Female entrepreneurs have made a significant impact on the economy. An older stat, but one we still find relevant is that; as of 2017, there were 11.6 million women-owned businesses.
This, means employing nearly 9 million people and generating more than $1.7 trillion in revenue.
Women are starting businesses 2.5X faster than the national average. And, there are 114% more women-owned businesses in the United States than 20 years ago. Wow!
So, needless to say we thought this was a perfect topic to run with and share our thoughts on what are the things that female entrepreneurs need to know.
LET’S START WITH SOME FACTS …
Female entrepreneurs are more likely to be operating home-based businesses (68% vs. 48% of men). Although females still hold the majority here, this is a definite shift over the past decade.
But … male and female entrepreneurs do share some commonalities, for example;
- Experience the same levels of guilt about spending time with their businesses
- Spend “less time with friends” and typically they biggest sacrifice to being an entrepreneur
- Both male and female entrepreneurs say; a ‘Hard Work Ethic’ and ‘Confidence‘ are the top skills needed to be successful
- Believe charisma and intelligence are the most overrated traits for success
- ‘Not asking for help‘ is the biggest mistake they’ve made
- Same monster fears: Finding new customers and getting out of their comfort zone
Additionally, male and female entrepreneurs have the same top 3 motivations for starting a business;
- A passion for or expertise in chosen field/industry
- Freedom and a flexible schedule
- Always wanted to be an entrepreneur
Where do you fall? (we’d love your thoughts in the comments)
Now, there are also some interesting financial facts about male vs. female businesses. And, we don’t want to spend too much time there today but if you have interest in things like loan differences, success rates, hiring and firing … let us know!
6 THINGS FEMALE ENTREPRENEURS NEED TO KNOW
Whether you are a new entrepreneur or influencer or one still hitting the ground … we think these few things will help you. We realized, that although we have come a long way in terms of gender there are still these, differences. And that’s OK … because the more female entrepreneurs coming onto the scene, the more powerful we all become!
YOUR BUSINESS WILL FOLLOW YOUR LEAD
In other words you can do whatever you want to do. You have a business idea, big or small, right? So, write out a list of what you think you need to get started and GET STARTED! Today, like right this moment. There’s so much you don’t know, so much you couldn’t know and that’s the way life goes.
Use the ideas, experience, education and opportunities you currently have to build what you need. You will make mistakes and you might cry them out in the shower or, have your closet temper tantrums, feel sorry for yourself, celebrate small victories which become larger and then you will do it all again.
LEARN TO ASK FOR THINGS YOU NEED
As you navigate through your business, you will come across resources that you need to be successful. Figure out what you need at each stage and ask everyone. It is often the most unlikely people that will give you the insight you are looking for. Ask people you meet in person, ask in Facebook Groups, your network, etc.
We often read about minimal support but when you plug into the right spots magic happens. Our Influencers Hangout on Facebook may just be the spot you’re looking for!
CIRCLE GETS SMALLER, VISION GETS BIGGER
You will meet a lot of naysayers and people who do not get or understand your vision. Avoid these people or at least any conversation with people that do not inspire you to move forward. We can’t help it right? We are people who crave emotional connections. However, as female entrepreneurs we need to make sure we’re feeding the right emotions.
BECOME A LIFETIME STUDENT
The key to consistently growing through innovation and success is knowledge. Every successful entrepreneur we know is a committed learner. In fact, the average CEO reads up to 60 books a year.
If you don’t like reading books, lose the excuses and try …
- audio books
- online classes
The more you know, the more you can influence and impact others.
QUIT WORRYING ABOUT FAILING
Listen, it is totally normal to be nervous, scared, anxious – whatever .. but put a lid on it. Tell yourself you are worthy, you deserve this, you need and want this. Those are the things your inside voice should be saying.
Because hey, you will stumble along the way.
There may be days that you feel like an absolute failure — but you’re not. The only failure is when you don’t learn from what happened. Take the lessons that life will throw at you, adjust, pivot and keep it moving.
PEOPLE ARE GOING TO BE NOSEY
Female entrepreneurs should probably get ready for all aspects of their life to be picked apart. This will be everything – from what you are wearing to your personal relationships. Female entrepreneurs receive unwarranted criticism for pushing through gender stereotypes.
[From a Forbes Article] Aimee Kandrac, founder and CEO of WhatFriendsDo, acknowledges that female founders are often asked to make note of their various personal roles before describing their role as a business leader. She writes, “I am a wife. I am a mom. I love those roles. I am also a business-owner and founder of a company.”
Now, in direct sales and home-based businesses sure, personal lives almost begin to intertwine with personal. However, outside of that space – this happens far more often than you’d like to believe.
Overall, female entrepreneurs are CRUSHING IT! and rightfully so. We hope that these few things were helpful for you and we can’t wait to learn more about your journey!
If you haven’t already, be sure to join our Facebook Group — Influencers Hangout — This is a place for network marketers who want to learn how to use social media the right way to grow their business! Or in the mean time, learn a little bit more about who we are and why, we believe in ‘Breathing Life into People‘.
Spark your Influence!