Entrepreneurship – that was once considered a man’s domain. But now this trend has totally shifted. According to National Association of Women Business Owners, more than 9 million U.S. organizations are now operated by women, employing approximately 8 million people and producing $1.5 trillion in sales.
Since the number is rising, there are a few female business owners, who find it difficult to find mentors and raise capital for their startup. Networking is the key to discovering a plenty of people, men, and women who are eager to support and mentor female entrepreneurs.
However, more and more women are embracing entrepreneurship, they often face challenges that are not usually shared by men entrepreneurs. In this blog, I’ll discuss some key challenges women entrepreneurs usually face and what are some steps that you can take to deal with them.
6 Factors you need to consider for being a successful entrepreneur-
1. Be True to Yourself
“Be yourself and have confidence in who you are. Don’t conform yourself to a man’s idea of what a leader should look like”. –Founder and SEO Trunkettes, Women’s swimwear brand.
If you have attended networking events then you can easily count the number of females present there on one hand. In this type of scenario, women may feel as they need to adopt a stereotypically male attitude – harsh, aggressive and competitive, towards business. But there are some women business owners who believe that remaining true to yourself and reflecting your own voice are the keys to success in this fierce marketplace.
2. Raising Capital is challenging
There are many startup founders who find it difficult to search for investors to get funded. But when it comes to raising funds for women-owned companies, the pitching process could be more difficult. A study shows that less than 3% of venture-capital-funded firms had female CEOs.
There are only 6% of women owned business firms in U.S. Female startup founders looking for business investors should create trust and build confidence through a great team and effective business strategy. And you can only do this if you have professionals on your founding team that can perform the business operations well, investors will have confidence in such people. Venture investors prefer to invest their money in firms run by people of their own industry. They usually look for firms that can grow their estimate to more than $1 billion.
According to Dubai Monsters, female entrepreneurs can overcome this issues by working to get more and more women investors involved in supporting each other. This way they can not only inspire and motivate women investors, but they can grow and support other women entrepreneurs through raising capital and strategic educational workshops.
3. Recognizing Your Own Accomplishments
“Recognizing the worth of your creative idea is the key. Other women should value their knowledge accordingly”. -Shilonda Downing, Founder of Virtual Work Team.
Building some great qualities in young girls can make women unintentionally modulating their own values. Most women entrepreneurs find it hard to convey their own value as a leader.
Confidence is the key to success, especially when you need to show your worth in a boardroom full of men. Usually, female entrepreneurs’ ideas get more doubts than those from male business owners. But this won’t let them discourage from being a great business leader because they have confidence in their abilities to run their venture.
4. Building a Network of Advisers and Mentors
48% women startup founders said that a lack of advisers and mentors limit their business and career growth. With the majority of the high-level business world, it can be challenging for a woman entrepreneur to blaze her own path and make connections in the elite business networks. As most businesses believe that it’s not what you know, it’s who you know. And this a major factor in your ultimate business success.
Knowing the right places where you can find the right support network is the key. Go to women-focused networking events, conferences, summits, participate in online forums and groups specifically targeted business women.
5. Work and Family Life
Work-life balance is a goal of many entrepreneurs, especially female entrepreneurs, as they have to start businesses and simultaneously run their families and their companies. Being a mom while running a business is very challenging. You need to balance their time and effectively run your business while dealing with your kids.
Mom-entrepreneurs have more responsibilities to their businesses and to their kids, and finding the right way to devote time to both is key to truly attaining that elusive work-life balance.
6. Fear of Failure
The fear of failure is one of the top concerns of female entrepreneurs who run their businesses. There is a possibility of failure in any business, so it shouldn’t be taken as a negative. You need to have huge failure to have huge success. You may get 100 No’s to listen 1 Yes, which can make you more successful tomorrow than you were today.
Female entrepreneurs are advised to work through the moments of self-doubt that every startup founder faces. Because if you are successful, no one treats you differently and no one bothers your gender.
Wrapping Things Up…
The golden period of women entrepreneurs has finally started. Females business owners are equipped with inspiration, knowledge, skills, and funding. The number of women entrepreneurs is continuously increasing, they are enterprising as their male counterparts and making a name for themselves with their start-ups.
Muneeb Qadar Siddiqui is a digital marketing specialist at Dubai Monsters. Dubai Monsters is a digital design company in Dubai that offers a wide range of digital design solutions. Whether it is logo design, website design or stationery design, DM has you covered. Muneeb loves to build relationships with new people, which is why he is active on social media and community forums. He creates the digital marketing strategy and aligns the digital marketing goals with business goals.