Since 2012, the growth of female founders for start-ups has plateaued at 17%, according to a continuing study done by Crunchbase. Because of the historical inequality of men and women in the workplace, it isn’t surprising that the percentage of women entrepreneurs is still much lower in comparison. But why?
According to venture capitalist, Nick Beim, in a 2015 Wired article, it has a lot to do with familiarity. Venture capitalists tend to give more money to male entrepreneurs because frankly, that’s what they know. Against this notion, Kevin O’Leary from Shark Tank reported that 95% of women-led companies he’s invested in have met their financial targets compared to just 45% of male led businesses.
While creating a new business is no easy task, regardless of your capabilities and background, it is crucial to any entrepreneurial leader, especially women, to possess these following characteristics:
Confidence. Confidence is key for any leader. Starting a business can come with a lot of uncertainty and challenges. A successful entrepreneur can foresee these challenges and utilize their drive and motivation to conquer them, even under high pressure. Confidence allows you to move past the issue by picturing the end result.
“I don’t put any energy into wondering if I have different challenges than any other leader or business owner because I am female. I think at the end of the day, if you are good at what you do, that’s all that matters.” – Andi Atteberry, founder of blingsting
Understanding failure. What sets apart a successful entrepreneur from the rest is their understanding and acceptance of failure. Entrepreneurial leaders know that failure is just part of the process. Each trial and error is a learning experience from which they can better understand their business and customers for future improvement.
“Do the one thing you think you cannot do. Fail at it. Try again. Do better the second time. The only people who never tumble are those who never mount the high wire.” – Oprah Winfrey
Adaptability. Not all scenarios and complications are foreseeable, and because of that, it is important for an entrepreneurial leader to remain adaptable. Understanding that things might not go as planned is crucial to overcoming any unexpected challenges. Allowing employees to support you as a leader and execute your plans is a form of adaptability. An entrepreneur might have the mindset that they want everything done in a specific manner, but there are only so many balls one person can juggle. Properly allocating responsibilities to your team can lead to new discoveries and possibilities for your business.
“Don’t be intimidated by what you don’t know. That can be your greatest strength and ensure that you do things differently from everyone else.” – Sara Blakely, founder of Spanx
If you would like information about launching a women-owned enterprise or taking your business to the next level with targeted marketing and PR strategies, please reach out.