By Susan Clark Muntean
As a consultant, mentor, and advisor to entrepreneurs over the past two decades, I have identified patterns, principles, and paths for entrepreneurs to follow. My passion is to support women as entrepreneurs and my expertise is in how to connect women with the resources they need to succeed. These are my top ten pieces of advice and words of wisdom to support you on your journey. You’ve got this!
Seek Mentorship
Seek out inspirational role models and establish a mentoring relationship with them. Establish yourself with mentors who will be honest with you and who will respect you. Seek well-connected members of your community to advocate on your behalf and who will offer to connect you with important stakeholders. Don’t forget to seek mentors of the opposite sex as well.
Find Your Tribe
Find a supportive community that will nurture your soul, feed your ambitions, sell your expertise and creative genius, and help you to market yourself and your business. Leverage both formal and informal networks to spread the word about you and your business. Connect and support others and pay it forward.
Secure Sensible Funding
Seek low interest loans, SBA loan guarantees, forgivable and/or flexible low interest loans, and government or non-profit sources of funds for launching and growing your business. In addition, consider equity investment, especially among family and friends as well as crowdfunding campaigns. Avoid high interest credit card debt at all costs.
Listen to Your Customers
Design your product or service around the needs and wants of your target market. Solicit frequent and honest feedback. Get a minimally viable product into their hands early on and use the beta version of what you offer to improve what you produce. The customer is queen and should be an integral part of the development of your business model, product lines, service delivery and customer relationship management strategies.
Use Weak Ties
Research shows that women tend to rely on close connections, family members and close friends when networking to generate new business and when seeking financing, partnerships, and support while men tend to use distant connections and engage in transactional networking using so-called “weak ties”. In the business world weak ties—those expansive loose connections of friends of friends who know people—are critical to scaling your business and selling more products and services. Get on LinkedIn and connect with second and third level weak ties.
Find Support Organizations
Entrepreneurship is a significant driver of economic development and local, regional, state, and federal governments allocate taxpayer dollars to supporting inclusive entrepreneurship as a means to economic growth. There are so many free and low-cost resources to take advantage of as an emerging entrepreneur or as an established business owner. Seek out the assistance of small business centers, women’s business centers and networking groups, business incubators, accelerator programs, community colleges that offer instructional programming for entrepreneurs, and shared co-working spaces that support entrepreneurs.
Manage Bias
Gender bias is a well-documented all-to-common experience that women face, especially when seeking equity financing and the support of resources critical for success. Don’t gaslight yourself if you experience very subtle forms of discrimination or exclusion or if the services you are receiving feel in any way disrespectful. Manage systemic bias by preparing responses to it in advance. You are not alone on your journey, and you are inherently powerful, capable, intelligent, and worthy of support and the respect you deserve. Don’t forget it!
Differentiate Yourself
Small business owners need to compete on specialization, uniqueness, customization, and delightful experiences that customers rave about relative to existing offerings. How are you better than the competition? Why are you special? Communicate how you are above and beyond the rest with crystal clarity. Own and exude your unique, amazing brand and be consistently clear in communicating that to your target market.
Expand Your Entrepreneurial Mindset
Work on your capacities to identify opportunities, take calculated risks, empathize with your customers, and execute on your ideas. Successful entrepreneurs have a future focus, are optimistic, persistent, and self-confident. Activate your passion and apply your ambition towards continuous self-improvement. Dedicate time to developing your entrepreneurial mindset daily.
Orient Yourself Towards the Future
Too many small business owners are trapped in the cycle of putting out fires and reacting to the immediate, daily, urgent needs of the business. Take time and space away from the daily grind to put your feelers out to the external environment. What is the competition doing? What are shifts in the regulatory environment? How are customer tastes changing? What are groundbreaking emergent technologies and how will they impact your business model? Today’s marketplace requires constant innovation and that requires understanding changes impacting your business model as well as creating future opportunities. By orienting yourself towards the future, you position yourself to take advantage of emerging opportunities that can secure your success over the long haul.
Susan Clark Muntean is an Associate Professor of Management at the University of North Carolina, Asheville. In addition to being an author of Entrepreneurial Ecosystems: A Gender Perspective published by Cambridge University Press, she serves as an advisor, mentor, board member and advocate supporting women entrepreneurs in Western North Carolina.