This Saturday is Women Entrepreneurs Day and my team and I are incredibly lucky to know and support a number of women owned businesses. Getting to know such women and learning about the roadblocks they have faced and overcome has been a source of inspiration. To be better informed, I have also done some reading on this subject matter and am excited to share it with you this week. There is also a short Thanksgiving message at the end, as our newsletter will be taking the next week off in observance.
Before I begin, I sincerely apologize for any errors in my representation of the realty. No matter how much I try to empathize and understand, I never have been or will in the shoes of a women entrepreneur. I will always defer to their experience and truths on the matter.
Defying Social Expectations Attending networking events or seminars that are almost always filled with men can be unnerving. The social expectation of stereotypically “male” approaches to business (competitive, aggressive and sometimes harsh) can affect women entrepreneurs into doubting their approach. No matter the setting, remaining true to yourself and finding your voice helps rise above such preconceived expectations.
Accessing Funding Not all female founders seek funding to get their businesses off the ground. However, when they do, it’s often much more difficult than it would be for their male counterparts. Published statistics from 2014 found less than 3% of companies with venture capital funding had female CEOs. Studies show VC investors tend to invest in startups run by people of their own “tribe.” Unfortunately, less than 6% of investment firms in US have female partners. Locating an investment firm with female partners and building confidence through a great team and business plan often helps secure favorable funding terms.
Being Taken Seriously Most women CEOs find themselves in a male-dominated industry or workplace where they struggle to get their leadership role acknowledged and respected. Women entrepreneur groups provide great support by having peers who have met such challenges and conquered them. Inspiration of such peers, their perspective of your capabilities, and successes provide the reality check to help grow.
Owning Your Accomplishments Qualities encouraged in early adulthood of young women can leave them unintentionally downplaying their own worth and success in later life. Women entrepreneurs often fail to take well deserved credit on their accomplishments and success. Taking credit may feel like bragging. At times, successful steps individually taken in their business may be presented as a group effort. Owning your accomplishments helps build confidence and, as a business owner, confidence is the key to success.
Having a Support Network Just like their male counterparts, women entrepreneurs require a quality network of advisors, mentors, and peers to grow and succeed. ‘It’s not what you know; it’s who you know,’ still rings true, and it can be a huge factor in the ultimate success. Here is a great resource for women entrepreneurs seeking a starting point to build a such support network.
Balancing Family Life Women entrepreneurs who are also parents often find the balancing act of their responsibilities challenging. Social pressures weigh more heavily on women who are also parents causing some to forgo corporate jobs. However, as a business owner there is more flexibility which could be a great opportunity to not give up on any dreams.
Dealing with Failure Failure is always a possibility with every business venture, but insecurities should not be given power to intervene in dreaming big. Working through times of doubt and not waiting on perfection to take steps forward increases the odds for success. The road to success as a women entrepreneur is more bumpy due to the challenges mentioned above. Receiving no as an answer, plans not turning out as expected, or making a costly mistake should all be taken as lessons. Failure is not permanent, nor it should be an excuse for giving up goals and dreams.
Now for inspiration and more learning, I truly enjoyed reading:
Thank you for reading and playing an important role in helping me discover, learn, and grow with you. Our newsletter is taking the next week off in observance of Thanksgiving so I’ll miss writing to you. Come next week, we’ll gather around a table to share food, enjoy quality time, and give thanks. If I had to pick one thing to be thankful for, it would be the trust that others have given to me. Because without trust there is no relationship, or country, or currency. I’m thankful for your trust and am incredibly proud to have trust to be the foundation for all my relationships.
For a brighter tomorrow where we all find success and happiness in every unique way we dream,
– Burak Sarac, Team Lead
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