3 Factors To Consider When You Start Your Own Business

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More people than ever before are now working for themselves and building something they can call their own. There is a rise of the female #GirlBoss and regardless of popular or unpopular opinion, the new age businesswoman is here to stay.

Although there may be a plethora of women who are honing their present and future success by becoming the ‘CEO of their own dreams’, there are still difficult roads and lessons to prepare for. Here are 3 factors you may come across on the way up.

1. Application is more important than knowledge

You could spend days, months and years writing up a business plan and doing all the research in the world but eventually, you will need to implement your plan into real life settings. Even productivity can be a form of procrastination if you are trying to delay the application process. Don’t hesitate and put off your venture for too long in the name of fear. In 2014, 20% of SMEs in the UK were majority led by women according to UK Parliament. By 2020, hopefully, that number will increase immensely.

Whether or not you start with the right knowledge and tools, through application, there will always be lessons learned after you implement your business idea to the world. Various lessons will come from other business owners, mentors and even people you may not expect to learn from. In the world of business, everything and everyone can be a teacher but in order to learn, execution has to come first.

2. Mentally prepare yourself for rejection

Not everyone will like your business idea and not everyone will be as thrilled about it as you are. This can feel like a form of rejection however, there are many other forms of rejection people face in the business world.
As controversial as this may sound to some readers, a man is more likely to be prepared for rejection. Culturally, men are taught to approach women if interested and they learn to be ready for a response that may or may not go in their favour. Then they move on to the next conquest. However, women are not taught to be the first one to make the move so the plight of rejection is never dealt with because women don’t usually approach someone first. This scenario can also be applied in business. The best way to move forward as businesswomen and women in the workforce is to prepare yourself mentally for rejection. Proactively think about how you will handle certain scenarios so you put yourself in a position to deal with that scenario in advance and move on quickly to the next success.

3. The road won’t be easy

When you create your own form of employment, whether it is your side hustle or it has become your full-time job, there will be very tough periods. There aren’t benefits like sick days or holidays and at the beginning, any promotion in your business does not necessarily come with a pay rise because that money is going straight back into the business.

It’s vital to celebrate the small successes as well as the big ones because all of them are usually accompanied with an unforeseen challenge. As challenges arise, keep a positive perspective on your ability to handle the situation. When school was tough, we dealt with the emotions and found newer ways to better our grades. Business can be a bit like school; the only difference is in business you’ve made the active choice to show up and be there everyday for your business and your future.

 

This post was written by Bola

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