HR Solutions: Entrepreneurial roles, goals shift with life stages

One motive might be a desire to use their gifts and talents to help others. Over-achieving women will be hungry for a big challenge, while other women might crave the entire financial pie versus just a slice of it.

Some women will come to the realization that their skills are the primary reason their current employers are making money, and those women will choose to go to work for themselves. Other women will long for independence, freedom and control.

Ambitious women do not take the decision to launch a business lightly. They know that sacrifices will have to be made and that they will have to learn new things quickly. Readiness for change must be their mantra, but fortunately, this is how most women are genetically geared.

But where women are in their lives will determine when they choose to start their ventures, and the challenges associated with entrepreneurship will affect them differently based on their life stages.

Younger women

For many young single women, for example, the desire to start a business is greater than the desire to have children. With the launch of a new venture, time for dating will likely decrease, which means that these women will put marriage and babies off until later in life.

Young married women who already have children will likely think twice before starting a business, and careful consideration is a good idea. For a woman who’s already brilliant at juggling numerous tasks simultaneously, adding a business may be considered just one more activity to manage. These women will work to make their ventures successful, as their drive has led to success in other areas. But when a woman wears so many hats that she’s constantly rolling with the punches, she may be left a bit weak in the long-term planning arena. It’s important to stop and think that if the business is thriving, she may not have as much time to spend with her husband and children, which will go against the grain of her roles as a mother and wife.

Another natural role for women is that of the problem-solver. Women entrepreneurs will hire more workers, hoping to free up more time for her family. That choice, however, may actually increase her workload by adding to the responsibilities with hiring, training, retention, discipline and quality control. Although these women entrepreneurs will still be happy about owning their own businesses, the years will pass rapidly as they handle the myriad issues that come with self-employment.

When these women reach the midpoint of life, they will most likely have regrets about time lost with their families. Women typically carry some guilt anyway, but these women will wish they could go back and recapture some of the lost family moments.

Celebrating success

While women entrepreneurs will sacrifice some family time, there can be a great deal of consolation in the fact that successful entrepreneurs will receive kudos from customers and respect from other members of the community. It also may be comforting to these women to know that they can make it on their own if they have to. If divorce occurs, that may be easier for the women who did not make their husbands legal partners in their businesses. And, as these women also may face children leaving the nest, the fact that they already have a full-time activity they love, feelings of sadness, emptiness and loneliness will be greatly reduced.

Women who find themselves on their own for whatever reason will be able to throw themselves entirely into growing their businesses. These women will make more sales, be financially savvy, grow their staffs and replace poorly performing employees more quickly. After the children are grown and the businesses are established, it may be time for the women entrepreneurs to add additional branches or go international. Smart women at this stage will seek advice from consultants when needed. These women are likely set in their ways and will see the advantages of hiring an expert rather than wasting precious sales, financial analysis and customer service time to learn about areas they know they’ll have difficulty mastering.

Winding down

In their twilight years, if women entrepreneurs have maintained physical fitness and kept their minds active, they will likely continue being workaholics. Or, they might choose to work part-time and enjoy some much-deserved free time. Others might choose to sell their businesses and retire. Whichever option is chosen, well-prepared and successful women entrepreneurs know they will enjoy financial security due to the choices that have been made.

Lynne Haggerman, M.S., is president/owner of Lynne Haggerman & Associates LLC, a Springfield firm specializing in management training, retained search, outplacement and human resource consulting. She can be reached at lynne@lynnehaggerman.com.