Did you know that around 627 thousand businesses start to work each year? Unfortunately, around 595 thousand businesses are also closed each year. This piece of data tells us that most of the small business owners do not develop the right strategy.
However, there is one thing that seems encouraging to us. The number of young female entrepreneurs started to grow in the last couple of years. After graduating, many young women do not want to find a regular 9-5 job. Instead, they would rather choose to try out their entrepreneurial spirit and take a risk.
Well, we encourage them to continue in the same manner. However, we can’t guarantee that their decision will bring them success. The success in the business world depends on a lot of factors. Because of that, young women have to prepare for ups and downs that are unskippable part of every business success.
We do not want to say that our pieces of advice will guarantee you success. Becoming a successful entrepreneur requires hard work, dedication, and a bit of luck. However, we guarantee it will make your way to the top a bit easier.
So, let’s get going.
1. Find a Mentor/Educate Yourself
This is the first step of all. The business world is a complex place where you need to get prepared for everything.
It is not a secret that the development of the business world is turbulent. These quick changes started together with the development of advanced technology. Entrepreneurs now have the chance to promote their businesses in various ways. Because of that, you need to be well-informed about the opportunities that you have. Despite that, you also need to improve your knowledge associated with entrepreneurship.
Still, all the things that we mentioned will improve your theoretical knowledge. Unfortunately, that won’t help you a lot. You need to find a way to see how the entire business world functions in reality. That’s why finding a mentor would be a great choice. You can find a person that runs a business in the same industry as you. His mix of knowledge and experience will help you to teach many things.
Do not get surprised if many of them do not want to help you. You have to understand that these people have a lot of duties during the day. Still, sooner or later you will find someone who will help you. Besides that, some of them will probably ask you for a certain amount of money. Do not hesitate to do that.
2. Use the Benefits of Social Media
Most of your friends are probably using social media for chatting and taking selfies. Well, there is a lot better way to use it than that.
First of all, social media like Facebook and Instagram are a powerful tool for advertising. It allows businesses to reach their target audience for a lot better price. Advertising on TV is something you will be able to do later because it is expensive.
Anyway, if you desire to chat with people, then you should network with other entrepreneurs. The influence of people that do not have the same goals as you can be huge. Achieving success is the business world is tough and many people will tell you “Find a job and secure yourself.” This type of advice can have a negative impact on your motivation. Over time, you will see that motivation is one of the keys to success. You won’t be able to be effective if you are demotivated. On the contrary, connecting with people with the same or similar goals will boost your motivation and confidence. Who knows, maybe some of those people will be your business partners.
3. Determine Plans and Goals
Every entrepreneur needs to have a goal that is divided on mini-goals. We encourage you to have big goals! However, it is important to stay on the ground at the same time. If you want to achieve something that seems unachievable, then you need to have a plan on how to reach that goal.
A business plan is a perfect tool to see how realistic your goals are at the current moment. Put everything on a piece of paper and see how much money you need to invest and earn to achieve that goal.
4. Time Management
One of the key characteristics of entrepreneurs is the ability to organize time properly. Sometimes you will wish that one day has at least 30 hours. Unfortunately, that won’t happen.
Determining goals and making plans will lead to good time management. You need to know which priorities you have. It will happen that you need to accomplish a couple of duties at the same moment. When that moment arrives, you need to decide which duties are more important in the current moment. After that, you can adapt your time to your priorities.
Actually, using different tools might help you organize your time better. For instance, let’s say that accounting spends a lot of your time (which happens quite often). Logically, you do not have enough money to hire someone to do that instead of you. This is the moment when advanced technology can help. You can use software that will allow you to manage business expenses, invoices and other things from one place. Because of that, we suggest you visit MYOB and use the benefits of this software.
Don’t Give Up!
This is the strongest message from our list that we have for young women entrepreneurs. As we said, many ups and downs will be there during your path to the top. Some companies went bankrupt after many years of successful work.
You are young and the entire life is in front of you. If you don’t feel prepared enough to start immediately, improve your knowledge and skills more. However, if you feel prepared, do not listen to the negative pieces of advice that other people tell you.
Each failure that you experience in the future is the best possible lesson you can get. After making many wrong decisions, you will finally be able to recognize the good ones.
Be patient and work hard! That is the only way to become successful!