Words of Wisdom for Women Entrepreneurs

Traditionally a male-dominated sphere, the business world has long made it an uphill battle for women to carve a space for themselves in it. But much like with many other aspects of life, times are changing. Today, they are leading the way for entrepreneurial spirit—as of 2024, there are approximately fourteen million women-owned businesses in America, accounting for almost 40 percent of all businesses. Further, Wells Fargo notes that between 2019 and 2023, the number of these organizations grew at a rate that far outpaced that of ones run by men.

In honor of National Women’s Small Business Month, here are four primary areas of focus that, when honed for your unique business journey, can become a tremendous foundation for entrepreneurial success.

Curiosity

A curious nature is virtually a necessity for entrepreneurs; in fact, Women on Business calls it the most important trait an aspiring business owner can have. After all, the most successful enterprises are ones created to fill a gap or improve on what other companies in the industry are currently doing. Having an unending desire to learn—about your team, customers, and industry—can enable you to identify new employee talents you can advantage of, overlooked yet potentially lucrative audiences, and upcoming needs your company may be uniquely prepared to fill. In this way, a “What if?” mindset can help you both establish your business and sustain or even grow it during changing times, such as when companies had to pivot during the COVID-19 pandemic.

The biggest obstacles that can kill your curiosity? Self-doubt and discouragement, which are unfortunately common traits for business owners—especially women. As a result, enthusiasm can transform to fear, ultimately leading to playing it safe and sticking to what works to avoid failure rather than chase success. To overcome these mental blocks and reinspire your curious nature, focus on believing in yourself and your business more than the naysayers (including, potentially, your inner voice), seeking inspiration to encourage new ideas, and staying fiercely focused on the big picture—helping your business flourish.

Capital

You can’t succeed in business without funding, but there’s a troublesome trend for businesswomen seeking to acquire it. A shockingly minuscule 1.9 percent of venture capital goes to female-founded businesses, and only around one in five Small Business Administration (SBA) loans are given to majority-owned women businesses, Bank of America reports.

This doesn’t mean getting assistance is impossible, however—there are many resources out there, including female-led ones, specifically dedicated to helping women succeed. The Association of Women’s Business Centers, for example, has a nationwide network that assists over 150,000 women business owners a year through guidance and financing opportunities. Similarly, the National Association of Women Business Owners can help you build your business and make vital connections; it is also heavily involved with advocating for equitable legislation for women business owners.

The Women Business Collaborative, meanwhile, has a stated mission of achieving specific capital goals for women entrepreneurs by the end of 2025. Finally, if your business is on the smaller side, the SBA offers training and counseling as well as access to funds to get you started; you can contact its dedicated Office of Women’s Business Ownership for more information.

Compassion

Julie Thompson, senior writer and business operations expert for business.com, identifies empathy as one of several traditionally “feminine” attributes that are a powerful boon for business. “Empathy makes an excellent leadership quality because it allows employees and customers to feel heard,” she says. Senior business executive and executive coach Debra Bednar-Clark concurs, listing empathy in her top ten feminine traits that nurture business success.

The importance of EQ (sometimes called emotional intelligence or EI) has been emphasized more in business in recent years, and for good reason. Leaders who are both emotionally self-aware and cognizant of others’ emotions can often expertly read the room, tend to be good listeners, and know when to be assertive or give space. Who wouldn’t want to work for or partner with such a conscientious business owner?

And don’t overlook the fact that Thompson mentioned customers in her statement—a leader with a strong EQ is more likely to establish strong, long-lasting relationships with clients. After all, if your primary goal is to get them to know, like, and trust you and your business, you have to be able to connect with them on a personal level. Martha Stewart, business mogul extraordinaire, summarizes it succinctly: “Take off your shoes and step into your customers’ shoes for a while.”

Confidence

Women have long felt their voices stifled, often in favor of men’s—or by men’s. As tech entrepreneur Alina Mikay bluntly puts it in Forbes, “Women are encouraged, both actively and implicitly, to act in ways that can undermine their entrepreneurial goals. It’s as if we’ve absorbed the passive messages of the old-fashioned fairy tales we heard as children: be likable and humble instead of confident and assertive. In other words, act like a princess.”

While there’s certainly nothing wrong with being likable and humble, there can be a fine line between being respectful and being submissive, especially for new business owners. On a micro level, the latter can be revealed even through one’s reflexive choice of phrases such as “I think that” or “I’m sorry.” The solution: find, nurture, and use your voice, learn from your setbacks, and celebrate every win, no matter how big or small. As cosmetics entrepreneur Latasha McRae told Constant Contact, “No one is going to believe in you like you do.”

If you’re a woman thinking about starting your own business, you’re certainly not alone. Use these four pillars as stepping stones to learn and grow, eschew any societal expectations you may experience, and always remember your why—it’s your driving force, and it will help you blaze your own glorious path to success.

TAKE ACTION:
If you’re a woman business owner, consider how to use these pillars to help fuel your business success.