As a woman entrepreneur, I’ve learned a lot on my journey. Here are six important lessons I wish I knew when I started:
1. Most startups fail. And that’s okay.
In my experience, failure is a normal part of the business world. It’s not something to be afraid of. According to the U.S. Bureau of Labor Statistics, about 20% of new businesses fail during the first two years of being open[^1].
But here’s the thing: I think failing can teach you a lot. Each failure is a chance to learn and grow. Many successful business owners failed a few times before they made it big.
2. You can’t avoid making mistakes in your business, no matter how much information you read. Just accept this and move forward.
I believe it’s important to understand that you’ll make mistakes, no matter how much you prepare. As my experience shows, it’s better to accept this and keep moving forward.
Here are some common mistakes I’ve seen (and made):
- Not knowing your target market
- Underpricing your products or services
- Trying to do everything yourself
- Not having a clear business plan
Remember, making mistakes doesn’t mean you’re failing. It means you’re learning and growing.
3. The secret of successful entrepreneurs is that they kept going even after failures.
It seems to me that the real secret of successful entrepreneurs is that they don’t give up. They keep going, even after failures.
Take Walt Disney, for example. Did you know his first animation company went bankrupt? But he didn’t give up. He kept trying and eventually created the Disney empire we know today[^3].
I think persistence is key in business. It’s not about never falling down. It’s about getting back up every time you do.
4. To start your first business, you don’t need a lot of capital. There are many business ideas with no or minimal initial investment.
Many people think you need a lot of cash to start a business. But I’ve found that’s not always true. There are many low-cost or no-cost business ideas. Here’s a quick list:
| Low-Cost Business Ideas | Potential Startup Costs |
|---|---|
| Freelance writing | $0 – $100 |
| Virtual assistant | $0 – $200 |
| Online tutoring | $0 – $300 |
| Dog walking | $50 – $200 |
| Social media management | $0 – $300 |
These are just a few ideas. The key is to start with what you have and grow from there.
5. Most rich people come from poor families. This means everyone has a chance at success.
I believe that everyone has a chance at success. Your background doesn’t determine your future. Many rich people started with nothing. In fact, a study showed that 8 out of 10 millionaires in the U.S. are first-generation rich[^2].
This tells me that with hard work, smart planning, and a bit of luck, anyone can succeed in business. Your current situation is just your starting point, not your final destination.
6. In business, you can’t wait for inspiration. It’s very important to have an action plan and follow it regardless of your inspiration or mood.
In my opinion, waiting for inspiration is a trap. It’s better to have a plan and stick to it, even when you don’t feel inspired.
Here’s a simple action plan I use:
- Set clear, achievable goals
- Break these goals into small, daily tasks
- Create a schedule and stick to it
- Track your progress
- Adjust your plan as needed
Remember, success in business often comes from consistent, daily effort, not from sudden bursts of inspiration.
Starting a business is hard work, but it can also be very rewarding. I think if you keep these points in mind, you’ll be better prepared for the journey ahead. Remember, every successful business owner was once in your shoes, just starting out. You’ve got this!
[^1]: U.S. Bureau of Labor Statistics [^2]: Ramsey Solutions: The National Study of Millionaires [^3]: Entrepreneur: 5 Entrepreneurs Who Failed Before Becoming Millionaires
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