Believe in Yourself: Five Steps to Succeed as a Woman Entrepreneur
Posted by Insightlink on 05/24/22
Who says women cannot be successful entrepreneurs? According to a report from U.S. News and World Report, 88 percent of all millionaires are self-made, while the remaining 12 percent inherited some significant money. Legal Jobs’ Women Entrepreneur Statistics also reports that there are 12.3 million women-owned businesses in the United States which equate to about 40% of all businesses in the country. These are just two statistics and there are more proving how women are successfully running businesses in the country and around the world. If you want to start a business as a woman, here are five tips that can help you achieve success.
Believe in yourself and don’t take no for an answer.: When you are new to the market, you will hear a lot of "no's" and meet a lot of people who doubt you. Learn to stand your ground and never lose sight of all that you stand for. No matter how many times you are knocked down, dust off your butt and get up again. You need the tenacity to be successful in business. You need the stamina to get your business from idea to product or service stage. Own your failures and keep getting back up. Start as a contractor and keep in mind all the independent contractors’ tax write-offs and what it means for you. Twenty percent of women's businesses fail in the first year. The odds are good. Decide to be one of the 80% that succeeds and grows. Recover from your mistakes and make everything a learning experience. Fail forward. Work with the best in your industry. Find a great mentor and an accountability partner. They will help minimize mistakes because they have the gift of experience.
Stay hungry and ambitious: Tame your ego and build your desire for growth. Focus on making a better product or service for your customers. Kim Rivers is the CEO of Trulieve Cannabis, a company that sells cannabis legally and operates out of eleven states in the United States. They have over 9000 employees. Trulieve is an industry-leading US retail network of 162 dispensaries all over the country. By the end of 2021, the company realized a record revenue of $318.3 million. Female entrepreneurs should keep wanting new things and conquering new mountains. Being hungry and staying ambitious will ensure that you always have a strategy to produce the results needed to stay on top of your game.
Ride the wave of change: When storms come, they wash away some trees and leave others standing. The trees left standing are rooted. Successful entrepreneurs have the required business agility to survive storms. They learn and adapt as change happens. From adapting to new processes or technology to strengthening the foundation of their business, they do whatever it takes to improve efficiency. The needs in the marketplace are always changing. A successful entrepreneur can spot new opportunities that will improve their offer and satisfy their customers and market. All products are developed to satisfy the ever-changing marketplace's needs. Moreover, they know what it takes to motivate their team so they stay strong and inspired. They invest in team activities and employee engagement strategies because they are aware of the long-term benefits.
Trust your gut instinct: Many entrepreneurs are addicted to spreadsheets, and it is understandable that you want to know that your business is doing well, and making profits. One word of advice for every entrepreneur is that you must trust your gut and instincts, and go where they lead. Be committed to executing your ideas. When it comes to decision-making, go with your gut. You are the best person who knows how to achieve the best results for your company. When you have a great team that can bring skills to the table that complement the skills that you possess, you have no limits to the growth you will experience. As always, go with your gut when hiring the people who will share your vision and passion and experience all-around growth with your business.
Nurture your long-term business relationships: Partnerships and collaborations are key indicators of a growing company. The building of partnerships and collaborators is nurtured. You must put in the work to cultivate your business relationships. Choose businesses and people you like and trust to work with in the long term. Be committed to attracting working relationships with entrepreneurs who have a similar goal and vision for your industry. This is one of the key factors in determining longevity in business success. The best in the industry know that your growth depends on repeat customers. The advantage of this is that you save money and time used on investing to attract new customers. Become highly investable, and this happens when you nurture relationships with angel and seed investors, banks, private investors, and venture capitalists.
You can become a successful female entrepreneur. Put in the work needed to develop the steps needed to be a successful female entrepreneur. Growth is one of the major goals of your organization and startup. If you focus on growing the skills needed for your company to have consistent growth and keep the results consistent, you are well on your way to being one of the most successful women entrepreneurs the world over.
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