Female entrepreneurship is growing every day, but women face many challenges before establishing themselves as successful entrepreneurs. This includes the lack of resources, connections, investment, personal help, and unprecedented business gaps. When it comes to entrepreneurship, women have been long underrepresented, but lately, the trend is shifting. Women entrepreneurs worldwide are increasing, and 40% of all businesses are run by women in the US today.
Besides the challenges of gender disparity, women entrepreneurs are not considered suitable role models. It may surprise you that many still believe that working with a female-led organisation does not lead to career growth. They either do not take up jobs or leave without notice in organisations led by women. This ratio is high compared to a male-led organisation.
Though women take care of their children and manage household chores while steadily contributing to business revenue, they face innumerable challenges.
Quick Tips For Aspiring Women Entrepreneurs
In today's business world, women entrepreneurs have become a strong force. Several large corporations are now led by female entrepreneurs, many of whom have been successful business owners in the past or are currently associated with more than one organisation in an entrepreneurial capacity. As a woman, if you wish to establish a business, the following tips may help you.
1. Your Foundation Should Be Your Strength
If you are already working with an organisation and dreaming of your business venture, don't quit your day job unless you lay the foundation for your business. By foundation, we mean ensuring the availability of startup capital, drafting the marketing plan, and hiring at least five employees. If you are planning a partnership business, ensure your partner adheres to the legal guidelines. It may seem enticing to leave the day job and devote all your time to the new venture you are planning, but it is not a wise move unless the stage is set.
2. What’s better than being your boss?
What if the venture does not succeed? Consider the worst-case scenario, and if you are lucky, you do not lose anything. Taking up part-time jobs with different organisations can help you transition gradually to become an entrepreneur.
3. Business Plan
As an aspiring business owner, it is important to define your business plan. It may seem like a daunting task; however, starting a business without a plan is like sailing on the sea without a compass. Research your niche, set short- and long-term goals, and most importantly, ensure the availability of funds. Keep your business description, market analysis, business synopsis, and operational methods ready.
4. Continue Learning, But, Don't Be A Pushover
Once you nail your day job, you can focus on your venture. The tasks may seem mundane. However, consider your business your child. Everything that ensures the well-being of your child will be your job. You will be the person responsible for the growth of your business, not your employees.
Slowly work your way through challenges, build trust with your colleagues and managers, be available for even the smallest task. Do not be the coffee girl. If it is your venture, you must make others work. Do not allow others to talk you down.
5. Learn To Hold Yourself Accountable
Once you have set up a team, be it a team of 3, 5, or 10 members, you must set goals and monitor them effectively. Keep realistic expectations, and anyone who exceeds your expectations understands your business.
If the team refuses to take responsibility, hold yourself accountable and retain your clients. The qualities you display will inspire others.
6. Failure Is A Part Of Success, Do Not Be Afraid
Break the shell and move outside your comfort zone. If you find applications that include failures, it is proof that such people are capable of taking risks. Women affected by failure lose confidence.
Don't let that happen. Failure is an inevitable part of success. It helps build a steady learning curve, and failing at something you love is better than succeeding at something you hate.
7. Maintaining a Proper Feedback Mechanism
If you wish to validate your business ideas, feedback is critical. Research can help you understand what customers need. You need to go beyond regular research and spend time reading reviews, articles, and other information on the internet. You can let go of the positive reviews and focus on the negative ones.
Negative reviews are the areas that affect customer satisfaction. Your analysis must include studying the strengths and weaknesses of your competitors. When you find a competitor's weakness, exploit it to benefit your business.
8. Be Independent And A Team Player At Once
Well, the much-debated question, “Is it good to be a self-starter or work independently”? This is still under consideration. Successful women like being independent self-starters. Working independently is one of the most valuable job skills you can bring to the table. As and when needed, you can collaborate, be a part of a team to grow your business.
9. Funding And Budget
Every business entrepreneur needs startup funding. The important sources of business finance include borrowing from family and friends, a loan from the bank, and angel investment. If you have funds ready before approaching prospective clients, you will find operations easy and invest in your employees.
The operational cost of a startup may go beyond expected figures as overheads rise. A budget may help you spend cautiously. You can consider amounts needed as necessary business investments and cut down on other unnecessary expenses.
Do not compare your business with an established company, as large companies usually work with annual budgets. As a small business owner, it is important to look at the company's budget every three to four months.
For a business to succeed consistently, it is important to follow-up regularly. You can apply the 80/20 rule and eliminate the chances of failure. Once you have a list of your potential customers, send follow-up emails, provide valuable information, and deliver products or services on time. Persevere and go the extra mile. Remember your business goals and take the necessary steps to achieve them.
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Q. What business can I start as a young woman?
Ans. There are several business ideas. Select the one that suits you the best. You can start affiliate marketing, freelance writing, blogging, take up professional bookkeeping or proofreading, sell products online, become a life coach, a social media influencer, etc.
Q. What business is good for beginners?
Ans. One of the best options is digital marketing. You need to be a certified digital marketer. You must understand concepts like search engine optimisation and online promotions. Other businesses include storage rental services, 3D printing services, manufacturing, and selling ready to assemble furniture.
Q. Give some examples of business ideas.
Ans. Some examples are online services as a teacher, homemade product seller, wholesale provider selling online under a brand logo, a print on demand business, etc.
Q. What are the types of business?
Ans. Businesses can be classified as a sole proprietorship, partnership, limited partnership, corporation, limited liability company, cooperative, and non-profit organisation.