It’s no secret that the representation of women in entrepreneurship has been underestimated over the years. However, recent statistics have shown that female entrepreneurs are quick on the rise. According to a 2017 American Express commissioned study, female owned businesses account for 39% of all U.S firms, and over the past 20 years (1997-2017) have grown 114%. As an entrepreneur myself, these numbers are something for women in this industry, and in general, to be extremely proud of. Entrepreneurs never stop learning. Working with partners and other business professionals serves as a platform to continuously learn new things and receive advice from others. Here are a few useful tips for all female entrepreneurs.
Seek Mentors and Guidance
Never be shy about reaching out to successful people you know for a little advice or encouragement. Other entrepreneurs have probably gone through many similar experiences, and can provide you with great insight about how to handle them the right way. Use your resources and always be respectful of someone else’s time. CEO Kara Goldin says, “Tell them you won’t take a lot of their time and actually don’t,” she says. And, if someone doesn’t return your email or declines to invest in your company, don’t take it personally. Their lack of response might mean they don’t think they can be helpful.”
Be Patient, Set Short and Long Term Goals
We’ve all heard the sayings, “patience is a virtue” or “failure is an inevitable part of success”. Though many may consider them to be cliche, these sayings are often good words to live by as an entrepreneur. Always remember to be patient with your progress. Success doesn’t often come over night, and usually needs time to build. Set attainable short term and long term goals. If something doesn’t work, take the time to evaluate the error and see how it can be fixed.
Run Your Business With a Purpose
Your business should be something that reflects your passions, values, and interests. Your purpose as a founder is much more than just building the company. You are a foundational piece to your businesses success, along with your employees. Invest in your employees to motivate and inspire them; commit to your purpose, and show a personal involvement within your business.
Utilize All of Your Skills
Over time, you have probably gained numerous life skills from previous education and professional experiences. Always utilize them. A previous restaurant manager may not decide to start her own business until her mid 40’s. Her management skills from the food and service industry can provide her with exclusive knowledge that may set her apart from competitors. Don’t discredit your past experiences; use them, learn from them, and gain from them.