Entrepreneurship isn’t for the faint of heart. It brings endless challenges and demands a whole host of diverse strengths and skills. Although not all that long ago viewed as “the weaker sex,” women are kicking some serious butt in the business world.
As a female entrepreneur, I’ve always believed that women have what it takes to succeed. And according to the 2012 U.S. Census data, I’m not wrong. The 2012 survey showed 9.9 million female-owned businesses, a not-too-shabby 2.1 million firm increase (almost 27 percent) over the 7.8 million in the 2007 U.S. Census.
That’s steady progress toward reaching—and exceeding—the 14.9 percent of male-owned businesses reported in 2012 (which only increased by 1 million businesses in the five years after the 2007 survey numbers came out).
But what specific qualities and characteristics give women an edge in entrepreneurship?
Here’s my take on what makes us built for business:
10 Reasons Women Succeed in Business
1. We hate disappointing anyone. We put a lot of pressure on ourselves to do our best under any circumstances. Falling short of our own or others’ expectations isn’t an option.
2. We admit to—and learn from—our mistakes. Oh, we don’t like to make mistakes, but we accept and own up to them when we do. Rather than wallow in them, we look for the learning and growth opportunities they offer.
3. Our innate emotional intelligence helps us build relationships. According to psychologist Daniel Coleman, “Women tend to be better at emotional empathy than men, in general. This kind of empathy fosters rapport and chemistry.” I’ve always said it’s important to run a business with the understanding that people do business with people. Having a knack for relating to others and their feelings gives women an advantage in building professional relationships.
4. We have a nurturing nature. Closely tied to emotional intelligence, we also tend to have a natural tendency to nurture those around us. That fosters good will and instills trust with our employees, vendors, customers, and the business community at large.
5. We seek consensus and fairness. As a mom of four kids, the harmony of my home life depends on having everyone on the same page and treating everyone equitably. When women entrepreneurs apply that to their business lives as well, it creates a work environment that’s motivating and productive.
6. We embrace the concept of “no pain, no gain.” Good things never come without effort or energy. Women entrepreneurs expect to work hard to earn their successes. We understand the value of patience and make a conscious effort to apply it to our business endeavors.
7. We don’t just hear; we listen. The fellow women entrepreneurs I know abhor being misunderstood. Likewise, we don’t want to misunderstand others. As I mentioned earlier, having consensus and executing fairness play a big role in building our successful businesses. We put focused effort on being active and effective listeners who grasp core concepts, specific details, and intentions.
8. We’re not afraid to ask for directions to get from point A to point B. I’ve heard many a story from friends about how their boyfriends or husbands got lost when driving but refused to stop and ask for directions. Women business owners accept that they don’t know all the answers and we aren’t afraid to ask for guidance when we feel we’re veering off course.
9. We value balance—and make it a priority. All work and no play can make Jane a stressed-out, unfocused mess. Most successful women entrepreneurs I know have set boundaries to draw the line between their professional and personal lives. We’ve perfected saying “no” when appropriate so we can carve out time for fitness, significant others, children, friends, and the other things that matter to us. While this means we may not always respond to emails immediately or take a phone call, we won’t grow to resent our businesses for cutting into our personal lives because we’ve taken measures to insulate ourselves.
10. We don’t take “no” for an answer. Women entrepreneurs have a survivor mentality that drives them to do what it takes to move their businesses in the right direction. We’re resourceful, innovative, and not afraid to get into the trenches and do the work that’s unglamorous and void of fanfare.
Success: Powered by a Woman’s Touch
Whether you’re a long-time female entrepreneur or a woman who’s just ramping up your startup, embrace and apply what comes naturally to you. The business environment is ripe with opportunity for women business owners who take the gifts of intuition, intelligence, determination, and common sense they’ve been given and direct them at achieving their entrepreneurial goals.
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