Advice for women entrepreneurs

Dear Professor Bruce:

I am a female senior executive in my 40s. I'm thinking of leaving my job in financial services to start a business. I know I'll need a business plan and seed money, but what else do I need to "make it" if I strike out on my own?

Answer:

When starting a new business, most people focus on money, marketing and management. But there is another success factor that is often overlooked: motivation. Finding the stamina to handle problems and obstacles is key to surviving the launch stage, when every decision counts.

According to Karin Abarbanel, coauthor of the new book, "Birthing the Elephant: the woman's go for it! guide to overcoming the big challenges of launching a business" (Ten Speed Press), "as a woman, there's never been a better time for you to launch a new venture." But, she adds, it takes more than a sound business strategy to succeed -- you'll also face plenty of psychological challenges along the way.

According to the findings in "Birthing the Elephant," emotional resilience is one of the most critical -- but rarely discussed -- aspects of launch planning. In fact, lack of this vital asset can actually sabotage your start-up! Here is s her basic advice for weathering the emotional ups and downs you will face:

Act like an entrepreneur: To succeed, you need to win the small business "mind game" by learning to think and act like an entrepreneur. This means giving up the paycheck mentality you developed as an employee and learning how to substitute brains for bucks. It means finding the inner resources to go over, under, around, and through any roadblocks in your path. It means shifting quickly from analyzing problems to generating solutions and taking action. And it means cultivating your resiliency "muscle" so you can bounce back from the many stumbling blocks you'll face.

Anticipate obstacles: Regardless of the business they start, most women go through basically the same four-stage launch cycle: 1) getting their venture under way and building momentum; 2) learning how to "run their own show" as entrepreneurs; 3) turning breakdowns into breakthroughs by pushing past self-imposed barriers; and 4) finding their business rhythm. Each of these stages presents different practical and emotional hurdles. Understanding that these hurdles are natural and predictable can help you work through them.

Avoid costly pitfalls: Women entrepreneurs on the front lines agree that there are some business-busting mistakes you'll definitely want to navigate around on the road to success. These include over-romanticizing being your own boss; under pricing and over servicing; spending too much on advertising; and pushing yourself into the burnout zone by failing to manage stress. Falling into any of these traps can put a big dent in both your pocketbook and your psyche.

For further information, visit: www.birthingtheelephant.com

Bruce Freeman is president of ProLine Communications, a marketing and public relations firm in Livingston, NJ and an adjunct professor of marketing and entrepreneurship. E-mail questions to Bruce(at)SmallBusinessProf.com.