Women Entrepreneurs have presented strong foothold in emerging business movements around the globe. Despite being overlooked by society for a long time, many women-led businesses have performed beyond expectations. Dating app Bumble is one of them, along with other businesses such as Love, Bonito, Zilingo, and many more that are led by female entrepreneurs in Singapore.
However, the facts remain. Many women find it difficult to build a network of people who share similar goals and understanding, making it difficult for them to raise funding for the projects they develop. This is a huge problem, one that makes the resources for aspiring female entrepreneurs more limited compared to men who want to pursue the same business or industry.
Some insightful facts about startups:
- If women and men have equal opportunity to participate as entrepreneurs, the global economy can rise by US$2.5 trillion to US$5 trillion.
- Startups with mentorship grow 3.5times faster than non-mentored startups. Also, they raise 7x times more capital.
- 70% of Startups realize that their idea/product is not unique to the world
- Startups product /idea validation takes 2 to 3x times longer
- Failed startups have 20% higher success rate in the next venture
- Only 40% of startups turn a profit
To really go forward and achieve all the things that women want, we prepared a small list of tips for budding women entrepreneurs to help them succeed in their own respective businesses.
1. Do not be afraid to have Big Plans
Women do underestimate themselves and the potential in their ideas. They often pull strings within their thoughts and fail to dream big. Being a woman entrepreneur is not easy, and you need to be open to any opportunity that you see coming your way. You must think about your idea’s true potential and evaluate the thoughts to build an exceptional business revolution. Thinking about your business’s goals and values will help you leave behind a legacy.
Your dreams need to exceed your capacity to achieve them. Having a small dream might make it easier for you to implement, but it won’t allow you to create something big. It would help if you did not fear having dreams that scare you, as they are not big enough unless they do. To be an entrepreneur and stand out among the market competition, you need to come out of your comfort zone and stop getting affected by a thought of failure.
Having past failures might affect your confidence, but it speaks a lot about the decisions you made and the risks you took while being on the journey. Failing to do something that you love would be better than a success you have at something you hate.
As per Entrepreneurs ways to learn about Entrepreneurship.
2. Be an Expert in your Field
Knowledge is the key to a business’s growth and success. By acquiring more and more experience, you can expand the parameters in which you can innovate. History proves that most successful entrepreneurs are avid learners and understand the value of education in life. You can find numerous sources to gain knowledge, and need not limit yourself to reading books.
Sharing your knowledge through blogging, public speaking, and posting your learnings on various social media platforms. Make sure to be as visible as possible to help promote your business and build your brand’s authenticity. You can try out YouTube, podcasts, guest blogging, and various other methods to communicate with your target audience and expand your brand beyond your imagination.
By gaining knowledge in your field of work, you can discover new ways to expand your business. It will help you build leadership skills, and you will be able to compete with the people who are currently dominating the market targeted by your company. By improving over time, your services’ quality will improve, and you will dominate the market.
3. Leverage your Network and Grow
You can’t build a successful venture without building a network. You can start with your existing network and start to grow your business. Do not fear rejection, and consider doing it as a high priority job. There are immense possibilities of growth that are buried deep into potential collaborations within your network. Many female entrepreneurs in Singapore have made it big by leveraging the network they built over the years.
As you progress, you will require feedback from your customers to validate your business. Pay particular focus on the negative reviews and understand their pain points to understand the areas you need to improve. Further, you can research your competitors and the changes they implement on their websites. Find what their customers feel about their services, understand the customer’s pain points, and help them get a solution by opting for your services.
If you hold a good social media following, you can leverage it to boost your business’s business exponentially. Many social networking platforms, like LinkedIn, Twitter, Instagram, and Facebook, holds immense potential customers for your business. You can target them and get the desired sales. Doing an in-depth analysis will help you determine your products’ strengths and weaknesses and enable you to satisfy your customers by having desired changes in your products over time.
4. Keep Distance from Negativity
Being a women entrepreneur, people will question your credibility. If you’re unfortunate enough to be surrounded by toxic family, friends, and colleagues—chances are they will doubt you. Some might even ask, “What if you fail?” or tell you, “There’s no way you can do it.”
Move forward and ignore the statements made by these people. Most of them are not aware of your potential, but that’s okay! As a strong leader, understand that you don’t need everyone to be on your side during your journey. Have yourself surrounded by motivated and positive people, who value your ideas, and are ready to help you grow by providing their valuable inputs. Being a female and leading a business can make it stressful and full of challenges. Make sure to grant yourself some time, and have a proper schedule to get relieved from any anxiety or stress. You will come across critics throughout your journey, and they will impact you more than the people who praise you for what you do. Now it depends on you whether you take it personally or be a professional and analyze the criticism.
Myths about Entrepreneurship:
5. Have Confidence in Yourself
Believing in yourself is the first step towards a successful entrepreneurship career. You might have the best plan, but not having faith will not make it work on the ground. The path you follow will be a staircase, where you will have to face difficulty in moving ahead continuously. To make it big, you need to believe in your dreams and make things work for you.
Businesswomen in Singapore have contributed to the development of a wide range of products and services, known to make an impact all over the world. If any of those women have stopped a bit sooner, their contribution would not be remembered today. So, never stop before giving your 100%.
To really improve your confidence, consider finding a mentor. He or she will help you become accountable for your actions. Through this, you can discover the failures and successes of people who have worked in your industry. Having a good mentor can also allow you to leverage on his/her own network and connections—opening more doors for you in your climb to the top
In the last decade, we have seen the world changed entirely, and this change was not possible without the contributions made by many successful women entrepreneurs.
It’s time we start paying attention to the contribution made by amazing businesswomen from all over the world. Running a business requires dedication and motivation, and there are many female entrepreneurs in Singapore that have proved that women can lead a business and make it profitable today. Being a woman entrepreneur can indeed be challenging at first. It might take time for you to prove that you have immense potential, but by being motivated and keeping the things mentioned in the article in mind, you can become a successful women entrepreneur.