Today, the entire world is facing the economic problems and it is not easy for an entrepreneur to make a good reputation in the industry and earn the desired money. Likewise men, it is also become more difficult for the women entrepreneurs to make a good reputation in the market. Yes, of course, there are many successful female entrepreneurs who are really very successful in their filed and even beat the men entrepreneurs. But normally it’s not easy for women entrepreneurs to achieve their goals because they have to face many problems and the dream of having a successful business is really very far from them. The problem is that some of the women just started the business to grow up their child and they don’t have much interest in it and other are not fully understand that how to launch a new business so they fail to achieve their goals. Stay in touch with this article as I’m going to mention top 10 common women entrepreneurs mistakes as well as I will also share some helpful tips to avoid these mistakes in the difficult circumstances.
Top 10 Common Women Entrepreneurs Mistakes
1). Women entrepreneurs mistakes are normally familiar to men entrepreneurs mistakes but women are more concern and excited for their new business so they got confuse in uncertain situations. Unlike men entrepreneur, they are afraid of asking for orders because they are afraid of hearing “NO”. But the reality is that you have to ask the customers for the orders because the clients want to know about your business and your work experiences.
Women entrepreneurs should also remember that not everyone is the customer and realize that sometimes “NO” could be a good thing for them. This answer will tell you about the market targets and what to avoid in next order.
2). When women think about marketing, then they don’t want to take big steps for this purpose and just approach a litter here and a little there. They normally approach magazines for marketing because they personally like it or they also post about them on social media because it’s “free”. But to get the big attention to your business, it is really very important to publish on TV media or even on radio. Invest some money on quality marketing as well as take interest to attract the customers to your products.
3). Women entrepreneurs make mistakes that they collect too much data for the presentation of their product. Yes, it is very important to show a presentation to impress the VCs and audience because it is the most excellent way to explain about your products and company. But don’t give too much data at one time because it will not easy for the audience to absorb too much info about you and your company at once. So just focus on main points and clearly convey your message to them so that they fully understand you.
4). Female entrepreneurs also make some common mistakes that they don’t understand themselves value and offer their services and products on very lower rates. After starting their business, if they don’t get any order then they rapidly lower down their rates and services but it’s really not a good approach for a successful business. Just think about your efforts and hard work on your products, set a value price and stick to it.
If you are providing some services, then must collect of deposit of 50% upfront and then request the remaining half after completed the services. Remember that people are getting your services and they have to pay for it so never scared to ask for payments.
5). Another common mistake that normally female entrepreneurs make is that they don’t able to keep detailed accounting documents of their business. This problem is normally held with those women who are doing a home based business. If you are not able to set your home budget then it will be more difficult for you manage your business expenses and it will lead you to financial mistakes.
It is very important to understand that how much you spend on your business and how much you get back from your products. This will help you to understand that whether you are making a profit or not. So, it is very important to keep a detailed record of you business, and if you can’t do it yourself, then must hire someone for this.
Read Also: 5 Best Female Startups to Watch in 2016
6). Female entrepreneur make mistakes by thinking that they have a huge number of clients and customers and it means that they have a growing and successful business. But having a huge number of customers didn’t always mean that you are going on right path and it’s not a guaranty of overall profitable business. Therefore, to make sure that you are having a successful business, it is important to check your product expenses, profit margin and average revenue per client.
7). Female entrepreneurs are normally optimistic about their new business, and they have many big dreams at the time of starting it. Having these feelings is natural and these also help to overcome the problems involved with a new business. But you should ready for the uncertain situations, even if you are running a successful business. You should ready for uncertain expenses such as cost of office space will suddenly rise, and if you are not ready for it, then it will be a big disaster for you. So plan for the budget for an uncertain situation, and it will help you to handle the problem without much stress.
8). Female entrepreneur’s mistakes are not as big and they can surely handle all these issues with some attentions. Such as, it’s your duty to check regularly your company’s stats to avoid financial mistakes even you are too much busy in other responsibilities. As your business grow, you may don’t find time to check the financial balance and leave it to your sectary or somebody else. But it could be not good for you as well as for your company even if you leave it on a fully trusted person. The reality is that money has great power and even your family member and friend could be made a fraud with you. So it is very important to manage your time and regularly check your financial balance for the safety of your money and business. Even if you don’t have much knowledge about finance, you should read
The reality is that money has great power and even your family member and friend could be made a fraud with you. So it is very important to manage your time and regularly check your financial balance for the safety of your money and business. Even if you don’t have much knowledge about finance, you should read balance sheet and financial statements for the survival of the business. If you don’t understand anything then don’t be afraid to ask different question until you understand the company’s finance matters.
9). For a successful business, it is really very important to make proper planning, and if you don’t have any ideas and execution then it can lead to you failure. First of all, make a plan about your business (normally called business plan) and make sure that you are choosing the right path to fulfill your dreams.
10). As a woman entrepreneur, it is not possible for you to do all the duties yourself so don’t put yourself in a situation where you take all the responsibilities. Make a time table of your schedule and divide your other duties to your workers to avoid the stress of overload work. Try your best to avoid all the women entrepreneurs mistakes in order to become a successful female entrepreneur.