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Due to the challenges overwork and burnout, as well as an increased value of work-life harmony,recent years have seen a surge in the number of women starting their own businesses. There are currently about 13 million women-owned businesses in the U.S., representing 42% of all companies.
According to the National Institute of Mental Health (NIMH), 72% of entrepreneurs are affected by mental health issues, compared to 48% of non-entrepreneurs.
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The entrepreneurial journey can be even more emotionally, relationally and financially challenging for female entrepreneurs, than for men, due to increased dependent care responsibilities, sexism, financial discrimination, and more.
I’m a “mompreneur” who founded, built, and successfully sold a seven-figure outpatient mental health company. This was after making a thousand mistakes, almost having to file bankruptcy, and learning important lessons on the road to success.
In an effort to help other women entrepreneurs, here are six strategies to propel success, promoting mental health and well-being all along the way:
1. Let go of the harmful aspects of ego: We all have egos as part of the human condition. Imposter syndrome, perfectionism, our inner critics, fear, and defensiveness are all aspects of ego. Our essence is our soul, spirit, or authentic self. The more we align with essence through mindful practices, the better we can observe and manage ego; increasing our consciousness, self-awareness, and emotional intelligence.
Initially, I didn’t seek proper business or financial consultation out of fear, pride, and shame. Once I removed the mask of ego and operated from a place of vulnerability and authenticity, I shared my business challenges openly and asked for help. Help came out of the woodwork, saving my company and my sanity.
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2. Embrace an abundance mindset: During these times of economic uncertainty, many of us experience a scarcity mindset, which is rooted in fear and lack and the idea that we need to be competitive over limited resources. Shifting from a scarcity mindset to an abundance mindset opens doors to possibilities, collaboration, celebrating the successes of others, positivity, innovation, creativity, problem-solving, infinite possibilities, and greater prosperity in your business.
I suffered from a scarcity mindset that drove me into workaholism and burnout. Once I started collaborating with my “competitors”, we helped each other grow our businesses and succeed together
3. Actively build and utilize your support network: As women, we are socialized to put others before ourselves and often don’t ask for the help we need. This can exacerbate the isolation and loneliness many entrepreneurs feel, making it important to learn ways to receive more support.
Consider joining a group like The Dames to plug into a powerful support system of women running and leading six-, seven-, and eight-figure businesses. The group provides mentoring, training, and resources specific to the unique challenges and stressors of women business owners. And when you as the business owner are working within your purpose and you’re surrounded by a community that’s aligned with your mission, you’re unstoppable!
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“In 2015, I was shocked to discover that only 2% of all women-led businesses achieve a seven-figure annual revenue. Besides that, only 10-15% of women grow their businesses past $100,000 in annual revenue! That fueled my mission to get more women-owned businesses to $1 million in annual revenue, so that we have the resources to achieve the epic missions we are all on!,” shared Meghann Conter, the CEO and founder of The Dames. It takes a village to be a successful woman entrepreneur!
4. Seek resources specific to women small-business owners: The Small Business Administration (SBA) provides women business training, counseling, federal contracts, and access to credit and capital. Go to the SBA website to locate a nearby Women’s Business Center.
Check out The Women’s Business Enterprise National Council (WBENC), a leading nonprofit dedicated to helping women-owned businesses thrive. WBENC provides support and resources through the entire life cycle of entrepreneurship. Use their certification credentials to gain access to WBENC corporate members and several federal, state, and local government agencies needing to award contracts to businesses with such certification..
5. Learn to say no and set limits: Many women entrepreneurs are also mothers and caregivers to elderly parents, staff, clients, and others. The juggling of multiple roles and responsibilities can lead to feelings of overwhelm, guilt, and resentment. Women entrepreneurs often struggle with poor boundaries with time, energy, and resources, which leads to exhaustion, burnout, and business failure.
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Healthy self-esteem is midway between doormat and diva. The diva may be aggressive, entitled, live beyond her means, and compromise other’s boundaries. The doormat is passive, allows her own needs to be neglected, lets boundaries to be compromised, and may be an under-earner. Neither of these two sides of ego are good for business.
As a recovering doormat who can sometimes veer dangerously into diva, I know that cultivating healthy self-esteem that is respectful of self and others, communicates assertively and sets healthy boundaries is a lifelong process. Identify a boundary hero and copy their behaviors. Learn assertiveness and self-advocacy skills through self-help books, podcasts, and personal counseling.
6. Prioritize your own well-being (emotional, financial, spiritual, physical, and relational) first.
We can’t give from an empty cup. Here’s a tool to assess and improve your self-care practices. Work-life harmony requires continuous assessment and adjustment as you move through various phases of your life. Once we take proper care of ourselves, positive energy is available for our business, creating a workplace culture in which people want to work.
Implement these six practices to cultivate resilience and holistic success including mental well-being, connected relationships, and greater financial prosperity!
Source link : https://www.psychologytoday.com/za/blog/mental-wealth/202406/how-to-navigate-challenges-as-a-woman-entrepreneur?amp
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Publish date : 2024-07-05 21:18:39
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