Busting the 5 Myths Holding Women Back from Starting Businesses

"The way to get started is to quit talking and begin doing." – Walt Disney

Are you a high-achieving woman still stuck in the corporate grind? Do you dream of starting your own business but feel held back by doubts and misconceptions? You're not alone. Many women share the same fears and myths that prevent them from taking the leap into entrepreneurship. Today, let's shatter those myths together and empower you to pursue your business dreams.

Myth #1: Starting a Business Requires a Lot of Money

It's easy to be intimidated by the stories of unicorn companies like Airbnb and Uber, but the reality is most businesses, especially those started by women, begin on a much smaller scale. According to the 2019 State of Women-Owned Businesses Report by AMEX, the majority of women-owned businesses were started with less than $10,000. A 2017 SCORE study further found that women were more likely than men to start businesses with less than $5,000 in startup capital, often using personal savings. My own journey with Free Range Thinking began with just $2,000 in savings and a small severance package. Starting small allows you to focus on leveraging your skills and gradually building your business over time.

Myth #2: I Need Extensive Business Experience

This myth particularly frustrates me because I see a significant difference in how men and women approach starting a business. Men often dive in with confidence and bravado, while women feel they need to be perfect and have all the answers before taking the first step. However, business is an iterative process. You don't need extensive experience to start; you need creativity, passion, and a willingness to learn and adapt. Most successful entrepreneurs start with a reasonable idea and learn the necessary skills along the way. The sooner you embrace the process of taking risks, making mistakes, and iterating, the faster you'll achieve success.

Myth #3: I Need a Unique Idea

You don't need to reinvent the wheel to start a successful business. Many thriving businesses are based on common ideas delivered in unique ways. Look at Kylie Jenner's beauty line or Reese Witherspoon's HELLO SUNSHINE; the ideas aren't new, but the approach and branding are. Focus on solving a common problem with a unique solution that leverages your strengths and perspectives. Whether it's through innovative delivery, niche targeting, or personal branding, there are countless ways to differentiate your business without needing a groundbreaking idea.

Myth #4: I Need a Formal Education in Business

Many of us grew up believing that a formal education is essential for success, but entrepreneurship is a different ball game. Most business skills can be learned on the job or through various online resources. The "University of Google" offers a wealth of information, and there are countless podcasts, short courses, webinars, and masterminds to help you fill any knowledge gaps. Remember, even MBA graduates often lack practical business experience. The key is to continuously learn and adapt through trial and error, mentorship, and networking.

Myth #5: I Need to Work Full-Time on My Business from Day One

This myth can be incredibly limiting. Many women start their businesses while maintaining their full-time jobs, gradually transitioning as their businesses grow. Building your business on paper while saving for your jump money, or starting as a side hustle, allows you to validate your idea and begin generating income before fully committing. Prioritize your time, schedule dedicated hours for your business, and ensure you balance self-care and personal priorities. You can reduce your hours at your day job as your business becomes more profitable, making a smoother transition to full-time entrepreneurship.

Thank you for investing your precious time in yourself. Let's break free from those myths and start building the future you deserve.

Looking forward to seeing you thrive.