The rise of the female entrepreneur is a phenomenon that has been gaining momentum in recent years. Women are increasingly starting their own businesses and leading successful companies, challenging traditional gender roles and breaking down barriers in the business world. This is happening, despite the systemic and cultural biases that often hold female entrepreneurs back.
One reason for this rise is the increasing access to resources and support for female entrepreneurs. Organizations such as NAWBO, the National Association of Women Business Owners in the USA, or CAWEE, the Canadian Association of Women Executives and Entrepreneurs, provide networking opportunities, mentorship, and education to support women in starting and growing their own businesses. Additionally, venture capital firms and angel investors are beginning to recognize the value of investing in female-led startups, which provides additional funding opportunities.
Another factor contributing to the rise of the female entrepreneur is the shift in societal attitudes towards women in the workforce. Women are increasingly being recognized as capable and competent leaders and are no longer being limited by traditional gender roles and stereotypes. This shift in attitudes has also been reflected in government policies, with governments around the world implementing initiatives to promote gender equality and support women in the workforce.
Changes are also being driven by advances in technology and the global economy. The internet and social media have provided women with new platforms to promote and grow their businesses, while the global economy has created new opportunities for women to enter traditionally male-dominated industries.
However, despite these positive developments, there are still significant barriers facing female entrepreneurs. Men still outnumber women 3-1 when it comes to business ownership as women continue to be underrepresented in leadership positions and are often paid less than their male counterparts. In addition, women are more likely to be denied funding and face discrimination in the business world.
Despite these challenges, the rise of the female entrepreneur is a positive trend that’s creating opportunities for women and driving economic growth. Almost half of all start-ups in 2021 were formed by women, up 28% from 2019. Female-led companies are proven to be more profitable than those led by men, and women are increasingly being recognized as powerful leaders in the business world.
If you happen to be an established entrepreneurial woman, I encourage you to seek out ways to help other women who aspire to own their own business. One of the most important ways you can support female businesswomen is through mentorship. Mentorship provides women with the guidance, advice, and support they need to navigate the often-challenging business world. Having a mentor can help women to build the confidence and skills they need to succeed, and it can also provide them with valuable networking opportunities. Networking can help women to connect with other businesswomen, as well as with potential clients, customers, and investors. This can be especially important for women who are just starting out in their careers, as they may not have the same level of connections as more established businesswomen.
Here are five tips to keep in mind as a female entrepreneur:
- Build a strong support system: Surround yourself with a network of women who can act as mentors, advisors, and peers who can provide guidance, support, and inspiration. This can be particularly important since female entrepreneurs may face additional barriers and biases in the business world.
- Learn how to negotiate effectively: Research has shown that women are often less likely to negotiate than men and might be more likely to accept initial offers without trying to negotiate better terms. Negotiation is an essential skill for any entrepreneur, and it’s important to learn how to do it well.
- Be aware of and address unconscious biases: Gender bias can be a major obstacle for female entrepreneurs, and it’s important to be aware of it and actively work to counteract it. This can include things like being assertive and confident in meetings and being prepared to address bias if it arises. You can be kind and still stand your ground.
- Take care of your physical and mental well-being: Starting a business can be incredibly stressful, and it’s important to take care of yourself both physically and mentally. This may mean setting aside time for exercise, meditation, or other self-care activities, as well as making sure to get enough sleep and eat well.
- Stay informed and educated: The business world is constantly changing, and it’s important to stay informed about the latest trends and developments in your industry. This may mean reading industry publications, attending conferences, and networking events, or taking online courses or workshops. Others may underestimate you, but you’ll be confident and ready.
As a society, we must continue to work towards breaking down barriers and creating equal opportunities for female entrepreneurs. The presence of women in the world of business is only going to increase, and as it does, we’ll see more and more old paradigms, biases, and beliefs fall by the wayside. The glass ceiling is real, but its days are numbered.
Contact me at candice@cbfteam.ca for more information, tips, or coaching in regards to your entrepreneurial journey.
