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Issues like overwork and burnout, as well as the growing importance of work-life balance, have led to a surge in the number of women starting their own businesses in recent years. There are now approximately 13 million women-owned businesses in the United States, accounting for 42% of all businesses.
According to the National Institute of Mental Health (NIMH), 72% of entrepreneurs are affected by a mental health issue, compared to 48% of non-entrepreneurs.
Increased care responsibilities for dependents, gender discrimination, and economic discrimination can make the entrepreneurial journey more difficult for women entrepreneurs than their male counterparts – emotionally, relationally, and financially.
I am a “mom entrepreneur” who founded, built, and successfully sold an outpatient mental health company for seven figures in sales – this was after making thousands of mistakes, nearly going bankrupt, and learning important lessons on the road to success.
To help other women entrepreneurs, here are six strategies to drive success and promote mental health and wellbeing along the way.
1. Let go of the harmful aspects of the ego: As humans, we all have an ego. Impostor syndrome, perfectionism, inner critic, fear, and defensiveness are all aspects of the ego. Our true essence is our soul, spirit, or authentic self. The more we align with our essence through mindful practice, the better we can observe and manage our ego, leading to greater consciousness, self-awareness, and emotional intelligence.
Initially, I didn’t seek proper business or financial counseling out of fear, pride, or shame. Once I took off the mask of my ego and operated from a place of vulnerability and honesty, I openly shared my business challenges and asked for help. Help came from nowhere and saved my company and my sanity.
2. Embrace an abundance mindset: In these times of economic uncertainty, many of us experience a scarcity mindset rooted in fear, lack, and the idea that we must compete with limited resources. Shifting from a scarcity mindset to an abundance mindset opens the door to possibility, collaboration, celebrating the success of others, positivity, innovation, creativity, problem-solving, limitless possibilities, and greater prosperity for your business.
I struggled with a scarcity mindset which led to workaholism and burnout. It wasn’t until I started working with my “competitor” that we both grew our businesses and became successful together.
3. Actively build and leverage your support network: Women are socialized to put others before themselves and often don’t ask for the help they need. This can exacerbate the feelings of isolation and loneliness many entrepreneurs feel, making it important to learn how to get more support.
Consider joining a group like The Dames to join a powerful support system of women who own and lead six, seven, and eight-figure businesses. This group offers mentorship, training, and resources tailored to the unique challenges and stresses of being a female business owner. When you work on your purpose as a business owner and surround yourself with a community that shares your mission, you’ll be unstoppable.
“In 2015, I was shocked to learn that only 2% of women-owned businesses achieve seven-figure annual revenue. Furthermore, only 10-15% of women grow their businesses to over $100,000 in annual revenue. This is what motivated my mission to get more women-owned businesses to $1 million in annual revenue so we have the resources to achieve the ambitious mission we’re all working on,” said Meghann Conter, CEO and Founder of The Dames. It takes a village to succeed as a woman entrepreneur.
4. Find resources for women small business owners: The Small Business Administration (SBA) provides women with business training, counseling, federal contracts, and access to credit and capital. Visit the SBA website to find a Women’s Business Center near you.
Check out the Women’s Business Enterprise National Council (WBENC), the leading nonprofit dedicated to helping women-owned businesses succeed. WBENC provides support and resources throughout the entire entrepreneurial lifecycle. WBENC certification gives you access to WBENC corporate members and federal, state and local government agencies that must award contracts to certified businesses.
5. Learn to say “no” and set limits: Many women entrepreneurs are mothers and caregivers for elderly parents, staff, customers, etc. Juggling multiple roles and responsibilities can lead to feelings of overwhelm, guilt, and resentment. Women entrepreneurs often struggle with blurred boundaries of time, energy, and resources, which leads to exhaustion, burnout, and business failure.
A healthy self-esteem is somewhere between a doormat and a snob. A snob may be aggressive, entitled, live beyond her means, and violate other people’s boundaries. A doormat may be passive, ignore her own needs, violate boundaries, and earn little. Neither of these two sides of the ego are good for business.
As a recovering doormat who sometimes slips into a dangerously selfish personality, I know that developing healthy self-esteem that respects yourself and others, communicates positively, and sets healthy boundaries is a lifelong process. Find your boundary heroes and emulate their behavior. 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 relationship).
You can’t give from an empty cup. Here are some tools to help you assess and improve your self-care practice. Work-life balance requires ongoing evaluation and adjustment as you move through different stages of life. Taking good care of yourself will create a positive energy in your business and a work culture where people want to come to work.
Implement these six practices to cultivate resilience and overall success, including mental health, connected relationships, and greater financial prosperity.
