3 Biggest Mistakes Female Entrepreneurs Make In Business
When I started Empire Life, in 2016, I had launched and scaled two companies with another founder. I had some idea of what I was doing, yet felt this time I am working completely remote, and having a large fully remote team as well.
The biggest mistakes we’ve seen female founders make in business
1 Not Asking For Help, Waiting To Invest, And Not Admitting You Need Support.
This manifests in → WAITING TO TAKE AND INVEST IN A MENTOR OR COACH
In my first two companies I and the other co-founders were not the best at asking for support. I learned from these experiences in seeking to do something revolutionary in Empire Life. When starting Empire Life, I THOUGHT TO MYSELF – ‘This time I will have mentorship and help from the beginning!’
I highly recommend asking for references from everyone you know for a great mentor or coach and then having a call with them to see if it is a good fit for you.
Within 6 months of starting my company I’d have three mentors!
I asked every leader of technology and business meetup groups who they knew who had started something similar to Empire Life, and if they could give me an introduction to them. Through this way I found two mentors. Sadly, there were no females that anyone knew who had started something similar to Empire Life. I was fully focused on having a female mentor.
Once I was unable to find a female mentor or coach, at that time, I then became bound and determined to be the exact female founder mentor or coach for other female founders! The one that I was continuously seeking for myself at different points of my company!
One of those two mentors was a good fit. He had been a senior full stack software developer prior to starting his own business, like me. The main difference he and I had, which after one year made me seek out another mentor, was that he did not want to scale his company.
He was fully content with himself being the main person who did all the fulfillment for his client projects. He did not really desire for growing a team, or taking on more projects than he was able to handle completely solo. From the beginning of Empire Life, I had (and have) huge lofty seemingly unattainable goals (although they are always totally attainable), team goals, remote work, many projects and mentorship for my clients, and tons of continuous growth and expansion. At the beginning of Empire Life he was the best mentor I could have asked for. As many questions came up everyday, he was there to guide me.
We met at a coffee shop a few times, and then moving forward for almost one year I will be able to slack him (direct message), about questions that were coming up.
In one of those coffee shop sessions, I was having a slight freak out, with wavering confidence, moment, wondering in my head, ‘Is this crazy, having my own company? Is this too much for me to take on…?’
I did not directly ask him this, yet he was feeling my overwhelm coming to the surface. I think he picked up on my frenzy with how many questions I was asking him, and quickly.
He pulled down his glasses and lowered his head a bit and said, “Allison, you do know you are one of the most intelligent and driven people I’ve ever met. You do know you got this, right? I mean, all of this! Lots of things will always come up when in business, yet you do know you will always figure out anything that comes up.”
I took a deep breath, tears in my eyes, and answered, “I really appreciate you sharing this with me. Some days I feel as if I’m drowning in everything that needs to be done for the business, and totally overwhelmed. You seem calm, and in control of everything, how do you do it?”
He said, “You will be calm eventually too, you will understand everything, don’t worry. Be patient with yourself.”
I always remember his words, from these moments, when I feel overwhelmed.
At Empire Life we guide female entrepreneurs in one-on-one mentorship / coaching in scaling their online businesses. Through sales funnels, email marketing, online community building, membership groups, publishing successful books, sales strategies, in alignment strategies for the success and freedom they desire. Contact us here for grabbing more information on this!
2 Thinking You Have To Do It Alone, And Being Too In Love With Your Product
Sometimes female entrepreneurs desire to avoid asking others for their feedback because we are just too in love with our products and services. We do not want to hear their feedback because we have worked uber hard and long hours on creating our masterpiece…
We must ask for feedback from our ideal clients, previous clients, and mentors. We do not need to take everyone’s feedback, only those who may buy our products and services, and mentors we trust.
3 We Think Our Finances Are Not That Important
If you have picked up my best-selling book REDEFINE, here, you already know that taking my finances seriously was a process for me! My chapter is all about money mindset, and I highly recommend it. Money can work for us, yet we need to know how it can work for us while in business.
Having a budget, knowing how much you will spend on every area a month, and then checking it is a great strategy. There are phone apps to connect to bank accounts and credit cards that will help monitor spending, and make categories for everything.
Charging our worth for our services, and not giving our time away for free is also essential for financial success.
If you would like more help with this, remember to reach out to us here, where you’ll learn how to turn your knowledge and expertise into a profitable membership site and offer! (Empire Life always has the best strategies so don’t miss out!)
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When starting Empire Life, I THOUGHT TO MYSELF – ‘This time I will have mentorship and help from the beginning!’
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