Women entrepreneurs play an important role in social and economic development, but many barriers hinder them from pursuing their dreams. For instance, a study on Emerald revealed that women lack societal support and resources to become successful entrepreneurs in 61% of the countries in the world. Social, cultural, technical, and financial barriers were cited as the major factors that prevent female leaders from fulfilling their business pursuits.
These hindrances are difficult to overcome, which is why it’s important to follow the steps of women entrepreneurs who have successfully established their own businesses. Make your dreams come true by following these tips from successful women entrepreneurs: Pursue your own passion Many aspiring entrepreneurs are often paralyzed by the fear that their business idea may not work. Entrepreneur Marissa Tilley knows this well since she also started the formalwear business Lady Black Tie at a time when there were already plenty of established stores in her area. However, she rose to the challenge and eventually succeeded. In the process, Tilley learned that it’s important that you don’t let other businesses stop you from establishing your dream business. Similarly, our post ‘If You Don't Love Your Work’ outlined the importance of pursuing work that brings you joy. While there will always be hard seasons in a great job, you will only find fulfillment and happiness if you maximize your natural skills and talents. Be money smart Inadequate funding is one of the biggest barriers to successful entrepreneurship. Thus, aspiring entrepreneurs need to invest in their financial knowledge if they want their business to prosper. Maria Jones, the founder of The Third Millennium Woman, stated that an entrepreneur’s money smarts is one of the defining factors between a successful venture and a flop. So if you want to be your own boss, Marcus’ article on money tips emphasizes that you’ll need to learn how to track cash flows. Aspiring entrepreneurs need to manage how much money is coming in and going out so that they can maintain their business budget and provide income to their team. Through this skill, you can launch and sustain your business, even as the industry fluctuates. Create a solid team No woman is an island, which is why you need to find a pool of talents that you can depend on. To emphasize, Frances Geoghegan of Healing Holidays explained that a talented team could help you make the right decisions even in tough times. Through their perspective, you can get greater clarity and more creative solutions to challenging business problems. On top of that, Irene Kamberidou’s study on women entrepreneurs highlights that working alongside individuals with in-demand skills is essential to your survival. In fact, her study showed that professionals with digital skills are important for entrepreneurial success in this digital age. As such, you need to work with people that you can depend on, whether it’s about web designs or business decisions. Empower other women As a female entrepreneur, it’s important that you empower other women through your business. This is a lesson that Whitney Wolfe Herd learned when she left Tinder to establish her own dating app: Bumble. After experiencing sexual harassment from the founders of Tinder, Wolfe Herd made it a mission to create women-led management within her company. She stated that female entrepreneurs must make it a priority to lift other women up through their business. Bumble exhibits that this is a win-win situation because Wolfe Herd has become a billionaire by creating a platform that empowers women. So if you want to build your own business, follow Bumble’s advice and be the CEO your parents always wanted you to marry. These female entrepreneurs are proof that you can also experience success in the field of business. Through their tips and some hard work, you can learn how to overcome the barriers that are preventing you from pursuing your dreams.
Piece exclusively written for Bella & Bloom
by Tiffany Paulina