More and more females are becoming entrepreneurs even though men still dominate the entrepreneurship space. The Global Entrepreneurship Monitor (GEM) 2018-2019 Women’s Report, co-authored by researchers from Babson College and Smith College found that the number of startups by women worldwide still lags that of men.
GEM studied the economies in 59 countries, and the report shows approximately 231 million women are starting or running new businesses in those regions. There’s been progress in the number of established businesses owned by women. Interestingly, globally, younger women (ages 25-44) had the highest entrepreneurial participation rates which more young women are starting their own businesses.
If you are a young woman and plan to start your own business, here are some tips to help you become successful.
Know where to focus energy and time
Owning a business means that you must know where and what to prioritize. By focusing on the tasks at hand and not allowing external thoughts or distractions to get in the way, entrepreneurs can accomplish more and accomplish it better.
Learn how to hold yourself accountable.
Set goals – track and monitor them. Manage your expectations. Sing your praises. Know when you need to re-evaluate. Every aspect of personal accountability and being honest with yourself will empower any entrepreneur to be more successful.
Never be afraid of asking for help
Whether faced with a task that we don’t know how to do, there are not enough hours in the day to do, or merely we just can’t do it – by learning to ask for help, women entrepreneurs can reveal their strengths, not their weaknesses. By not asking for help, especially in business, you are utilizing time and efforts that could have been focused on a better effort.
Always be committed
Staying committed allows female entrepreneurs to stay focused and determined. It allows you to not need approval or validation from others and helps us continue to grow and become more successful.
Know your target audience.
Entrepreneurs (men and women) often build companies, products, and brands without ever defining their target audience. Your target audience is not just the consumer or customer, but your employees, peers, influencers, etc. – all who will be assets in different ways.
Do not stop learning
Learning is a task that no female entrepreneur should ever cease to do. Whether it’s continuing to master a trade or talent or learning a new one – continued learning builds possibility for improvement, new thoughts or ideas, and opportunity. Three great ways to learn from others is to surround yourself with those who excel at something you don’t. Finding a mentor, joining a mastermind group, or employing a board of directors ahead of your new business or venture is all valuable paths.
Don’t forget to develop your brand
By having a strong personal brand, you can leverage it to boost your company’s visibility. By developing a strong personal brand, you open doors for others to look to you as a thought leader and thus trust your business as well.
Learn from mistakes
Mistakes are a natural part of professional development, and any successful entrepreneur has made their fair share of errors along the path. The takeaways from mistakes, provide a foundation to grow, overcome, and improve.
