For many women, starting a business seems like an impossible dream. Leaving behind a corporate career’s perceived safety and stability to strike out on your own can feel scary and overwhelming. But what if the most significant obstacles standing in your way are simply myths?
Let’s bust the top five myths that stop women from leaping into entrepreneurship. Read on to boost your confidence and take the first steps towards the business of your dreams.
Myth #1 – Starting a business requires a lot of money
In 2019, the majority of women-owned businesses were started with less than $10,000 in startup capital out of pocket.
While companies like Airbnb and Uber raise hundreds of millions in startup funding, most women launch small service-based businesses out of their savings. A 2017 study by SCORE found that women entrepreneurs were more likely than men to start businesses with less than $5,000 in capital from personal savings.
With creativity and hustle, you can get started with much less than you think. Free Range Thinking began with just $2,000 in savings and a small severance package. It was scary, but with passion and drive, you can figure it out, too.
Myth #2 – I need extensive business experience
Business is an iterative process. The sooner you’re willing to take a risk, make a mess, clean it up, and do it again, the faster you’ll succeed.
Men often start businesses on bravado fake it till they make it. Women want everything perfect first. But there’s no need to have all the answers upfront. The foundational things needed to start a business are creativity, passion, and a decent idea people want to pay for.
Business is about starting small, making mistakes, learning, and improving. The more you embrace trial and error, the faster you’ll find your groove. Let go of needing extensive experience first.
Myth #3 – I need a unique idea
Focus on a common problem and provide a unique solution in a way that people care about.
You don’t need a billion-dollar idea. Look at problems that bug you, where you see a better way. Offer a fresh approach to an existing service that improves the experience.
For example, a doggy daycare service focused specifically on the busy schedules of entertainment industry clients. They tailored the experience with live streams, daily messages, and flexibility for long hours and weeks away.
Myth #4 – I need formal business education
Entrepreneurship is a process of continuous learning. Successful entrepreneurs learn their skills on the job.
With the University of Google and mentors, you can gain the knowledge you need as you go. Leverage transferable skills from past roles while embracing trial and error.
Venture capital firms often hire startup founders who have great ideas but need guidance on running a business. You can learn on the job too.
Myth #5 – I need to work full-time from day one
You can start small – validate your idea, learn to sell, and gradually transition as the business grows.
Start on nights and weekends if needed. Build the business on paper while saving up funds. Maintain your job initially and transition slowly. There’s no one way – design the shift that fits your life.
The path to entrepreneurship starts with a shift in mindset. You can rediscover the confidence to start building your dreams by busting these limiting myths. Take that first step today.
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Are you ready to start your own business but overwhelmed about the first steps? Join the exclusive waitlist for my upcoming Executive Transition Mastermind program designed specifically for senior women prepared to leap. Visit DawnAndrews.com/waitlist to learn more.
