The path to entrepreneurship is not an easy one, but it often involves added challenges for women. In a general sense, women consider entrepreneurship to be a good career option, but they have a lower perception of their entrepreneurial skills than men, are less confident in their entrepreneurial skills, and feel insecure about their knowledge. Kimberly Rosales and her knowledge in entrepreneurship come to break this stigma by sharing some tips for women to achieve the desired success.
The results of some recent reports revealed that over 52% of new entrepreneurs in different countries over the past few years have been men. Although there are fewer women entrepreneurs, the dropout rates are ten percentage points higher for men, which means that once the initial challenges are overcome, women entrepreneurs are able to develop successful businesses over time.
One of Rosales’ main suggestions is to make your business idea concrete. The most successful entrepreneurs started with a business idea. That idea must be original and innovative to stand out in the market and attract investors. Still, it also has to be profitable in the short or medium-term so that you see a return on your investment as soon as possible.
That means you must turn that idea into a viable business plan to guide your steps. Rosales advises having a clear business strategy before taking the leap to maximize your chances of success.
“Be flexible, be adaptable,” Rosales suggests. “Today’s market is constantly changing, along with consumer tastes and needs, so to become a successful woman entrepreneur, you must be able to pick up on those trends and adjust your business model.”
It’s not enough to be aware of new trends in your industry; you must anticipate them to gain a competitive advantage. To achieve this, it is important that these changes do not intimidate you, but that you embrace them as new opportunities to identify unattended market niches, launch new products or implement productivity-enhancing changes.
One of the worst mistakes you can make in entrepreneurship is not knowing how to prioritize. You may think that no one else will do things the way you do or that you can take care of everything, but you will only end up overloading yourself with work unnecessarily. Running a business is not a race of speed but of endurance.
Rosales believes that the key lies in having clear priorities, both for the most important things in life and the smaller ones, and finding a balance. You need to identify those tasks that are not so important and delegate them to the team you have built.
“Make sure you rely on a good team,” Rosales points out. “Entrepreneurship doesn’t have to be a solo career. If you need help or support, don’t hesitate to ask for it. Advice from women entrepreneurs who have walked the same path can help you avoid making costly mistakes. If you surround yourself with a competent and positive work team, your business will be able to grow much faster, nourished by their proposals.” Many women have acknowledged that the hardest part of their business has been choosing and keeping the right team.
Be prepared and don’t stop training yourself. The myth of the entrepreneur who builds himself without any preparation has been relegated to the past. Motivation is important, but it does not ensure that a business project will succeed, so it is essential that you have basic training in finance, business administration, and marketing.
You can enroll in classroom or online courses, as well as attend seminars, conferences, and entrepreneurship talks organized by chambers of commerce or universities. This way, you will discover the keys to carrying out your business, and you will meet other professionals with whom you can create new synergies.