Advice for Female Entrepreneurs

When it comes to entrepreneurship, women have long been underrepresented. Fortunately, that tide is slowly turning and more and more women are stepping into leadership roles. However, even though the number of female CEOs is up, it’s still only 7.4% of the Fortune 500 ranked businesses.

There are challenges along the way, starting with business planning all the way to securing funding. Additionally, for far too long, women have been told that they can't or shouldn't enter certain professions. This is why, for many women, the fears and insecurities around building a business are unsurprisingly still present.

Which is why it’s important we talk about valuable advice for female entrepreneurs and how they can implement it in their business planning.

Make Decisions Quick

So much of leadership is about making quick decisions, even though a person may not really be in the frame of mind to arrive at important conclusions at the drop of a hat. Unfortunately, too many female entrepreneurs are willing to “sleep on it” before making a decision that is better made on the spot.

While there is a time and place for lengthy consideration, it’s sometimes much more important to make a decision quickly when necessary and truly commit to it. Decisiveness is a path to overcoming any obstacle.

Do you want to learn how to become more confident in business? Try not to hesitate too much when making a decision. Learn to think critically and quickly, to voice your concerns, and proclaim what you see as the solution. Every outcome is valuable data you can incorporate in moving your ideas further. Remember you’re not married to any outcome, you are always dating an idea.

Delegate

Capable and hard-working women may have a tendency to want to do everything themselves. I definitely had that problem as I stepped into running my business. From a leadership perspective, having a hands-on approach is admirable, but it can (and will) throw you off balance.

Learning how to delegate tasks properly is at the core of entrepreneurship. There is no way to do it all alone, especially if you want to maintain a healthy personal life.

Fight Off the Imposter Syndrome

If there is one malevolent force that has the potential to ruin a women-run business, it’s the imposter syndrome. This is a pattern of thinking that you’re never good enough, that your accomplishments don’t matter or that you’ve gotten here my luck, not your own hard work. You may think that any day now, you'll be outed as a fraud, and everyone will know it.

These fears can run deep and can dissolve even the brightest female careers. Remember, you don't have to be fearless. That's an unrealistic goal.

However, discovering your worth is the key to deterring all this second-guessing. When you’re able to recognize this in yourself, nothing can stop you.

Get a Business Coach

You can find an educational program for entrepreneurs, but nothing beats having a mentor you admire. All the hurdles that await you will feel less dire if you have a mentor or coach to support you along the way.

Consider getting a female business or performance coach. You’ll be able to have her as your accountability partner and thought leader, where you can bounce ideas and get some much-needed insight.

Network With Other Women

We all know why networking is important in business. But female entrepreneur groups can help you navigate the struggles and obstacles because the female founders have also been there and can relate. Find a group where you can be open, honest and messy about your feelings. There are local groups, industry-based, and even national organizations you can join.

It's impossible to build a successful business all alone. Networking with other women will lead to amazing collaborations and connections, which can prove to be invaluable.

Know What Advice Not to Take

When a female entrepreneur asks for advice, others often try to limit her by telling her who she should try to be. "Dress for success", "Talk this way”, “Act that way" - these words, while often well-meaning, are terrible advice.

Women shouldn’t be pushed in a specific business mold but encouraged to be their authentic selves. Only by staying true to who you are and what you’re trying to achieve will you be able to succeed on your own terms.

If you're a woman in need of guidance on the path to becoming a successful entrepreneur, schedule a free 30-min session now, and let's talk strategy.