Years of research on start-ups and entrepreneurs have shown that the majority of companies are owned by men. Recent studies, however, reveal the need to encourage more women entrepreneurs. This is because there is a reason to believe that women can prove to be superior entrepreneurs. They have some special qualities that make them natural leaders. Today, in the US alone, women own more than 9 million firms. At the same time, the numbers are far from encouraging as women find it hard to get mentors and raise funds. You can have a look at this video.
An entrepreneur will launch a business only if he can identify a need for a certain product in the market. Women are found to be quicker at locating gaps in the market. They not only identify such opportunities faster; they act upon these instantly. Women are agile and capable of finding innovative solutions to problems. They can adapt to market changes faster.
Women are special as entrepreneurs as they are calculated risk-takers. What a male entrepreneur is likely to view as a risk will perhaps be seen by a women entrepreneur as an opportunity. This does not mean women are careless and irresponsible. They tend to analyze risks involved and make a realistic evaluation of possible threats. Their decisions are not hurried but carefully reviewed. They are patient in analyzing existing and future market risks and opportunities.
Women entrepreneurs often feel intimidated in a business seminar or workshop where there are predominantly male attendees. The situation tends to be unnerving for the women and they feel the need to be more aggressive. Successful women CEOs advocate maintaining a calm disposition and showing self-confidence in such situations. Women understand that they have risen to their position through years of perseverance and hard work. Sometimes, when aggression is required to make their presence felt, they should not shy away from it.
Women are not likely to be over-confident and are less likely to flaunt their success. They may be more successful than their male counterparts but they choose to maintain a low-profile. At the same time, women tend to be ambitious. Reports suggest that as many as two-thirds of women employed in C-suite jobs are keen to launch their own start-ups. The number of male employees thinking on these lines is far less.
Both men and women entrepreneurs may be keen for sharp business growth but their strategies are different. Men are interested in faster growth and quick exits. Research shows that women are more likely to reinvest their profits to ensure sustainable growth. This is because women inherently look for security and are less likely to gamble with their fortunes.
Statistics reveal that women lack technical expertise when compared to their male counterparts. If one out of twenty men lacks technical knowledge, the corresponding figures for women will be one out of five. Many women keen to become entrepreneurs do not even enjoy networking advantages to set up their businesses. Another roadblock for women entrepreneurs has been the lack of funds. Women would traditionally find it much harder to raise funds. But today, you will find many women investors funding other women entrepreneurs. The founder of Hera Fund for encouraging women entrepreneurs says that there are many groups like this investor group which is keen to back female entrepreneurs.
Women entrepreneurs have often been criticized for failing miserably to maintain a perfect work-life balance. The challenges are far more when there are mothers turning entrepreneurs. “Mompreneurs” are expected to carry out dual responsibilities to their families and businesses. The media has helped by showcasing stories of women who have actually made this work. High-visibility stories about such enterprising women CEOs have inspired thousands of women to try their hand at entrepreneurship.
Women entrepreneurs are making it big in the world of business because they are by nature open-minded and appreciate creativity. Creativity is crucial for running any business and when a business lacks this, it is likely to struggle in the future. Men are more likely to give up when a situation turns unfavourable. They end up selling when they are unable to fix the problems. They are also likely to lose interest when the results are not as expected. But women entrepreneurs are less likely to lose interest if the tide shifts.
Women are born with multitasking power and they can balance many roles at the same time. This makes them fit for taking on the role of an entrepreneur. They are hard-working and committed, patient when it comes to handling pressures from different quarters. They also tend to set very high standards for themselves because they are perfectionists by nature. They will not settle for mediocrity easily. So, the chances of the business suffering because of half-hearted efforts and sloppy work are less.
Women make good entrepreneurs because they have the special ability to think out-of-the-box. They are less likely to be restrained by conventional management theories and ideas. So, their problem-solving skills are found to be far superior to their male counterparts. They can analyze better and consider many possible solutions to a given problem. Only after considering many possibilities are they likely to declare a situation as unworkable. They are fantastic improvisers too and this shows in their business management skills.
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