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Startup Playbook: success through failure

Female Entrepreneurship: The Fastest-Growing Sector in Modern Business

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Although the idea of female entrepreneurs has only recently come under public light, women have been in business since forever. Running a business means identifying the problems society has and delivering solutions to them. Some people view gender as an irrelevant factor here, but in fact, some problems require a woman to solve them.

The Global Entrepreneurship Monitor (GEM) found out that more than 200 million female entrepreneurs start or run new businesses in 83 economies around the world. And an additional 128 million are running already established businesses. Tens of millions of women around the world are making a significant impact today, providing strong champions and role models for new female entrepreneurs to come. And despite the fact that many women still struggle to find the proper work-life balance to successfully run a business, their numbers and significance continue to grow.

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How to become an entrepreneur: steps to take

To start an entrepreneurial career, you need to define the area of your business activity. You could begin by exploring the market for solutions with potential for growth. In the same way, offering innovative solutions for already explored areas, such as the fashion industry, is a good idea too. But before you start, there are a few things you need to focus on before rushing to start an enterprise.

  • Bet on yourself.
Improve your personal brand by establishing yourself as an expert in the field you have chosen. It is worth trying to communicate with experts in the sphere on social networks like Twitter or Instagram. Don’t hesitate to ask questions and help others. A well-established personal brand will make the next step easier.

  • Search for investors.
Some people prefer the hard road of a solopreneur — doing everything alone with no support and no one missing deadlines. But the "let me solo the world" approach doesn’t work in all fields, and you still need some investment to start with. The entrepreneurial ecosystem is full of investment opportunities, and this is when your personal brand will be there to help you.

  • Don’t expect everyone to like you.
In some countries, female entrepreneurship faces a harsh socio-economic reality, which may make people hesitant when seeing a woman in charge. Overcoming or even disregarding these difficulties is critical when building a successful business.

  • Constantly improve
The Industry 4.0 transformation increases the demand for people possessing digital skills. And for your business to stay on track with development, you need to learn new things, techniques, and management tricks. Doing so will guarantee that your business will be successful.

The challenges business women face

The tips we gave before are derived from the challenges that women face when building a business. Those challenges can be divided into cultural ones that are unique to a country and structural ones that happen essentially everywhere.

The first one that all entrepreneurs face is the fear of failure. The ability to cope with it defines whether your business will be successful. Failure is a very real possibility, and Kristi Piehl, founder and CEO of Media Minefield, advises women not to let their insecurities keep them from dreaming big. She encourages women to work through the moments of self-doubt that every business faces at some point.

The other problem is the struggle to be taken seriously. Female CEOs find themselves in a male-dominated industry that doesn’t want to acknowledge their leadership role.

But the main struggle for every female entrepreneur, especially a mompreneur, a businesswoman with kids, is finding a proper work-life balance. Parental businesswomen bear dual responsibilities for their businesses and their families. Finding ways to devote time to both is the key to achieving success.

The most successful female entrepreneurs

Based on their accomplishments and net worth, we can mention the following ladies who made their names and strong careers.

  1. Oprah Winfrey, known as "the first lady of talk shows", came from a poor family and experienced a lot of hardships on her way to the top. Her first streak of success came when she won the titles of Miss Black Nashville and Miss Tennessee in her freshman year of college. Then she moved into the TV industry and soon made her talk show the king of ratings. She is now a billionaire philanthropist with her own TV network and magazine.
  2. Sheryl Sandberg, the American technology executive, her success came when she graduated from school at the top of her class, which helped her greatly when she was admitted to Harvard University. She is best known for her work with Google and Facebook and for her New York Times bestseller, "Lean in." After holding several prestigious positions in giant corporations, she was recruited to be Facebook’s first Chief Operating Officer (COO).
  3. Stefani Joanne Angelina Germanotta, also known as Lady Gaga, became famous with her 2008 debut album, "The Fame". She goes all out with everything she does, from her risky outfits to her fun dance moves and jaw-dropping theatrical performances.
  4. Coco Chanel is considered to be one of the most important people of the 20th century. She is the creator of one of the greatest luxury brands in the world—Chanel. She influenced the entire fashion market at the time and launched timeless trends, leaving one of the most desired brands as a legacy.

All these women have managed to achieve success because they have learned to value themselves and manage their time accordingly. Research the market, figure out what other companies are charging for a similar service or product, and think about what you can contribute to making it better. Remember, that you are worth every penny that any other worker on the market. Go get it!

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