We’re not going to lie, succeeding as a mum entrepreneur is an uphill battle. For many, this means maintaining a primary job, managing home and business finances, and taking care of a small army at the same time.
However, this isn’t a challenge that can’t be surmounted, and we have tons of examples of successful mumpreneurs as proof of that. The problem is that too many jump head first into a business they’re passionate about without having a concrete plan, which leads to them making crucial mistakes that could sink their efforts. Here are some of the most common mistakes mum entrepreneurs commit.
Not Having a Solid Business Plan
If you’ve just came across what may seem like an earth-shattering concept, it can be easy to get excited and jump right in without coming up with a concrete business strategy and feasibility plan. But while this may not be the most exciting part about starting a business, not coming up with a plan is a sure recipe for disaster. Your plan is pretty much a roadmap of how you’re going to get to your destination, so you don’t want to get lost on your way there.
Not only that, but a well-crafted business plan could make all the difference if you’re looking for investments or financing. When crafting your plan, you should ask yourself what are the values, mission and purpose of your business. What exactly is your direction for your business? Who is your competition and how crowded is the niche? What will qualify as success?
In short, your business plan should determine each and every aspect of your business and should serve as a reference point anytime your business is stuck or on the brink of a major change.
Not Setting Boundaries
While you can’t completely abandon your parental duties, you also have to make sure that you dedicate yourself fully to your business during business time. Make sure that you delegate tasks to older siblings and make them understand the importance of boundaries while you’re focused on work. Tell them that it’s for their benefit and that helping you eventually helps the family business succeed.
Not Continuing Your Education
This is another crucial mistake many moms make. While it may seem almost impossible to squeeze education with all your other responsibilities, there are some ways that you can alleviate your workload. One of the options you could take is enrolling in a part time MBA that will allow you to stretch out your MBA over the course of a few years. Online MBAs are also an option you could consider.
If you wish to know how to increase your chances of getting accepted, we suggest you check out the next time The MBA Tour will be near your city. You’ll have the chance to meet with representatives from some of the country’s most prestigious business schools and connect with professional networks aimed specifically at helping women. If you still want to know why you should check it out, you can find a breakdown of reasons here.
Going by Your Gut Feeling
People often take the phrase “doing what you love” too seriously and get into a business simply on a hunch. While some people have struck gold following their hunches, you also have to make sure that it is backed by actual research, a knowledge of key performance indicators, and crunching your numbers. If this is your first time around, test with different product tactics and tweaks that attract the most customers. Play close attention to things like client acquisition costs as well.
On the other hand, you shouldn’t enter a business you hate simply because of the prospects. Working in a field you absolutely hate could actually add to your stress. Don’t start a business that doesn’t cater to your strengths either. If your business requires that you sell yourself, but you have trouble with handling things like rejections, then you might get discouraged before you have a chance to succeed.
Getting Struck by the Fear of Failure
Failing is part of business, and you’d be surprised at how many failures some of the top entrepreneurs today had to go through before they got to where they are. Sometimes, you can only learn through trial and error, and take these errors as a learning experience.
Also, you shouldn’t put too much stock into what the people around you, or members of your family, have to say about your endeavor. As a matter of fact, I would suggest you don’t even mention it to them unless you have to. They might overwhelm you with doubt, even though they’ve never been in business themselves. Or they may diminish this as just one of your crazy projects. If they can’t help you directly in your business, keep things hush and focus on yourself.
Making it as a mum entrepreneur demands effort, discipline, a thirst for knowledge, and a clear vision. Make sure that you steer clear of these mistakes and you’ll be halfway into realizing your dream of being a successful entrepreneur.