There are Over 30 million firms in the united states of which 30% are women owned. Although, overwhelming and intimidating as starting your own business may sound; there comes a peace of mind and pride in efforts when the woman you are gets up and sets forth holding ownership in a business. When it comes to women-owned businesses there’s a vast gender gap holding constant. These women owned businesses are less likely to have employees then companies owned by men and have much lower average revenues and sales growth (hmmm). Does that mean we women are less likely to fight for what we want, demand what we’re worth or just not as ambitious or profit driven?
Actually there could be many factors that come into play when it comes to the gender gap in business ownership, revenues and profits. Be that as it may, there are three major ideal justifications based off research.
-Choice of Industry
Of course we women are interested in start-ups that may not be the same ideas of the men. One I would like to bring to the table is retail. Women are more likely to start-up a business in retail than men. Unfortunately, the retail industry tends to have lower revenues, higher expenses and lower profit margins than the businesses of other industries. With all that being said, we face the hurdle of financing from bankers, lenders and investors which takes us directly into the next.
Getting the capital for our start-ups can be tough. It is said that women receive 80% less capital than men the first year of getting our businesses off the ground. This denotes a possible need for stronger business plans and again can easily relate to the industry of choice.
-Barriers of the cultural and social norm
-Negotiation is just something we women have got to get a grip on. The idea of negotiating with a vendor or supplier can be very daunting. This is not just an issue in business ownership but women and salary negotiations as well. It’s just not in our nature but it is necessary at times so we may as well bite the bullet in order to cut overhead costs.
-We women don’t mind and even enjoy bringing an income to the table, but we don’t like to be the breadwinner in the household especially where we have a mate at home. Take pride in your success, sometimes we have to remove the emotions to appreciate the actual benefits.
Now that we have buckled down on a few issues let us talk about a few words of advice to encourage women entrepreneurs today and their startups. Dreaming about the entrepreneurial life and being our own boss is one thing but actually doing it deserves a lot more credit. Sticking to it despite the trips and stumbles is the challenge.
-Don’t be afraid to fail
For each and every time we fail or stumble we have the opportunity to say we learned a valuable lesson. We are human, things are going to happen. Dust yourself off and get back up and never give up.
-Educate yourself regularly
We can get so complacent even when we think we’re on the right track and things are going smooth. You can never learn too much. Discipline yourself to learn something new on a daily basis.
-Get social Media
Let’s face it. Social media is a great way of delivering our purposeful ideas. It is what everybody is doing nowadays and its how everybody hears about anything.
You need some type of road map to keep you focused. If you don’t have goals in line then we tend to get a bit scatter brained. Have a plan so life doesn’t knock you off track. Deadlines fall under this category as well. Go after what you believe in like there is no tomorrow.
Believe in Yourself
You have to believe you deserve that life. You have to believe you can achieve that dream. The power is in you to truly do whatever it is you want in life.
Live a life where you can tell stories to the young. The more stories you have to tell the more you took risks and chased after what you believed in. Be excited, love the up’s and appreciate the downs. Smile at the hurdles and be grateful you have the ambition to fight for what you want.