Entrepreneurial women do not have an easy life although they keep inspiring others to stay calm and moving ahead continuously after kicking ass both in family life and on business front. Many women entrepreneurs do not afraid of risk-taking and facing challenges at business level. Aha! You would not believe but this has been proved again that women entrepreneurs are not scared of taking more risk than men at business level. A new report published by the BMO Wealth Management says that 72 % of women entrepreneurs feel very confident in making risk-related business decisions, compared to 64 % of their male counterparts. The study also breaks down several other factors related to the women entrepreneurship that paint a positive picture of women entrepreneurs. The key findings of the study include:
- 61% of women entrepreneurs feel that risk-taking decision should be calculated, well managed and assessed properly.
- 35 % of women entrepreneurs enjoy their work, compared to 34 % of men.
Chris Buttigieg, Senior Manager, Wealth Planning Strategy, BMO Wealth Management adds, “Decisions that involve risk can cause anxiety, especially for entrepreneurs whose personal finances may be on the line. It’s great to see that so many business owners feel confident making these types of decisions.” Another recent report from the Beacon Agency and Carleton University titled “A Force to reckon With: Women, Entrepreneurship and Risk” also confirms that women in entrepreneurship are not avoiding going out on an extremity in entrepreneurship. A desire to prove their mettle encourages them to take more risk at business front.
Challenges for Female Entrepreneurs
When it comes to know about the challenges faced by women entrepreneurs, the report revealed that sometimes it can be more challenging for women entrepreneurs to start and run a business but there is no doubt about that women are overpowering the challenges. Among the women entrepreneurs who were part of this study 35% think that managing everything is a challenge and for other 35% women entrepreneurs growing business successfully is biggest challenge.
When it comes to know about the confidence level of women entrepreneurs, the study revealed that only 11% women entrepreneurs were not confident about their business abilities. Another biggest challenge is access of funding. Female entrepreneurs face more difficulties to arrange finances when starting a business. Even sometimes unintentionally investors also avoid investing in women leading business ventures because they prefer to fund people whom they feel more like themselves. Another challenge that roadblocks female business owners is that they don’t know how to use their connections or network for business benefits whereas male counterparts know very well that how to build strong relationships all along developing a business network. Many times female entrepreneurs also lack decision-making abilities and working on an alternative business model if one idea fails anyhow.
A Guide for Women Entrepreneurs to Succeed
It can be overwhelming for any female entrepreneur if she succeeds to establish a growing business entity individually however it’s not that much easy. But if she has right entrepreneurial skills, confidence and approach, she can do everything alone by hiring talented team members. Another step is to make up a solid business plan all along establishing an effective marketing and promotion strategy to stay winner in competition. Afterward, dig deeper into the market to lookout for available opportunities and reach out to more number of target audience. Remember that no one will come forward to save anyone; it’s their confidence and business skills that will help in becoming a successful entrepreneur. Sometimes, having wide information about any particular industry can also be more helpful to achieve business goals fast. Besides, breaking down bigger goals into smaller ones can be helpful to achieve business goals successfully. This particular method will also make risk-taking easier for entrepreneurs.
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