I think of myself as an entrepreneur, not a “woman entrepreneur.” That said, there are things women tend to do as they approach business ownership that often hold them back from being even more successful.
Here are some of my top tips to leave the qualifiers behind so women can become more successful entrepreneurs.
1. Remember, Entrepreneurship is a Meritocracy. When you are the boss, you are the boss, and your potential is unlimited. You have every ability to pursue an opportunity in the same manner as anyone else, so don’t psych yourself out and create self-doubt that holds you back. Only you stand in the way of your own success.
2. Think Big. Women tend to take on less risk than men. This, again, is not because of some rigged system as much as women holding themselves back from going really big. Whether it’s concern over disappointing someone or a fear of failure, you need to be able to lean into risk and uncertainty to be successful.
It’s also often just as difficult to start and run a small business as it is a big one, so why not really reach for a crazy goal? It’s ok to take calculated, educated risk. If you don’t fail at least part of the time, you aren’t pushing yourself enough.
3. Delegate, but Don’t Abdicate, Responsibility. Generally speaking, women are often detail oriented. And the strengths of being good at the details also means you can get bogged down in running your business, instead of growing your business.
You need to create systems to teach other people to do tasks that aren’t the best use of your time or the best service to the business. While others may not be as good as you are at a task, if it is good enough for customers to be happy, go with it.
4. Watch Your Language. Women don’t realize how often they portray themselves as non-entities or minimize their value. They apologize where there’s nothing to be sorry for, they draw attention to items that nobody needs to know and they downplay accomplishments. Often, women feel badly about talking about their work and business for fear of coming off self-promotional.
Use powerful language, own what you do and don’t offer irrelevant information that detracts from what you are accomplishing. That language informs your attitude, which informs your success. And remember that if you aren’t willing to promote yourself, it’s not likely that anyone else will either. People follow the cues you set for them.
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5. Expand Your Network. While it may be comfortable to network with people just like you, it will never get you to the next level. Go outside your comfort zone, approach and mingle with people who are where you want to be and let that inspire you to move up to their level.
6. Set Your Own Goals. Lastly, it’s important to note we all have different definitions of success. For some people, family accomplishments are more important than professional ones and deserve extra focus. There are also some that judge contributions to a team and seeing projects succeed as more important than individual compensation or overall business growth. There are others that frankly don’t want the stress and responsibility that comes with trying to pursue an eight-, nine- or ten-figure business.
All of this is ok, as our individual success should be measured by our own goals and objectives. There may always be a differential in the types of businesses each individual pursues and how they approach them. If you are pursuing something based on your own measure of success, that’s not anyone else’s business to judge.
About Carol Roth
Carol Roth is the creator of the Future File ® legacy planning system, “recovering” investment banker, billion-dollar dealmaker, investor, entrepreneur, national media personality and author of the New York Times bestselling book, The Entrepreneur Equation. She is a judge on the Mark Burnett-produced technology competition show, America’s Greatest Makers and TV host and contributor, including
of Microsoft’s Office Small Business Academy. She is also an advisor to companies ranging from startups to major multi-national corporations and has an action figure made in her own likeness.
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