Female entrepreneurs face many obstacles throughout their journeys. For female entrepreneurs to be successful, they need to move beyond the basic access to financial and human capital while still being able to tackle social and skill constraints they face every day. Studies based on capital, training, and gender interventions have shown that women entrepreneurs have a better chance for success when given access to the right tools.
It is no secret that women entrepreneurs face entirely different constraints than their male counterparts. Female owned businesses often lack access to financial and human capital, which can then impede the growth of a business. They usually have a different mindset and can be lacking in soft skills like leadership and employee development. This solely puts the success of a female based business on their traits and little entrepreneurial skills.
Globally, female entrepreneurship has increased by 13 percent as opposed to male entrepreneurs who have only seen a 5 percent spike. In a study conducted by the Global Entrepreneurship Monitor, it’s been estimated that with gender parity in entrepreneurship, global GDP could increase by $28 trillion by 2025. But without gender parity, female entrepreneurs need to bridge the gap themselves. As female entrepreneurship grows, we need to empower the next generation of entrepreneurs.
Feedback is one of the most critical and vital ways to validate your business. One of the best ways to get feedback is to research to help better understand what your customers are looking for. This process should go well beyond just looking at a competitor’s website. Look into their reviews, both negative and positive, and ask individuals what they are specifically looking to get out of the product or service you are offering. The more information you can gather on your competition’s strengths and weaknesses, the better you can tailor your product or services to give the consumer what they’re looking for.
Failing is Okay
To launch a successful business, you often have to have a few failures under your belt. Failing is completely okay because it teaches you how to grow and improve things that haven’t worked. Women are often more affected by the failure, and it can affect their confidence. It’s important to remember that failure is an inevitable part of success.
Continue to Learn
One of the most critical growth factors in female entrepreneurship is the ability to be a learner. Every successful entrepreneur should be an avid learner. It’s said that, on average, a great CEO will read more than 50 books a year! While books aren’t the only way to gain new knowledge, you can also listen to podcasts, take an online class, a masterclass by an industry leader, or attend a continuing education course at a local university.
Entrepreneurs can also gain skills by seeking out a mentor. This person can be someone who has built their own business in their industry or can be someone who has experience as an entrepreneur. Learning from a mentor is one of the quickest ways to help increase your knowledge in a specific industry.
As an entrepreneur, it’s essential to be confident and believe in yourself. It’s important to maintain a certain level of confidence and think that your specific business journey will impact the world!
Female entrepreneurs continue to make their specific industries successful and have a lasting effect on the world. To thrive, these women need to be equipped with the right tools and knowledge to build their businesses successfully.