Call me now: 650 273 5600

Women Entrepreneurs: How to build a Personal Support Network

Sunday Jan 19, 2014

One of the things I learned early on as a woman entrepreneur was that neither my siblings nor close friends wanted to hear about my business. This was difficult to learn because my business is such a major focus of my life, and something I am excited to talk about. This holds true for all entrepreneurs.

It is very important for women entrepreneurs to have a sounding board, people they can talk to and who can add valuable insights. For this reason you need to build your Personal Support Network as you build your business.

The development of a Personal Support Network to help you navigate and sail through the ever-changing entrepreneurial curve, from startup through to exit, is fundamental to your success as a woman entrepreneur and business leader.

While your Personal Support Network should change as your needs do, here are 8 criteria you might consider when selecting the right people for your Personal Support Network.

  1. Woman Business Owner – Who do you admire in business that you feel is someone you could learn from?
  2. Family Member – is there a successful entrepreneur in your family who would support you?
  3. Friend – a friend who comes from a family of entrepreneurs can also be supportive to you because they will appreciate your way of thinking having grown up in an entrepreneurial house hold
  4. Sales and Marketing  – how do you envision your sales team? Do you know someone who has built a successful sales team that you could learn from?
  5. Human Resources – the most money you will invest will be in the people you hire so find a friend who is an expert in this field. They can advise you on HR policies that will save your butt. I will never forget the elderly HR friend who handed me my first policy: “All overtime must be approved by your supervisor in writing PRIOR to be taken”.  This policy saved me money!
  6. Legal – it really isn’t cool to ask for free legal advice but once a month (if necessary) you could take your lawyer for lunch and ask for advice on a challenge you have.
  7. Accounting – similar strategy to your lawyer
  8. Entrepreneur Organization – while organizations are not the best place to discuss intimate business issues there are some you could considering joining like EO Entrepreneurs Organization where members gather in forum groups to learn best practices and confidentially share and brainstorm on business issues.

And finally, make sure you show appreciation to those in your Personal Support Network.  It is a blessing to have people in your life that you can trust and who understand you as a woman entrepreneur. Weathering a bad storm should you encounter one, will be a whole lot easier.

Leave a Reply

Comment