According to CNBC, the rate of female entrepreneurs in the US has been growing at a percentage that at least doubles that of their male counterparts. In part, the evidence for such a statement is taken from The Inaugural Upstart 25, CNBC’s first-ever list of promising young start-ups; 10 of which were founded by women working within a range of industries from neuroscience to finance to retail.
Considering the recent surge in female entrepreneurial talent, we thought it would be an interesting and useful idea to pull together some of the best business advice from four female entrepreneurs and inspire others to take the plunge.
Accountants and Genuine Connections
Amanda Luu, Co-owner of Studio Mondine, stresses the importance of having a good accountant on your side. She believes that no start-up venture should be attempted without first having clarified that it is actually possible to hit revenue goals. She also believes that genuine business connections are vital, both inside and outside your business’ industry. Global Resources Business Reviews recognizes that referrals are one of the key ways in which any business develops, which is why one great review or one genuine connection can truly make or break your idea.
Separating Home from Work Life
Jacqueline Whitmore, Founder of The Protocol School of Palm Beach, believes that one of the keys to success lies in our ability to separate our business and personal lives. She makes a point of setting specific office hours and sticking to them, of never responding to emails and telephone calls when you are officially “out of the office”. She believes it helps to train customers, clients and staff, thus constructing a professional work environment that benefits everyone involved.
The Big Money Trap
Kelsey Ramsden, founder of four companies and Canada’s Top Female Entrepreneur 2013, urges others to avoid starting up a business just because you believe it’s going to make you lots of money. Granted, we all need to earn a living in order to pay the bills and do the things we most enjoy in life, but money is usually the last thing a successful entrepreneur receives when setting up a new venture. Therefore, if money is your sole driver, you’ll probably end up giving up on your business idea fairly early on and you’ll never get to see the moment when your hard work begins to translate into financial success.
The Importance of Positivity
Mel Pharr, a successful business coach, believes that the most important thing that any entrepreneur can do is stay focused. If you begin to doubt yourself, if you refuse to keep pushing onwards when the chips are down, then failure is more likely to find you than success. When things don’t go as planned, you need to respond, shift your approach and work with what’s available to you to keep things moving forwards. If you become rigid and fight against what knocks you down, you’ll be fighting a losing battle and placing all your energy in the wrong place.
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Very useful tips! Thanks for this article, Vinay.