By Aimee Kandrac
Some people are born entrepreneurs — they’re the kids who open lemonade stands and auction their old video games on eBay, then grow up to be successful business people by maintaining that drive. Others are shaped into entrepreneurs by circumstances. I’m in the latter category.
The idea for my company grew from personal experience: Some friends and I banded together to help another friend who was facing a devastating illness. As we coordinated support, organized childcare and kept each other updated online, we discovered a need for a single social platform that could handle all those functions and more. It didn’t exist, so we invented WhatFriendsDo.
The Mompreneur Angle
I quickly learned that launching a venture like WhatFriendsDo is an all-consuming process as I became totally immersed in startup culture. But I also gained insight into why people become serial entrepreneurs, rolling out new products after the successful launch of their first. I discovered that once you start to think in terms of market demand, scalability and price points, you can’t help but apply those concepts to virtually everything.
This transformation was brought home to me recently when I was driving my kids somewhere and musing aloud as usual about a new idea to solve a problem. My daughter piped up from the back seat to remind me that it’s not necessary to scale everything into a business plan! But once you acquire that mindset, it’s difficult not to think that way — you’ll start to see everything in terms of consumer problems and business solutions.
Young women, including young mothers, have so many opportunities to solve problems and find new solutions when dealing with the nitty-gritty details of daily life. That’s why the term “mompreneur” has gained currency. Women who seek entrepreneurial success can find the seeds of it at their own kitchen tables and within their social networks. But inspiration is only one component of success.
Networking, Networking, Networking
Once you identify a need for a product or service, you’ll have to find a way to develop it. I’ve found that networking is an essential part of that process. Some would-be entrepreneurs are wary of sharing their idea because they’re worried someone might try to steal it. There are undoubtedly a few scenarios where that is a genuine danger, but it’s rare. Keep in mind that if it’s your idea, you’ll be more passionate about it than anyone else.
Instead, it makes sense for budding entrepreneurs to use their network of friends and acquaintances to gain new insights. Talk to people about your idea. Chances are, they’ll ask questions and give you new perspectives you can use to refine your vision. When our team was in the initial stages of product development, we gained amazing insights from just talking to people who were in the same boat.
It’s also helpful to find groups in your community who are addressing the issue you aim to solve in a complementary fashion and give your idea a test run. You’re sure to receive incredibly valuable information with each test so you can tweak your product and make it better. The insights our team gained from liaising with caregivers has been an essential part of our success.
Networking is also the key to securing the funds you need to launch your venture. The challenges for women in this area are well-documented: Most investors are men, and people tend to lend money to people who look like themselves and create products targeting their demographic. But you can overcome these challenges through personal introductions and relationships.
So do you have what it takes to be an entrepreneur? As I’ve learned, inspiration can come from personal experience, and it’s possible to build a new solution that can make people’s lives a little easier, even when they’re going through the toughest of times.
If you’re set on becoming an entrepreneur, keep your eyes open to the possibilities around you, and don’t forget the value of networking. By being alert to opportunities in your everyday life and understanding the importance of developing relationships and widening your circle, you may just find the path to entrepreneurial success.