0
0
Success is something that female entrepreneurs dream of but the road to success is not an easy one! With International Women’s Day taking place on Tuesday 8th March, I wanted to explore why some female entrepreneurs become very successful while others crash and burn! So, what’s their secret?
In this blog post I will be sharing with you my simple but super powerful 5-step process for business success as a female entrepreneur, girl boss, female founder, CEO, boss babe, entrepreneuse, or whatever you like to call yourself!
Success & female entrepreneurship in the UK
But, first of all let’s briefly look at female entrepreneurship in the UK. Alison Rose’s Review of Female Entrepreneurship found:
• Only 32% of UK entrepreneurs are women
• There’s a huge untapped potential for women in the UK economy
• A need for greater support for entrepreneurial women
Barriers to success for female entrepreneurs
Female entrepreneurs don’t have an easy ride. They often face considerably more challenges than men including sexism, difficulties finding funding, having to balance family life with running a business, lack of mentors and a greater fear of failure. But don’t let that put you off!
Holly Tucker – creative small business champion
The UK has some very successful female entrepreneurs. My personal favourite is the amazing and inspiring creative small business champion, Holly Tucker. Holly was a founder of NOTHS and now runs Holly & Co. Highly recommend joining her Facebook group Holly & Co-mmunity Group.
Other inspiring women include Karen Brady, Deborah Meaden, Charlotte Tilbury, J K Rowling and Henrietta Morrison (Founder of pet food brand Lily’s Kitchen).
I’m really passionate about supporting female entrepreneurs and set up a Facebook Group during the first lockdown called Tunbridge Wells Indies. Most of the members are women who run their own small businesses. And my clients are also mainly female entrepreneurs. I decided to do some research and find out what it takes to become a successful female entrepreneur and my research, knowledge and experience led me to develop my 5 step process.
Mentorship and success
A mentor will also be invaluable in helping you build a successful business. Santander has a mentoring programme for the next generation of fast-growth female entrepreneurs which is worth checking out. Plus, the Cherie Blair Foundation offers online mentoring.
I also recommend checking out the various women-focused business communities for UK- based female entrepreneurs.
5-step process for female business success
I believe there are essentially 5 important steps you need to master to become a successful female entrepreneur. This also applies to anybody who runs a business, works as a freelancer, self-employed, Virtual Assistant and so on.
I will now go through each step briefly in turn.
1. Personality & Mindset
Personality Traits & Success
Successful female entrepreneurs often have similar personality traits. They need to be resilient or build resilience to avoid burnout (my mental health first aid kit includes some great tips for building resilience).
They also need to be persistent and keep going through the ups and downs. Friends and family may not share your dreams so you need to be confident, powered by self-belief and a can-do attitude that success is within your reach. According to Driven Women, the greatest obstacle for more women entrepreneurs is not lack of role models or funding but lack of self-belief.
Durability is also important as the path to entrepreneur success is often a slow one. It doesn’t usually happen overnight! Female entrepreneurs also need to be risk-takers.
There are differing views about crucial character traits for male and female entrepreneurs. Women consider multitasking, empathy and creativity to be strengths whereas men value confidence more. People who are emotionally intelligent are said to be more empathetic.
Growth mindset key to entrepreneur success
A growth mindset is also essential. The concept was invented by Carol Dweck, a Psychology Professor after analysing thousands of students to understand what makes someone successful.
“For decades I have been studying why some people succeed, while people, who are equally talented, do not. And over the years discovered that people’s mindsets place a crucial role in progress.”
Carol Dweck. Stanford Psychology Professor
2. Business Knowledge & Planning
Success depends on business knowledge and planning. You need to have the right tools, knowledge, skills and insight. It’s also essential that you do a business plan. The good news is that there are plenty of resources online which will help you start, run and grow a successful business.
3. Product/Service Differentiation
Success depends on a strong USP so you can stand out from the crowd. You don’t need to reinvent the wheel to become a successful female entrepreneur. However, you do need to take an existing product or service and put your unique stamp on it!
4. Killer Brand Identity
All successful businesses have a strong brand identity. It forms the basis of your company culture, personality and ultimately has a direct impact on your bottom line. Many businesses overlook brand voice when creating their brand but it’s super important for creating an emotional connection with your target market. Many of the big brands often spend hundreds of thousands on their branding. However, you can still create a strong brand identity without the hefty price tag. My branding toolkit will help you nail your branding.
5. Marketing & Sales
Marketing & sales are the lifeblood of your business. Strong sales depend on a robust marketing strategy. You may have a fantastic product or service but if nobody knows you exist then you aren’t going to make any sales! Social media, blogging and email marketing are relatively inexpensive ways of creating brand awareness. Incorporating paid advertising into your marketing strategy will also help supercharge sales.
Despite the gender bias and inequality faced by women in business, it’s an exciting time to be a female entrepreneur in the UK. It takes true grit and balls of steel but you’ve got this. And remember that YOUR SUPER POWER is YOU!).
Girl Boss Business Success Toolkit
For a deeper dive into my 5-step process for business success, grab a copy of my ‘Girl Boss Business Toolkit’. It also includes worksheets and swipe sheets which will help you become a successful female entrepreneur.
