In the U.S., women own 4 out of 10 businesses. The number of businesses run by females has grown significantly from 2007 to 2018. According to the 2019 Small Business Report, 52% of female small business owners are over age 50, while 29% of them are between 40 and 49. The findings suggest that female entrepreneurs are often more educated than men too. Yet, they are less likely to get a business loan.
For female entrepreneurs that become successful, how do they do it? How did they dare to even try to turn their passion into earnings? How did they make a profitable startup out of it?
Here are a few tips and how-to’s from 3 female entrepreneurs. Use their wisdom to help achieve your career dreams!
Female Entrepreneurs: Remember It All Starts with an Idea
At the beginning of it all is an idea.
The tree of success grows from one tiny seed. In the world of business, the seed is the idea. When you want to devote yourself to something, it needs to be something you truly care about. Try to go through your interests. Remember what you always wanted to do.
Think about what you are good at too. Got it? Do your research about the potential of your idea.
1. Sheila Lirio Marcelo: Knowledge is a Goldmine
Behind every successful entrepreneur lies a ton of research. By reading the magazines and books, listening to podcasts, and attending seminars, you are opening a vast pool of knowledge. Draw from that pool to find opportunities and gaps in the market. Discover how those gaps can be filled with what you have to offer.
Now a famous female entrepreneur Sheila Lirio Marcelo found her gap in the difficulties for finding and choosing a child care service provider. Her website Care.com grew to become the most innovative and trustworthy online resource for finding child care, pet sitters, and house sitters.
There are plenty of educational programs and other resources for females in business that could be helpful for reaching the end goal.
2. Melissa Browne: Accept the Challenges and Failures
Next on the list of successful female entrepreneur is Melissa Browne. She accepts her vulnerabilities and welcomes all challenges in front of her because they make her better at what she does. The reality that challenges sometimes lead to failures is a fact that Sadhana Smiles knows well. She has two failed attempts behind her. Along the way, she has learned where she functions the best and how to deal with the ups and downs.
The bottom line is that there will be no easy road to success, but every milestone and every obstacle along the way is a chance to correct yourself and become better the next time. Couldn’t jump over that obstacle and you fell instead? Jump higher the next time.
Read the inspiring story of how Janae Bell left the film industry to pursue her passion, creating Goddess and the Moon
3. Amy Schmittauer: Work Hard for Other People Too
Amy Schmittauer, an entrepreneur who helps others achieve their goals, thinks that nothing beats hard work when it comes to success. And she has a point. Get all the skills and the experience in your field, learn, develop, and grow. It will require a lot of sleepless nights, but it will be worthwhile.
But don’t work only for yourself. Work for your team because teamwork provides you with the support you need to get through all the challenges.
And, most importantly, work for your customers. When you have their wellbeing in mind, they will know it, and they will happily spend their money on your products/services.
More Tips for Turning Passion into Success
Embrace Who You Are
Females being pushed aside in a “male’s world” when it comes to decision-making is nothing new. Many times they were intimidated to speak and share their thoughts. Don’t be that girl. Turn your “weakness” into strength; use it as an opportunity to be memorable and stand out in a world “run by boys.”
Shape Your Idea into a Specific Offer
So, you have a general idea of what area you want to cover with your startup. Great! Now you need to shape it into something customers want to spend their money on.
Shape the specific packages and offerings to what your target audience is looking for. Check what competitors are doing and perform market research that will help you reach a better understanding of the demand. The packaging can make a difference!
Get Those Funds You Need, Female Entrepreneurs!
The saying “Money makes the world go round” couldn’t be more accurate in the world of business. You will need it from day one to secure the necessary permits, pay the legal fees, and, if there is a need, hire employees. You will also need the funds to get your production off the ground and invest in marketing.
Seek business loans and outside investors. Try crowdfunding. Ask a friend. Get a mortgage. Anything goes as long as you calculate your budget correctly and make a good business plan.
Finally, be bold! Push harder; aim higher! You deserve this, so let’s make this happen.
About Today’s Writer
Caitlin is a bookworm and recreational dancer. She is also a medical student in love with science in all its forms.
When she is not trying to find the meaning of life and Universe, Caitlin is researching and writing about various health-related and well-being related topics. She is happily addicted to art in all its forms, grilled tofu, and hiking. To see what Caitlin is up to next, find her on Twitter.
What else is necessary for success? Who are other female entrepreneurs to look up to, and why?