The Keys to Success: 11 Things Women Entrepreneurs Should Know

October 29, 2021

things women entrepreneurs need know

The days when men were superior to women are long gone. The current situation is quite different. Both are revered as equals and competent in their own right, with leadership and entrepreneurial skills ranging from world zones to global communities.

However, women entrepreneurs are more resilient and have greater willpower. They negotiate every roadblock, difficulty, and burden on their route.

Women entrepreneurs thrive under any circumstance. Women entrepreneurs have shown time and again that they are hardheaded in their methodology. Female entrepreneurs can handle all obstacles in a positive way.

Thus, becoming an entrepreneur is a challenging process, but it can also be rewarding. Women entrepreneurs face unique challenges that they must overcome to succeed. This blog post will discuss 10 things women entrepreneurs need to know to help them achieve success.

Women entrepreneurs thrive under any circumstance. Women entrepreneurs have shown time and again that they are hardheaded in their methodology.

State of Women-Owned Businesses

Entrepreneurial women have had a significant influence on the economy. According to the most recent OPEN State of Women-Owned Businesses report published by American Express, there were 11.6 million women-owned firms with 9 million people and revenues of more than $1.7 trillion in 2017.

Today, there are more women entrepreneurs in the United States than at any other time in history. According to a poll conducted by the Kauffman Foundation, women are starting businesses 2.5 times faster than normal. There are 114 percent more women-owned firms in the United States today than 20 years ago.

Revenues of Women-Owned Businesses

Women-owned businesses’ average annual revenues dropped from $210,000 in 2016 to $202,491 in 2017, according to Biz2Credit.com, which is one of the most popular online credit marketplaces.

Despite this decline, women-owned businesses are still outperforming their male counterparts. The average credit score of women-owned enterprises that sought funding through Biz2Credit increased when they applied for funding.

10 Things Women Entrepreneurs Need To Know

1. Believe In Yourself

Recognize your talents and use them to your advantage. Learn to distinguish between helpful criticism and hurtful input when you get feedback from others, as well.

The first will aid you in being a more powerful entrepreneur, while the latter will deflate your motivation and self-confidence if you believe it to be true.

It will not be easy to start a business, but if you do your research, utilize your talents, expect problems, and use resources intelligently, you can and will succeed.

Female entrepreneurs in business

2. Create a Healthy Lifestyle for Your Self

To become a successful business owner (founder and CEO), you must take good care of yourself and live a healthy lifestyle. To have a productive and demanding job day that allows you to come home at night and value your family, you need a balanced diet, regular exercise, and enough sleep.

A good work-life balance may go a long way in increasing your productivity, reducing stress, and fostering female entrepreneurs’ positive working and home environments. Business success necessitates a healthy and balanced lifestyle.

3. Examine Yourself And Your Entrepreneurial Drive

Entrepreneurship isn’t for everyone, so it’s essential to find out if it’s a good fit—and before investing your resources in a business. In the business world, you must be self-starters who don’t wait for others to make the decisions.

Do you have a strong work ethic? Do you have a clear vision in your head of what you want to accomplish? They also need to be comfortable with taking some degree of risk. In any field, no matter how successful you become, there will always be risk and uncertainty.

Do you have the ability to cope with the potential for failure and adversity? Is it possible for you to bounce back from setbacks and rejection without succumbing to despair?

Time management and setting priorities are also essential skills for entrepreneurs. Are you organized and capable of determining which activities require your immediate attention vs. which ones can wait?

number of women in the business world

4. Consider How Being An Entrepreneur Will Influence Your Personal Relationships

Starting a business takes time and concentration, which is usually in abundance. Recognize that this will influence your relationships with your spouse, children, other relatives, and friends to some extent.

Some folks may be insulted by the time and effort you’re putting into your business, and they won’t always understand why you can’t fit them for lunch or a drink.

If your spouse and children feel compelled to do more around the house than they previously had to, resentment might be an issue. It’s critical to start communicating and establishing expectations right away to avoid hurt feelings and keep good connections with your family.

women taking leadership positions

5. Anticipate How It May Affect Your Livelihood In The Beginning

Starting a business generally demands that you give up on certain pleasures of life. You have to forgo some of your normal modest perks for the benefit of your business.

Whether it’s a daily stop for a large mocha latte at the Starbucks on Main Street, premium cable television packages, weekly dinners at the local steakhouse, or some other luxury, you might need to put them on hold.

At the same time, you wait for your company to grow. Is that acceptable? Is it possible for your family to accept that?

Starting a business generally demands that you give up on certain pleasures of life like exotic trips, designer handbags, and lots more. You have to forgo some of your normal modest perks for the benefit of your business.

having confidence in your ability

6. Learn What You Need To Learn

Entrepreneurship is a lifelong learning experience and a journey. You’ll come to realize gaps in your expertise and capabilities while going through the process of establishing and running a business.

Accept your flaws and mistakes, but don’t be too hard on yourself for them. It’s more important to look at how you react to and overcome difficulties. Put aside your pride and be ready to learn and develop your skills.

operating in a male dominated industry

7. Don’t Be Shy About Asking For Capital

According to new research from the American Small Business Administration, women are far less likely than males to apply for business loans. Despite being more likely to start small enterprises (47 percent versus 44%), only a quarter of them will apply for funding.

More so, when female entrepreneur applicants do apply, they commonly ask for less money. Don’t be afraid to aim high. When your firm needs it, don’t wait until you’re desperate to apply for small business loans. The most cost-effective finance is obtained before an emergency occurs, not afterward. There are a few various ways to get started.

You may also consider starting your own business and possibly participating in angel investor groups or looking for special funding options like venture capital for female-founded companies; it’s an emerging sector within the VC industry. Several funds have emerged to help entrepreneurs and female CEOs of color because female founders are significantly underfunded.

investors should support more women owned companies to assist with growth

8. Being Fearless About Risk-taking & Failure

Being an entrepreneur entails being willing to take chances and be daring about accepting failure and rejection. Women are generally risk-averse, but entrepreneurship necessitates taking calculated risks, and women are often willing to do so.

It’s essential to remember that overcoming the fear of failure and the dread of taking risks are key aspects to consider while starting your career.

9. Networking Matters More Than Ever

There are many factors to put into consideration before determining whether or not networking is appropriate for you, but the most crucial is how it makes you feel. It’s all too easy to get caught up in the ins and outs of connecting with people who may be able to help you advance your career.

If you’re not a very pleasant person or choose to be alcohol-free, networking might be overwhelming. All of these feelings are entirely acceptable; in fact, they’re even more justified as a woman. Find a community of other female entrepreneurs, women founders, and CEOs in your field who are also in the same business as you.

However, you may begin with a female founder and CEO organization that will be understanding and helpful, offering you the assistance you need as a woman entrepreneur.

Thus, joining a peer-to-peer networking group such as Entrepreneurs Organization (EO) will increase your passion, trigger creative solutions, and out-of-the-box thinking, and provide you with intriguing business learning.

hard work and dedication

10. Build A Successful Team And Culture

Apart from having a clear vision, you’ll need a strong team to carry out your business idea. Also, it’s critical to develop a team that represents your company’s culture.

Don’t just look for the best employees; instead, look for people who are committed to your company’s long-term objectives and are as enthusiastic about them as you are.

11. Find A Mentor

Similarly, connecting with experienced entrepreneurs is one of the greatest expert decisions you can make as a female entrepreneur.

However, finding a mentor may be as simple as meeting another professional at a networking event. You can also seek into other industry matchmaking systems that link younger business owners with more experienced individuals.

Don’t just look for the best employees; instead, look for people who are committed to your company’s long-term objectives and are as enthusiastic about them as you are.

Conclusion

Finally, be proud of yourself. You’ll be known not just by what you accomplish but also by how you persevere. It’s especially true for female entrepreneurs since everyone is watching them.

See this as an opportunity to demonstrate that you are just as elite as any other in the industry and to attain the ladder of success you’ve already established for yourself. There will be times when you require assistance.

Don’t feel embarrassed to ask for help and reach out to your network of colleagues and professionals. A strong network is an essential key for a successful business.

So, if you want to be a successful female entrepreneur, reading about this blog post is not enough. You need to go out there and put these insights into action – show them what you’re made of.

female entrepreneurs in a company

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About the author: Joe Silk -

Joseph is a Start-up Consultant, Copywriter & Business Owner with 9 years of PQE. He is extremely client-centric, able to work on a wide range of topics and deliver high-quality standards on projects of all sizes for clients all over the world. View on Linkedin

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