Entrepreneurs, Small Biz Advice
Karin Abarbanel knows firsthand what a wild ride the emotional roller coaster of giving “birth” to a new venture can be. Especially for women, as they tend to respond different than men to challenges and obstacles.
Karin is a marketing firm owner and co-author of “Birthing the Elephant.” She shares front-line advice from successful female entrepreneurs on finding the emotional staying power to weather those tender first months of a launch – and avoid costly pitfalls that can derail your dream.
Below are some of the topics Karin and Anita discuss:
Emotional issues will surface — throughout the launch. No more fancy office building, no more big conference rooms and now you are operating in a more basic fashion. As a result, this may create image anxiety and impulse spending may begin to take place with money being spent on high tech equipment and expensive home offices in order to bolster image.
Getting out and promoting your business — can be intimidating. It may feel unnatural to promote yourself but you don’t need professional help or costly advertising. Get the word out through creativity in a grass roots sort of way and master the skill of your comfort level.
Loneliness and isolation — are issues that an entrepreneur will face. You’re no longer in an office environment with a built in support system. Reach out and build a support system of fellow entrepreneurs or work from home friends and meet once a week for coffee. Offer support to one another to pull you through tough times and brainstorm with each other. Feeling isolated can hamper your success.
Learn to recognize trivial — pursuits. Wearing many hats during startup is expected, however, as your business grows you need to delegate tasks to others so your attention is not diverted and burnout doesn’t occur. It may be time to hire some assistance in order to lower your frustration level and keep your focus.
Don’t get so caught up in your business — that you loose sight as to WHY you’re even in business. Many people start off wanting to spend more free time with family or on outside activities. Ultimately, they end up spending more hours working as an entrepreneur – than they did as an employee. Set clear boundaries, take time for yourself and allow yourself to enjoy the flexibility of owning your own business. Outside activities are re-energizing and very necessary to the success of your endeavour and your overall happiness.
Underpricing products and services –can be a problem for women. If you do this in launch mode, you’re doomed to play catch up. Do your research, start with a healthy pricing strategy and set realistic, competitive prices for your products and services. You deserve it!
Karin shared many helpful insights and solutions into the emotional issues that arise during these transitional periods in both men and women’s lives.
The attorneys at TGB are always available and happy to answer any questions you may have about starting a business. Just give us a call at 434.973.7474.