Women in Business: Relationships, Vision, and that 3:30 p.m. Soccer Game (page 3 of 3)

But going it alone also offers flexibility, particularly for women with families, that isn't available in the corporate world.

Entrepreneurs who set their own hours are better able to care for elderly relatives or attend school events at times that would be in the middle of the corporate working day, leaving the entrepreneur to complete his or her business tasks when family demands subside, said Weber. "My clients don't have to know that my 3:30 appointment is going to a soccer game."

But aspiring entrepreneurs must be under no illusions about the financial risks they are taking and the impact such a decision will have on their lifestyles, Weber added. "You may have to downscale your life, mortgage your house, beg and borrow from every person you know who will listen to you." And if you are in a relationship, make sure your partner understands how your home life is going to be affected by the decision to start a business, she said. In Yin's case, for example, it's sometimes hard to make her own partner - who has a nine-to-five job - understand why she has to be at work late into the evening. "I'm the host; I have to be there."

Choosing the Team
One way of managing the workload is to create a schedule that contains inviolable work-free periods, said Bennett. She cited her own experience of studying to be an actuary; despite the large volume of work expected of her, she didn't want to feel guilty when she wasn't studying. "I knew that I needed to be refreshed," she said. Without ensuring some time for yourself, within two years "you are going to be a babbling wreck."

Risks aside, speakers urged aspiring entrepreneurs not to be deterred from pursuing their goals, and to remember that they can fall back on educational qualifications, professional experience or even a partner's income if the venture fails. Consider, also, that a successful business isn't necessarily the one that makes the most money, noted Yin, who fulfilled her dream of opening a restaurant after discovering that she was not happy in the corporate world. "For me, money isn't the main thing."

If an entrepreneur seeks to return to the corporate world after a few years, the experience gained and the spirit demonstrated by setting up the venture would likely recommend the candidate to a prospective employer, speakers said. "You would be highly re-employable," suggested Fordham in answer to a question about fall-back options. "The employer would be impressed that you had taken the risk. You are going to come out with a skill set that many other people your age don't have."

For those entrepreneurs who seek their own employees, it's important to look for a good level of self knowledge and a track record of achievement, Fordham added. "If you see someone who has accomplished mightily in their previous positions, the chances are they will do so for you, too. Those who are thin on accomplishments squirm at interviews."

Give very careful thought to who you want to work with, urged Bennett, who said she and her business partner have no regrets about splitting from the two other principals of the pet-insurance company. "If you are in any doubt that they are going to come through for you, it will only get worse," she said.

Above all, be sure you are starting your own business because you're passionate about the idea and not because you dislike your current situation, Fordham noted. "It's all about where you are going, not where you're coming from."