Small Business Ideas Black Girl – Women face many challenges in this industry. Here are some of the challenges women face and larger-than-life female entrepreneurs.
On paper, things have never been better for women entrepreneurs. According to the National Association of Women Business Owners, as of 2017, more than 11 million U.S. businesses were owned by women, employing nearly 9 million people and generating $1.7 trillion in revenue.
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But these numbers tell only part of the story. While women-owned businesses are still in the minority, the challenges women face in business are vast and often very different from those experienced by their male counterparts. To highlight some of these disparities, Business News Daily asked female executives about the top challenges female entrepreneurs face and how to overcome them.
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Many female entrepreneurs who attend networking events can relate: You can walk into a crowded seminar and count the number of women on one hand. It can be surprising when female entrepreneurs talk to senior male executives.
In this case, women agree with the traditional “masculine” attitude to business: competition; You may feel the need to be aggressive and sometimes rude. But successful CEOs believe that finding your true identity and voice is the key to exceeding idealized expectations.
“Be yourself, believe in who you are,” says Hilary Genga, founder and CEO of Trunkettes. You’ve been through a lot of hard work and dedication, and most importantly, you’ve been there. what a person thinks a leader is like.”
Not all startups are looking for investors to get their business off the ground, but those who do know how difficult the pitching process can be. It is more difficult for women-owned businesses to raise capital. A 2014 Babson College report found that less than 3% of venture capital-backed companies have female CEOs.
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Bonnie Crater, president and CEO of Full Circle Insights, said venture capitalists tend to invest in startups run by people from their “tribe.” for example, a Stanford-educated investor may want to support the work of a Stanford graduate. This means that VC firms with female partners are more likely to invest in female-led startups. According to Babson’s report, this is only 6% of US companies. Crater suggests that women looking for business investors should build confidence with a good team and business plan.
Investors typically look for businesses that can raise their valuations to more than $1 billion, Crater said. “Think about how to do it. If you have experts on the creative team who can do the job well, investors will trust those people. [You need] product-market fit”.
Another way to overcome this problem is to provide more peer-to-peer support for women entrepreneurs, says Felena Hanson, founder of the Hera Hub trade union. According to Hanson, groups like hers “not only inspire female investors, but also strive to develop and support other female entrepreneurs through funding and strategic training workshops.”
Women entrepreneurs can raise the capital their businesses need by learning to ask for what they need, even if it means asking for more than they want.
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“Women are more conservative and less judgmental,” said Gloria Kolb, CEO and founder of Elida, a mentor at the University of Connecticut’s Tech Incubation Program. “When investors are attracted, practical numbers are often identified. But because men often exaggerate, investors tend to underestimate the numbers that come out of the race.”
According to Kolb, investors tend to be men, and women entrepreneurs are acting like men, and their numbers are increasing. Therefore, they will finance at a lower level than required. Women need to understand this dynamic and approach their curves accordingly.
At one point or another, most female CEOs find themselves in a male-dominated industry or workplace where leadership roles are not recognized. Jelmar CEO and President Alison Gutterman had this experience early in her career.
“It’s hard to gain respect as a female entrepreneur in a male-dominated industry,” she says. Because it is the work of the Jelmar family. He faced speculation that he was raising the profile of his father and grandfather.
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“I’m a hard-working, reputable businessman, so I’m ready to work to build my reputation,” Gutterman said. “To overcome this, I had to build my confidence and overcome negative self-talk.”
“The negative comments that pop up in your head hold you back from reaching your full potential,” says Gutterman. She joined various women’s business groups to fight them.
“These groups provided me with mentors and peers to inspire me; “They helped me learn from outside perspectives and experiences by giving me a practical review of my performance and achievements.”
Compromising behaviors encouraged in young girls can unwittingly cause women to lower their self-esteem. Mobile Locker Co. provides private storage for events. Founder and CEO Molly MacDonald says she’s always struggled to define her own value as a leader.
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“When I talk about the company … I always say ‘I’ and not ‘I,'” he said. “Using the first person to discuss benefits makes me feel arrogant, and the idea that someone knows I’m in control diminishes the value of what we do. As the business grows, I try to take ownership of what I do.”
Similarly, Shilonda Downing, founder of the Virtual Business Group, advises women to value their creative ideas.
“I was caught off guard when I saw a lot of offers with no financial commitment from the future,” Downing said. “[I advise other women to appreciate their knowledge.
Sharon Rowlands, CEO of Web.com Group and ReachLocal, agreed that confidence is the key to success, even if you’re going up against a board full of men.
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“I’m confident in my ability to handle this,” Rowlands said.
A strong support network is essential to entrepreneurial success; It’s no surprise, then, that 48% of founders say a lack of mentors has limited their professional development.
“Because much of the high-level business world is still male-dominated, it’s hard to shine your own light and facilitate exposure and connection in certain business circles,” Hanson says. “Many businesses today still adhere to the philosophy of ‘it’s not what you know.’ This, you know, can be a huge factor in your eventual success.”
Finding the right support network isn’t always easy. Some good places to start are the WIN Conference; Women-focused networking events such as EWomenNetwork and Bizwomen Events, as well as online forums and groups specifically for businesswomen such as Ellevate Network.
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Once you’ve found a network of supporters, don’t be afraid to ask for what you really need.
“Always ask … talk about what you need,” says Addi Swartz, CEO of reacHIRE, which connects companies with women returning to work after a break. “You never know who can help. People can come in if you know exactly what to do. “If you don’t ask, you don’t get it.”
Parent entrepreneurs have dual responsibilities for their businesses and their families. Genga says finding ways to spend time with both is key to achieving balance in a busy work life.
Garrett for Michelle Garrett Public Relations; Finding that balance meant quitting her corporate job and starting her own consulting business before her first child was born.
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“If I wanted to continue working in the corporate world, I know I wouldn’t want much,” Garrett said. “I think the culture has changed to make women more flexible. But doing it for yourself gives you more freedom than you do for someone else. “
Failure is a real possibility in any business, but Christy Piehl, founder and CEO of Media Minefield, advises women not to dream too much about their security. In those moments of self-doubt that every business owner faces, she encourages women to start a business and not wait for perfection before starting a business or getting a promotion.
According to Swartz, failure should not be seen as negative or as an excuse to give up on your goals.
When you hear “no”.
