Women continue to command an ever increasing percentage of the entrepreneurial universe. At this juncture in time, about 30 percent of small and mid-size businesses are owned by women. Businesses owned by women currently employ one in seven workers employed in the private sector. While there exists a considerable gap between male and female owned business enterprises, it has been narrowing with each passing year. This trend towards more female owned businesses is expected to continue apace into the future.
With more women turning to entrepreneurship, there are some new venture start up tips that a female entrepreneurs need to bear in mind. These tips recognize some of the unique challenges women face when starting new ventures, even at this point in time in the 21st century.
Follow Your Passion
When a person starts a small business, she spends a considerable amount of time pursuing her entrepreneurial dream. For this reason, it is important that a woman not only generally like what she is doing, but should be passionate about it.
On some level, it arguably is more important for a woman to be truly passionate about her business than would be the case with a man in a similar situation. As mentioned previously, even in the 21st century, a woman faces unique challenges when starting a small business than is the case for a man. Therefore, a woman likely will need to pour more time and energy into launching a new venture than might be the case for a man.
A person is in a better position to pour her heart and soul into a new venture when she is passionate about it. She is better equipped to meet the unique demands faced by a female entrepreneur in starting a new venture when the endeavor is infused with her passion.
Pair Your Business with Your Personal Goals
An inaccurate adage is that a female entrepreneur cannot have it all. In other words, the cliché incorrectly spread by many people is that a women cannot both be a successful entrepreneur and have a satisfying personal life. Although it is true that this type of statement is sometimes made about male entrepreneurs, its far more widely espoused when it comes to women in business.
No matter how often this idea that a woman cannot have it all gets restated, it remains false. A female entrepreneur has it within her power to pair up the demands of a new business venture with her personal goals and objectives. She can embark on launching a new business that harmonizes with her personal life, with her personal objectives.
For example, if a woman has young children in the home, she still has the ability to launch a new business venture. She can structure her new enterprise that takes into account the vital role she plays in the life of her children.
Separate Business and Home Life
Boundaries are vital for any successful entrepreneur. A woman launching a new business needs to delineate clear boundaries separating her business and personal life. She needs to take this step in order to ensure that both her business and personal lives receive the proper attention that they deserve.
There are practical steps that a woman can take to clearly demarcate business from personal. For example, a female entrepreneur early on can make it a practice to only respond to email and phone call related to her business during set business hours. Clients or customers will not complain about this structure if a new business owner establishes this demarcation from day one.
Develop Meaningful Connections with Others
A key to success for a woman launching a new business is developing meaningful connections with other people. Included within this mix should be other like minded female entrepreneurs.
Certainly, a new business owner will hear that networking is important. In reality, a new business owner really needs to do more than network. Networking is starting point. But, from that step a successful female business owner will integrate relationships with colleagues into her overall efforts as an entrepreneur.
Define and Establish a Brand
Another key tip a woman entrepreneur needs to bear in mind is the importance of define and establishing a brand. The owner of a new venture needs ensure that a vibrant, compelling brand is developed before the new venture itself starts up. The brand must be something that will have staying power, that will stand the test of time. Brand consistency is one of the underlying factors that contributes to the short and long term success of a new business venture.
Jessica Kane is a professional blogger who focuses on personal finance and other money matters. She currently writes for Checkworks.com, where you can get personal checks and business checks.