6 Startup Tips for Women Entrepreneurs
As thousands of people turn towards entrepreneurship to either change their financial situations, add value to people’s lives, or simply keep themselves busy pending when they get another job, women are largely not left out. This trend is further emphasized by the reality that the average trader or store owner in Nigeria is more-likely to be a woman than a man.
Setting up a small business is more common for women in Nigeria than men. In every marketplace, there’re more female traders than males. Whether they have jobs or simply stay at home, one way or the other, they’re always trying to sell something, no matter how little.
While it may seem tedious for a woman to run a business, care for a family, and do more at the same time, success-stories of some African women entrepreneurs have exuded more than just a mere inspiration. The likes of the self-made Nigerian oil billionaire, Folorunsho Alakija, or the Nigerian fashion millionaire, Adenike Ogunlesi of Ruff ‘n’ Tumble, has left inspiring imprints on the minds of millions of other African women.
What then does it take for women entrepreneurs to be successful? And how can women entrepreneurs go on to build successful businesses?
That said, here are 6 startup tips for women entrepreneurs to start, run, and grow successful businesses:
1). If You Need Finance, Consider Sources Other Than Traditional Banks:
Almost every new entrepreneur faces funding challenges when starting a new business. Banks generally don’t like giving out loans to new business owners or entrepreneurs with a poor credit track record.
Since these issues hinder a lot of small businesses from securing finance for their ventures, exploring other funding sources can be a great way to go for women entrepreneurs. You could focus on getting a loan from micro-finance banks, money lending institutions like RenMoney, angel investors, and a few others.
While getting a substantial loan from traditional banks to finance your small business could be a great way to secure an adequate capital to run your operations, you usually won’t be qualified at the first few instances.
2). Build A Strong Network With Your Charm:
Your network is your net worth!
It’s important for women entrepreneurs to always be around people who share the same convictions as them, compliment their flaws, or can generally be helpful to them at some point in their business journey.
While no single person can be an island, women entrepreneurs need to understand they have to mingle in the right circles of more successful entrepreneurs than they.
You could meet great minds by attending conferences, networking events, registering in a country club, and more.
Above all, you must grow your network or be damned!
3). Your Startup Must Be Balanced With Your Life Activities:
Being a woman comes with a lot of responsibilities. If you’re already married, you’d have to battle with taking care of your kids, paying attention to the home, caring for your spouse, and more, alongside striving to build a successful business.
While most women usually have a lot of responsibilities to carry, whether married or not, women entrepreneurs have to find a balance with both their work and personal lives. A poor management of both can lead to a disaster in your personal relationships, marriage, and several other areas of life.
4). Find A Mentor:
Having someone who has successfully been through what you’re currently going through or similar to serve as a wise counsel is crucial for every entrepreneur.
Mentors ease your stress and worry by advising you on the best course of action from their experience. They lift your entrepreneurial spirit, and their words don’t just give hope, but a plan.
Find yourself a mentor, and you’d save a lot of time that could have been lost to mistakes.
5). Simplify Your Mission:
What problem does your startup want to solve? What value do you want to add to people’s lives?
Having a clear mission and been constantly reminded by it will keep you on track and reduce distractions. A focused person has a higher chance of hitting a goal than a person chasing too many things at the same time.
6). Exceed All Expectations:
Above all else, women entrepreneurs must strive to exceed all expectations. People generally expect less from ladies and so, don’t expect them to always succeed in most of their ventures or life activities.
As a female entrepreneur, it’s up to you to ensure you always come out a winner, defy all odds, and constantly prove to people that “what a man can do, a woman can darn do better!”.
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What are your thoughts on these startup tips for women entrepreneurs? Let me know by leaving a comment below.