According to different reports that have been carried out on female entrepreneurship, entrepreneurial activity among women at an international level has increased by up to 10%. However, these same studies reveal that 35% of women entrepreneurs do not believe they are capable of being successful entrepreneurs, despite being highly educated. This percentage rises to 67% in less structured economies. Kimberly Rosales, using her own experience and all her knowledge as an entrepreneur, offers some of the characteristics that every woman should have when taking the reins of a new business.
An entrepreneurial woman is one who is capable of seeing a business opportunity, starting a project and making it last over time, assuming the risks that this may entail, and adapting to the circumstances of each moment. Although each entrepreneurial woman has different motivations, it is possible to establish a series of common characteristics that define them.
Rosales highlights necessity and opportunity as two fundamental elements of entrepreneurship. In this sense, on the one hand, the lack of job offers drives many women to create their own businesses. On the other hand, it is essential that all entrepreneurs detect opportunities in the market, like unmet consumer needs, and take advantage of them by creating a business.
Rosales is absolutely certain that women’s entrepreneurship is a decisive pillar for inclusive economic growth. In fact, more than 50% of women in developing countries see entrepreneurship as a path to a better future.
“Before entrepreneurship, it is crucial to have knowledge in areas such as business management, marketing, sales, taxation, or human resources,” asserts Rosales. “That’s why the training process is one of the fundamental characteristics that every woman must have if all she wants for her future is a success.”
Entrepreneurship is making what you are passionate about in life the fundamental thing so that you can get the most out of it and make it evolve. That’s why you have to be passionate about your business and wake up every morning excited to work on what you really love.
In addition, every entrepreneurial woman must be a good leader with good communication skills, the ability to make decisions and set an example for her team, as well as having knowledge of the market.
“A woman must have leadership in her veins in order for her business ventures to be on the right track for the future,” says Rosales.
Women must also be empathetic if their idea is to be the main face of a business. Empathy is becoming a key trait for the leaders of the future, as it drives productivity and innovation. Several reports have cited that 22% of global mid-market leaders cite empathy as most important in 2021 and beyond.
Proactivity and the ability to adapt to change should also be emphasized. Given the constant changes taking place in society and, above all, due to the COVID-19 pandemic, proactivity and the ability to adapt to change are essential skills in any entrepreneurial woman. As Rosales rightly points out, “The entrepreneur always seeks change, responds to it, and exploits it as an opportunity.”
Rosales also points out that companies that anticipated uncertainty and developed resilience were better prepared to withstand the effects of the pandemic. Therefore, knowing how to adapt and see opportunities in times of crisis is a characteristic that women entrepreneurs must develop.
“As we have seen, female entrepreneurship has an increasingly relevant role in the business world,” says Rosales. “And the fact is that every entrepreneurial woman is born and made, through her innate abilities and the development of new skills that she acquires through continuous training.”
Entrepreneurship is also a way to support women in vulnerable situations and can greatly improve the economic prospects of their families. In addition, increasing women’s purchasing power leads directly to the strengthening of local economies as it has been indicated that they invest a high percentage of their profits.
“We are on the right track. More and more women are becoming entrepreneurs and making our social and managerial skills known. We show ourselves as we are, common, courageous women, who seek, learn, create and connect with our essence and talents, to grow personally and professionally,” concludes Rosales.