We’ve reached a very exciting point in history where female entrepreneurship is finally thriving and healthy. While there’s plenty of progress to be made when it comes to equal opportunity, pay equality, and other related issues, it’s possible for young entrepreneurs like yourself to move from an idea to a profitable venture. Let’s take a look at a handful of tips to help you get moving in the right direction.
1. Think About Your Personal Life
You’ll often hear people say business and personal life need to be separated. While the intentions behind a statement like this are good, the reality is that things are changing. Business and personal life are much more integrated than they ever were before, and it’s important for you to think about how these two spheres overlap when launching a startup.
If you truly want to love your business, then it needs to be related to something you already enjoy. You’re going to spend 50, 60, or 70 hours working on your startup in the beginning stages and you’ll need more than the future possibility of profitability to carry you through.
2. Don’t Let the Details Overwhelm You
“Known as the process of incorporation, the creation of a corporate status for a business involves both fees and documentation as well as legal title and distribution of ownership rights among specific stakeholders under the law,” says attorney Gordon Dykstra. “The requirements are various and range from the mundane to the extremely technical.”
For any entrepreneur, one of the trickiest parts about launching a startup is dealing with these mundane details and requirements. They can be overwhelming and stifling. In fact, many entrepreneurs never follow through on their dreams of building a business because they aren’t willing to sort through these complicated matters. The best piece of advice is to just keep pushing. Partner with the right people and tackle these issues head on.
3. Find a Mentor and Stick With Them
“As a young entrepreneur, it’s easy to fall into the whole ‘I’m on-top-of-the-world and know everything there is to know’ trap that often comes with getting your first few tastes of success. It’s even easier to feel too afraid or proud to ask for help,” says Sujan Patel, successful entrepreneur and business owner. “Thankfully, I quickly got to the point in my early days as a new entrepreneur where I felt stuck. I knew that in order to take my business to the next level, I needed to talk to other people.”
What did Patel do? Like millions of other entrepreneurs, he turned to a mentor. As a young female entrepreneur, you need to turn to older female entrepreneurs and learn from them. There are plenty of opportunities out there, but you must find an individual who is willing and able to empower you.
4. Research Funding Options
For female entrepreneurs, access to capital is a pervasive pain point. Research as many options as possible and be persistent. You’re going to get turned down a handful of times before anyone will listen, but don’t get discouraged.
Outside of traditional funding from VCs and equity investors, seek out startup grants. There are even some designed specifically for female entrepreneurs. If nothing else, these grants can provide you with some good networking opportunities for the future.
Putting it All Together
Female entrepreneurship is growing at a swift rate. There is still a lot of ground to cover before males and females enjoy an equal share of the business world, but young women like yourself are planting the seeds for a brighter tomorrow.
Keep these tips in mind as you think about launching and growing your own startup.