s a big sacrifice to make for a small mistake.

3. Not having alternative income

Yes, you want your business to succeed. The thing is, that will probably take longer than you intent. That’s because we’re horribly bad at predicting the problems we’ll face along the way. For that reason, make sure that you’re not relying only on your business for your income. Instead, have a sideline.

Freelance for some businesses, teach a few classes or have somewhere where you help out occasionally for some extra bit of money. This will give you some much-needed cash while you’re waiting for your business to get going and will mean that you’re savings deplete much more slowly.

4. Not being prepared for loss

This is a massive problem for nearly everyone today. In the media and in the stories we’re told that successful people are always successful and as a result, we are terrified of failure. The problem, of course, is that if you’re not willing to fail then you can end up being far too conservative and far too unwilling to accept risks even if they’re worth it for the reward at the end.

Many highly successful people admit straight away that they failed their way to success. They say that the times they failed in life taught them invaluable lessons that then helped them thrive and succeed later on when they managed to avoid the mistake when it came around again.

You’ve got to do the same. Embrace your failures and use them to improve your performance at work. For failure doesn’t mean you’re a failure. It just means you’re learning to be a better person.

5. Not being able to tighten your belt

Yes, your initial idea might be going great and the money might be coming in, but don’t assume that that means you’ve made it. If people saw every problem coming before it happened, there wouldn’t be a 90% failure rate among new businesses.

Problems can come from unexpected corners. The best way to prepare for them is by having a buffer in place to give yourself space and time to get on top of that problem.

The best way to do that? Live well within your means. In this way, you’ll be able to save up some money for when the problems hit. Even better, it will mean that when things go badly, you won’t have to scale back how you’re living (which can be hard to do, especially when your work life is already stressful) and instead can just keep on living how you’re living.

Remember, being an entrepreneur is not about getting rich. It’s about being successful. Then the wealth will naturally follow.

Last words

Being an entrepreneur isn’t easy. There will be setbacks. There will be hard times. That’s not why you’re doing it, though. You don’t want things to be easy. Instead, you want to build something with your own hands.

Remember that when you’re trying to build your business. Also, don’t forget that when the going gets tough it will be really easy to look back at your employed life and think ‘maybe that wasn’t so bad’.

For that reason, right now, sit down and write down why you really want to start your own business and what are the real hardships with not being your own boss. Then, when the going gets tough, you can look back at that letter and remember why you chose this road and why you never want to go back. Then that can help you stay the course, turn things around and make your dreams come true.

About Diana Beyer

Diana Beyer is experienced, a self-driven specialist and content editor at WritingDaddy.com who is passionate about writing. She is always seeking to discover new ways for personal and professional growth. Connect with Diana via Twitter @Diana_Beyer_

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