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Great Business Lessons Shared – Part One

March 5, 2010

Five years gives you a good deal of perspective on what can go right and what can go wrong when you are a woman entrepreneur! What I know for sure is that women love sharing, hearing and learning lessons from other businesswomen – the good, the bad and the ugly. They also like rejoicing in the highlights and wins. So over the next couple weeks I will share some great lessons learned, challenging lessons we survived, and top best business highlights.  I hope you’ll check back frequently to review the lesson and the highlights which have challenged, taught, inspired and raised me above any turmoil to continue to live this dream. My struggles and successes are similar to women entrepreneurs everywhere. My goal is for you to find insight and wisdom to help you today and in the future.

Great Lesson Number #1: Success Comes at the Three Year Mark – It’s True!

When I attended my first networking event as an entrepreneur in 1995, a woman stood up and told us the statistics were right – she was finally successful after running her business for three years. I remember thinking three years was a long time to wait for success. But in fact both of my businesses took three years to be financially successful and known in the community.  I thought success would come sooner with the second business because I was an experienced entrepreneur and already known in the community for promoting women entrepreneurship. But the statistic held true! Most women I know have the same experience. So if you are just beginning your business or are in the second year, keep going, keep working, don’t give up the faith.

Great Lesson #2: Invest in Your Business – It Takes Money!   

Women are known for not taking as many financial risks as men when it comes to starting and growing a business. This isn’t always a bad thing because most women owned businesses survive the start-up years more than male owned businesses. Our conservative thinking is a blessing and a curse at times.
At some point we have to invest money in our companies if they are going to grow. How much you invest depends on a lot of factors. Your accountant, business advisor and financial planner can assist you with making the monetary amount.  But if you don’t take some calculated financial risks to invest and grow, you won’t. Eventually you will be spending time at your “hobby” instead of growing a solid, financial company to sell someday.  

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