If you have entrepreneurial aspirations, take note of these three things women entrepreneurs must do well to ensure they succeed in the startup world.
The legendary actress, Marilyn Monroe, once said, “Women who seek to be equal to men lack ambition.” Today, women have not only proved they are equal to men but have also excelled in every male-dominated field possible.
It’s no different for the startup world! Women have started businesses, getting a huge payoff and soaring to new heights. In light of this, let us look at three things women entrepreneurs must do well to ensure they succeed in the startup world.
1. Do the Math
Women may have a qualitative outlook on things, which is a good thing, but overlooking of the quantitative details may need improvement. Women must remind themselves that data, numbers and analysis are important in refining and improving business strategies.
Different elements of any business must be tested. It is important to leverage internal data and translate them into business success. Analysis, facts, and figures (data) bring out a huge wealth of valuable insights which result in tangible outcomes.
Three ways to manage relevant data
Women or anyone involved in business must first understand the nature and scope of the business to explore the different areas of that venture. Then, you must make sure to make continuous improvements and innovations in it.
Women must make sure to get their statistics right so they keep can track their growth or regrowth and set the right business expectations.
You must not neglect market-related or customer-related data and statistics. This is important to know where a particular business service or product stands in the market.
Next, you must never overlook data on competition and what they offer. This will help you set prices competitively, create marketing strategies, take advantage of the competitor’s weakness and improve your business performance.
The target audience needs to be targeted based on the customer needs and insights, again bringing to mind the importance of doing the math and studying the stats and making business plans accordingly.
You cannot afford to ignore data. It is important to get the numbers right and concentrate on projections and inferences as this will help to measure growth and give a better focus on your business.
2. Dream Big
In general, women are content with success in little things like doing a home-based job well or setting up a business on a small scale whereas men may seem to conquer the world. As a woman, sometimes you need to just go with your gut. It could mean taking a step with a leap of faith.
If a woman wants to succeed in what is predominantly perceived as a man’s world, she needs to raise the stakes and play it big! It is important to take up the leadership role by presenting decisiveness and confidence.
Sometimes the decisions may not be 100 per cent effective but it is required to take such risky steps for the business. However, there is a limit to risk-taking.
To name a few types of risks relevant to startups, you have product risks, market risks, calculative risks, team risks and execution of strategy risks. This must not stop you from taking any substantial steps.
If and when disaster strikes, a disciplined way to identify and mitigate the risk will help to meet the odds. This will increase the likelihood of success. Thus, the key is to venture out, evaluating risks involved, and not being afraid to pivot.
3. Be Your Authentic Self
“By choosing to be our most authentic and loving self, we leave a trail of magic everywhere we go.”- Emmanuel.
Never forget that women bring unique qualities and strengths to their workplaces and professions. You must never try to emulate men you see as peers or your competition.
Being you, fearlessly, is one of the key elements women need to achieve success. Women must focus on being a powerful influence and impact on the lives around. You must simply embrace the woman you are – authentic and unique.
There will be times of crisis when you will look inward and question your confidence and your decisions when you will feel inferior (to those around) or insufficient in yourself.
Doubts creep in. Yet, during these times, you need to remove the mask and be your authentic self and focus on your goals.
In a world that is changing but still is male-dominated at many levels, women must focus on utilizing their strengths, especially in those areas where women, in general, have an advantage over men – negotiation skills, communication, presentation skills and so on.
Six techniques to be you:
- Remove the expectation mask which is put on to impress people around.
- Be fearless, converting your fears into areas of growth.
- Follow your intuition and listen to your inner voice.
- Avoid imitation and create your own ideas.
- Pay attention and observe every moment.
- Express every move with confidence.
Women must not follow others but create their own path.
Every person is born different and so, each one has his or her own story. Women must be courageous enough to make their own story.
A woman’s perseverance and unique talents can make her a force to reckon with in the world of business.
So, the message to every woman out there is this: Dream Big, set out to achieve your dream, believe in yourself, be yourself, play it big, play it right and never give up!