Blog | Entrepreneurship

Women, Change Your Mindset, Change Your Life

It’s possible to be a female entrepreneur

If you want to begin a new business venture, you need to start by changing your mindset. After all, the mindset of an entrepreneur is very different than the mindset of an employee. Typically, an employee worships the security of a steady job and her paycheck. Her focus is on making her boss happy and working hard in her specific area of expertise.

Change Your Mindset.

As an entrepreneur, your priorities must shift. You are now the one accountable for everything that happens in your business. You are the one taking the risks. You are the one responsible for keeping your business alive, paying your vendors and employees, and making a profit.

I knew when I was in my early twenties that I wanted to be an entrepreneur. After being fired twice from my first job out of college, I knew working for someone else all my life was not what I was cut out for. When I started my first business in 1984, making the shift from employee to entrepreneur (or employer) was not immediate and not easy. It was a bit of a harsh awakening, but one I embraced because it forced me to get better and smarter every single day.

Being an entrepreneur is not for everyone. But if you have a sense that it is where your passion leads you, then I strongly recommend you pursue it. The rewards are phenomenal. Being a business owner is the ultimate shortcut in your own personal development because every day, there are new challenges. As a business owner and leader, you will need to rise up to and conquer them.

Start Small.

Just as with investing, start small. No business has gone from nothing to huge overnight. You may want to read the biographies of some business legends like Henry Ford, Steve Jobs, Anita Roddick, or Mary Kay Ash. Biographies of great entrepreneurs can give you fantastic insights into what it takes to succeed.

If this is your first business, then I encourage you to take small steps. You don’t need to spend much money to get started. Every business I started began on my dining room table.

Here are a few suggestions and tips:

Find a Mentor.

The greatest shortcut to creating a business is to find a mentor, someone who has successfully built a business in the same area you’re interested in. I say shortcut because this person will often see the strengths and weaknesses of your plans or decisions and direct you, based upon their own experiences.

Start a Part-Time Business.

Keep your daytime job and start a part-time business in your off-hours. Work on your business during any free moment you find—and if your new business is truly a passion for you, you’ll be amazed at how much time will appear. The Internet has opened up a whole new world for entrepreneurs because now you have access to an entire world of information, vendors and customers.

A few part-time-business successes:

An eBook…

Two of my friends wanted to learn how to publish a book online. They did all the research, worked with an author whose book was only in a print-edition at the time and experimented with what worked and what didn’t work. In the end, they had a sure-fire way to successfully publish an eBook. So what did they do?

They wrote a small pamphlet on “How to Publish an eBook” and sold the pamphlet via several channels on the Web. As a result, they receive about $200 to $300 every month from the sale of their booklet. It’s not a lot of money, but if they do this with ten to 20 books, not only do they have a nice business model, but they also have created a healthy, cash flow every month.

Designer Handbags…

A woman I know had an addiction to designer handbags. With every extra dollar she had, she ran out and bought the latest Louis Vuitton, Prada or Gucci handbag. Of course, she was limited by her monthly paycheck from her job. At times, her friends and family would ask if they could borrow one of her purses. She then got a bright idea and asked herself: “What if I rented out my handbags?” And that’s exactly what she did. Today, she has a successful accessories rental business online (and off) in which she rents handbags, shoes and jewelry.

This is just another simple and small idea that grew into a successful business.

A Word of Encouragement

In the United States, small businesses owned by women are the fastest growing sector in our economy. I believe women make outstanding business owners, and the answer to this global economic mess is small business creation.

This is a role women can jump into and flourish so if you’ve ever thought about starting a business, why not take the next step? Start small and follow the Triple A Triangle™ of Aspire, Acquire and Apply that I discuss in “It’s Rising Time!”

Change your mindset, get the information you need to be successful and take action. Nothing is standing in your way but you!

What are you going to do today to make your small business dreams a reality?

For help and additional resources, check out our free, financial education community here.

And to teach your children about entrepreneurship and financial education, check out Robert’s new book, “Why ‘A’ Students Work for ‘C’ Students”