Female Entrepreneurs: Could family obligations be an advantage for success?
Posted on October 06, 2018 by Su Bulut, One of Thousands of Business Coaches on Noomii.
The biggest obstacle to achieving business success is not family obligations but not having a true entrepreneurial mentality.
Family obligations are indicated as one of the top three obstacles on the way to success for female entrepreneurs all over the media. Articles are written about how to overcome this, panels are being held… Whereas male entrepreneurs seem to have the freedom to concentrate on their businesses as much as they want. But statistics show that they are not very successful either. Half of the start-ups close in the first year, 20% are able to roll over to 5 years and only about 4% are able to go beyond ten years “successfully”.
What really is going on? This question boggled my mind for the longest time. As a 20-year as a business coach and a woman entrepreneur I do not agree that women’s responsibilities about children and family impedes their business’ success. The matter is deeper than that. In my opinion the biggest obstacle to achieving business success is not having a true entrepreneurial mentality. When we look at the entrepreneurs who are known as “the most successful”, whether they are men or women, they realized that life is not only about growing the company and making money and so they have been able to detach themselves emotionally from their businesses. This gave them the chance to concentrate on the strategic work of the business by delegating the routine tasks of the business that require hours of work. Strategic work that is independent of the clock and which will expand and sustain the business so that it runs without them having to be there all the time. Of course, achieving this requires a different skill set which we need to master.
One of the top 3 reasons why women start their own businesses is work-life balance. Indeed owning your own business present more opportunities and means to balance home and work life compared to working in a job. However the only way out that I found to take advantage of these is to master the entrepreneurial game. Strategy, systems and team are your best helpers, not baby-sitters and grandmas (although they have their place of course).
So first skill is strategic planning. One of the misconceptions of business owners is the desire to grow rapidly and in every function of the company at the same time. Increasing the sales and hiring new people and modifying the product and looking for funding… all at the same time. Unfortunately this is a fantasy. Even for large corporations it is recommended to focus the efforts for progress in only two areas of the company in a given three months. As a female entrepreneur, determining a single business goal every three months is the optimum growth strategy. Grand masters of business building game teach us so. Why? Because everything takes so much time to develop and cultivate. Although it seems slow, it does not only bring about a solid sustainable growth but also saves your life from being limited to your business. Running your own business really does not have to be a stressful experience in the constant hustle and bustle.
Second skill is system design. Since 95% of the work done in a business is routine repeating they can and should be systemized. Systems enable you to sustain your efforts in this life which is nothing more than irreversable time…
The third of the important skills that will make the life for female entrepreneurs easier is team building. Business is a team sport. A-Players who can take load off of you and give you the opportunity to do management and strategic thinking are utmost important. Is it difficult for small businesses to attract A-Players? Take a pen and paper and craft the ideal candidate profile for a certain position (accountant, salesperson etc). Both technical qualities, character traits as well as expectations from life. The number of people who want to work in a company that is honest, growing and appreciate their efforts is more than you think.
Since men have the freedom to spend as much time as they want on their business just because they are the primary provider of the family, they devote almost all of their time. They believe they have to do this to succeed. Believe me, this freedom is becoming a prison for them in time, almost like a curtain over their eyes that causes them to miss life. However, if female entrepreneurs can see their family obligations not as an obligation, but as a great advantage that prevents them from being enslaved in their businesses right from the beginning then they can enjoy business building to the fullest without missing the other beautiful aspects of life.
