Ask the Coach - March 14th
By: Merrill Pierce
Dear Coach,
I am thinking about starting a small business. Both of my kids are now in High School, and I feel like the time is right for me to follow my passion and open up a business that fulfills my need to be independent but also, do do something for work that I am passionate about.
Many friends and family members are supportive but also seem skeptical as I am in my late 40’s and think that it may be a bit late. What is your experience with women taking this leap?
Dear future entrepreneur
I want to first commend you on thinking about taking this step. It isn’t easy but as someone who has started many businesses over the years, it can be both challenging and very fulfilling. If you don’t try it, you won’t know whether its truly for you or not.
Start with the basics - Do your research – does your idea for a business have potential in the current economic environment? What is the situation with competition? Do you have money set aside if the business doesn’t bring in an income for the first little while? Many questions need honest answers before you embark on this journey. Look for a business plan outline (many are available free on-line) to address these key questions.
Although we have made great strides over the past five or six decades, women in the business world still run into roadblocks that men don’t have to deal with. Females are raised with the concept of “having it all”—family, career, and a flawless appearance to boot—but the reality is that achieving this dream can be a catch-22 when gender-specific obstacles are put in the way of female entrepreneurs.
Here are some of top business obstacles that are unique to female entrepreneur’s – as shared by some of my clients.
Lack of funding – investment in businesses who have female owners has increased but is still slower than businesses started by men.
Work-family struggle – women are expected to be superwomen as they attempt to balance a career and family . Having a dedicated support system at home is mandatory – plus working through the mom-female-guilt stage is key. As Sheryl Sandberg says “ its vital for women to choose the right life partner to be successful at home and at work.
Few female mentors – this is changing but, many women choose to forfeit their career goals to focus on their family. Look for women’s groups/support networks and other female run companies and learn as much from them as possible.
Be prepared to be mentally and physically exhausted. Fight discouragement.
To overcome this lack of female role models, many female entrepreneurs—from Spanx founder Sara Blakely (who, by the way, is the youngest self-made female billionaire in the United States) to Harry Potter author J.K. Rowling—give this advice women wanting to start their own business in a male-dominated world: don’t be afraid to make mistakes.
If you can’t find a mentor, follow your passion, and become a mentor for the younger generation.
So, no matter who you are, male or female, there will always be obstacles to achieving success. It’s true that women are faced with specific gender-based hurdles, and that can be frustrating enough to want to quit, but none of these barriers are insurmountable.
Empowering yourself to succeed doesn’t mean you have to follow the well-traveled path, it just means you have to stay true to yourself and your passion.
And fortunately in this digital age, you can always find role models online, whether that means following other businesswomen like Eventbrite co-founder Julia Hartz or Disney CFO Christine McCarthy on Twitter or LinkedIn, listening to podcasts like Women Who Startup for and by female entrepreneurs, or reading inspiring books by women in business like Shark Tales: How I turned $1000 into a Billion Dollar Business by Barbara Corcoran or Lean In: Women, Work, and the Will to Lead by Sheryl Sandberg.
Wishing you the best of luck.
Best,
Merrill
