Entrepreneurial women are hitting the business world by storm. The UK is booming with successful entrepreneurs, including: Valerie Stark of the Huggle dating app; Karren Brady, vice-chairman of West Ham United Football Club; Angelica Malin of About Time Magazine; and Holly Tucker and Sophie Cornish of notonthehighstreet.com, to name just a few.
On International Women’s Day what better time is there to celebrate what makes women successful entrepreneurs.
1. Women are good listeners
Listening is said to be one of the most crucial skills of an entrepreneur. Business mogul Richard Branson once said, “nobody learned anything from hearing themselves speak”. It’s true; listening is essential for building any successful business, whether that be listening to your target audience, to innovative ideas, or to your employees.
Listening allows you to learn new and diverse perspectives, viewpoints, theories and information that you didn’t have access to before.
After years of suspicion, in 2014, neurologists researching at Cambridge University confirmed that women are better at listening. This is because the part of the brain associated with listening is larger in female brains than in males’.
2. Women can multitask
Entrepreneurs have to multitask and juggle roles, especially in start-ups or small companies. They are constantly on the move and working hard to keep the company running smoothly, which requires the ability to multitask and stay on track.
According to a study in human physiology, it is true what they say: women can multitask. The study found that women require less brainpower than men when performing multiple tasks. This is a fantastic skill that can help to make women great entrepreneurs.
3. Women are resourceful
Resourcefulness concerns using your wits, proper judgement and common sense to solve a problem. Entrepreneurs face a multitude of issues which they will need to solve to ensure their business operates without problems. Women in general, and mothers especially, tend to be resourceful. They detect a problem and start scanning their minds to find a solution.
Start-up entrepreneurs with few employees and limited budgets need a team of resourceful people who are ready to try their hand at different tasks and be creative in their problem-solving. There will be little money to be thrown at problems or outsourcing solutions.
4. Women are emotionally intelligent
Great businesses care for and look out for all their stakeholders: employees, customers, suppliers, and the community. Women are naturally caretakers and tend to be emotionally intelligent. This can mean they instinctively consider everyone and try to run their business to make things better for other people.
Female entrepreneurs can make great employers that build relationships with their team. Female-run businesses usually have good benefit packages, fair employee policies and a strong work-life balance for employees.
Women’s emotional intelligence allows them a greater understanding of their customers. This enables them to create products and services to really help their customers. In an era where connecting and engaging are desirable traits for customers, women have the potential to be successful in business.
5. Women are calculated risk-takers
Yes, entrepreneurs are brave risk-takers. They must have the courage to enter the unknown to innovate and invest in order to progress. However, the key to success for many entrepreneurs is taking the right risks for your business.
It is scientifically proven that women are more risk-averse. Instead of jumping into a new project or decision, they are likely to research thoroughly and weigh up the outcomes. This should result in fewer failures and bad decisions. This cautious approach to taking risks can help female entrepreneurs thrive in business.
What’s stopping women?
Despite all the inspirational female business leaders and winning characteristics, the pool of women entrepreneurs is shallow. There are significantly more male business owners than female.
Researchers have suggested that there may be several reasons for the gender gap in entrepreneurs.
- The gender specific approaches to balancing career and family
- Different choices of business sector in which to operate
- An aversion to financing business through debt
According to research, females face more barriers to entry than men. New figures from the Treasury have shown female entrepreneurs receive 157 times less funding than male businesses. Based on the latest UK figures, women-only funding teams received £32 million, while male-only teams received more than £5 billion to start up their businesses.
Women should be creating empires that work for you
Women have some great skills to bring to the boardroom and really drive a business into a successful venture that positively affects people’s lives. Women and young girls should feel empowered to build their empires. Entrepreneurship doesn’t have to be all or nothing; it’s about creating your business and values that work for you.
Richard Branson blogged, “It’s been reported that if women started businesses at the same rate as men, global GDP would be better off to the tune of $28 trillion by 2025. We can only begin to imagine what positive impact this would have on the planet and all people”.
If you are ready to take the plunge into business and need help creating a financial plan for your new lifestyle, contact us today.
At Capital we believe in #BalanceforBetter.
International Women's Day is celebrated on March 8th every year. It is a focal point in the movement for women's rights. For more information and to visit the International Women’s Day website, click here.