Advice on Starting Your Own Business

As a child, entrepreneurship can be as simple as a lemonade stand on a neighborhood corner, but as an adult, starting your own business involves taking risks, commitment, coordinating every detail, and determination to succeed. Here are five tips from successful women on what an aspiring entrepreneur should be prepared for when starting her own business.

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Know what you're in for - Milk and Honey Shoes co-owner Ilissa Howard advises any entrepreneur to think, plan, and research. Starting her business was an "emotional rollercoaster," she says.

Dive in - "You have to be willing to just dive in head first, no safety net, run a thousand miles an hour, having no idea if there's more road ahead for you," explains Dori Howard, co-owner of Milk and Honey Shoes. She says if being an entrepreneur were easy, everyone would do it, so keep the risks in mind.

Think it through - Alexa von Tobel, Learnvest founder and CEO, advises to show your idea to your smartest friends. "Let them beat it up and don't be defensive," she says, "because you have to get really good at taking criticism."

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It's your baby - "Owning your own business is like having a baby," says Alli Webb, founder and owner of Drybar. She explains you'll go to sleep and will wake up thinking about your business, but you'll be successful if you make that commitment.

Find balance - One of the most difficult things to do is balance passion and creativity, especially when you have to continue to evolve, says Carol's Daughter founder Lisa Price. She explains that she thinks of her business like her children. "I'm going to have to get used to her being out there and making decisions for herself," she laughs, "but I'm still Mom."

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