Despite the fact that women outnumber men in Europe, female entrepreneurs represent only one third of the self- employed in the European Union. There are some factors that make entrepreneurship a less attractive option for them than for men. The European Union is working hard to come up with incentives to encourage more women start their own companies.
The following are the main challenges faced by female entrepreneurs:
- access to information
- access to finance
- access to networks for business purposes
- managing life at work and home
Research shows that successful entrepreneurs are usually inspired by other successful entrepreneurs. This means that if people don’t have role models in whom they can identify themselves- they are at a disadvantage. Women need women, who can act as role models for those who want to embark on a new project.
The internet has been a huge driving force to empower and enable all entrepreneurs (especially women) to chase their dreams. Recently I read an article written by a female founder that speaks about 4 powerful rules for entrepreneurs to live by. I wanted to share these rules with you:
- Set your goals to maintain your focus: When you encounter a few bumps in the road, focus on a specific goal for motivation.
- Accept rejection and embrace sacrifice: Success will only find its way if the idea is worth suffering for. Several entrepreneurs comment that they spend a long time and resources just to get their idea get going.
- Turn everything into an opportunity: See the positive in everything. Any successful person knows success is built on failure. What defines entrepreneurs is their persistence and ability to keep going despite the failures.Women tend to be more humble about their accomplishments, this was reported on a research collaboration between Professors from the University of North Carolina and the Wharton School at the University of Pennsylvania. This report was music to the ears of many female entrepreneurs.
- Form relationships that bring out the best in you: Invest in people and relationships that offer motivation, inspiration, productive challenge and support. Spend time with people who are also hard- working and dream-big. These are the kind of people who give entrepreneurs incentives.
Whilst women are working hard to gain more funding and start their dream businesses, execution is the quality that separates the talkers from doers.