More women are taking the path of entrepreneurship in our time than ever before. Currently, 40% of businesses in the U.S. are owned by women. The last 10 years have seen a 58% increase in these ownership rates; a trend that is expected to extend into the next decade.
Women looking to enter the business sector as entrepreneurs do face various and sometimes exclusive challenges, however, which they must successfully counter. The right mindset is highly necessary for such women to succeed in their ventures. Here are three core attributes that are essential for women to succeed in the entrepreneurial world.
Women are known to be transparent, honest, and highly sociable; much more often than men at times. To be successful in their investments, they must live by these 3 values and adequately demonstrate them. Transparency is a great skill for women to have in order to attract the interest of potential clients, investors, or employees.
Being authentic in positions of management and handling customers gives female entrepreneurs an opportunity to not only retain their existing customers but also win the trust of others. Transparency extends into how women entrepreneurs handle their employees. Managing employees well translates to increased dedication, motivation, and productivity among their team.
Learning is a progressive process in itself, especially for top tier managers. Women entrepreneurs cannot afford to survive the competitive market with their businesses if they do not invest heavily in progressive learning. Among the key skills that such women need to master in order to successfully steer their businesses include business management concepts, marketing ideas, product development, as well as the incorporation of technology in business. Undertaking continuous learning opportunities in these fields and more helps businesses to obtain and retain a strong competitive advantage.
Strong networking in the current market is a great attribute that every woman should possess. Creating and maintaining a network of competent persons opens an entrepreneur to various opportunities for mentorship and professional business development.
Women-owned businesses generally tend to perform much better due to women being particularly good at networking. Establishing collaborations and connections with other businesses open up that company to more opportunities that are much rarer to come by.
Women entrepreneurs stand to gain a lot from the many options they have to when looking to successfully start their own businesses. Upholding these personal and interpersonal attributes enables motivated women in business to compete favorably and competitively in the highly competitive business world.