A lot of factors are militating against women’s potential success in business, but three broad solutions can take care of these issues.
When women are able to apply or tap into these three solutions, all the other problems facing them in starting or managing an existing business will fall away. After all, it all starts and ends with the woman. Here they are:
1. Increase your financial literacy
A 2015 Kaufman Foundation study states that women have half the tendency to begin a business as men – due largely to their financial education. Compared to men, many women do not fully understand money and how they can make it work for them. Most women do not trust their own judgments when it comes to money, and many others think money decisions are best left to men.
For potential women entrepreneurs to get their businesses rolling today, they must increase their financial literacy in all aspects. For those who do not know where to start with raising their levels of money education, they might start with reading financial newspapers, books that deal with money and investment, listen to podcasts on finance and money management, as well as play educational games on money and investments.
2. Develop a can-do mindset
The mindset of many women is what is holding them back from business success. Many women do not try because they believe they will fail, and those who tried even doubt their competence as they proceed. Many potential women entrepreneurs are held back by certain beliefs, and they must overcome these limiting beliefs to make headway in business.
So the question is: what beliefs are holding you back from starting or succeeding in your desired business? Once you identify the factors or beliefs that are limiting your efforts, then you must work your way around them to succeed. Success is all about a positive mindset, and you must cultivate a can-do mindset to even move your limbs at anything.
3. Explore potential access to capital
It is very true that women have a half chance of raising needed capital as men. The general society does not have faith of business success in women as they do in men, making it difficult for women to access funding for a business. Yet every entrepreneur needs money to finance an idea or get a business off the ground.
Given that women cannot raise business capital as easily as men; the best solution is to work around the problem. One of the major things for women entrepreneurs to do is to leverage their social network to raise the necessary funding. You must capitalize on your friends, work colleagues, family members, and other acquaintances to get the capital you need for business.
Another solution is to go online and raise money through fundraising websites such as Indiegogo or GoFundMe among others. Many online platforms exist solely for the purpose of raising business capital, and you might want to use this to raise the money you need for that business, but skillful pitching and transparent honesty are key to succeeding on these fundraising platforms
