So you have been looking to get your ideas up and running; turn those brilliant seeds into a money-yielding tree every kid dreams of. In an economy that constantly swings back and forth, up and down, how can you ensure your enterprise hits the ground running?
Tick every item on this checklist, and you will be well on your way to becoming a successful business owner—without needing to qualify yourself as ‘female’.
Vision and Purpose
Does your idea/business serve a meaningful purpose in your life, and those of your potential market, or are you just in it to get a quick buck? Find an idea that strikes the right balance between providing value and being profitable.
Find a compelling story—an elevator pitch. Like the name implies, a story selling yourself and our business in the time an average elevator ride takes—30 seconds. This is the summary of your more comprehensive and detailed vision and mission statement.
Be clear on what you want this business to do, for yourself as its founder, and the society as a whole. Touch on expected profits, as well as the desired impact you foresee in the community around you.
Logistics and Groundwork
Hi, what is your enterprise focusing on, and what is your five-year cash flow projection?
The answers to these questions are not uhmm, uhh, eh, or a blank stare into empty space.
Draw out a clear, accurate, and well outlined business plan and overview of your business. There are multiple online resources that outline the process of creating a professional looking, and solid business documents—proposals, market overview, competitor research, cash flow projection, etc. If it feels a little overwhelming, find a friend or family member willing to help out, or a local college kid looking to make a few hundred dollars.
A lady with a plan is infinitely more successful than one who charges into business blind and impulsively.
Look towards forerunners in your preferred industry: how have they managed to gain a stranglehold on the market; what mistakes or errors did they make earlier on that you can learn from and avoid? Reach out to strong, successful female (or male, depending on industry demographics) business owners, armed with a clear vision and mission statement, and seek their mentor-ship. Position yourself as someone worth investing in, and you will find that many people will engage you for a mutually beneficial relationship.
An enterprise, a successful one, has the potential of becoming a legacy that endures for generations (read: Oprah). Make the right moves at the start, a few mistakes and missteps here and there, and with patience, diligence, and hard work, you are well on your way to becoming a boss-lady.