This archive report was first published on 29 July 2021.
July 29, 2021
Starting a business can be a daunting task, but it's even more challenging for female entrepreneurs who face a unique set of obstacles. Despite the increasing number of female-owned businesses, women are still underrepresented in the business world, and they often lack access to resources, mentorship, and networking opportunities.
According to a study by the Global Entrepreneurship Monitor (GEM), women are more likely to discontinue their businesses due to financial reasons, with 45.8% citing lack of profit and 16.2% citing lack of financing as the main reasons. However, the same study found that women entrepreneurs have higher levels of innovation than their male counterparts, with 29.6% of women reporting that they offer products that are new to some or all customers.
Moreover, a 2015 report by McKinsey & Co estimated that with greater gender parity in business, the global GDP might increase by $28 trillion by 2025. This highlights the importance of supporting and empowering female entrepreneurs to achieve their full potential.
So, what can female entrepreneurs do to overcome these challenges and achieve success? Here are some tips:
Find a good mentor
Having a mentor can be a game-changer for female entrepreneurs. A good mentor can provide guidance, support, and valuable insights that can help you avoid costly mistakes and make better decisions. According to data from a 2018 analysis by Endevour, companies whose founders were mentored by a top-performing entrepreneur were three times more likely to become top performers too.
While it's possible to benefit from male mentors, having a female mentor can be even more valuable. A female mentor can help you overcome the unique challenges that you face as a female entrepreneur, such as sexism, juggling childcare and a growing business, and dealing with imposter syndrome.
To find a mentor, you can reach out to women entrepreneurs that you look up to, attend local business networking events, or join women-focused networking groups.
Network with women
Women are often their own worst enemies, but this doesn't have to be the case. As a female entrepreneur, it's essential to have a few reliable female connections in the business world. According to a 2019 study published by the University of Notre Dame and Northwestern University, more than 75% of women in high-ranking positions have female-dominated inner circles or strong ties with women in their network.
Having a strong network of female entrepreneurs can help you overcome the challenges that you face in the business world. It can also provide you with valuable support, guidance, and opportunities for growth and development.
Own your accomplishments
Finally, it's essential to own your accomplishments and assert your authority as a female entrepreneur. Due to social conditioning, women are often more likely to downplay their own contributions and accomplishments, which can lead to feelings of inadequacy and imposter syndrome.
Remember that you've earned your position and that you're as good as male entrepreneurs in your position. Don't be afraid to assert your authority when the situation calls for it, and always remind yourself of your accomplishments and the value that you bring to your business.
