How To Become A Business Women – At some point in their lives, most teenage girls have run some kind of business, whether it’s a lemonade stand, selling homemade “slime” on Etsy, or simply selling Girl Scout cookies to their relatives. As it turns out, parents will do well to encourage this entrepreneurial spirit. Some studies indicate that women business owners may be more skilled, and may be more successful in starting their own companies, than men.
The ranks of female entrepreneurs are increasing every year, and with good reason: women who own businesses tend to take real risks and have a bigger perspective. They use confidence, integrity, ambition, and tenacity to overcome obstacles.
How To Become A Business Women
In many cases, these women are second or even third generation entrepreneurs, who learned from their parents how to run a successful business.
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The 2016 BNP Paribas Global Entrepreneurs Report, based on a survey conducted by the Scorpio Partnership, provides interesting insights into the global population of female business owners.
The report studied 2,600 high net worth entrepreneurs (those with at least $30 million in investable assets) and high net worth entrepreneurs (generally defined as holding $1 million in liquid financial assets). Respondents hailed from 18 countries in Asia, North America, and Europe.
The Millennial generation is well known for its members’ rejection of traditional career paths, so it’s no surprise that “millennipreneurs” are one of the fastest growing demographics in business. These young movers and shakers are motivated as much by their own passion as by meeting the needs of the service or product they offer.
Millennials aren’t likely to open a craft brewery or ferment their own kimchi just because their neighborhood needs another brewpub or supplier of probiotics. They did not push about it, however; The fact that Millennial-led companies have a 43% lower turnover rate than their Boomer counterparts confirms the diligence of their market research.
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Additionally, 78% of entrepreneurs age 35 or younger – both men and women – are following in their parents’ footsteps. This is important for two reasons. The second type of business owner tends to learn from other people’s mistakes (and successes). It may also account for their overall resilience and willingness to start over if one company doesn’t work.
Although the United States has been voted the number one place to start a small business, But American women are increasingly being joined by sisters from China, India, Turkey, Belgium, and Germany.
Almost 70% of Chinese businessmen surveyed said that profits increased from last year. Female business owners in China also place high value on corporate social responsibility.
Perhaps surprisingly, women do not necessarily start businesses in sustainable women’s industries. In fact, their top two sectors are the same as male entrepreneurs: retail and professional services.
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Only when it comes to number three does the gender differ, with women choosing the fashion business and men choosing technology.
So what makes these female business owners successful? Another study, this one conducted by the UK’s Center for Entrepreneurship, discovered surprising results when they surveyed more than 500 C-suite executives and entrepreneurs.
The center’s think tank points out that women in business, although confident, are less likely to be overconfident than their male counterparts. All other things – but most importantly, the financial health of their business – being equal, only 42% of women say that the business is growing, while 62% of men give the same response.
Women are also more likely than men to be honest about the challenges their companies face. Perhaps because their egos are less invested, they can ask for direct, effective help. Additionally, these female entrepreneurs (especially Millennials) don’t hedge or make excuses; Instead, they face related problems. This allows them to pivot faster and fix things that aren’t working before they destroy the entire enterprise.
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The same study reported that 80% of female entrepreneurs report seeing opportunities where others are at risk, compared to only 67% of men. This may be due to women’s ability to see their business in the long term. While men tend to “in and out” of investments, with an eye to quick profits, their female counterparts are more apt to reinvest, and give the value a slower but steady growth.
It is noteworthy that, in the corporate world, women have to work harder than men to achieve comparable goals. The study of the Center of Entrepreneurs confirms this, or at least its perception: only one in 20 men has received insufficient technical knowledge to make their business successful. One in five women admit their inability in this matter. There were similar differences when respondents were asked about their professional networks.
Here’s the kicker, however. Despite these gaps, women in the study took home twice as much money as men.
This revealing finding may be related to women’s high levels of “grit,” author Angela Duckworth defines as a specific combination of passion and perseverance.
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More than just clinging to it-iveness, more than just belief in one’s own vision, grit may be difficult to judge, but it is an uncanny predictor of success.
In addition, women are unlikely to rest on their laurels when it comes to starting a business. Almost half of female entrepreneurs (47%) expressed interest in starting a new business within the next three years. man? Not much. Only 18% of them want to start the process again, when their current business has already grown.
In all seriousness, there are some important points to take away from these findings, whether you’re male or female, Baby Boomer or Millennial, living in Belgium or Baltimore.
Have courage and confidence in your business ventures. Find your passion, and use it to build your “passion” – but don’t neglect the basics, like market research and creating a business plan.
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Remember your long-term strategy for success; In the meantime, don’t be afraid to start another business. Be confident not only in your own abilities, but in the abilities of your network. Leave yourself at the door, so that if you fail, it’s easy to pick yourself up again and try something new. Approach any problems that arise with your business – and problems will arise with your business; It is the nature of the beast – with honesty, directness, and courage.
About the Author: Marsha Kelly sold her first business for over a million dollars. She shares her hard-fought success as an experienced serial entrepreneur with her
, Best4Businesses. You can also read it at Writerzone where he regularly posts business tips, ideas and advice — as well as product reviews for his valued readers.
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