“When it comes to doing business, men and women are very different, but women are, hands down, better at business than men,” says US business coaching expert JT Foxx.
However, he adds that women face two disadvantages that hold them back. “They believe they should not be in business. Not all of them, but many of them believe this, and some are afraid of making more than their spouse.”
These fears create some hesitation in women who are considering venturing into business.
Sales skills are also a factor that needs improving if women are to get ahead.
“Women are afraid of asking for the sale,” he says. “But once women get that confidence, they are unstoppable and once women learn how to sell we [men] are going to have to move to another planet.”
So how do women turn these disadvantages into advantages that will benefit them in business?
Foxx says they need to find other businesswomen to look up to, which is why he decided to bring Scottish lingerie millionaire Michelle Mone with him to co-present at his coaching experiences held in Sandton recently.
“This is not only for women, but also for men because 80% of the buying decisions are made by women in Africa. If men don’t know how to sell to women or understand how to influence the women who have the purchasing powers, they will be left out of a huge segment of the market.”
Foxx says the market is shifting and there are a lot more women executives these days the likes of Yahoo’s CEO Marissa Mayer, Hewlett-Packard CEO Meg Whitman and Pepisco CEO Indra Nooyi. “Women are taking over in many different aspects, and men need to come around in understanding women and what makes them tick. Women don’t want to be sold to, but they do want to buy,” he says.
“Women make decisions based on feelings. They are more benefit-driven as opposed to future-driven.” Referring to Michelle Mone’s Ultimo lingerie business he says: “Women don’t buy a bra because it’s got particular support, they buy it because it makes them feel better as women.”
Women and emotional investing
Investing emotionally is a big no-no for Foxx who adds that it’s not advisable to make decisions with your heart; you have to make them with your gut.
“Women often don’t like to make the unpopular decisions that are sometimes required, because they feel bad. And if you feel bad when you do business, you’re going to be out of business pretty quick,” he warns. “Business has got to be gut-based.”
He says that in contrast to women, most men tend to make decisions with their heads, which is also a mistake. “You need to be a gut-based entrepreneur. The more you think about it, the more you think about the reason for not doing it.”
And if you don’t have a gut feeling you can trust, that’s where business coaches come in so you can bounce your ideas off them. He also says there’s value in seeking advice from business people who have walked the journey before you so that you can avoid the many pitfalls they faced and save yourself a beating.
Foxx says there are two things hurting people in business right now. The first is making excuses. “The less excuses you have, the more successful you’re going to be.” The second thing that hurts people is a lack of knowledge. “That’s why coaching is very important because it’s someone who has been down that road who can help make the journey easier.”
But regardless of one’s background or upbringing, Foxx believes anyone can be successful at what they do and make money.
“If you were born broke, it’s not your fault. But if you die broke, it is your fault.”