Conquering the Challenges of Entrepreneurship - Advice From Successful Entrepreneurs

Becoming an entrepreneur can be very tempting for various reasons; you get to do the job that you love, you are your own boss, you have control over your work schedule, you make all the decisions for yourself, and you reap the benefits of all your hard work. Also, when you chose to be an entrepreneur you chose to be in a venture that you have passion for, and you can develop and sell products and services that you love and that mean something very special to you. In entrepreneurship you can make the most of your strengths and skills, and as a result, get incredible job satisfaction. On the whole, entrepreneurship not only allows you to live your life on your terms happily, but it also allows you to create your own success story and destiny (1,2,3).  

When we consider all these advantages of entrepreneurship, it’s not surprising that 100 million businesses are launched annually worldwide (4). What is most surprising and almost shocking however is that 80-90 percent of the start-ups fail within the first 18 months (5) (6). 

The organisation of the Young Female Entrepreneurs and Executives as part of their project “WomenWay” is committed to find out how the strategies of the thriving 10-20 percent of the entrepreneurs differed from those who failed. To do that, YFEE interviewed nine WomenWay Entrepreneur Role Models, including seven exceptional entrepreneurs who have made it through the first 18 months successfully some twenty-, ten-, five-, or even two years ago, and two start-up entrepreneurs with remarkable success strategies. This article puts the spotlight on the findings of the interviews, lasting all together close to twenty hours, and provides aspiring- and start up entrepreneurs with success strategies, techniques and approaches, as well as tips and suggestions, coming straight from the experts.

Challenges to conquer 

Thanks to the project “WomenWay”, we got to know incredible businesses and amazing women who stand behind them. These women, the WomenWay Entrepreneur Role Models, opened up for us and shared their highest highs and lowest lows since the born of their business ideas. We complied the following list of their biggest challenges, and their very own, tested and well-functioning strategies, that helped them to tackle all the entrepreneurial trials they faced. We included their invaluable tips and suggestions that they eagerly shared to ensure that your venture will be off to an excellent start and will still bloom after 18 months into business. 

Making the decision to embark on an entrepreneurial journey

One of the burdens of being an entrepreneur is having to make tough decisions. The first decision that you make is whether you turn your idea into reality or not. This can be a very intimidating phase, as for many, becoming an entrepreneur involves scaling down on the day job or completely giving it up - both of which can lead to less financial security and reduced peace of mind. We asked the WomenWay Entrepreneur Role Models how they felt at this stage and how they gained the courage to give up something secure for the unknown. 

“Giving up something secure and going for the unknown is, of course, a difficult decision. But whatever you decide, you should never base your decision on other people’s fear. You have to know what you want and what YOU feel passionate about. It’s very personal, and other people will never feel what you are feeling. Follow your passion, do what feels right, trust your instincts and go for it!”  - Rita Brainin

“The whole start-up process is not that long ago for me, I remember it very well. From my point of view, starting up a business is hard enough on its own, so we’d better not to let ourselves be discouraged by people telling us all the reasons why it can’t work. Plenty of people have good ideas but never see them trough – so focus on the fact and be proud that you are actually taking the plunge! Take criticism on board but do not let it bring you down. Pursue your idea and hold on to the positive feedback you get - they will not only encourage you, but also help you to quiet down your inner doubts.”  - Katherine Light Murari, Founder of SOFA AFFAIRS   

“Dream big! Even if everybody around you thinks you are crazy and doesn’t believe in your idea. Even if you get there half way, you are closer to your dream by aiming high. For me it has become my motto in life in general, and it has also become part of the culture with Seedstars.” - Alisée de Tonnac, CEO and Co-Founder Seedstars World

Feeling overwhelmed with questions 

Soon after you decide to convert you dream into an actual plan, you will realise that your “to-do list” expands by the minute, and your “questions list” seems to have no end to it. You’ll find yourself in a completely new world, and whatever you do will raise other questions. Finding answers however, is not as hard as it first seems. They key lies in, setting your own priorities, having a good network and a support group in place, having the courage to turn to more experienced entrepreneurs, and teaming up with people who complement your skills.  

“There was so much to do at the beginning (and even now too!), but I thought I could handle everything. Soon I had to realise that it isn’t worth using my time and brain power on things that I didn’t know how to do, didn’t enjoy doing, and I wasn’t good at doing. Hiring someone comes with financial commitments, but for me it is worth every penny. My two cents: Don’t try to be “amazing” and do everything yourself. Team up with someone, and / or hire someone for a specific task that you are not so good at, and invest your talent into those aspect of your business that you are good at.”  - Margo McClimans, Founder of Coaching Without Borders GmbH

“I think it is important to be part of an entrepreneurial network, and have the courage to speak there openly about our ideas, and ask questions. You shouldn’t be afraid that your idea gets stolen or people laugh at your questions. We all go through that phase. From my experience, when your are transparent, and you share your doubts and questions openly, you can very quickly get some valuable feedback and take your business to the next level”. - Anju Rupal, Founder of Abhati Suisse  

Choosing your partner and team

All businesses need a wide range of skills to be able to survive and grow. McClimans already highlighted above that as the owner of your business you are very likely to have outstanding skills in a particular line of work already, but you will probably need to find a few people whose skills are great additions to yours. We spoke about this with the other WomenWay Entrepreneur Role Models too and they made us aware of some very important aspects to consider when it comes to finding your business partner and team members. Overall, be very careful whom you team up with, your choice can make or break your company! Take your time and don’t make decisions as a result of friendships.

“I wish I had a bit more knowledge in Psychology. It would have helped me a lot, especially in the beginning, when I was first putting my team together. All I can say is don’t jump into quick decisions about whom you choose to work with. Things along the way get tough – and believe me, things get very-very tough – so you better to have a partner and team in place that has the same values and ethics as you. If your business partner and team don’t have the same goals and values, the business that you invested so much time and energy into can go down very fast.” - Alisée de Tonnac, CEO and Co-Founder Seedstars World

“You might have a marvellous idea and you might have amazing talents, but to pull it all off you need a very good team in place! I’ve been an entrepreneur now for twenty years, and I know how much a good team means. My advice is to aim for team members whose personality and culture matches yours. Skills are also important, but that can be learnt. Just make sure you chose people who you can experience the highest highs and lowest lows with!” - Marion Frost, Founder of Frost Eyewear

Needing to know everything  

That is, at least, what it feels like. It’s common for entrepreneurs to feel overwhelmed - they need to juggle number of balls at the same time and ensure that they do everything according to regulations and requirements. In many cases you will think that you need to be a marketing expert, a financial guru, an outstanding sales person, a human resources manager, an administrative assistant… and the list continues. The Entrepreneur Role Models divulged the key is that you don’t try to do and understand everything by yourself. You need to be open to ask questions, being that from your friends, family, or most importantly other entrepreneurs or people who specialise in the certain areas where you don’t. 

“Especially during the first two years I often found myself asking, “How can I do it?” Bare in mind that even though I set up one company at a time, I did it with two very different divisions: Rother Events and Rother Nepaltrekking. Very quickly I figured out that I could not possibly have all the answers, and needed to get into contact with the people in my network. These contacts are priceless! The scale and the variety of things that you need to know when you set up and run your business is impossible to know. So don’t be afraid of not knowing everything, it’s normal, but do everything in your power to find people with different skill-sets who can answer your questions! ” - Alexandra Rother, Founder and Owner of Rother Events and Rother Nepaltrekking 

Gaining credibility and recognition

Many entrepreneurs struggle finding strategies to help them to establish credibility and gain recognition at the beginning – both of which are essential to business survival and growth. We asked the WomenWay Entrepreneur Role Models about the success strategies that helped their businesses to establish good reputation and trust of their customers. All of them revealed, when it comes to credibility and recognition, the focus falls on high quality, transparency, honesty, uniqueness and authenticity.  

“At kukui, what helped us to gain credibility and recognition were the quality, uniqueness, and authenticity of our room fragrances and scented products. To have all that we had to remain true to our offering and we even decided to reduce it along the way. My biggest learning was to learn to say no, even if that is one of the most difficult decisions to take towards your clients and customers. Become a specialist in your field instead of trying to please everyone and do everything.” - Anna Portmann, Founder and Owner of kukui Parfums d’ambiance

“At Coaching Without Borders GmbH I am working with leaders and teams in global organisations on three continents, and for me honesty and transparency are fundamental – these two things help me to gain the trust of my clients, as well as credibility and recognition in the market. Honesty and transparency trigger a whole chain of positive reactions, which I would not risk for anything. These are core to my business.” - Margo McClimans, Founder of Coaching Without Borders GmbH

Growing your business

Once you’ve survived the start-up phase, and with the support of your team or external advisors, you will have all the documents and processes in place to start thinking about strategies that will help your business grow. There are numerous possibilities, but of course your choice depends on the type of your business, your available resources, as well as time and money. We collected the WomenWay Entrepreneur Role Models’ strategies and advice here which are neutral and could be applied to almost any business.     

“My strategy is to try to be present in the media as much as possible. I think, social media is especially a powerful tool when it comes to gaining visibility and show others who the person is standing behind the business. In this sense, social media can really help to differentiate yourself and your product from the big corporates. The other thing, which may not be possible for every single entrepreneur, but if you have the chance don’t ever reject it, is to give a TEDx speech. I did it, it’s fantastic! It is, of course, not the easiest thing to do, but in the end it’s worth all the sweat and tears” - Anju Rupal, Founder of Abhati Suisse  

“I like to tell my business partners and customers about the personal story and driving force of my business. My customers really like and value it, and many times that has translated into business. I think authenticity is fundamental, adds great value to your product and can trigger the growth of your business. However, when your business stagnates, don’t think (at first) that there is something wrong with your product. In most cases the issue is not with your product, but with the market that you are in! For example, when we started selling frost glasses for first time twenty years ago in Germany there was hardly anyone interested in our products. We decided expanding abroad and that’s what made us succeed. Today we are selling our glasses in forty countries! So when your business doesn’t grow, don’t think the problem is with your product! Go out and find the market for it!” - Marion Frost, Founder of Frost Eyewear

Finding balance between work-life 

It’s very easy to get caught up in the moment while starting and running a business, so much so that you disregard your health, family and friends. Even though entrepreneurship gives you the opportunity to work flexible hours, when you are so dedicated to seeing results and all you want is to succeed, it can become very hard to know when it is time to call it a day. The WomenWay Entrepreneur Role Models warn against consequences and advise on how this challenge can be overcome. 

“It’s very easy to lose balance between your personal and your work life. Especially in the beginning when you are eager to see results and end up not taking any days off for yourself. I went on for half a year without a single day off. It was exhausting, but my belief, passion and motivation kept me going. I know it was not healthy and I even lost a few friends along the way. I also made lots of new ones, but I certainly learnt from this experience. My advice is: do your best to make your business succeed, but don’t push so hard that you don’t have time for yourself or others, and you collapse along the way. As your business is your passion, make sure you enjoy it!” - Alexandra Rother, Founder and Owner of Rother Events and Rother Nepaltrekking

“Finding balance is tricky, but a good combination of boundaries and flexibility really helps. For example, I try to keep a schedule that includes built in time for my family as well as set time for working. But, of course, unexpected things happen, and it takes some flexibility and creativity, along with a good dose of give-and-take, to rearrange the schedule and fit everything in. In the end, even if it takes longer to reach the end goal, maintaining a healthy balance along the way is worth a bit of time.” - Vyana Lafland, Co-founder of India Like a Local

Taking risks

Taking risks, not “whatever risks”, but calculated risks, is exactly what makes it a whole lot easier if you don’t usually fall into the “risk-taker category”! Don’t let yourself be discouraged from entrepreneurship if you are not the type who jumps into decisions fast without thinking too much about the consequences. That would actually be a great recipe for failure! Being solution oriented, being good at planning, and always keeping plans A, B and C in mind are vital to keeping your business afloat.

“Risk taking and entrepreneurship are inseparable. If you are an entrepreneur you have to have that risk-taking spirit inside you that motivates you to do things even if you are unsure. It’s important to take calculated risks however, and to analyse all the options and possible consequences. Talk to your business partner if you have one, or seek other advice if necessary. Once you make a decision be prepared for mistakes and even to fail. But don’t forget to bounce back! You are an entrepreneur, you have to bounce back!” – Rita Brainin, 

“To be honest, as an entrepreneur you can’t ever be 100 percent sure that you take the right step or make the right decision. You need to learn by doing and experiencing. You need to make decisions and assume their consequences. In case you make a mistake, you learn from it and grow from it. It is important not to put the “blame” on somebody else. Base your decision on facts, not only gut feelings, ask your sparring partner’s opinion to help you reflect. If you are still not sure about a decision, postpone the decision if you can, and come back to it when you have more facts and less emotions about it. Try to give yourself time, without rushing into things.”  - Anna Portmann, Founder and Owner of kukui Parfums d’ambiance.

Handling setbacks, disappointments, and failures

Entrepreneurs need to learn how to overcome setbacks, disappointments and failures. They need to be resilient, and have to have a very strong will to carry on. Mistakes should therefore, be part of the learning curve, and instead of wallowing in disappointment or regret, entrepreneurs need to go back to the drawing board, analyse what went wrong and learn from their mistakes. Here is how the WomenWay Entrepreneur Role Models handle setbacks and failures:   

“Maybe you don’t realise it first, but your spouse, children, and friends can give your lots of strength when you experience hardships; this is my experience at least. I would suggest that you spend time with them and push your problems on the side once in a while. Sometimes getting away from your issues and spending time with your loved ones can energise you and help you to come to a solution. I also know I can’t overlook the power of small achievements, such as the moment when my first collection was defined, or when my website was launched. These might be small things for some people, but for me they are incredible things that give me lots of strength when I go through some lows.” - Katherine Light Murari, Owner of SOFA AFFAIRS

 “I’ve found keeping an eye on the goal to be vital. When I know what I want to achieve and why, and I believe in it, each challenge or setback becomes nothing more than an item to check off the list. It takes a certain amount of pragmatism, determination and flexibility, and often copious amounts of creativity, but with the long-term goals in mind, nothing is insurmountable.” - Vyana Lafland, Co-founder of India Like a Local

To sum it up with….

After all the interviews and inputs that we received form the WomenWay Entrepreneur Role Models, it’s easy to get an overview of all the stumbling blocks that can undermine entrepreneurs’ success stories. What is important however is that we learn from others’ mistakes and wisdom, so when we set off on the journey of entrepreneurship we already have a bag full of solutions and tricks that we won’t hesitate to implement. Remember that although seven of these women are very successful entrepreneurs and two of them have just started their entrepreneurial careers, they all have very similar approached to achieve success. Don’t forget these women when you are challenged, recall their strategies, and allow yourself to become successful and not fall into the category of 10-20 percent of failed entrepreneurs! Despite moments of uncertainty and frustration, believe in yourself and your vision, and turn your passion into a career! 

“Turn your stumbling blocks into stepping stones!” (7)

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Further tips and success strategies of WomenWay Entrepreneur Role Models

Making the decision to embark on an entrepreneurial journey

“Based on my experience, I think it’s normal to worry about the “what ifs”. The most important is to focus on the potential and the priorities whenever your feeling of insecurity arises! Then I think it is very important to surround yourself with positive people who are solution-driven. Family and friends can mean a lot, but don’t be surprised if they cannot give you the support that you expect, even though they want the best for you. When it comes to business, they might not always be the best people to turn to.” - Anna Portmann, Founder and Owner of kukui Parfums d’ambiance

“For me, becoming an entrepreneur was a part of my natural journey. It was a very easy decision. But if you are afraid of starting up your business, find out why you feel that way. There is, of course, a certain amount of fear, but don’t be put off by that. At this stage, there are two important things that you need to think about. First, you make sure you offer a product or service, which is different from the rest. There are simply too many start-ups nowadays; you need to distinguish yourself from the others! And second, make sure to put a purpose behind your business. It will not only help you to stand out, but it will also help you later on when you are facing challenges. This purpose will give you power and motivation.” - Anju Rupal, Founder of Abhati Suisse 

“I could have stayed inside the world I knew, doing what I have always done, but then I never would have known what I am really capable of. Starting this business was difficult and often scary; it was a huge risk, but my only alternative was to not do it, and that would have been for me the worst failure of all, that of never having tried in the first place.” - Vyana Lafland, Co-Founder of India Like a Local  

Feeling overwhelmed with questions 

“One of the biggest questions I faced was whether I should give up my part time day job or not. I decided to hold on to it. Even though 24 hours are hardly enough in a day, I’m glad I decided this way. I can nurture three very important aspects of my life. First, my family, second, my “baby” SOFA AFFAIRS, which fills my heart with passion and excitement. And third, my part time day job that gives me financial security and keeps me connected to the corporate world. I know, achieving a steady business this way will take longer, but I have found everything all that more rewarding! - Katherine Light Murari, Founder of SOFA AFFAIRS   

“As we are in the process of setting up India Like a Local sometimes there seems to be more questions than answers. It can be difficult to know where to begin, but a structured approach really helps. We have established a detailed plan, a task list, and try to remain focused and efficient, using every available resource, including mentors, business start-up courses and consultations from service providers like banks and insurance companies. I also get a great deal of help and support from my family and friends, and I work very closely with my business partner. The guidance and support they give me are indispensable, but I would never have heard half of it if I hadn’t have asked. Never be afraid to ask questions.” - Vyana Lafland, Co-Founder of India Like a Local 

Needing to know everything  

“You just can’t know everything. Simple as that. I got into the habit of asking other entrepreneurs’ advice wherever I went. You can get a lot of help this way. I was actually quite surprised to see how most entrepreneurs opened up to me with their tricks and tips. Since then I know, what comes around goes around. When you help someone he or she will return that favor when you are in the need of support. In the entrepreneurial world you can consider other entrepreneurs as your competitors or your colleagues. I chose and would advise to choose the latter. These relationships can be extremely beneficial both on a personal and business level.” - Margo McClimans, Founder of Coaching Without Borders GmbH     

“I met so many people during my entrepreneurial journey, and I was happy to realise that 99.9 percent of the people mean well and would gladly help others. All you need to do is ask. And you need to. It’s impossible to know everything, so connect with people wherever you go and don’t feel intimidated by not knowing everything – there are many people out there who are willing to help and advice you. Getting answers to all your overwhelming questions is much easier than you would think!” - Alisée de Tonnac, CEO and Co-Founder Seedstars World

Gaining credibility and recognition

“I aimed for perfection from the beginning. I wanted my cushions to have the highest quality. As I am targeting a very discerning clientele, I knew I had to get the product right from the beginning. It took me more time and energy to find the right craftsmen than I anticipated, but when I look at the result today I know it was totally worth the effort. My advice is to definitely stay flexible and adapt things along the way, but never to compromise on the quality of your product. It’s better to launch your business six months later as you initially planned, but at least you know you are delivering what you promise.” - Katherine Light Murari, Founder of SOFA AFFAIRS

“We’ve always invested a great amount time and energy into getting our products right. I know that our customers appreciate our efforts and the glasses that they get at “frost” they don’t get anywhere else in the world. High quality and unique design have been part of our company’s culture since the start, and I deeply believe that they are great tool to gain credibility and recognition. You can’t go ever wrong with high quality and unique design!” - Marion Frost, Founder of Frost Eyewear

Growing your business

“Make sure to research the market constantly. Travel, speak to people, keep your eyes and ears open and know what your competitors are offering. Keep in mind to be flexible, the market moves fast, so being flexible and quick is an important asset. Always ask for feedback from your customers and learn from it.” - Anna Portmann, Founder and Owner of kukui Parfums d’ambiance

“Be flexible to make some adjustment to your product if necessary. At the end of the day your product needs to satisfy the needs and preferences of your customer and not yours. Expand it to a new market and take your product to a new country. This is exactly what I am doing right now in my business - expanding it to Germany, and making sure that my website pops us early when someone searching for the services that I am offering.” - Alexandra Rother, Founder and Owner of Rother Events and Rother Nepaltrekking

Finding balance between work-life 

“Work-life balance is a very important issue for me as an entrepreneur - and should be important for everybody by the way. To be durably productive and creative it is essential to have a real work-life balance. Especially when you are entrepreneur there's a real risk that business takes over life because it implies a strong commitment and responsibilities for yourself and your employees. Everybody is talking about work-life-balance as if it is simple task to do. Though, there’s no trick that works for everybody. It is a very individual thing to find a work-life-balance. As far as I am concerned I go walking with my dogs every day, I regularly go hiking and relax in the nature. Being outside in an open space is particularly relaxing and liberating for me. There are no walls, no limits like in an office; it's a real contrast! Spending time in nature opens above all my mind and enables me to see many things in a completely different point of view. That is very important for me!” - Marion Frost, Founder of Frost Eyewear

“When you are running your own business you can easily work day and night. Only your very close friends and family and those new friends who you meet during your entrepreneurial journey will understand that. They will understand why you work so much and they will accept that you can’t be around as much as before. What I try to do (not always easy) to a balanced personal and work life is to focus on quality. When I spend time with my family and friends I try to be there both mentally and physically. Same applies to sport – I don’t have an awful lot of time to do sport, so when I find time to do it, I focus 100 percent on it, and make the most of it.” - Alisée de Tonnac, CEO and Co-Founder Seedstars World

Taking risks

“There are many risks that you need to take, especially at the beginning. What helped me was that I was always convinced I had a good business idea in my head and when I came to crossroads, I took the path that somehow “intuitively felt right”. However, when something went wrong, I kept strong and learned from my mistake. There will be always defeats, don’t forget that. But that is a good thing. That’s how we learn and go forward in life. It’s the experience what makes us stronger.” - Alexandra Rother, Founder and Owner of Rother Events and Rother Nepaltrekking

 “When you need to take a risk, look at it with a very positive mind-set – that’s my approach at least, and I have to say I am the ultimate optimist. So even if you make a wrong decision and something goes wrong, you get something out of it; learning! Sometimes new opportunities arise that way. All you can do is to do your best, be honest, transparent, and reliable. If you base your decisions on these values, the consequences will never influence your credibility and professionalism – which are the most important in business. So whatever happens apart from that, it was worth the risk.”- Margo McClimans, Founder of Coaching Without Borders GmbH     

Handling setbacks, disappointments, and failures

“Before you embark on your entrepreneurial journey make sure you know why you want to get into entrepreneurship. Then set yourself very clear objectives about what you want to achieve during your entrepreneurial career. These reason and objectives will later be your motivating factors during difficult times. Make sure you keep them in perspective!” - Rita Brainin

“Remember every little success and positive experience! These will give your strength to push obstacles off your path and bounce back on your feet when you get knocked down. Keep reminding yourself of the positive feedback you receive – they highlight your strengths and successes and should therefore mean the world to you! - Anju Rupal, Founder of Abhati Suisse   

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*Young Female Entrepreneurs and Executives (YFEE)

YFEE is an independent organization founded under Swiss law in 2009. YFEE is dedicated to connecting businesswomen in Switzerland and globally, enhancing valuable business relationships, connections and partnerships, and providing inspiring events, valuable resources and news. YFEE has the aim of empowering the female talent, and increasing the number of highly compatible women in top-end leadership positions. The organization is continuously growing, and currently has 800 active members and 10′000 connections in online networks.

*WomenWay 

WomenWay is a project of YFEE. It is as a Swiss Mentoring Platform for women leaders, entrepreneurs, and aspiring board members. It provides a crucial link between Mentors and Mentees on a local and global level. It supports Mentees to reach their full potential both professionally and personally more quickly, effectively and successfully; and it enables Mentors to advance their own leadership and coaching skills, open up new paths, and contribute to the success of other motivated individuals, teams, and organizations. Besides, WomenWay offers a comprehensive online database on the profile, and the success stories of highly inspiring successful women in leadership, executive and entrepreneurship positions.