5 Tips To Becoming A Successful Female Entrepreneur
Female is the new direction for businesses.
Business and entrepreneurship have always been a male-dominated industry. In 2019, the Singapore Business Review reported that women make up 33% of their companies’ senior management team, the highest it has ever been. Singapore has fared better than the average in the Association of Southeast Asian Nations (ASEAN) at 28%, and globally at 29%. Although the gender gap has been closing in recent years, there is still progress to be made. In 2018, Mastercard reported that only 27.5% of Singaporean business owners were women, placing Singapore 14th on a list of 57 countries. This could be viewed as encouraging for the country, considering the Asia Pacific region was ranked the region with the lowest proportion of female business leaders in the world by the World Bank.
As said by Lisa Cash Hanson, the CEO of baby brand Snuggwugg, “Leadership is the ability to guide others without force into a direction or decision that leaves them still feeling empowered and accomplished.” Let us continue to fortify the development of female entrepreneurs, by encouraging their growth.
Here are 5 tips to becoming a successful female entrepreneur.
1. Patience is key
A successful business is not without challenges and struggles. The first few months or years are the most difficult. The key advice from most female entrepreneurial mentors is to be patient. The long-term goals that you have set for your business can be daunting. For a start, take baby steps by setting achievable and impactful actions that you can accomplish in the short term. For example, achieving your first million-dollar profit might seem like a far cry. Do not give up and instead try completing simple tasks like updating your monthly marketing calendar, or even set up proposals to collaborate with larger local businesses. A small step forward, is still a step forward.
2. Treat failure like a lesson
Quoting Oprah Winfrey, “Failure is another stepping stone to greatness.” Do not be afraid of making mistakes and challenging yourself to step out of your comfort zone. Taking risks pushes your boundaries and limits, allowing yourself to grow and discover things you never knew you could achieve. If everyone stays in their own comfort zones, we will never have discovered the beauty of online shopping and will still be painstakingly choosing from retail racks. Risk is not without failure, take it as a learning opportunity. For example, if you are launching a line of cookies and your first batch was not successful, do research and development and seek advice from baking gurus until you get the right recipe for the perfect texture and preferred flavour for your cookies. Use every failure as a tool for your growth.
3. Continuously learn and adapt
Knowledge is essential for growth, innovation, and success. Keep learning and updating yourself with current business trends. As your business grows and times change, it is important to adapt and grow your business in response to market shifts. This is crucial when you realise that your business has reached a plateau and there is a need to refresh ideas and campaigns. Keep your business relevant and be sure to reach out to your customers by using new technologies, platforms, and even through events. Continue to make new connections, meet new entrepreneurs, and share experiences and skills via workshops and conferences.
4. Proactively seek feedback
Feedback is vital in gaining insight for your business. It helps you understand the demographics of your target audience and their needs, and identify the best way to reach them. You may also read articles and reviews on your competitors. Ask your customers about them. “Don’t be afraid to ask your customers for feedback and to learn more about your market by talking directly to your customers,” says Margaret Rowe, a tech blogger at 1Day2write and Writemyx.“Try to find out more about your target audience’s wider interests. For example, send a poll to your customers, either via email or social media to help you learn more.” Doing in-depth analysis allows you to identify your competitors’ strengths and weaknesses. Ensure that the products and services you offer fill in these gaps.
5. Seek advice and insight from the experts
As you embark on your entrepreneurial journey, you will discover the range of resources that you will need, ranging from capital and investments to knowledge on how to run a business. At each stage, it is important that you seek advice and insight from the experts. Many female entrepreneurs leap to success by learning from their predecessors. It is important to have mentors to guide you and make sure you do not get stuck in the overwhelming amount of information on the web.
It is essential to equip women with the right tools and knowledge to succeed in an innovative business landscape in which female entrepreneurs can grow and thrive. For more articles on entrepreneurship, subscribe to our newsletter!