Women now make up 40 percent of new entrepreneurs in the US — the highest percentage since 1996, according to the 2016 Kauffman Index of Startup Activity. Lori Greiner has successfully launched more than 600 products over the past decade and cautions that managing a business isn’t for everyone.
“First you need to assess if being an entrepreneur is right for you,” she says. “It seems obvious, but it’s really important to think it through because being a successful entrepreneur truly does require a 24/7 commitment.”
All work, no play
What do entrepreneurs do when they’re not working? Whether they’re networking with peers or preparing for the week ahead, successful business owners have the mantra “No Days Off.”
“When you own your own business, it’s not something you can walk away from on weekends, evenings or even during vacations,” Greiner says. “The most successful entrepreneurs are ones that live this and don’t mind or resent it. You have to have that drive and mindset to begin with — then it’s fun and you thrive on it.”
Freedom and dedication
On “Shark Tank,” Greiner often asserts that entrepreneurs work 80 hours a week to avoid working 40 hours a week for someone else.
“The Simply Fit Board and Sleep Styler are the first and third most successful products in Shark Tank history,” she says. “The creators of these products are women entrepreneurs who were all willing to work long hours, weekends and evenings without complaint, showing a strong dedication to their products and a work ethic that had them poised for success.”
Confidence is key
Although Greiner believes women are underrepresented in business, she does believe the tide is turning.
“I think it’s important to not go into any situation thinking of yourself as a woman in business,” she says. “You should think of yourself as a person in business — as good as, if not better than, anyone else. Be confident and strong about what you know and what you need. Confidence is contagious. If you believe in yourself, others will too.”