Business has not always been a place where women were seen as leaders, as men were the dominant force there. However, as time and tides change, more and more women have pushed themselves out of predetermined gender roles and and into successful startups.
Gone is the age that gender is the assumed basis for a person to succeed. Although gender bias and equality is still a daily struggle for many, more and more women have risen up and proven that gender does not dictate or prevent one from reaching success.
A 2015 study, published by the Centre of Entrepreneurs, showed ways that women could be considered better entrepreneurs than men. In this study, women were found to be better at taking calculated risks, have the lesser tendency to become overconfident, and found to be more ambitious compared to the opposite sex.
While some women have gone on to great success, others have not been as lucky. Here are five tips to help women entrepreneurs successfully build, nurture, and expand a startup or business.
Find a Business that Fits your Life
What is your passion? At any startup, challenges of every shape and size should be expected at every turn. Therefore, it is important that the business you choose aligns with your passions as it is your passion that will provide you fulfillment and drive you to work harder. When you love the work that you do, it translates to belief and enthusiasm by your clients. This will help gravitate them towards you and your business and what you are offering them.
Beware of Money Issues
A CB insights analysis of 101 startup failure postmortems revealed that running out of cash was the number two reason why these startups failed. With this in mind, diving headfirst into your business with inadequate funds could be a recipe for failure. Many startups owners often overlook this factor before launching their business even though money and time are finite and need to be allocated judiciously.
The start of a new business could mean little to no sales and therefore not enough to support your overhead expenses. Before venturing out on your own and possibly quitting your day job, it is best that you carefully analyze capital needs and save up more than the minimum needed for your idea. Remember, that once you launch your own company full time, you will not only need to support your business but also yourself and managing your cash flow is crucial.
Look for Work-Life Balance
Having an imbalanced work like and personal life is one of the most common challenges women entrepreneurs face. This is can especially be an issue when women are the primary caregiver to their children.
In a 2013 survey conducted by The Pew Center, it was found that mothers are three times more likely than fathers to say that being a parent makes it more challenging for them to advance in their careers. In order to help with this issue, you should try to understand the ways to achieve balance rather than exhausting all your time and energy in trying to achieve perfection. Try to remember that you can’t always do everything yourself. If possible, try to delegate work or try some outside resources such as TaskRabbit. For tasks that are repetitive, check out Zapier or IFTTT and automate!
Expand your Network
Networking is vital in keeping your business alive. You cannot expect your business to grow if you remain where you have started. Networking is important in meeting more people who can be prospective clients, partners, or mentors. Seeking out and being able to be in contact with women in similar fields and businesses can help, not only your company, but you as a business person grow.
Be Open to Feedback
Whatever your business may be, being open to receiving feedback is important to know the pulse of your market and the current situation of your business. It is not enough that you research your competition. It will be helpful for you if you pay extra attention to the negative feedback customers give on your products and services. It is the only way you will have an honest review and know which parts of your business or offers you should be leaving, changing, or improving upon.
Women have come a long way in business. By continuing to change old perceptions and having the courage to venture forth you can be a beacon to women everywhere and pave your path to success.
About the author
Gemma Reeves is a seasoned writer who enjoys creating helpful articles and interesting stories. She has worked with several clients across different industries such as advertising, online marketing, technology, healthcare, family matters, and more. She is also an aspiring entrepreneur who is engaged in assisting other aspiring entrepreneurs in finding the best office space for their business.
Check out her company here: FindMyWorkspace