Kathleen McShane, founder and CEO of Ladies Launch Club helps women entrepreneurs be successful through mastermind groups and workshops. Her new book, The Survivor’s Guide for Female Entrepreneurs, gives practical tips and motivation for women starting a business.
How do you know if you’ve got what it takes to be successful as an entrepreneur?
Based upon my experience in working with businesswomen, I see a few traits of successful female entrepreneurs:
- They tend to be opportunistic; however, they are not impulsive.
- They are able to look at their situation in an unemotional and objective manner.
- They know where their target market is.
- They are able to separate their brand/product/service from themselves. In other words, they know where they end and their product starts.
- They are able to walk away from a losing business proposition?
What are the first things you need to do once you have an idea for a new business?
- Clearly articulate your concept statement, including your target market.
- Test the concept with individuals within your target market (not family and friends), and don’t conduct the research on your own.
- Develop a business plan.
- Be sure that you have enough funds to carry you past your optimistic scenario for making money.
What are the most common traps women entrepreneurs encounter?
- They personalize everything that goes wrong.
- They don’t know how to price their products/services.
- They are uncomfortable asking for the order.
- They don’t know how or are unwilling to delegate.
What can they do to avoid these traps?
I believe that they must join a Mastermind Group or a Peer Advisory Group. The members of these groups will keep each other on track. Each member’s “challenges” will be discussed and solutions will be offered. “Homework” will be assigned to help the members overcome their challenges. The worst thing to do is to isolate yourself.
What’s your favorite female entrepreneur success story from your work at Ladies Launch Club?
“It’s impossible for me to choose just one success story. Every woman’s journey is unique, and every success is an inspiration to me. I am just happy I have been able to be a part of so many of them!”