Learning from the best is helpful when starting and growing a business. We are highlighting helpful lessons and advice from successful women business owners, executives, and entrepreneurs in honor of Women’s History Month.
1. Identify your purpose Christina Sjahli, a CPA and owner of Christina Sjahli Consulting, a company that provides virtual CFO services to mission-driven women entrepreneurs, said that when running a business.
Spend some time reflecting on your goals if you haven’t already. Do you want to develop a product that simplifies life for others? Do you want to boost employment in your neighborhood? You might want to provide a service that helps people achieve a particular objective.
Sjahli asserted that not only will you be less likely to experience imposter syndrome if you determine what drives you, but you will also be better able to establish boundaries and objectives.
How to discover your purpose:
Consider your motivation for starting a business. What makes you happy? Who does your company serve? What do you hope to accomplish?
Define your goal and narrow your focus.
2. Take advantage of the chance to develop: “I learned to always take on things I had never done before.” Comfort and growth cannot coexist. The former CEO of IBM, Virginia (Ginni) Rometty, advised, “Do not be afraid to make decisions.” Don’t be afraid to make errors! Carly Fiorina, a former CEO of Hewlett-Packard, believes that in order to build a successful business, one must be willing to take risks and face challenges head-on. You can learn new skills, solve problems more effectively, and achieve your goals more quickly by stepping outside of your comfort zone. A growth opportunity could be purchasing the building next door or learning how to digitize your services, depending on your business and background.
How to embrace change:
Accept challenging endeavors and projects.
Be open to trying new things, whether that means making a new product or focusing on a different group of customers.
Set aside time and money each year for one or two projects that will help your business grow, like starting a digital marketing campaign or opening a second store.
3. Be persistent “If you are committed to creating value and do not fear difficult times, obstacles become completely irrelevant.” A possible nuisance, but without any real power. Creation is revered by the world; People will move away from you. Candice Carpenter Olson, a former Fullbridge Co-CEO, knows that starting a business will always face challenges and setbacks. Tenacity is essential if you want to overcome the challenges you face, including those that are unique to women, like gender biases and pay disparities.
Chynna Morgan, the CEO and founder of Gifs Out Loud, a company that develops experiential marketing campaigns, stated, “I believe women entrepreneurs must remain resilient and go into each room with confidence like they belong.
How to remain persistent:
Keep in mind your goal and draw inspiration from it.
Find inventive ways to make use of the resources and tools you have at your disposal.
Set limits so that you can maintain your energy and self-assurance during trying times.
4. Connect with other people Connecting with other entrepreneurs and professionals in your field can help your business, which in turn can result in increased revenue and contented customers.
“Find a couple of associations that line up with your motivation, go along with them, be a functioning part, and give your own bits of knowledge and values,” Sjahli said.
Partnering with other businesses for product launches or marketing campaigns that benefit both parties is also helpful. The power of strong partnerships and collaborations cannot be overstated.
Connecting suggestions:
Donate to an organization that is connected to your mission.
Reach out to other local business owners.
5. Adopt a learning mindset: “The most important quality a leader can have is the ability to learn.” Padmasree Warrior, Founder, President, and CO of Fable If you are not willing to learn, you will never succeed in business. You will be ahead of the curve if you place learning first. It helps you stay up to date on industry trends and shifting customer needs, introduces you to new ideas and perspectives, and keeps you humble and flexible.
A little bit of work can go a long way. Sjahli advised, “Be one percent better every day.” Set lofty goals for the long term, but make incremental progress each day.
How to put learning first:
Explore the many facets of running a business, from product development to customer service, with an open mind.
Keep up with the latest industry news.
You can learn a lot about your employees’ day-to-day activities by shadowing them.
Attend a seminar or course.
Register for events and conferences in your field.
6. Ask for assistance “Never be afraid to ask for assistance. Create a support network at all times so that when you fall, which you will, they will be there to catch you. The CEO and founder of Ladies Get Paid, Claire Wasserman, knows that running a business is not a one-person job. Even if you’re a sole proprietor, it’s still important to ask for help and advice from others.
According to Morgan, “As business owners, sometimes we believe we are supposed to have all the answers.” However, the truth is that asking for assistance is what makes you a great business owner. It is essential to build a great company to know your strengths and hire people to help you with your weaknesses.
Ways to request help:
Get advice from other successful business owners.
Hire team members who are smart and capable.
Work that you can’t complete on your own should be outsourced.
7. Invest in your own financial knowledge If you want to run a profitable, long-lasting business, you need to do so. The first step in accurately pricing your products, establishing attainable revenue targets, preparing for expansion projects, and securing funding is to have a solid understanding of your company’s financials.
Sjahli stated, “Growth requires you to understand the story behind your balance sheet, profit and loss, and cash flow,” implying that “you must understand the story behind your balance sheet, profit and loss, and cash flow.”
How to learn more about finances:
Pay close attention to your business’s expenses, revenue, and profit margin.
Discover how to monitor your cash flow.
Set objectives with monetary targets in mind.
Employ a company accountant.
