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Last Updated on January 20, 2024 by Work In My Pajamas
Whether you are an aspiring entrepreneur or an established one, you know there is a lot involved in being an entrepreneur. In fact, in a study conducted by American Express, as of January 2017, there are an estimated 11.6 million businesses operated and controlled by one or more women. That estimate is a product of 114% growth between 1997 and 2017. That’s a growth rate 2.5 times the national average! Despite this impressive growth record and the large amount of women entrepreneurs, women-owned businesses only account for about 39% of all United States firms.
That being said, though more and more women are working hard to be leaders in their industries, these industries are still largely populated by men. Though this isn’t necessarily a bad trend in of itself, it still presents different challenges women must face when compared to their male counterparts, who make up the majority of leadership roles in the workforce.
Read on to learn more about what it’s really like being a female entrepreneur!
In This Post:
Female Entrepreneurship: What’s it Really Like?
It Takes a Lot of Hard Work
Just about every business venture is hard, but as mentioned before, women often face particular challenges. In many cases, entrepreneurs fail at building a strong network. Many women tend to focus on what they know rather than who they know. While this isn’t a bad thing, studies show that most job opportunities are provided through networking. Therefore, it’s important that women work hard to build business relationships.
Additionally, some women find it harder to receive funding. The fact is, the majority of investors are male. While this isn’t true for every investor, men tend to fund people who are like them. Most of the time, this is done subconsciously, but it can make it harder for women to find someone willing to invest in them.
In the end, there are many challenges that come with being a female entrepreneur. However, in all of these hurdles, you can be triumphant. Additionally, while some women experience all of these difficulties, some don’t experience any of them. Everyone’s entrepreneurial experience is different, which means your challenges could come from any direction and are not always directly related to gender.
There is Often a Lack of Confidence in Female Entrepreneurs
Statistics show that men tend to start up their business with a median amount that is almost four times the amount women spend to start up their company! Not enough funding often causes businesses to fail. So why does this trend take place? Why do some women have a lack of confidence in their business pursuits? And how can you prevent these trends in your own entrepreneurial endeavors? There are many answers to these questions. Consider a few:
Women tend to foresee how certain things will turn out better than men. This is a great strength to have in business. However, it’s important that foreseeing particular outcomes and preparing for them doesn’t interfere with risk-taking. Some risks are necessary for a business to be successful and all entrepreneurs shouldn’t be afraid to take a calculated risk every once in a while to drive success.
Many women also report that while they are striving to be an ideal leader, they lose sight of how they want to lead. This happens because individuals can quickly lose sight of their own leadership style when they are constantly trying to live up to other peoples’ standards. That being said, it’s important for female entrepreneurs to remember that they don’t have to employ the same leadership strategies of men just to fit in their niche. While it’s good to learn from others, make sure you aren’t forgoing your own perspectives just to establish significance in a male-dominated domain.
“You won’t know everything that you need to know to run a successful business… All you have to do is be aware that you don’t know everything and be willing to learn as much as you can… Don’t stop yourself from reaching a goal because you’re worried that you don’t know everything.”
-Vanessa Molica, founder and owner of The Lash Professional
Your Day Doesn’t End
It goes without saying that every entrepreneur is busy. With any other business, you are able to leave work at work, dropping everything when your shift ends. However, as a business owner, you have little to no time for yourself because your business comes first. You will often have to take your work home with you. That means it’s your constant companion -during family time, while you are having some “me”-time, and even while on vacation. In the end, your clients drive your activity and they don’t have an off switch.
“[My clients] tell me if I’m doing well or not, they tell me if I hired correctly or made a mistake, and they tell me if the lash cleanser I’ve been working on for months is the best thing ever or whether it needs more work. I answer to them. You will too. Our clients are our bosses.”
-Vanessa Molica, founder and owner of The Lash Professional
In the end, the time you dedicate to your business will be extensive so you simply have to find a way to balance work, family, and personal time in a way that works for you. Moreover, working from home can help you find that balance.
It’s All Worth It
Though it takes a lot of hard work, being an entrepreneur is rewarding. You are able to build a business you are no doubt proud of, succeeding in an industry you are passionate about. Never doubt that your hard work is worth the effort. With time and perseverance, you will only grow in success, building a brand you are proud to be a part of.
“Almost every day I walk into our headquarters so grateful for the business my team and I have created. This business is worth all the difficult lessons I had to learn to get here. Being an entrepreneur has given me the opportunity to meet amazing women who have become some of my favorite people in this whole entire world… being an entrepreneur is hard. It is very hard! But WOW is it rewarding.”
-Vanessa Molica, founder and owner of The Lash Professional
Make Your Goals a Reality!
As mentioned in the beginning, there are over 11.6 million businesses ran by women. That means it’s possible for you to succeed too. When you put in the time and effort, your entrepreneurial dreams will become easier and easier to make a reality. So don’t delay! Start your business venture today!
