5 Tips For Women Entrepreneurs In The New Economy

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Starting a business doesn’t have an “easy button” but depending on your product or service, the recent global health crisis may have brought with it a silver lining of making small businesses easier to start. As many normal, brick-and-mortar business had to change the ways they go about doing day-to-day activities, a lot of people were forced to become experts at running a remote business, and with that, many new programs and applications were created to help those working from home. 

With a renewed trust in web-based business, entrepreneurs can save on a lot of costs that revolve around having to be in an office setting, and taking advantage of technological advances should be a priority for any new business owner, regardless of age, gender, etc. A harsh reality that women, in particular, do have to face, however, is the fact that many, many industries still have a glass ceiling and a wage gap. 

One industry where those things don’t really exist, however, is in entrepreneurship, and as of last year, approximately 40% of all business in the United States were women-owned firms. Certainly aspects of the patriarchal bias in the U.S. still exist in entrepreneurship, as well, but it seems to be a popular outlet for women who have had it with the corporate restrictions that exist simply due to gender. Women-owned businesses are expected to continue to grow, and as more women succeed and encourage each other, it’s no surprise. Here are 5 tips for those entrepreneurial women looking to make moves in the new economy. 

Network With Other Women 

One of the most alluring things about owning your own business is choosing who you work with. With this in mind, choosing women is not only a way to interact with individuals who have faced similar struggles, but it’s also a way to increase revenue and exposure for these women-owned business. Generally speaking, women business owners are also quicker to lend a hand to aspiring female entrepreneurs, and you should never be afraid to ask for guidance and help from these individuals. Odds are they asked the same questions at some point. 

Accept Failure 

The odds are that your first business won’t be your most successful. Hopefully you can defy those odds, but if you don’t, don’t let it deter you from pushing on. Failure offers a lot of things to learn from, so take full advantage of those so-called “failures” and view them as necessary steps in the education of a business owner. If your commitment to ultimate success doesn’t falter with small failures, you have the perfect mindset to be a businesswoman. If it does falter, work on it and overcome as a true boss lady! 

Engage Your Audience Online 

No matter your product or service, an online presence is necessity for successful female business professionals. You don’t need to be a social media expert, however, and there are plenty of outsourcing opportunities to ensure your brand image is the same across all online platforms. A lot of these firms are women-owned, too! 

Empower Others 

As you begin your journey in entrepreneurship, remember to not be afraid to ask questions. In no time, you will see that the entrepreneur community is tight-knit and looks out for each other. Take this and pay it forward to help the next group of female entrepreneurs have a slightly easier climb. Historically speaking, the business world has had many more obstacles for women than for their male counterparts, and paying it forward to other women is a great way to slowly-but-surely counteract the norm. 

Don’t Get Taken Advantage Of 

This is easier said than done as a woman entrepreneur, but the business world is full of vultures. Keep a keen eye, trust your gut, and know your worth. At some point or another, you are going to have to say “no” to someone, and don’t let it get you down. From customers to colleagues, everyone has their ups and downs and even the most loyal may try to take advantage of you at some point. As a female entrepreneur, be prepared to keep a necessary “mean side” in your back pocket, but hope you never have to use it!

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