5 Ways To Ensure Success For Female Entrepreneurs
6 May 2020 - Hannah Ross

There are many successful women that have changed the world for a better place throughout history. Even nowadays, there are lots of women with amazing ideas that are trying to change the world, and it is important to know some ways in which they can ensure their success.

 

1. Stay focused, even if the road is rocky in the beginning

Whenever someone starts building up their own business, it is normal to be overflowing with optimism and enthusiasm. However, being an entrepreneur is both influenced by internal and external factors. It is important to take it slow in the beginning and practice the virtue of patience, as the road to success is, as many people state, a rocky one.

As a woman in any industry, it is important to keep focused on your goals instead of focusing on your failures, as that can be detrimental to your further advancement in your industry.

According to HBR, female entrepreneurs are 15% more likely to leave their business for personal reasons.

At Forbes, Bianca Barratt writes about Whitney Wolfe Herd, who has founded Bumble – worth $1 billion – after leaving Tinder.

 

2. Keep your plans and aspirations big

The bigger the dream, the bigger results your business will give. Everybody has great potential for anything they put their mind to, but not everyone trusts themselves and their instincts enough to dream big enough. Underestimating yourself can be one of the worst mistakes to make when embarking on a journey to success and entrepreneurship.

Sophia Amoruso, who originally started her vintage clothing business Nasty Gal as a mere eBay store, now named the Fastest Growing Retailer of 2012 is a prime example of this.

In order to start any business, it is very important to think of what your purpose is, and what you are planning to achieve and leave behind with your business. All these elements will give a personal touch to whatever your business is. After all, a high degree of emotional engagement is essential in order to gain the motivation and dedication to put effort behind any start-up.

 

3. Don’t be afraid to set boundaries

With the vast majority of female entrepreneurs starting their businesses to actually obtain a better work-life balance, Colin Mosey, business blogger at Writinity and Researchpapersuk,  states that “it is also incredibly important for one’s physical and mental health to keep a healthy work-life balance”. Of course, dedication to your own work is essential for success, but one of the downsides is that you might end up overworking yourself. It is very easy for young entrepreneurs in this day and age to focus solely on their passion and career, but it can end up detrimental to their own well-being. Because of that, setting boundaries and finding a balance between work and their personal life is essential, and is also meant to remind one that, while important, work isn’t everything.

 

4. Don’t be afraid of failure

Very often, women are more affected by their own failures than men, and it can greatly affect their confidence. However, it is important to remember failure is an inevitable part of any learning process, and you need it in order to improve your plans and strategies and succeed.

The company Beauhurst found that only 23% of women actually had a business go under, compared to 34% of men.

Believing in yourself more than anything will greatly improve your self-confidence, and make you realize that anything is possible. Mark Benson, productivity writer at DraftBeyond and Last Minute Writing, says that “people who believe in themselves will always find ways to get through different problems, while those who don’t will only find excuses”.  The journey to being a successful entrepreneur will be marked by a lot of risks, and you will find yourself having to get out of your comfort zone in order to take them. Taking risks is, as the name states, a risk, and sometimes the result won’t be as desired. But even showcasing these failures proves that you are strong and a risk-taker, which are great assets in order to get noticed and further develop your career.

 

5. Plan for capital raising

Although you might start off with already saved-up money, any start-up needs to raise capital in order to keep themselves in the industry and thrive. Raising capital is a tough and long process, and it is essential for any female entrepreneur to plan for that accordingly.

According to PNE Group, in the UK, only 9% of start-up funding went to female-led businesses in 2016.

It is very important to use your own networks for help in financing. Networking is one of the most essential tasks one needs to do in order to start in any successful business, and not just financially, but also in order to gain popularity and exposure.

The road to successful entrepreneurship for every woman is difficult and full of obstacles. Once these women are equipped with the right tools and knowledge to succeed, the business landscape will grow towards innovation, diversity and tolerance.

 

AUTHOR:

Hannah Ross is a marketing professional and strategist from New York.