Sen. Olympia Snowe

In December, U.S. Senator Olympia Snowe of Maine and Chair of the Senate Committee on Business and Entrepreneurship had this to say (as reported by the Association of Women’s Business Centers):

“Given the economic crisis our country is currently facing, it is imperative to highlight the success of women-owned businesses – a beacon of hope during this dire situation. At a time when job creation and economic growth couldn’t be more front-and-center on the American agenda, the results of women-owned firms are undeniable, generating $2.5 trillion in revenues and employing more than 19 million workers, making them the fastest growing segment of today’s economy…In Maine and across America, economic opportunities and advancements are achieved because of the leadership and resolve of entrepreneurial women.”

Karin Abarbanel, author of the new Birthing the Elephant: The woman’s go-for-it! guide to overcoming the big challenges of launching a business, says women make three mistakes when they’re feeling their entrepreneurial oats.

First, they (we?) over-romanticize the reality of being one’s own boss. Starting a business can be far more time consuming than women realize. Yes, you’ve got more flexibility to take the kids to soccer practice. But you may be getting up at 4 a.m. every day to balance budgets and develop work plans so you won’t sacrifice corporate progress for time driving the carpool.

Second, women may spend too much money on image. Well, yeah, what else is new?

Third, female entrepreneurs have a tendency to under-price products and services. Yup, see above.

Abarbanel offers a variety of ways to cope, but mostly, she’s a cheerleader for getting your business started. In fact, even though the economy is giving everyone the jitters, she claims now is as good a time as any to launch a new business venture.

Reports Joyce Ganon of the Pittsburgh Post-Gazette, “Despite dire financial news, women business owners expressed optimism about their 2009 sales in a recent survey by the Chubb Group of Insurance Companies and the Women Presidents’ Organization.

“About 58 percent of women business owners surveyed expect revenues to grow this year, while 44 percent don’t expect problems in securing credit.”

And that’s before we factor the “green” screen into the mix!

BTW, if you’re a start-up, I’d love to hear what challenges you’ve faced.