Entrepreneurship – Are You Ready to Take the Plunge?

Thinking of starting your own business? Well, you’re not alone. According to a recent study by Lake Research Partners, single women are more likely to start their own business than their married counterparts. In fact, more than 6 out of 10 single women (62%) would open their own business if money were not an object, compared to 42% of married women.

But, before you hand in your letter of resignation, you may want to read Martin Brown’s article Five Keys to Building a Successful New Business. Many first-time entrepreneurs (including myself) enter into unchartered waters with rose colored glasses. In his article, Martin points out the realities of being an entrepreneur and a litmus test all want to-be entrepreneurs should take before they quit their day jobs.

So, from one entrepreneur to another, here are a few things I learned along the way that may help too:

1) Establish a network of advisers that are experts in their field. They should be trusted people that you can rely on for advice. Even though you may be an ace in your profession, chances are you do not have the expertise needed in every area of running a business.

2) Know yourself. Do you have the resilience to bounce back from adversity? Well, you better be able to if you start your own business. There will be many unexpected pitfalls along the road to running a successful start-up. How you handle and learn from these adversities will be a true test of your determination to succeed.

3) Talk to as many entrepreneurs as you can and learn what motivated them to succeed. Ask them about the mistakes they made along the way and how they corrected those mistakes. Women’s business networks and small business association meetings are a great place to meet entrepreneurs.

4) As Martin said, READ…, everything you can get your hands on about building a business from scratch. The more you know before you start your own business, the less “on the job” training you will need. And believe me, learning on the fly is an expensive education.

So, before you start your own business, take our advice and follow Martin’s Five Keys to Building a Successful New Business.

And, if you decide to launch your own business or are an entrepreneur already, contact us and let us know how you’re doing and why you decided to be your own boss. We’d love to profile another business started by a single minded woman.

Good luck!

Allison O’Connor

Co-Founder of SingleMindedWomen.com