As an entrepreneur, you will have advantages to help you succeed. Unfortunately, there will also be disadvantages. As a woman taking on entrepreneurship, however, you may face challenges and develop strengths differing from what a man may experience during his entrepreneurial career.
It’s important to identify these possible issues so that you may use your advantages to become a successful businesswoman and learn how to overcome the disadvantages holding you back.
Women are less likely to have relationships with people who have networks or connections to help launch and sustain a business. Not only does a network provide valuable information needed to successfully create a business, but it also provides a mentorship as well as referrals you may need for future expansion.
Due to the tendency of the highest levels of corporate leadership to be mostly occupied by men, it is difficult for female entrepreneurs to find a woman in a high occupational seat to seek advice from.
It can be difficult for women to devote the time needed for a business to become successful if they have young children who require constant attention. Trying to launch a business may take up all of your time and this can often put strain on obligations to your family.
It is important to schedule your work life with your family duties in mind. As an entrepreneur, you are the boss and therefore you set the hours needed for your business to grow.
Strength in Emotional Intelligence (EQ)
Leadership studies reveal that having high emotional intelligence may prove to be an advantage in business. Having a high emotional intelligence quotient is an important factor in leadership and studies have found that women, on average, have an edge over men when it comes to this.
People with high emotional intelligent quotients understand their own emotions as well as the emotions of their peers, and use the information to help guide how to think and react to the situation.
Working with others and building long-lasting relationships is a strong trait among many women and may aide in the success of a new business. Creating new partnerships among businesses like your own opens a world of opportunities for your business to grow with your competitors, rather than compete against them.
New businesses are going to have difficulty competing against more established companies. If you’re struggling to match your competitors' progress or sales, you may end up in debt. This may eventually result in your company going out of business. Taking on new opportunities creates lasting partnerships and encourages companies to include your business in future prospects.
This is a good time to point out that many people feel that women basically do have the same advantages and disadvantages when it comes to entrepreneurship. Whether or not it's actually true remains unclear.
When it comes down to it, the best way to ensure success as an entrepreneur is to be honest and work hard to achieve your goals. Hopefully, doing so will lead to more advantages and fewer disadvantages.