Being a female entrepreneur can be incredibly challenging, especially in a world that is still primarily dominated by men. Even though women now own 38% of all businesses in the US, they still face systemic and cultural obstacles when it comes to achieving success as an entrepreneur. These challenges include gender bias in areas such as access to capital, criticism from other business owners, and lack of networking support.
There is significant gender bias regarding access to capital. For instance, a study conducted by Funding Circle found that only 11% of venture capital investors are women. Male-owned businesses are often better positioned to secure essential financial support than female-owned businesses. In addition, female entrepreneurs also receive less funding on average than their male counterparts: for every dollar a man raises from investors, women get just $0.10. This discrepancy makes it difficult for female entrepreneurs to scale their businesses and compete effectively in the marketplace.
However, it doesn’t mean you won’t succeed as a female entrepreneur. Certain traits can help you overcome challenges and succeed in business. Here are some essential characteristics of female entrepreneurs:
Resilience is one of the most essential traits for female entrepreneurs. Resilience allows them to overcome obstacles and push through the toughest challenges. It helps them stay focused on their goals, stay positive, and make the best decisions even in difficult situations.
Resilience also means taking risks, learning from mistakes, and continuing despite setbacks. It’s important to remember that failure is part of success – mistakes are often the stepping stones to eventual success. Female entrepreneurs should not be afraid to try new things or take calculated risks; they should also have the courage to accept failure and move forward with more knowledge and experience than before.
Resilience can be exhibited in several ways, including having a solid support system, setting realistic expectations, creating an effective plan for achieving goals, staying organized, learning new skills or strategies that will help achieve success, taking breaks when needed to rejuvenate both physically and mentally, engaging in healthy activities such as exercise or yoga which can reduce stress levels and create a more evident mindset for attacking challenges head-on. Additionally, having experienced entrepreneur mentors can provide valuable insights and advice to help female entrepreneurs make better decisions that will lead them closer to their business objectives.
Confidence is crucial for female entrepreneurs, as it helps them make decisions, take risks, and build relationships with other business owners. Without confidence, female entrepreneurs will find it challenging to be successful in their businesses.
Confidence is necessary to push through challenging times and develop the “thick skin” to overcome obstacles. It can also help female entrepreneurs stand up for themselves and their ideas when they face gender-based biases or criticism.
Fortunately, there are ways to boost confidence among female entrepreneurs. Here are four tips on how to do that:
Understand Your Strengths
Female entrepreneurs need to understand their strengths and use those skills to help grow their businesses. Understanding your unique skillset can empower you to take action and back yourself up. Doing this can also help build self-esteem and create confidence toward tackling challenges that come your way as a business owner. Additionally, recognizing your weaknesses can help you plan accordingly and work on areas where improvement is needed.
Surround Yourself With Positive People
Surrounding yourself with inspiring people who support your goals and offer encouragement will be beneficial for developing confidence as a female entrepreneur. Having positive people around you can provide valuable advice and remind you of your capabilities when dealing with difficult situations or feeling down about something related to the business venture. Simple acts of kindness, such as words of affirmation from mentors or peers, can make a big difference in helping develop self-confidence.
Take Time For Self-Care
Self-care is vital for boosting confidence levels; ensuring enough time away from work activities allows for necessary rest so that mental energy isn’t depleted too quickly (which could lead to anxiety or depression). Taking time for self-care activities such as yoga, exercise, meditation, reading books or articles related to your industry/business, drawing/painting/creating art pieces, etc., will not only help refresh the mind but also serve as a reminder that success doesn’t always have to come from working harder.
Invest in Physical Appearance
Much of your confidence comes from how you present yourself. Your physical appearance is a great way to express your personality and illustrate your brand, so it’s essential to invest in fashion pieces that make you feel confident. Modest skirts, for example, can help project confidence while still looking professional and appropriate for business settings. Investing in fashionable but comfortable clothing items (that fit within the budget) and personal hygiene products such as quality perfumes or facial creams/makeup can all contribute toward feeling more confident with yourself and your capabilities as a female entrepreneur.
Perhaps true for all entrepreneurs, being financially knowledgeable will help female entrepreneurs better manage their businesses. Women tend to have less access to capital and receive lower investment amounts than men, so female entrepreneurs need to understand financial management. This includes everything from understanding cash flow, budgeting, forecasting profits, and expenses, understanding tax laws and regulations related to the business, etc.
Having a good handle on managing finances can make a big difference in the long run – it will help ensure there is enough money to cover operational costs and investments into growth opportunities. With accurate financial information, female entrepreneurs can make informed decisions about using their resources and capitalize on available options.
Successful female entrepreneurs possess certain traits that help them overcome their unique challenges due to gender bias and other systemic obstacles. These essential traits include resilience, confidence, and financial management. With a combination of these characteristics, female entrepreneurs can strive for business success despite facing extra hurdles on their journey.