Being a successful female entrepreneur is not only challenging, it's (in some aspects) rare. Women make up more than 51% of the U.S. population. But, the latest Census reports show that only 28.7% of all businesses nationwide are owned by women alone. New businesses that are being founded by women are at their highest peak in history but still trail significantly compared to our male counterparts.
Women have been recognized as major participants in the field of entrepreneurship and business. We have established ourselves as leaders and have played a role in growing this platform. We’ve said goodbye to many outdated stereotypes and old fashioned ideas and obstacles and have made a mark in this male dominated world. We’ve set benchmarks and male competitors are now recognizing the capabilities of a driven female entrepreneur.
Being driven is one of the dominant traits found among women entrepreneurs. However, having drive alone is not enough. Being driven is very important but there is a basket of troubles waiting for you at every nook and corner and you have to face them all with confidence.
We have a dreamy perception about being a boss but ask those who live this life and some of them would truly say that the price to pay for being the one who calls the shots is immense. You may know how to handle the obstacles as most of them are common to those faced by others and you know the way out, but there are some things you can do that will keep you fearless, innovative and driven.
Collaborate and Partner Up
There are more opportunities than ever to meet and connect with other driven female entrepreneurs.
Like I said earlier, female entrepreneurs are still the minority in measurable statistics like revenue and patents. But, the number of businesses started by women have skyrocketed by 50% since 1997. This means that there are more opportunities than ever to meet and connect with other driven female entrepreneurs. Search Meetup.com, The National Association of Women Business Owners or American Business Women’s Association and find those opportunities.
Greater awareness, social media interaction, and greater need to depend on each other for support have led to the development of a many communities of women. Business communities are formed at all levels from district to national and even international levels, to bring together ideas and innovation for better growth and development.
In the same breath, don’t limit yourself to working with only other women. Many businessmen understand that its beneficial to work with female partners due to many factors. There is a two sided perspective involved as men and women see things differently at times. People have come to accept the difference in perspective and learn from each other to establish a stronger business enterprise, better opportunities, more growth, and profits.
Starting or running a business can be stressful, frustrating, and even maddening. Have someone who can guide you through the obstacles, offer a different perspective, solutions, and be the person to keep your ego in control. Do not just go for a top business mentor, in fact, do the opposite, find one who understands you and is fearless enough to be honest. It has to be a balanced mentor-mentee relationship.
Try to have more than one from different fields, even genders. A combination of men and women works best. Try to utilize the different business practice groups and local networks.
"Never limit yourself because of others' limited imagination; never limit others because of your own limited imagination." - Mae Jeminson
Stay Focused on the Mission
The mission that you had in mind when you started your business should always be remembered. You have to take every decision with that image that you had in mind and they all should fall in line with it. Collaborate with people who have a common mission and common ideas. This will be easier to achieve and there are better chances of the partnerships succeeding.
Having a clear goal and mission will lead you back to the yellow brick road when distractions and other opportunities attempt to lead you away. If you are good at what you do, then there will be many doors that will open and many offers you will receive. The key is to weigh those options against your mission. If you started a home business to spend more time with your family but you are getting consulting offers 3 states away, then that may not be the path you should take.
That doesn’t mean you say no to every opportunity. But it does mean that those opportunities have to fall in line with your mission. Instead of flying out to do the consulting, perhaps use video conferencing as the primary communication method to avoid having too much time away from home. There’s always a way. You just have to commit to following your mission and be innovative enough to find those ways.
Drop all Fear
Fear of failure can be a debilitating factor on your life and performance as an entrepreneur. The best way to handle fear is to face it and defeat it. Draw yourself out of the comfort zone and take challenges, take risks, and go after success.
Coming out of the comfort zone and working wisely will boost your confidence like nothing else. This is the best way to make the most of an opportunity and also overcome your fear. You won’t know what you are capable of achieving until you try!
Establish and Keep Your Credibility
Trust and loyalty are important while entering into any kind of relationship. Your partners, customers, and associates need to know that they can count on you. If you have a valuable skill set, do everything possible to fine tune and develop those skills so that you are the go-to girl for the job.
As a leader, you must have a sense of fairness and justice to your business decisions. Be honest and build the faith in your partners and associates that you are worth paying attention to. Credibility is very important and some giants of industry are living examples of this. You should be an entrepreneur who people like to do business with and have faith in.
Be fearless, innovative, and honest and you are all set to rule the business community. There are no shortcuts to success and any compromise with dedication, truthfulness, and sincerity will lead to failures. Have clear a vision and great confidence but be ready to learn from small things and people whenever there is a chance. Be a person people like to do business with and success is assured.
This article was first published on StartUp Mindset.
It isn't always easy to stay on top of your finances, especially when you have developed unhealthy spending habits over the years. However, as you begin to realize the many benefits of having healthy finances, it can become something you want to make a conscious effort to improve. When your finances are in a good place, you often have access to better opportunities whether it be a mortgage loan, greater credit line or business loan. On that note, here is how you can become an expert at managing your finances in case you need a few tips.
Learn to Use Technology
The good thing about managing finances in the technological age is that you don't have to do it alone. There are so many apps available that will help you pay bills on time and track your expenses. For instance, some apps force you to live within your actual income and tell you what to do when you need to balance your budget.
If you need an app that will help you get better at saving, then some will set aside your spare change for you. Also, don't be afraid to use more simple tools such as your smartphone calendar to set reminders about payments if you don't automate them.
Seek Legal Advice
Sometimes, being an expert at something means understanding that you can't possibly know it all. This is why you have professionals around you that can help fill in the gaps where you're lacking. Consider hiring a legal firm to help with any challenges that are beyond you. Lexington Law is a good firm as they could help remove negative items from your credit report. Read this Lexington Law Review (Our #1 Credit Repair Service of 2019) to find out more about how they could help improve your finances.
You can't do better than what you know when it comes to managing finances. You should, therefore, invest your time in learning more about finances and how to manage them. Think about what your goals for your finances are and what knowledge gaps you need to fill.
For example, if you want to invest in the stock market so that you can improve your net worth, then you may need to learn more about investing to do so successfully. To boost your knowledge, try reading articles on credible blogs that share finance information from professionals. Also, be weary of content from finance-driven companies as it could be biased.
Work on Growing Your Income
As a self-proclaimed finance guru, you know that the more sources of income that you have, the better. Work on increasing your streams of income so that you have more money to meet your targets whether it's to save for a property or put larger sums towards retirement. One way to do so would be by getting extra income by doing social media marketing for businesses or creating tutorials on YouTube. If you own a property, renting out rooms is a great way to make passive income.
Live Within Your Means
It can be difficult to live within your means when you live in a society that is always presenting you with things to buy. However, being more conscious about the things that you purchase could help you realize that most are wants rather than needs. To live within your means, always take time to think about a purchase as opposed to impulse spending. You should always get good at bargain hunting as many times you can find items of similar quality at a cheaper price.
Learn How to Manage Debt
Debt doesn't have to be a bad thing if you understand how it works and how to manage it. It can be a tool for credit building when you understand the fundamentals. For instance, if you take out a loan or credit card, always be mindful of your interest rates.
By paying the amount of money you borrowed back in full before the due date, you won't have to pay interest on what you borrowed. If you can't pay back in full, paying more than the minimum payment will ensure you incur less interest. For the most part, the secret to good debt management is never spending more than you can afford to pay back.
Managing finances is a life skill that can help improve your quality of life. By following the mentioned tips and taking your finances more seriously, you're more likely to master the art of healthy finances.