Giving up on your dreams just because you aren’t good enough? Get inspired by today’s women entrepreneurs who are playing a role greater than ever. Women are not just starting businesses, they are staying in it! A recent study commissioned by American Express OPEN shows that in 2016, there were 11.3 million women-owned businesses in the USA, employing nearly 9 million people and generating over $1.6 trillion in revenues.
Even in other parts of the world women are the dominant force in small business ownerships and are also succeeding in industries that were once taboo for them. If you’re a woman who seeks empowerment and independence, this article will provide you complete insight on women entrepreneurship, so you can make better business decisions and viable plans for future growth.
What is Women Entrepreneurship?
Generally, entrepreneurs promote economic growth by forming new firms in their communities. And when a woman or a group of women initiates, adopts or runs any enterprise, they are known as women entrepreneurs. Women entrepreneurship is based on women participation in commercial undertaking and directing production resources (human, financial and material) in order to exploit a business opportunity.
Females have struggled over last several decades and transitioned from being bounded by cultural norms to becoming leaders and pioneers of a successful entrepreneurial force. What was once considered a man’s domain is now dominated by women too! The gender pay gap, however, is still prominent, but women are already working hard to reduce entrepreneurial gaps.
Things That Every Woman Entrepreneur Should Develop to Become Successful
No doubt women are experts at keeping their families together. They successfully run a family and keep everything and everyone organized. But you shouldn’t get too overconfident with your success at home. Dealing with unknown employees is far different than dealing with known family members.
Major features and traits of successful women entrepreneurs
A successful business woman needs to be a team player rather than always being in the lead. The key to working well with people is being an inspirational figure for everyone around you. Major features and traits of successful women entrepreneurs are listed below to make you feel you have business superpowers!
Never Give Up:
Persistence is the best business attitude. Refuse to quit when things get tough. Being persistent helps you struggle and explore new solutions and ideas that can set a good example of you in front of others. Persistence shouldn’t become stubbornness. Strive only when you see there is some possibility to recover. If you don’t see any outcome, don’t be afraid to accept change.
Create a Strong Network:
Networking is the best way to promote your business rapidly. Increase your social network by joining professional online groups, developing press releases, participating in forums and other business chat rooms.
Suppress Your Emotional Side:
You will never get the most out of your business or employees if you take everything to the heart. Your emotional side will make it harder for you to accept ideas and change. Stay firm in your opinions and have the courage to accept criticism.
Empower and Support Other Women:
The factor of jealousy is more common in women than men. It is advised to put your biases aside and become a single female force. Empowering other women will give you their support in return, resulting in your prosperity.
Encourage Suggestions and Take Expert Advice’s:
If you’re a beginner, you should be open to suggestions from others. Find mentors that can help you identify issues in your fledging company. But always follow your gut instinct. Others may be helpful, but they might not have the same vision as you do.
How Do People React?
Women are generally perceived as homemakers with very little to do with economy or commerce. For a woman, transition from homemaker to sophisticated business lady is not an easy task. Seeing women coming out in such a strong role can be shocking for some members in a so-called male dominated society. It’s hard for women to progress in the business world with some people writing them off as angry feminists or weaklings. Let me teach you ways to be taken seriously in businesses.
- Stop using statements with the word ‘just’ like ‘I just had this idea’ or ‘I just started working on this project’. This word gives an impression of being amateur in the industry and makes you look afraid of being bold and stern with your work.
- Don’t make statements that depict your confusion and uncertainty about something. Statements that end in high tones seem more like questions asked and make others feel that you’re not confident.
- Stop being too apologetic. It’s nice to be sorry, but being overly nice takes you down a notch from whoever you’re talking to. This doesn’t mean you have to be rude. Find a gentle way to state yourself instead of using ‘sorry’ again and again.
- Don’t over-explain your ideas. There may be no need of over-explaining a point unless someone asks or you may come off as an unconfident person.
But it doesn’t end there.
Have the courage to say no. Women have a natural tendency to become people pleasers so they say agree to every request or favor. This gesture can be used against you, so try denying gently.
Future Impact of Women Entrepreneurs
A recent research Breaking Through found that technology advances and reduced barriers to entry are allowing women to grow new businesses. Flooding into every industry; healthcare, fashion, information and business enterprise, women are making significant strides as future leaders and entrepreneurs. The study reveals that women entrepreneurs are on the roll in the USA’s 25 largest cities. During the past five years, women-owned businesses have increased by 43%. The study was also followed by interviews from 100 women entrepreneurs, investors, researchers, business consultants and heads of non-profit organizations in NYC. To its conclusion, many industries and organizations are recommended to enable more women to start businesses, which are sure to add momentum and vitality to city’s economy in the near future.
Why Women Entrepreneurs Can Do More With Less?
Undoubtedly, women entrepreneurs struggle with funding for their startup businesses, more than men. Last year, Bloomberg highlighted a survey that tracked worldwide entrepreneurial activity. The US women reported that they required half as much as their male counterparts to launch a new business setup. This ‘Global Entrepreneurship Monitor’ survey discovered that most women turned to family and friends for funds rather than venture capitalists.
According to the reports, women tend to start a business in their later lives (ages 35-44), whereas men typically started at ages 22-34. Going slow and steady helped them collect more funds in a long span, so they didn’t require a large amount all at once. Another reason for the ability of women to do more with less was the call for necessity. Even with a scarce funding aid, women continue to make statements with their companies and break through the glass ceiling.
Why Most Women Entrepreneurs Fail in Business?
The entrepreneurial process is same for both man and woman, however, problems faced by women are different in terms of magnitude and dimensions, which prevent them from realizing their full potential as entrepreneurs. Although women are on the surge of becoming successful entrepreneurs, there are some de-motivational forces that threaten to derail them.
A recent study by European Commission throws light on the fact that even though there are more women than men in Europe, female entrepreneurs only represent a third of self-employed group.
on these challenges and ways to reduce such hurdles as below.
Defying Social Expectations:
Women are house caretakers in the eye of social norms. A man cannot stand being in competition with a woman who was once considered weak and dependent. The stereotypical male attitude can impede a woman’s success. Women should not be put down by such criticism and believe in their strengths.
Limited Provision of Finance:
The access of finance is limited to women yet they still manage to make the most out of it. This is only a problem at the start of a new business. You can later gain the trust of finance providers and banks with your achievements to resolve this issue.
Balance of Family and Career:
A woman is the pillar that holds the family together. But handling this responsibility gets tougher if she is career-driven. For such females, balance between personal and professional life is crucial. Plan out your routine tasks and organize everything to maintain harmony.
Lack of Training:
Lack of training and experience is also one of the reasons women entrepreneurs fail in their first few businesses. Being familiar with strategies and a knowledge of past experiences help create a stable business.
Successful Women Entrepreneurs List
Chitra RamkrishnaMD and CEO of National Stock Exchange
She believes women are unique and stronger in many ways. Where many corporates are gender agnostic, NSE hires people on the basis of merit.
Cher WangCo-Founder and Chairperson of HTC Corporation
The Taiwanese entrepreneur marks success among top mobile innovation companies.
Oprah WinfreyAmerican media proprietor and philanthropist
She took the world by storm despite of her troubled past.
Sara BlakelyFounder of SPANX
She invested her entire life savings to launch a designer range, which proves a great example for struggling women entrepreneurs.
Debbie FieldsFounder of Mrs. Fields Bakeries
A culinary wizard who reached the heights of success with her cooking and baking skills teaches us that anything is possible!
Women entrepreneurs are redefining power by establishing their own businesses against all odds. But due to culture restrains, social norms and custom restrictions in some parts of the world, they are still lagging in numbers. There is a growing need for women entrepreneurs to compete against world’s economy, reduce poverty and reinvest in local economy.