Women in Business from a Woman in Business

Women in Business from a Woman in Business

Published by Karen Gendron on 7th Mar 2019

I like lists because they keep me organized.

I have a grocery list, many to do lists, a hot lunch list, a social media list, a blog list… the list goes on…

Below is a great list about being an entrepreneur. It’s not completely comprehensive, nor does anyone have to follow it, but it helps to put it all in perspective.

Here are 10 Steps to Become a Successful Business Woman (Entrepreneur): (List headings courtesy of

https://www.profitableventure.com/become-a-successful-woman/)

1. Believe in Yourself:

Women tend to be under-confident and underestimate themselves. This can be detrimental to business success. No one will invest in a business that lacks confidence, so believe in yourself. Women have come a long way in the business world, but there are still plenty of improvements that can be made. You have a valuable business and valuable ideas, so connect with mentors and get help if you need it. Women are nurturing, but they can also eat their young; don’t lose your self-esteem and keep track of your accomplishments.

In the words of Kid Rock, “It isn’t bragging motherf***er if you back it up.”

2. Have a strong mission:

Why are you doing this? Do you have passion in what you’re doing? Don’t downfall because you started a business with the final money goal in mind. Start a business that you’re passionate about and will enjoy on the daily. That way, you’ll never work another day in your life. (Well, some days still grind, but all in all, work is fun!)

3. Prepare your mindset:

Be strong, persistent, willing to change, willing to negotiate, and willing to communicate. Don’t set any ideas in concrete because business is ever changing. In todays world, advancements are being made daily (technology and medicine are great examples). We must evolve and pivot to keep up with customer demands.

4. Be willing to fail:

The best way to learn anything is by failing. Failure does not mean you as a person are a failure. It means you are human, and you failed at something you didn’t already know. It means you have learned an important lesson. Don’t be negative - you are the only one that can stop you from being successful. Men don’t let failure stop them (men are more likely to be overconfident). Keep pushing.

https://www.npr.org/2015/09/08/438473573/why-are-w...

5. Start a business:

It’s a good time to be a woman in business. There are so many opportunities for women to start a successful business with more improvements being made. The previous success of women has paved the way for further success, and as we raise our daughters to be more confident, it will only continue to grow.

Government of Canada: Find funding according to your needs: https://www.ic.gc.ca/app/scr/innovation?lang=eng&gclid=EAIaIQobChMI3rLGta7w4AIVviCtBh1bKQg1EAAYASAAEgIkPPD_BwE

https://canadabusiness.ca/starting/checklists-and-guides-for-starting-a-business/women-entrepreneurs/

6. Increase your business skills:

Successful businesses require successful negotiation, and men do tend to be better than women on this front. However, “Women tend to be better at emotional empathy than men, in general," Dr. Dan Goleman wrote in Psychology Today. "This kind of empathy fosters rapport and chemistry. People who excel in emotional empathy make good counsellors, teachers and group leaders because of this ability to sense in the moment how others are reacting.”

Women are better with emotional intelligence, which helps when building relationships. Empathizing with people vs. Being an authority builds better relationships. Women are also more sensitive to feedback, which can knock self-esteem, but can also be an advantage if taken correctly.

7. Understand your business to the core:

If you have started your business because of passion, and truly enjoy what you do, understanding your business to the core is easy. You will comprehensively know about your products and your services.

8. Manage your time effectively:

Children and aging parents are part of life. A study from MetLife and the National Alliance for Caregiving calculated women lose an average $324,044 in compensation due to caregiving. Women have traditionally been the caregivers in families, and are the ones who give birth to the children. It doesn’t mean we cannot do it all; it means time management is certainly crucial to manage it all.

9. Take care of your customers:

Three main challenges faced when starting up a business is finding clients; keeping a steady workload and working long hours. Customers are the basis of your business, so listen to them. Be constructive and get feedback: encourage discussion rather than argument.

10. Stick to the process:

Statistics show that 90% of all businesses started fail in their first ten years. Perseverance is key. Entrepreneurship is not easy, and being a woman makes it just that little bit harder. Fortunately, this is changing and there are plenty of opportunities to take advantage of.

A few Stats that we need to change in the near future:

Women are underrepresented and underestimated in corporate leadership, making up only 4.8% of CEOs in S&P 500 companies, despite making up 44.7% of total employees.ecohen (2012-11-15). "Women in S&P 500 Companies". Catalyst. Retrieved 2019-01-20.

Female entrepreneurship ranges from just over 1.5 percent to 45.4 percent of the adult female population in the 59 economies included in the Global Entrepreneurship Monitor research project. Global Entrepreneurship Monitor (January 6, 2012). "GEM 2010 Womens Report". Global Entrepreneurship Monitor. Retrieved June 16, 2012.

A 2018 study shows that female CEOs are 45% more likely to be fired than their male counterparts, even if they are doing a good job. Schroeder, Jackson (2018-11-30). "Women CEOs Are 45 Percent More Likely To Be Fired". The University Network. Retrieved 2018-12-10.

55 percent of women entrepreneurs in Ghana–the only economy with more women than men entrepreneurs.

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