According to the U.S. Small Business Administration (SBA), two-thirds of new small businesses survive at least two years, 44 percent at least four years, and 31 percent at least seven years. You may be thinking to yourself, "Whoa! I can get better odds of winning on the slots in Las Vegas."
Starting a business is difficult and risky, and women entrepreneurs face unique obstacles to getting access to funding, overcoming stereotypes, and justifying our existence to "good old boys" with the power to decide if we'll land that big client or get that critical bank loan. But we do it because many benefits and rewards accrue to the risk-taking, visionary woman with a successful business – financial freedom, fulfilling a customer's need, a better chance at work/life balance, sense of accomplishment and satisfaction, impact to your local community, and personal and professional growth.
As a woman, your life is a balancing act. You're striving to create a successful business; manage a household; be a great wife, mother, girlfriend, and confidant; and still have time to pursue other interests. Before you embark on this entrepreneurial journey, assess your lifestyle and comprehend protecting what I call your "M" factors:
1. Money
2. Marriage and/or Motherhood
3. Mortgage
4. Motor Vehicle
5. (Peace of) Mind
There may be others you will add, but the point is to know what's important in your life so you can prepare yourself for the entrepreneurial lifestyle. The strength and stability of each of your Ms will be tested time and again. Therefore, you must be absolutely clear about how you're going to balance the demands of running your business. Carefully determine your priorities, negotiate them and be clear with your loved ones about where you stand, and draw the boundaries that you never want to cross.
Business ownership is at once challenging, engaging, stressful, and exhausting on many levels. Think about how you bring your "whole self" to your venture. You must consider how the day-to-day stresses of running your business will affect your overall mental, spiritual, physical, and financial health and well-being. That requires having a strong support team who will advise, consult, and comfort you when you need to reach out for help.
3 comments:
Very well said. Of course, the same balancing act comes into play when writing a book, or embarking on any life changing endeavor.
You are such a writer and communicator. It is a pleasure to know you. I am proud of your many accomplishments. You have your act together.
Excellent thoughts, Monique. Thanks for the energy and passion you put into helping others on their entrepreneurial journeys.
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