Women who work in business environments are limited by social, political, family, and economic issues such as balancing their jobs and personal lives and investor uncertainty. However, women have started businesses and become successful in the last decade; female entrepreneurs confront certain difficulties. Even though there have been approximately 252 million women entrepreneurs worldwide since then, they are still contending with daily issues. With roughly one-third of the businesses in the globe being women, it has never looked better on paper for them.

Unfortunately, these statistics only tell a portion of their story; nevertheless, men remain the primary drivers of a business. Gender roles likewise have an impact on the ecosystem of entrepreneurship, especially in areas where gender norms dominate. However, the following are the 7 real challenges faced by women around the world:

1. Fear Of Taking Risks In Business

In both business and entrepreneurship, taking risks and being successful are closely linked. The majority of successful people in business, both men and women, take calculated risks regularly. This helps them in standing out from the crowd and improve their company’s position. However, according to studies, men are more confident and willing to take risks than women. Unfortunately, this personality type can be seen in the corporate world and when making important decisions. Females may be concerned about the possibility of failure.

According to a poll, women avoid applying for jobs because they believe they would not be chosen for them. Women are afraid of being embarrassed if they fail. This might also explain why women are less inclined to take on competitive and hazardous responsibilities than males. Women prefer to stay inside their pleasant zones and avoid engaging in strenuous activities or seeking major possibilities. Pierson offered a piece of advice for female entrepreneurs, encouraging them to work through the moments of self-doubt that every business owner or entrepreneur faces and stop comparing themselves to others, including men.

Pierson offered advice to women entrepreneurs, suggesting that they should face their self-doubt as business owners and stop comparing themselves to others, particularly men. The bottom line is that if you’re successful, no one cares whether you’re a male or female.

Pierson offered advice to women entrepreneurs, suggesting that they should face their self-doubt as business owners and stop comparing themselves to others, particularly men. The bottom line is that if you’re successful, no one cares whether you’re a male or female.

2. Gender Disparity- Lack Of Education And Training Access

Due to societal gender biases, women cannot access knowledge about business development and its environment, accounting, money matters, and even company day-to-day activities. Running a company might be tough if you don’t have the necessary skills or access to such information and resources.

Women’s access to policy is impeded by their lack of education and training, restricted access to decision-makers, and absence of representation in policymaking bodies. Women may be hesitant to take on certain responsibilities because their errors and failures would be criticized more than males.

As a result, they avoid both the position and the potential failure. Women may unintentionally undervalue their worth, according to research. Young females who eventually end up in entrepreneurship frequently doubt their abilities and establish an unreasonable standard for themselves.

This can be a genuine issue for women who are just getting started in the business. A 2019 poll discovered that female entrepreneurs who already own their businesses are less confident and optimistic than their male counterparts. According to the poll, entrepreneurs are 21% less confident in their businesses than males. This low level of confidence among females may influence critical business choices and their success.

3. Limited Access To Capital And Funding

Limited access to capital and funding is one of the challenges faced by women entrepreneurs in the business industry. To be successful, a company needs some funding, capital, or investment. However, according to research and studies, women-led firms are less likely to get financial backing than those run by males.

According to research published by Forbes in 2017, just 3% of venture capital funds are invested in female entrepreneurs. While this figure may be high due to the shortage of women in the business industry, other research has shown this male dominance. In general, investors are more likely to take male entrepreneurs seriously than female entrepreneurs.

According to research published in the Proceedings of the National Academy of Sciences, male entrepreneurs are preferred by capital investors and financial institutions when it comes to business pitches. Another reason is that male entrepreneurs are judged more on their potential than women entrepreneurs, whereas women entrepreneurs are only evaluated based on their accomplishments and performance.

In a Small Business Credit Survey, women-owned firms were more hesitant and less likely to apply for funding than male-owned enterprises, with 22% of females versus 15% of males reporting that they were discouraged and did not apply for funding. This alone can discourage some women entrepreneurs from starting a business or achieving success in life.

However, due to the difficulties in obtaining funding, many female entrepreneurs use their funds to finance their companies rather than company funds. This is likely in part to the prospect of being turned down for funding or capital investment.

4. Lack of Mentorship and Support Network

According to most company leaders, the lack of mentorship and support can have a negative influence on an individual’s personal and professional growth. The business world normally revolves around the saying, “it’s not what you know, but who you know.” And this can be a major factor in your ultimate business success.

Having the right connections and support network might be a real game-changer for women in business, from locating venture capitalists to connecting with a good lawyer. However, because there are so few women in the business industry, the number of women who can mentor and support future female entrepreneurs is quite limited.

Due to this, some women are unable to discover tried-and-true methods for succeeding in female-dominated industries. This might lead to a company’s failure, especially if it is still early. More than 47 percent of women business owners say they have difficulties finding investors, establishing healthy networks, as well as personal and professional growth, according to NAWBO statistics.

If women cannot obtain support, they require funding. Some may abandon their career or business. Even if they can find mentors, some people will have more casual relationships. Mentors and networks not only provide business assistance, but they can also provide emotional support as well as improved access to funding.

Being a business leader or entrepreneur entails making decisions regularly, so being mentored by an expert may be beneficial in learning about genuine viewpoints and experiences to make sound decisions and avoid errors.

5. Defying Social Expectations

This scenario may ring a bell for many female entrepreneurs who have gone to networking events. You walk into a crowded meeting and can count the number of females on the one hand. It’s understandable that when women entrepreneurs discuss business with mostly male executives, it might be intimidating.

Women may feel compelled to act in a “stereotypically male” way: competitive, aggressive, and sometimes overly harsh when it comes to entrepreneurship. Successful female entrepreneurs CEOs maintain that being true to oneself and developing one’s voice are the keys to overcoming preconceived situations. “Be yourself, and have confidence in who you are,” said Hilary Genga, the founder of women’s swimwear company Trunkettes.

The norms and traditions that exist in some societies have a big influence on the life of female entrepreneurs in the industry. In some cultures, men are considered the heads of their households as a standard practice. Because of this, they are required to look after their home while women are expected to take care of the family. Imagine a situation where a woman decides to break away from the societal norms and venture into entrepreneurship.

Society sees her as attempting to take control of her spouse rather than submitting to him. For that, she may find herself in an impossible situation if she doesn’t apply. Her husband might become jealous, which could cause problems in their marriage. However, this pressure is disheartening to female entrepreneurs. They require moral support to flourish in their field.

6. Difficulties In Maintaining Family And Work Balance

For both entrepreneurs, men, and women, achieving and maintaining a balance between work and family might be a great challenge. But, owing to cultural and social norms, female entrepreneurs may find it more challenging. Even though progress has been made in gender equality and balance in family roles during the last decade, women have a more significant role, especially with children.

Even those who do not have children must juggle work-life balance. When they add one or two children, it becomes a serious challenge. Some women, however, may be less inclined to venture into a business due to the challenges in maintaining a good work-life balance. Running a household may be comparable to managing a company.

A woman is expected to be a leader and demonstrate dedication in a company. She is required to fulfill the expectations of a wife and mother at home. This necessitates fortitude, preparation, and the capacity to make concessions. Women already in business and entrepreneurship face the challenges of family and job commitments, which might cause them to abandon one or both.

According to survey research conducted by the Pew Research Center, women who have children are three times more likely to state that parenthood has hampered their professional or business progress. However, work-life balance is a goal of many entrepreneurs, regardless of their gender, but mothers who venture into business have to manage their households and their companies or businesses.

Now, with some women having to deal with a lack of mentorship and support, restricted access to funding, sexual harassment, gender bias, and other challenges, it’s all the more difficult to handle stress.

7. Lacking Of Confidence And Fear Of Failure

Many women have difficulty with confidence, and they require assistance in recognizing their talents, their value as individuals to companies and businesses. Women frequently underestimate their abilities, and as a result, they require a significant amount of assistance to acquire confidence and discover the worth they offer. Entrepreneurship is risky and has unpredictable circumstances. Fear of failure will take you from ever attempting anything new.

No business has a beautiful beginning or guarantee of success when it begins. The known and the unknown is a common phenomenon among women. They are terrified of failing, especially if those around them are doubtful of their ability in business. Fear causes women to operate from a position of fear rather than confidence. As a result, even though they were intended to succeed, they will ultimately fail in business.

How Women Entrepreneurs Can Overcome Their Challenges In Business

Despite the numerous obstacles that women entrepreneurs confront in business, some have overcome them by overcoming gender bias, a lack of resources, and balancing job and family obligations. They succeeded because they were courageous, tenacious, and dedicated. Here are some strategies to overcome challenges faced by women entrepreneurs that have been taken from some of today’s most successful female entrepreneurs:

Handing Gender Discrimination in Business

The greatest thing a female entrepreneur can do to fight gender bias and prejudice is to be true to oneself and build upon that. While it’s easy to become dejected, being yourself is the key to overcoming whatever label you’re given.

Unfair bias and bigotry can assist you in working harder to achieve your goals. It provides you with an incredible chance to make a long-term influence on others and future generations by avoiding procrastination. Instead of retreating in fear, push forward and speak up for yourself.

Finding Mentors and Support Networks

You’ll need the proper mentoring and network of supporters to advance in your career. Also, form relationships with successful women entrepreneurs and seasoned experts who can provide excellent assistance and coaching.

The greatest thing a female entrepreneur can do to fight gender bias and prejudice is to be true to oneself and build upon that. While it’s easy to become dejected, being yourself is the key to overcoming whatever label you’re given.

You may also discover possible business partners and colleagues through support groups. When selecting a network, keep in mind the following factors: knowledge and industry experience are just a few things to consider.

Finding one, on the other hand, isn’t always simple. If you can’t discover a mentor or make a connection in your environment, working with an external mentor might lead to a deeper relationship and be quite gratifying.

Dealing With Lack of Access to Capital and Funding

It is essential to know that investors are primarily seeking scalable businesses or those with the potential to expand. They are ready to invest in a firm with the potential to boost revenue without necessarily increasing expenses.

So, before approaching investors, make sure your business model allows you to stay competitive while also supporting your expansion goals. You’ll also need a solid business plan if you want to access capital and funding for your business.

It’s also very important to have a management team in place. However, this enhances your chances of being taken seriously by potential venture capitalists. You should also make sure that your business offers value to the client, and it has to be clear and precise.

Managing Business and Family Responsibilities

It’s thrilling to grow and flourish in your business, but it can also be stressful to balance professional and family obligations. To maintain a proper balance between job and family, you must have a strategy and stick to it. It will help distinguish between your career and personal life to balance the demands in both areas.

If you run your own business, it’s not always intended to be a solo performance. Make effective use of your staff by forming a competent management team. Hire professionals who share your business values and approach. This will allow you to delegate responsibilities more easily and expedite project completion.

Coping With the Fear of Failure

Ask any successful female entrepreneur if she has ever failed before achieving her current position, and she’ll tell you that failure was a necessary step on the road to success. Women entrepreneurs should recognize that failure is an inevitable part of the path to success.

As a woman entrepreneur, you must be willing to put yourself out there. It’s normal to fail and make mistakes during the process. Even when you venture into a business and fail, it doesn’t always imply that you won’t achieve your business goals; it’s only a setback and is part of the process.

While failing may be unpleasant, it can help you reach your full potential. So, get going and stay confident and self-assured. Do not be dissuaded from your goals in life, whether starting a new business, applying for a job or funding, or addressing a crowd by the thought of failure. Make a point of believing in your goals and not being afraid to fail. Be passionate about your ideas; don’t be scared to try again.

Feeling Compelled to Act Like a Man

Many successful entrepreneurs are dominated by men, which might lead people to imitate male characteristics to advance. Make a strong effort not to adopt a masculine demeanor. Instead, be yourself and believe in your abilities and talents. If you must act like someone else to get a job, it’s because the position isn’t a good fit for you.

Use Time Management to Your Advantage

One of the most common women entrepreneur challenges face is a lack of time to do things, not just simple tasks but also a slew of obligations. Being the owner, most are occupied with supervising people or assuming responsibilities such as managing the company and meeting with clients. Founders frequently become lost in the frenzy of activity since they have a slew of chores to complete.

While you wear a wide range of hats at work, you’re well aware that time is of critical importance and that you can’t do everything in one sitting. Managing your time isn’t simple, but understanding it as currency and employing good financial habits will make a world of difference. It will help if you are strategic about how much time you spend on each task and where you put it. To manage your time effectively, you should: You have to be smart on how much time to devote and where to dedicate it. To manage time efficiently, you should:

• Make a list of goals and objectives and break them down into long- and short-term objectives
• Don’t spend time on unimportant tasks
• Delegate duties that can be handled by someone else

Choose the Marketing Strategy That’s Best For You

Entrepreneurs are also confronted with the issue of identifying the proper target market. Not everyone will appreciate your goods and services, so defining your consumer base is crucial for your company’s success. After determining the correct market, you must develop a long-term business relationship with your customers using effective marketing techniques. Even if you offer the best services or the best product in the market, you won’t promote your business and services effectively if you don’t use appropriate marketing methods.

Your objective is to use all available channels for advertising your company’s product as much as possible. However, to achieve planned outcomes, you must conduct thorough research and planning. Learn who your target customers are, what their requirements are, and how your business can set itself apart. To be effective, your marketing strategies must be geared toward developing a positive image.

The Way Forward For Entrepreneurial Women

The social-cultural sectors are changing, and this will have an impact on the business industry. Women-owned businesses are now more likely to succeed if they overcome the obstacles that women face and limitations. A woman’s journey to success in the business world is full of challenges and impediments, from being denied investments and loans to difficulties in achieving work-life balance and dealing with sexual harassment and gender discrimination.

However, modern systems give males an edge that has not deterred some women from going on and starting their own companies. Thanks to technology and social media, individuals may develop a company concept and present it to the world regardless of their gender orientation.

These developments are indicators that the current problems for women-owned businesses will be overcome sooner rather than later. Finally, don’t be scared by gender inequality. Take the risk to move forward and perform to your strengths. Have confidence in yourself and pursue your ambitions.

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The hours are long, sacrifices are great, and you are assaulted with new challenges with seemingly no end. If you don’t have the dedication to commit to these things, your company may implode on you faster than it started. 

Entrepreneurship is not for everybody, but how do you know perhaps entrepreneurship is for you or not? It would be best to start by asking yourself what it takes to be a good leader and do most of the work up front by yourself.

But if you can’t lead yourself through a startup, your chances of being able to lead and manage your company are slim.

It takes only the lucky convergence of opportunity and ambition to create success. Successful entrepreneurs or business owners, regardless of the industry, share some significant personalities that set them apart from the rest.

Leveraging these skills enables them to turn their business ideas into profitable realities. As an entrepreneur who is just starting, success depends on a firm conviction in your abilities and a clear understanding of what it takes to start and run your own business successfully.

However, if you seek a challenge wrought with risk but with terrific potential reward both financially and morally, read on, for you have the potential of what it takes to be a great and successful entrepreneur.

Successful entrepreneurs or business owners, regardless of the industry, share some significant personalities that set them apart from the rest of the entrepreneurs.

What Is a Successful Entrepreneur?

What does it take to be a successful entrepreneur? Do you need to be charismatic enough to convince or persuade people?

To become a successful entrepreneur, you must make good decisions around spending your time, continually evaluating and prioritizing tasks according to relevance and importance.

However, it is essential to state from the outset that no magic formula can transform you into a wealthy and successful business owner overnight. You need to work diligently to succeed, with an almost formulaic blend of entrepreneurial traits that sets successful businessmen and women apart from others.    

Management is the Key

Being an entrepreneur means you are your own boss, as well as the boss for your team. Therefore, your skills and traits need to be extensive to be successful. As an entrepreneur, you should effectively manage people, budgets, operations, and other resources.

Finding and keeping clients is one of the entrepreneur’s essential management undertakings because sales revenue from customers keeps your business alive. This requires a multi-tasking work style including short and long-term planning and the ability to participate in economic forecasting and research.

Therefore, entrepreneurs must have the ability to manage customers, show up at work every day, troubleshoot business problems, over-see client interactions with employees, and make sure that clients are well satisfied.  

Entrepreneurs must have the ability to manage customers, show up at work every day, troubleshoot business problems, over-see client interactions with employees, and make sure that clients are well satisfied.

Are Successful Entrepreneurs Born Or Made?

Human beings are born with an innate sense of motivation or drive. Remember, when you are young, you are driven by simple motives such as eating, sleeping, playing, being comforted, and many more.

However, as you age, your motives change. These kinds of motives refer to an entrepreneur as a “why.” A “why” is what prompt entrepreneurs to create, innovate, preserve, and ultimately develop their businesses into the innovative products or service we use today.

However, each entrepreneur’s “why” is special and unique to them. For example, it prompts them to leave home early, work extra hours in the day, and it’s why entrepreneurs keep going when others see them as crazy.

Anyone can start a business and tag themselves as an entrepreneur. Nevertheless, most businesses fail, making people wonder whether the successful entrepreneurs have a remarkable entrepreneurial innate ability that others live without.

Entrepreneurs Are Born

Some believe entrepreneurs are born, while others think people can become successful entrepreneurs through actions. It has even been suggested that there is an entrepreneur gene that people say predisposes them to succeed in their chosen niches.

However, after series of personality and aptitude tests, and from the research, it is considered that there are three key foundational DNA pillars that are behind entrepreneurial success:

• High fluid intelligence
• High openness
• Moderate agreeableness

Also, research of molecular genetics shows that there is genetic heritability to four core entrepreneurial personality traits and each of which increases the likelihood of becoming an entrepreneur:

• The ability to identify new business opportunities
• The likelihood of starting a business
• The tendency to become self-employed
• Extroversion, i.e., when you easily make new connections, lead people, and engage in a wider community

However, the ability to apply the personalities mentioned above in the right way and in a suitable space is likely what makes an entrepreneur successful, over having these innate qualities as a person.

Entrepreneurs Are Made

If you apply yourself unconditionally, some believe this is how entrepreneurial success is made. If nurture did not exist within greatness, vocational skills and the education system would be meaningless, and they are proven to support achievement and self-development.

Successful entrepreneurs can be born with ideal personality traits to be successful. Still, they must apply their qualities in a particular way because no one is born with all the personality traits required to be 100% successful.

Every entrepreneur would have had others they look up to as a mentor for advice. With relevant drive, commitment, and patience, you might be even more likely to succeed than someone genetically predisposed to starting a business.

The Combination (Born and Made)

Many articles, studies, and debates have attempted to answer this question, and they’ve landed on either side of the fence. But the fact is, entrepreneurs are both born and made. However, suppose you get the balance right between your nature and nurture and apply your interest and passion. In that case, you can effectively establish your business idea and achieve your business goals.  

How To Become An Entrepreneur

Find the Right Business

The term entrepreneurship is quite broad, and you can become a business owner (founder) in just about any aspect. However, you will have to choose a field to start your business. Find a niche that you will be successful in and make sure it is something you are passionate about. Entrepreneurship is about commitment and hard work, so you have to focus on something you care much about.

Plan your Business

Before you develop your business idea, you need to have a business plan.  It plays out any objectives you have and your business strategy for achieving those goals and objectives. In addition, a business plan is essential for getting venture capitalists on board and measuring how successful your business is.

Find your Target Audience

Not every niche appeals to the market. Your demographic such as age, gender, income, race, culture, and many more will play an essential role in determining where you establish your company or if you even need to have a physical address for your business. Do your research to find the group that best fits your business model. 

Network

While networking is essential in all businesses, it may be most significant for entrepreneurs. Networking means how you connect with other people that might have skills to develop your business. Also, you can find potential investors through networking to help get your business off the ground.

Sell Your Idea

Consumers want products or services, but they don’t know the exact product or service to choose. Your job as a business owner is to persuade people that whatever you are selling is the best option available for them. Entrepreneurs know what they want to offer and to whom they can sell it to.

Market

To be a successful small business owner, you need to focus on marketing before, during, and after establishing your business. For example, you may have the best cafeteria in your city, but no one will visit you if they don’t know your business exists in that location.

Character & Personality Traits of Successful Entrepreneurs

Many characteristics can contribute effectively to the success of entrepreneurs as they launch, operate, and scale their businesses. These characteristics can include the timing of their business, how competitive their market is, the reliability of their supply chain management, the actual amount of capital they can obtain, and the current economic climate.

In addition to the essential elements, there are several personality traits successful entrepreneurs have in common that contribute to their business success. However, the following are the characteristics and personality traits of successful entrepreneurs:  

Vision

Vision happens to be one of the significant traits that are needed to run a business successfully. However, being a visionary supersede them all. Running a business involves being on the cutting edge of where your industry is going, anticipating your clients’ needs, and conveying a strong vision that your team would want to assist you to execute. Entrepreneurs always focus on the big picture, and this ability can provide you, great employees. “Vision is about strategic planning,” Litzinger says.   

Creative

One of the significant parts of creativity is the ability to discover a relationship between two unrelated events. Creativity produces something new. For without creativity, innovation is impossible. Creativity helps in coming up with new concepts and enables entrepreneurs to think out of the box. Also, it gives them the ability to develop new products and implement necessary solutions that lead to business growth and development.

Passion

Passion is one of the most relevant characteristics of entrepreneurs. Your job should be your passion. Your passion will drive your business and enable you to get connected with your clients and do something relevant. Entrepreneurs are successful because they have passion for what they do. Passion triggers creativity, tenacity, salesmanship and builds a strong connection with customers. Passion acts as a driving force, with which you are motivated to do something great.  At the beginning of every business, there are always obstacles, but your passion ensures you conquer these stumbling blocks and move ahead towards achieving your goals.

Confident

Another quality of a successful entrepreneur people usually notice is their confidence. If you have new opportunities you want to bring to life, you have to have the confidence to see the idea through.  As an entrepreneur, you must have confidence in yourself as well as your business. You must be able to stand for what you do correctly and confidently.

A successful business doesn’t doubt its progress. Successful small business owners are generally confident enough that their knowledge, skills, and know-how will assist them in making their business ideas prosperous. They radiate this confidence in whatever they do to achieve their business goals.   

Motivated

Another essential characteristic of an entrepreneur is self-motivation. When you want to succeed in your business, you need to push yourself forward to achieve your business goals.  You are your boss as an entrepreneur, and that sometimes means that it may be hard to get moving in your career without anyone by your side to encourage or motivate you. Therefore, you need to be dedicated to your business goals and objectives – even though you aren’t getting an immediate result.

Life-long learner

Having a growth mindset is understanding that your skills and abilities can be developed and enhanced to increase your skills and knowledge. Successful business owners don’t believe that they know it all and understand that sometimes they are going to need to improve their skills and increase their knowledge. You may be naturally gifted in your business, but hard work, commitment, and growth development of skills can push you from being average to a top business owner.   

Risk Taker

The ability to take a calculated risk is an essential characteristic a person in business can possess. When entrepreneurs are willing to take risks, they can learn and develop in their business that can enhance their company in the long run—taking risks to assist them in discovering new business opportunities themselves from the competition, particularly in a saturated market. If the risk doesn’t have the intended result, the business owner can still apply the valuable ideas learned to future business decision-making.

Leader

As an entrepreneur, you have a vision, goals, and objectives. However, it takes resources to turn your vision into reality and achieve such goals and objectives. One of those resources is the employees you hire to operate various units like production, marketing, sales, accounting, supplying, etc.  A single employee can’t perform the entire task. Thus it is essential to bring in more individuals to fill in the posts. This also makes leadership a crucial characteristic of entrepreneurs. Without proper leadership in your company, everyone would be working independently without achieving the business goals and objectives.

Decision Making

As a business owner, you need to make quick and effective decisions and take action for the success of your business. To enhance your decision-making skills, you can notify yourself to understand better the business challenges you try to solve. Also, make it easy for yourself by narrowing your options to ease the process of your decision-making.

Hard-Working

Entrepreneurs are very determined and hard workers; they are not the lazy type. They think and act logically. They continuously do proper planning and don’t sit idle. Successful entrepreneurs always strive to progress and expand their businesses. 

Goal Mindset

Business owners are goal-oriented. They know what they want to accomplish, set reasonable goals and work towards getting better results. Determination is essential to overcome possible challenges. However, to become a goal-getter, you can start by identifying what you want to achieve and clarifying your future vision. Then you can set a goal with a good timeframe to guide your actions as you work towards achieving your goals.

Entrepreneurs believe in smart and intelligent jobs. They think and act logically.

Conclusion

If you began your journey of becoming an entrepreneur, but you’ve not seen the expected results, you may need to adopt the characteristics mentioned above. Perhaps you only need to work and improve on some of the qualities.

This is the time to take your ideas, dreams, and innovations and turn them into reality. Being your boss and running your business doesn’t have to be something that you only imagine. Take action. Your ideas don’t have to remain a daydream. Most of us have the required skills and knowledge to start our own business and build our empire, we just need confidence and motivation to get started.

So, what are you waiting for? This is the time to test your newfound entrepreneurial skills by taking your first step to starting an abundant lifestyle.

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