What’s Holding Some Women Back From Sucessful Entrepreneurship? Lack of Mentors
When it comes to being a successful female entrepreneur, especially if you are the first one in your family, you are going to need some guidance from a mentor. You need someone who can show you the ropes, who went through the journey, and made it out on the other side to financial freedom.
You can’t take advice from people who aren’t entrepreneurs, they don’t know what it’s like. That’s like taking marriage advice from your homegirl whose been single all her life, it doesn’t make sense, so stop it.
According to data from the Kauffman Foundation, in 2015, “nearly half of women entrepreneurs state that a challenge facing their business is the lack of available mentors. Mentorship plays an important role in developing successful entrepreneurs, for both men and women. If women are unable to find mentors, they may fail to reach their full entrepreneurial potential.” You hear that sis? You may have a multi-million-dollar gift inside of you, but if you don’t have a mentor to bring it out, you could be missing out! That’s very scary, in fact, it’s horrifying, especially when we see so many talented women living in poverty or paycheck to paycheck because they don’t have access to a mentor, and their children have to struggle with them.
In the beginning of my business, I did not have one. I relied on my talents, and the people I idolized on social media, and it didn’t get me far. In fact, I lost money and most importantly, my time. I quit my job sooner than I should have because I did not have a mentor. My new mentor suggests that you quit your job once you have your business up and running (website, logo, EIN, marketing materials, etc.) and have at least 6 months of rent in your bank, so that you can focus on your business and not your bills. Most women give up on their dreams to find a job that will pay their bills so they can take care of their children. That consistent paycheck and “stability” is what keeps them away from chasing their dreams, not realizing the impact that decision has on their lifestyle, as well as their children’s lifestyle.
In this game of entrepreneurship, you are the player. You have the talent to win. But you are nothing without your coach, your coach is your mentor, guiding you through the way, showing you techniques that work, providing you with resources, adding the right players to your team, and keeping you motivated so that you can win.
But you have to make sure you have the right coach to help you win. Your coach has to align with what you believe in. For instance, if you are a Christian entrepreneur, you can’t have an atheist mentor. Also, your mentor should have some knowledge of what you are working on, as well as your competitors, so they can show you what works. This is how you take your business to the next level.
You ever heard of vertical verses horizontal relationships? Vertical relationships come from people who take you high, it’s a relationship that excels. Horizontal relationships are those that just stay stagnant, not going up, not going down. Horizontal relationships are the type that you’ll have with the wrong mentor for your business. Having a vertical relationship with the right mentor will take your business high, higher than you can imagine. But you must find the right mentor for your business, and that is one problem that many women face today, not having a mentor who can give them that vertical relationship.
Look around you, who in your circle or network can give you access to funds for your business? Kauffman.org stated that “women are 1/3 as likely to access equity of financing through angel investments or venture capital…women are less likely to access networks of close friends and acquaintances in search for funding compared to male counterparts.” If you ask me, that’s embarrassing! We are the ones who bring life into this world, we deserve to live a better life with our businesses than men! But we can’t if we don’t have the right resources and the only one who can give us that is or mentor. Successful mentors have access to people that most people don’t. They are the plug, and clearly us women need all the connections we can get!
Furthermore, women are underrepresented in entrepreneurship and the only way to fill that gap is having the best mentor. Some women are single moms, or working full time jobs, but still living in poverty, staying in toxic relationships and marriages because the man is making all the money. Too many women are giving up on their dreams, wasting their million dollar talents because they don’t have the right mentor to give them the resources and the coaching they need to succeed.
But ladies, it’s about to be 2020, I declare that we will close that gap in female entrepreneurship! We deserve everything we ever asked for and we will get that when we hire the right mentor!
So, I know you’re probably wondering, “Davida, that’s all good and what not, but how can I find the right mentor?” Well the answer to that is going to networking events and conferences that cater to women entrepreneurship, and events that support your gift. You will learn so much there and have the opportunity to meet other women who have access to all the resources you need. There are always speakers, honorees and vendors who are waiting to meet you! Some women are there looking for other women to mentor and coach to and they need people like you to attend!
If you follow my social media, you see that I am always at networking events and conferences meeting other women and learning from them (which is why I’m always dropping gems). As a matter of fact, the next conference that I will be attending is the Millionaire Mastermind Entrepreneur Summit which will be held here in Atlanta December 16th. Their mission is simple: TO END POVERTY THROUGH ENTREPRENEURSHIP! There will be 50+ speakers, 500+ attendees and so much information on how to grow your business. I am super excited to be a part of this movement and if you are looking to close the gap in female entrepreneurship and to break generational curses in your family by finding the right mentor, I encourage you to meet me there!
Click here to register!