10 Women Entrepreneurs Tell Us: ‘What I Wish I Knew Before Starting My Business’
Entrepreneurs can all agree that when you first start out, you're bound to make some rookie mistakes; it's all part of the journey. If you’re lucky, most of these mistakes are easy to fix and learn from. But, in hindsight, let's be honest, there are some things you're better off avoiding all together.
We’re firm believers in reaching out a hand to help someone else skip over the same pitfalls, so we asked the AWEC Alumnae Network of women business owners for the #1 thing they wish they’d known before starting their businesses. Here’s a list of their top 10 lessons:
1. Passion Alone Won’t Cut It!
The founder of One Foundation, Nigeria says, “I wish I’d learnt quicker that this is going to be a long arduous road and that passion will not be enough. I have now seen that when push comes to shove, you need your passion mixed with competence, faith, patience, right people, structure and doggedness to keep going.”
2. Learn From Those Who Are Where You Want To Be
“As an entrepreneur, I needed to look for a mentor. Starting a business should not be an independent journey. Finding those who have made this journey before can help set you up for success. For instance, networking with other professionals in your industry, attending industry-specific workshops and events, and reaching out to thought leaders in your industry to learn their approach.” The founder of Founder & CEO, of the Malawian based company added, “Tapping into the experience of seasoned professionals can make sure you are starting on the right foot.”
3. Revenue vs Profit: Understand The Difference
Uloma, who is at the helm of Cartrollers, Nigeria, reflects, “Starting my business, all I wanted to do was to sell my value offering to people and convince them to pay money for it. In turn, they would tell others about us and their experiences, who would also buy from us and we would generate more revenue. How I spent the money didn't matter as long as I kept selling —or so I thought. I wish I knew earlier that there is a huge difference between Total Revenue and Net Income. [If I had,] I wouldn't have had the losses I incurred.”
4. The Need For Focus
“I wish someone had talked to me about FOCUS!”, said Juliet, who runs Winpreneurs Africa Ltd in Uganda. “I wanted things quick and wasted a lot of money and time doing everything, everywhere with everyone. I lost clarity, myself and what differentiated me from all other consultants. I wish someone had talked to me about the benefits of identifying your niche (Unique Value Proposition) and narrowing down your target customer.”
5. CASH! It’s The Lifeblood of Any Successful Business
Founder & CEO, of Oak Wellness Ltd, Ghana says, “Providing value is key but Cash is King! I wish I had paid attention to the latter when I started my business. Holding on so tightly to the provision of value, I entirely ignored the need to focus on the finances. Now that I understand the impact of statements like Cash Flow, Profit and Loss; I get excited seeing the business grow while providing so much value for clients.”
6. A Network is an Entrepreneur’s Best Asset
Prior to starting a business, Chigozie Bashua, the Founder & CEO of The Nut Place in Nigeria says she didn't think much about networking. “I soon discovered that networking is key to one's business success. Networking will bring about collaborations, partnerships and the right relationships to foster business growth. Getting so stuck on the job will not make you visible, you’ve got to build the right network.”
7. Hire for Impact and Purpose
“It's a huge mistake just to hire for ‘job creation’!” cautions Cecilia Nchangnwi who runs the Academy for Business and Femalepreneurship Cameroon. “It’s about helping people to discover and live their life purpose when providing jobs. It's hard to build this team but I wish I had known to spend more time and resources building the few for impact.”
8. No Numbers, No Business
Hindset is a beautiful thing and such is the case for Atinuke, Founder & CEO, Datina Designs, Nigeria. “I hated numbers from my childhood and struggled with Mathematics throughout my school days, I was super artistic and creative. I wish I knew early on it would be a much needed skill in the future. When I started my business I struggled with keeping my records and tracking my expenses and it slowed down my growth. Grateful for the exposure to several simplified financial management training I’ve had. They’ve made my business journey and growth experience easier.”
9. Don’t Underestimate The Power of Digital Marketing
“I used to shy away from social media. Little did I know that 5 years on, it would become the biggest marketing channel for reaching your customer base and beyond. I came across people who were willing to get my products on social media and manage the page at no cost. Yet because of my own fears I said, 'no thanks.' Today, this service is no longer free. I have no doubt I'd be miles ahead of where I am now if only I knew this 5 years ago.” Adwoa, is a CEO and Trading As Sra’ade, in Ghana.
10. Quit Waiting! First Movers Rarely Set Out to Be First
For those of us wanting to venture into something new, heed the words of Olubunmi Samuel-Adeyemi, of LIMER Personal Finance in Nigeria.
“Fresh from a second degree focused on Personal Finance Management, I started out by looking for a peer who had built a MoneyTherapy business before. It took so long it delayed the launch of my business by an additional 4 months. I wish I had known not to look or wait for a ‘buddy’ and to be comfortable with being the first. Since embracing this disposition, I now launch projects and programs faster, enjoying the first-mover's advantage each time.”
Making mistakes in life and business is inevitable, but the most successful entrepreneurs actually benefit from their failures. It is their ability to learn from their mistakes and move forward that significantly contributes to their professional and financial accomplishments. Remember, the road to success is always under construction.