Smart Woman - Business Mistakes

Published 02/25 2013 07:47AM

Updated 02/25 2013 09:19AM

According to the Global Entrepreneurship Monitor, just 47 percent of women
believe they are capable of starting and running a business, but
about 62 percent of men feel they can do it. Many women are afraid of
failure, and with good reason. About half of all new businesses fail
within their first five years.
For many the dream starts young, 14 year old Addison said"I do want to start a business and be successful." And 12 year old Grace added "I would like to have my own company like my mom and be successful with it." "Most of us want to own our own businesses and what not" said Morgan Arline.
But being a successful business owner takes hard work andsmarts. One big mistake women make when trying to start a business: not being prepared when confronting clients. "Don't walk up and say, 'What does your company do? What can I do for you?" said Pamela Prince-Eason, who is the President and CEO WBENC. Visit websites, learn about their products or services, and have a clear plan for how you can benefit the clients beforemeeting with them. Mistake number two: not having a dedicated sales professional. another mistake: not enough networking. Tara Abraham, Chairwoman and Co-CEO of Accel, Inc. said"People do business with people who they like. Period."
Not following upwith your contacts is mistake number four! Abraham also said "You always have to make sure that you set yourself apart, so it's about the follow-up after the conference."
Another no-no: not taking advantage of professional organizations. groups like WBNEC offer education, networking, and support opportunities for women in business. Mistake number six: starting your business in a saturated market. "Look at other areas that have really been underdeveloped or not even tapped yet" said Abraham
Mistake number six: starting your business in a saturated market. Abraham
added "look at other areas that have really been underdeveloped or
not even tapped yet."
The last mistake: not enough cash. Many experts recommend having about
three-times what you think you'll need to start your business. And
those are some mistakes to avoid for a successful start-up.
Another common mistake is spending too much on business cards and brochures right away. Experts say most start-up businesses change too quickly
for these materials to be effective. A good rule of thumb: wait until
you can keep your typical sales presentation the same for at least
six months before you invest in them.

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