Women Entrepreneurs: Trends That Will Be Big for Women in 2021.
Women Entrepreneurs: Things Women Love About Being an Entrepreneur!
Women Entrepreneurs Prove Its Not Just A Mans World. I had the honor of speaking this week at a women’s business association luncheon on the topic of entrepreneurship.
When I mentioned to my wife the day before that I was speaking to group of women entrepreneurs she asked, “Why on earth would they ask you to speak?”
In her defense, my dear wife has no idea what I do for a living.
She’s never read a single one of the several hundred columns I’ve written. She’s never attended a function where I’m speaking or sat in the audience at any of my seminars.
She just knows that we live a very comfortable lifestyle and believes me when I tell her our money doesn’t come from the drug trade.
Beyond that, she’s incredibly happy in her ignorance of her husband’s skills.
When I feigned hurt feelings she waved a hand at me and said, “My point is, what in the world can a man tell a roomful of women that they don’t already know?”
Henny Youngman, Ralph Cramden, Rodney Dangerfield, Tim Knox. At least I’m in good company.
But she had a point. What the heck did I know about women in business?
So as not to look like a total idiot in front of this group of what I now call “womenpreneurs” I decided to do a little research on the topic.
Here’s what I discovered: while some still believe it’s a man’s world, when it comes to business, women are catching up fast.
According to the Center For Women’s Business Research there are over 11 million women-owned businesses in the US, employing 19 million people and generating $2.72 trillion in sales.
Women start businesses at two times the rate of men and women-owned businesses account for 29 percent of all businesses in the United States and represent about 776,000 new startups per year and account for 55% of new startups.
One thing that I found particularly interesting was that the top growth industries for women-owned businesses in recent years were construction, wholesale trade, transportation/communications, agribusiness and manufacturing, industries traditionally dominated by men.
In the past 25 years the number of women-owned firms in the US has doubled, employment has increased four-fold and their revenues have risen five-fold.
Here is the question I sought particularly to answer: Do women approach business differently than men?
I’ve been compared to a bull in a china shop when it comes to business.
Would a successful woman counterpart approach things differently? More gracefully, perhaps? As my lovely bride would say, “Duh.”
In her book, How to Run Your Business Like a Girl, Elizabeth Cogswell Baskin explored common female traits and how women entrepreneurs – and perhaps men, as well – can use those traits to their entrepreneurial advantage.
Baskin reported that women tend to use three unique strengths more than their male counterparts: trusting their intuition, focusing on relationships, and putting more emphasis on keeping their life in balance.
Trust Your Gut
Women are much more likely to make a decision based on a gut feeling.
Women may gather the facts and figures necessary to back up that feeling, but they generally know what they want to do based on intuition.
Build Strong Relationships
Men play the game of business like a sport. They are out to win and dominate. “Women,” Baskin says, “are much more interested in establishing a connection.”
Find A Balance Between Work and Life.
A number of women interviewed for this book cited on quality of life as their reason for starting a business, alluding to their desire to find a way to juggle family and work.
“If having more time for your family is important to you, find a way to work that into your day. It’s not so much how much work you do, but being able to decide when you’ll do it.”
Baskin offers one more piece of advice to women in the early stages of their business:
You Don’t Have To Know Everything.
My wife would argue this point because she really does know everything, but Baskin says when it comes to business, thinking you know everything is not the key to success.
“It’s amazing how many women say they didn’t know anything when they started their business,” Baskin said. “Don’t be afraid to ask for help – you don’t have to be perfect at everything.”
Solid business advice: for guys and gals.
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Get Rich Together: Connecting With Groups For Success In Life
In his book Bowling Alone, Robert Putnam laments a plight common to many people today: we’re disconnected from others and lack a sense of community.
As a creative person, you may feel this more acutely. While we need to have solitude to generate our next creative genius, we also need support of peers.
If you’re feeling isolated, take the initiative to generate groups.
Connecting in groups can enhance our lives immeasurably.
Here are some reasons why you should consider being a groupie:
- share the journey: writers, artists, investors, entrepreneurs can learn and grow more with others
- glean tips and ideas you would not find on your own
- be inspired by others’ boldness and successes
- get support from your peers
- have regular accountability.
The inroads I’ve made on all my goals are largely due to the conversations I have with my groups: my Rich Women group, my writing group, and my book group.
Without regular gatherings, I would still be looking for a retirement account, and would still be eking out chapter one of my novel.
Ready to commune with others? You may consider starting a group.
There are several steps to initiating groups, whether they be writing groups, art support groups, financial empowerment groups, investment clubs or whatever tribe you need to move forward in life.
First, figure out what you want. Write down the characteristics of your ideal group. Include:
- regularity of meeting
- size of group
- group’s focus
- qualities you want to see in the group members
- where you meet and how long the sessions are.
Your ideal vision of your group might look like this:
“My Rich Women group meets once a month. In the summer, we meet outdoors at a park, and in winter months, we meet at a cafe. Once a year we go out for happy hour to celebrate our successes.
There are no more than five women in the group. These women are pro-active, have a lot to contribute and are willing to share information.
They are also kind and supportive and listen to each other. Our focus is personal and professional finance.
We talk about: saving, investing, retirement accounts, managing our finances, how we bill for our time, best business practices, wills, insurance and anything that relates to financial empowerment.
“We meet for 1-2 hours and stay focused on the money. Each person has 15-30 minutes to share her wins and challenges.
Each woman has homework that she assigns to herself. This helps the members to make progress – knowing that the group is holding her accountable.”
Once you have your vision of your group, start seeking members. Make a list of people you know who may want to join.
When you contact them, you’ll be able to describe exactly what you want to create. They’ll be able to tell if this is something they want to join or not.
Set your first meeting and use some of the meeting time to come to agreement on how you want to operate.
Setting up your group will take a little time, but it is worth it.
Not into initiating? No problem. Check out Meetup – an international organization that connects like-minded people in your area.
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Look for writers’ groups, business groups, philosophy groups, whatever you’re into, there’s likely a group for you.
Most Meetup groups connect online and meet in person.
Whether you start or join a group, I think you’ll find the benefits can be huge. Your life will be richer for it.
Conclusion: These abilities are possessed by most if not all of the successful home based business entrepreneurs.
To some these abilities come naturally while others have to acquire them.
If you want to be successful and reach the top, the solution is obvious- possess them if not acquire them. Please read this entire Blog if you want to learn How To Develop Women Entrepreneurs Business Characteristics.
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About Noel W Schip
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