During my journey of entrepreneurship (seven years and counting), I have learned so many things. This post is focused on the things that women entrepreneurs need to stop doing....like...NOW!
LEAVING MONEY ON THE TABLE
Having only one stream of income is a sure-fire way to NOT achieve financial independence. Multi-billionaire, Warren Buffet instructs us to “Never depend on a single income. Make investments to create a second source.”
If you are a new or emerging entrepreneur, the easiest way to add more streams of income is adding more services and/or products to your current offerings. For example, if you are a graphic designer, consider taking a copy writing course to offer your clients the ability to write copy for the marketing materials you are designing. It is a great way to help your clients, add to your bottom line and make you stand out from your competition.
The key to making your streams of income work for you in this sense, is to ensure all the streams are complimentary. You do not want to be a “Jill of all trades” and promote yourself as the Avon, jewelry maker, real estate lady. She is just scatterbrained. It will be extremely unlikely to promote all these businesses without losing brand integrity (personally and professionally).
For some reason, men are much better at this. They have the confidence and ability to understand that negotiation is a part of business. It is not a slight on our personalities, ladies, but it is a slight on our businesses because by not negotiating, we are ultimately leaving thousands of dollars on the table over time. Many of us female entrepreneurs see it as being difficult, which is simply not the case. You can negotiate and not be labeled the nasty “B-word”. The key is to be assertive, not aggressive. If you are dealing with a corporate entity, walk confidently on the negotiating playing field asking for twice the amount you truly desire. This will give you wiggle room and increase your chances of getting the compensation package that you wanted! Keep in mind, ladies, that if you do negotiate and get more than your client bargained for, you need to bring it. Make them happy that they invested the extra money for you and your services, so you can also get a gleaming testimonial and/or referrals. The bottom line about negotiation is: If you don’t ask, the answer will always be no.
COMPARING YOURSELF TO OTHER WOMEN
I get it. It is a natural feeling to compare yourself to another woman and what she is accomplishing. You see her doing big things on Facebook and then jealousy starts to rear its hideous head. The problem with comparing yourself to others is, 90% of the time, you will find something to feel inadequate about! Seeing a fellow woman in business doing well should evoke at least one of these three things --- if it does not, then you need to take a lesson from Ice Cube and ‘check yo self before you wreck yourself’:
1 - Motivate you
2 - Inspire you
3 - Make you smile
If all else fails, remember that comparison is the thief of joy. You do not know her individual journey and relish in the fact that everyone’s journey is unique. There is no universal timeline for success! Focus on you and enjoy the process.
Those are the three things that we as women entrepreneurs need to stop doing TODAY. What are some of the other things that we need to get over as entrepreneurs, ladies? Comment below and share this article if you got something good out of the read.
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