Numerous studies on start-ups in developed markets all point to the same conclusion: more start-ups are formed by men than women. This is a pity, not only because this statistic is an affront to equal opportunities but also because more and more studies are speculating that women are better entrepreneurs than men.
Businesswise, it’s not a great idea to divide entrepreneurship into male-female categories, however, it helps to belong to a certain community, which can provide opportunities for future projects. In practice, men are still far ahead of women in the risky world of entrepreneurship and venture capital-backed start-ups. Nonetheless, the amount of estrogen in the testosterone filled business world is increasing from year to year.
Ronald Burt, in his scientific research on the success of female entrepreneurs in China, shows that, on average, Chinese men and women create similar network structures, experience similar distributions of network benefits, achieve a similar level of business success, and reap similar returns in network benefits.
Many tips for how to succeed in business apply to both men and women. For example, ensuring that customers are comfortable calling your business. Still, there are some differences. In this article, we will focus on femalepreneurs and discuss why they fail and how they can prosper.
It is necessary to understand the reason why there is an increasing number of female participants but an overall higher male success rate. In an interview, Ethan Mollick (a university researcher) explains what sort of problems deny females success:
Confidence is the psychological factor that determines whether you become an entrepreneur or not. Overconfidence, and the belief that you can win when other people always lose, is a strong factor in entrepreneurship. A more appropriate term for the stumbling block in business would be hubris – unwarranted self-confidence.
Women are more likely than men to feel frustrated when they are forced to try again. Men are much more likely to try, and therefore they are more likely to succeed. Women are less encouraged by success and more discouraged by failure. Failure is a perfectly rational thing. It is personally advantageous for women because they do not get involved in unsuccessful ventures.
As a group, it is bad for them because too few women buy business ‘lottery tickets’. As a result, fewer of the ‘lottery winners’ are women, which means that there are not as many successful female entrepreneurs. If there are not enough women entrepreneurs, then there are not enough women funders and not enough women role models, which discourages women and does not solve the problem.
Even so, the situation is changing; this needs to be acknowledged. A common solution seems to be to support your colleagues in groups you are participating in – and this applies not only to women but to any underrepresented group.
Once we establish the key female flaws, it’s time to list tips to build your success. As an entrepreneur, you face many challenges, but none of them are impossible to solve. Here are 10 tips to help you succeed at any stage of your entrepreneurial journey, whether you’re just starting out or are an experienced entrepreneur.
Set goals – monitor and control progress and manage your expectations. Know when to reassess. Accepting every aspect of personal responsibility and being honest with yourself will help you become more successful as an entrepreneur. It is important for women to believe in themselves. Mistakes are a natural part of professional development, and every successful entrepreneur has made many mistakes. Learning from mistakes is the basis for growth, overcoming, and improving. Mistakes, whether life-changing or minor, are costly. But by taking responsibility, we can maintain our foundation and commit to growth and improvement.
Determination is what keeps women entrepreneurs focused and stubborn, and before anyone else will believe in you, you have to believe in yourself. It allows you to not ask for approval or validation from others and helps you to continue to grow and become more successful. By learning to believe in themselves, women entrepreneurs learn not to seek approval or validation. Self-belief allows women entrepreneurs to have confidence in themselves and, as mentioned above, to overcome setbacks or difficulties with determination.
Learning is a never-ending task for every entrepreneur. Whether it’s further developing your profession or talent or learning new things, continuous learning is an opportunity to improve, to uncover new thoughts or ideas and opportunities.
Surround yourself with those who have achievements that you do not. Finding a mentor, joining a mastermind group, or forming a board of directors before starting a new business or venture are valuable opportunities. Learning from others is a great way to improve your entrepreneurial skills. To learn more, you might consider reading a book by an amazing entrepreneur or listening to a podcast related to your field.
There are many like-minded women starting out in business and many women’s groups. Some are local, sector-wide, or even national. Get involved in these groups to network with other women entrepreneurs. No one will understand your challenges better than another woman entrepreneur, whether it’s introducing a new client, an investor, or someone to talk to about business problems.
Whether it’s a task we don’t know how to do, a task we don’t have enough hours in the day to do, or a task we can’t do, knowing how to ask for help can let women entrepreneurs discover their strengths rather than their weaknesses. By not asking for help, especially in the field of entrepreneurship, you are wasting time and energy that could be spent on better things.
As a business owner (and possible mother), you need to know where to put your priorities. By focusing on the task at hand and not letting external thoughts or distractions get in the way, even professional entrepreneurs can achieve more and do it better. The easiest way for new founders to get started is not to blindly search for problems that have not yet been solved but to identify things they could improve in their personal lives. Anything you are unhappy with that doesn’t exist or is poorly implemented is an opportunity, and when you get into this mindset, it’s much easier to come up with business ideas than it is to try to come up with results.
As was mentioned earlier, fear of failure often discourages women from entrepreneurship. Successful female entrepreneurs such as Ruth Handler (creator of Barbie), Sarah Blakely (Spanx), and many others did not let failure stop them. Our world would be a very different place if that had happened. Fear is natural, but overcoming fear is powerful.
Entrepreneurs often create businesses, products, and brands without defining their target group. Your target audience is not only your consumer or customer but also your employees, colleagues, influencers, etc. – all of whom are active in different ways. Profiling potential customers is also a great way to understand your customer base and create an easy-to-sell product or service. Knowing certain information, such as the age and profession of your target audience, can help you create a more useful product.
If women entrepreneurs don’t always demand merit but give others a chance, they will be able to attract the best – the best employees, the best mentors, and the best customers. Listen, empathize, encourage, and empower your fellow entrepreneurs.
The hardest thing for successful women entrepreneurs is that they live in a world that does not value them. Decisive and successful women are often looked down upon, and their success is undermined. A strong character is one of the hardest and most valuable things a woman can develop in any profession, but it is also important to remain approachable.
It’s important for women entrepreneurs to learn to say ‘no.’ No to bad decisions, no to bad suggestions, no to lack of time – even to say ‘no’ to a difficult task without fear of seeming rude. Just like men, women can’t do everything single-handedly, so they have the opportunity to grow and develop their business by recruiting the right people for the tasks. By learning to say ‘no,’ we can cope with discomfort and learn to tolerate pain rather than feeling the need to eliminate it.
Psychological health plays a fundamental part in female entrepreneurship. The story you tell yourself is a story that takes place in real life. If you constantly doubt yourself, this negativity will become an obstacle to your growth and success. On the other hand, if you keep a positive mindset, it will help you to succeed and allow you to overcome challenges without letting them wear you down.
In business, in life, and in everything else – the options and choices we have may not always be what we want – we may hope or wish things were different. Push the boundaries, get out of your comfort zone, and don’t be afraid to try something new, even if no one has done it before. Don’t worry about people telling you it’s impossible or trying to stop you. It is when you dream bigger and push yourself harder that things actually happen.
Women entrepreneurs have historically been best known for running fashion houses (Diane von Furstenberg) or cosmetics companies (Mary Kay Ash), but in recent decades many women entrepreneurs have made a name for themselves in different industries.
The overconfidence aspect is interesting because most people think that overconfidence is a negative trait, but in some cases, overconfidence has actually been a positive thing. As stated in this article, confidence is a must-have character trait for female entrepreneurs. Additionally, the failure of entrepreneurs is bad for those who fail but good for the people who want to benefit from innovation and creativity.
Overall, some of the traits necessary for success are linked to gender characteristics that future entrepreneurs can learn about at an early age. These are gender-specific personality traits linked to social constructs. These social constructs are enculturated to conform to the social norm. In general, boys are inculcated with masculine ideals and girls with feminine values. Individuals need to develop the ability to learn the opposite traits of different genders and at the same time acquire the qualities that are androgynous, both feminine and masculine and are necessary for a balanced and successful career in building and sustaining a business.
The networks surrounding male and female entrepreneurs are gendered, but network theory on the advantage of access to structural gaps similarly predicts the success of male and female entrepreneurs regardless of gender.