Starting a business can feel like an infinite loop of trials and errors. At every turn, you are faced with risks where you need to make a decision that could significantly impact your business. Sometimes you will make the right call, and sometimes you won’t. It is times like this when knowing what other entrepreneurs experienced and the lessons learned in starting a business could prove invaluable. By learning what others who have walked the same path experienced, you can gain insights and knowledge that can help you make better decisions and avoid common pitfalls.
At Women Home Business, we’ve interviewed several women entrepreneurs who shared with us the biggest lessons learned from starting and running a small business. Here are the most significant lessons learned that they shared:
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Lessons Learned by Women Entrepreneurs
Danielle Rayo
- The biggest lesson I learned was to have faith in my abilities and to stay positive. A positive outlook often leads to positive outcomes. I’m always thinking, “What good can come out of this.” Embodying that mentality keeps me going. Also, invest in a good coffee machine! It has provided me with countless more hours of work.
- Have faith in yourself and your abilities. I was just twenty-three years old when Competitive Advantage became a Limited Liability Company (LLC). If I didn’t pursue my own dreams, I would not be as happy as I am today.
- Find what you are passionate about and put your all into making a career out of that interest. You can be pleasantly surprised by where it will take you.
Rebecca Ireland
- Instead of focusing work time on where you are with your business, focus most of your time on doing at least one thing every day to get the word out about your business.
- If you have an idea, write it down! And do some research/talk to people to see if it’s an idea you could build a business around. So many women have fabulous ideas but don’t take the time to explore whether they are viable. You may be surprised!
Rashmi Melgiri
- You must be clear on the company’s priorities and way of doing things or guiding principles. There are too many moving pieces, and things are going a mile a minute at a fast-paced, growing company like ours.
- As a leader, you must communicate the what and the how-to others in the organization. As you’re growing a company, people are looking to you to understand the end goal and culture, and if you don’t have a solid vision for those, it’s felt throughout the team.
- Don’t be afraid to share your thought process and mistakes. As you’re building a business, there are a lot of choices to be made, and as you share your approach and stumbles with your co-workers, it empowers them to understand your company vision better and further develop their own skills.
Louise Willoughby
- The things I’ve learned so far as entrepreneurs are research and planning are key. I always plan months and months in advance of what products I’m going to upload and when. For example – I’ll start designing new Father’s Day cards in March or April so they’re ready to go in enough time for June. Surround yourself with positive people, as positive thoughts breed positivity – I don’t like to have negativity around.
- The advice I would give to future entrepreneurs is to have confidence in what you’re selling. If you don’t believe in your products, no one else will, and you need to be passionate about what you do – it can’t just be a money maker. I LOVE my job
Nicola Kay
- Start with a vision, then take action. Don’t procrastinate – get started!
- Focus on creating a business with a solid foundation; setting up your business properly, with the systems and tools for success, is critical.
- Never settle for second best. (With a healthy dose of pragmatism!) You are the product of your business, and you should be proud of what you do.
It’s far too easy to get caught up in your business rather than working on it. Schedule time to reflect and prioritize. - Women typically lack confidence in their ability to please everybody all of the time. The fact is, unfortunately, you can’t. Remember that this is your life, your choice.
- Courage, discipline, fortitude, and integrity are all vital. As is patience – but it would be fair to say that this is a work in progress! I like many quotes from Richard Branson, and this one truly resonates: “ There is no greater thing you can do with your life and your work than follow your passions – in a way that serves the world and you.”
Inna Rosputnia
- You need to have a few things to become successful – focus, a clear vision of your goal, courage, never stop learning and be passionate about what you are doing.
- Believe in yourself, and do not be afraid to make the first step to give life to your business idea. Stop dreaming and set goals instead – step by step, you will reach it!
Jessica McHugh
- Be patient – be productive with your time – have a positive attitude – be nice to EVERYONE
Amilya Antonetti
- It will take more time and more money that you ever thought. Never lose sight of your goal and your purpose.
Lisa Kothari
- It’s a great ride to be an entrepreneur, but like any ride there are the highs and lows. Perseverance is the key especially at the very beginning when you are just starting out and nobody knows who you are or what you are doing. That’s the time where you get more no’s than yes’s…stick with it…find people who have been where you are and gain strength from the knowledge that everyone is doing it by putting one step in front of the other each day. If you have passion and love what you are doing…the journey is worth it!
Bianca Whitfield
- Be relentless and fearless. When I became a single parent, I knew that I had a huge responsibility to care for this tiny little person that depended on me. It lit a fire in me to be the best I could be, and I haven’t quit striving for that goal yet. Don’t give up, and don’t let anyone or anything defeat you. You don’t have to be perfect, and you just can’t quit.
- And operate your business on your terms. Know what you want and then structure the business around that vision. The business can start to float away from you if you focus your attention on the endless mountain of client work to be done and not the direction of the business.
- Take time to implement your vision, and don’t let everyone else tell you what that should be. Advice is great, but it’s your life. If you can’t work on Sunday because you volunteer at your church all day, then don’t work on Sunday. Period. If you need certain skills in an employee, and they don’t meet the standard despite training and effort on your part, then fire them. If you can’t volunteer at the International Women’s Society for the Advancement of International Women’s big gala because you’re exhausted, then you just can’t do it. Don’t kill yourself to meet anyone else’s expectations but your own. It’s your life, and you decide how to live it. You can be miserable at the gala and satisfy someone else, or you can fall asleep on a good movie at home in your bunny slippers and send a gift basket to the award winner the following week.
Why Learning Lessons is Important
Lessons learned from other business owners can help you better understand how to navigate the world of entrepreneurship and teach you to be responsive to changes. Being an entrepreneur is a rollercoaster ride of ups and downs, and you need to be prepared for the ride.
Learning lessons — whether from your own experiences or other entrepreneurs — is critical to your success. It allows you to gain knowledge and skills that you can use in your own entrepreneurial journey and avoid the many pitfalls that could result in unwarranted issues or (gasp) the failure of your business. You need to know and learn what worked well and what didn’t, as learning from your past experiences can help you make better decisions.
The lessons learned from your experience can also help build resilience, confidence, and trust in yourself. When you face challenges (and believe me, there will be plenty), setbacks, or failures, you can use your learnings from the past to overcome them.
Lessons learned from experience are essential for your personal growth and development and for achieving your goals for your business.
