Women entrepreneurs are making a footprint in the business ecosystem. According to the National Association of Women Business Owners, over 12 million women-owned businesses are disrupting the U.S. economy with over $1.7 trillion annually and over 9 million employees.
And the good thing is, the world is finally starting to recognize women’s ability in business. Though access to capital is still a bane for women entrepreneurs, things have been changing. Today are many nonprofits, foundations, microfinances, and government programs geared towards providing small business loans for women.
Again fintech lenders like Camino Financial have marched into the lending gap to ensure that no business is left behind.
However, there are common mistakes that first-time female entrepreneurs should avoid to keep their businesses growing for many years to come. They include:
Succumbing to myths and stereotypes
Society is built in a patriarchal way and has cultural, religious, and political biases that portray women as unable to make it in a male-dominated business ecosystem. These beliefs are perpetuated from childhood, and they get stuck in the subconscious mind.
When things get tough, these fears, beliefs, and negativity can kick in and make you succumb to self-doubt and pessimism. As a woman entrepreneur, you need to invest in yourself and surround yourself with the right support network of coaches, mentors, and advisors to help you break these limiting myths and stereotypes.
Fear of failure
Women feel embarrassed when they fail. It’s even worse when people in their inner circle are skeptical of their business ideas. Such fear prevents most women from grabbing growth opportunities. A probable business success ends up stagnating.
But, no one goes into business with a 100% guarantee they’ll succeed. Even the most successful entrepreneurs had to fall a few times, but they learned and turned that failure into success.
Therefore, have the confidence to take risks, clinch opportunities and expand your business to gain a strong foothold in the market.
Inability to say NO
The fact that you’ve debuted into the business world and launched a cosmetic line doesn’t mean that your old habits and friends will vanish automatically. They’ll still come around to ask you out for a road trip, a weekend away, birthday parties, etc.
As a woman entrepreneur, don’t hesitate to say no to friends, family, or anyone who wants to divert your attention to sideshows that don’t help your startup grow. Again, say no to bad suppliers or wrong customers who always want to pay on credit.
Warren Buffet is correct that “The difference between successful people and very successful people is that very successful people say no to almost everything”.
Trying to do everything by yourself
When you’re just getting started, it makes sense that you go in alone. After all, your business is just new, and you can manage everyday business operations independently. That changes when your business starts to grow and expand.
Though women tend to have mistrust issues and a perfectionist attitude, you shouldn’t burnout yourself trying to do everything.
Build a strong team of workers and business partners that will help you cross as many tasks as possible off your to-do list. You’ll then have enough time to focus on the overall management and growth of your enterprise.
Working with the wrong lenders
Gender bias issues are a major obstacle that women have to surmount to obtain funding from traditional lenders. According to Bloomberg, women in business receive less than 16% of conventional business loans and they are up to 20% less likely to get approved for a bank loan.
That’s why the rise of fintech lenders is good news to women entrepreneurs everywhere. Online lenders use technology to process business loans without issues of gender bias.
Partnering with the right lender will help you quickly access startup and growth capital to keep your enterprise rising.
Not taking advantage of small business loans for women
Finally, you need to make sure that you take advantage of small business loans for women. Due to historical funding gaps and gender issues that women face, several organizations, foundations, government programs, and alternative lenders have come forth to bridge the lending gap.
Today, women in business can access special funding, business loans, and grants explicitly tailored for existing and aspiring women entrepreneurs.
Visit the link in the intro to learn more about business loans for women.
