Have you ever heard of the phrase, “follow your passion”? We are almost 100% sure that you have, and this is somewhat true, since there are few things as rewarding as working in what you love in life. What people forget to mention, however, is that blindly following your passion without being smart can end up really bad. If you are a smart woman that wants to enter the business world, then passion alone is simply not enough. This is the first cliche quote that we always seem to hear ,however, today we will explain how to turn this, and 2 other common ideas around.
It is important that you give your passion a rational twist. Loving fashion is not enough; you must analyze your abilities, analyze the market, customer demands, and make sure that you evaluate competition, resources requested and funds needed thoroughly. Of course, there will always be challenges and we don’t mean to imply that it will be perfectly simple, but make sure that apart from being your passion, the business also makes sense. If you don’t, many times you may not only end up without funds, but with a broken heart and disappointment as well.
Don’t rely on only one source of funding. This is our second cliche that must be changed. It seems that nowadays, everyone relies on capital investment, however, it has been shown that for women, it can be almost 20% more difficult to get funding than for men. Although you can reach out to special capital funds created for women, it is also important that you have savings, look into the idea of a business partner that can share the costs, and even holding a part time job in order to manage the funds. Don’t rely on only one idea.
Third cliche that must be better explained is the fact that women are underestimated emotionally. Maria Coyne, the Executive Vice President of Business Banking at KeyBank and founder of Key4Women, a program dedicated to assisting women business owners says that “The hardest thing for women has been the human capital side”. This is because we can have a harder time managing our emotions and sometimes may let compassion limit us from making smart lucrative business moves. If this is your case, instead of simply “letting this be”, be aware of your weaknesses and make sure you become stronger in time. “Instead of full-time hiring, you can hire on a contract basis or work-from-home basis. Those two approaches cost way lesser and add well to the profit.” Recommends the business magazine called dumblittleman.com