The rate of women-owned businesses has grown nearly four times that of male-owned businesses the past 20 years, according to Women-Owned Businesses: A Tale of Two Types of Entrepreneurs, Forbes.
Whether located in urban areas or in the lesser served rural America, women business builders identified needing assistance in three main areas: financial support, success mindset and support network.
You may wonder why this is true. A study conducted by Marco Del Giudice, noted profound differences in a sampling of 10,000 U.S. male and female citizens (Psychology Today). This is one of the first studies to confirm women scored much higher than men in sensitivity, warmth and apprehension (also known as imposter syndrome).
In consideration of access to capital, it is notable 90 percent of women-owned businesses are solopreneurs, according to an article on CITYLAB.com. Women are paid substantially less than the national average. The need for financial infusion is not as readily recognized. Women business builders tend to work slowly and steadily, saving personal funds to pay themselves (if at all). Fundera.com, states that 29 percent of small businesses fail due to lack of cash.
Apprehension, or imposter syndrome, is basically a lack of success mindset. It’s that small voice some women (and if we’re honest, men, too) hear, saying we’re not good enough, we don’t deserve to succeed, etc. At WEOC, we advise everyone to seek trusted mentors and subject matter experts to help bolster your success mindset.
Having a reliable network is a key to success. Create a personal board of directors, participate in masterminds groups and attend events and workshops. The networking component is meaningful. These groups provide support, accountability and opportunities to be challenged while working on your venture.