What makes Emma Kane, Monica Eaton-Cardone, Valerie Stark, Savannah de Savary, and many other female entrepreneurs tick? There many things that influence people to make a decision like starting a business. Experiences, genetics, personality, upbringing, and other things can motivate a female to start a business.
According to the anatomy of an entrepreneur, female entrepreneurs are influenced by the desire to build wealth, the wish to take advantage of the business ideas they had, the demand of start-up culture, a desire to own their own company and the unappealing notion of working for someone else. Studies show that 58% of the self-employed individuals in the UK are women and 10% of the female population are thinking of becoming entrepreneurs.
Entrepreneurship is not only about having the right idea but is also about having the grit and confidence to build a remarkable business and pick yourself up when you fall.
Let’s look at some factors that motivate a female into starting a business.
If you look through the profile of some top female entrepreneurs, you will notice that they all have one thing in common, the need to solve a persistent problem.
Female entrepreneurs are not always interested in solving problems the old way, they constantly gravitate towards a different approach. They seek novel and creative ways to solve a problem and are always testing the boundaries.
They do not come up with ideas from blank slates. They acknowledge a problem and its contributing factors, then they merge dissimilar concepts from different sources and provide a unique approach. Businesswomen try to balance their creative ways to solve a problem with detailed market intelligence.
Most women who are entrepreneurs have a burning desire for what they do. They defy all odds, block out every form of negative thought and continue their business. Their burning desire helps them to be persistent when faced with an impasse. The love for what they do provides them with a different perspective of the world you might not see.
Female entrepreneurs are passionate about the solution their product or service brings. When asked, most of them will tell you that what drives them is not the promise of fame or money, but the satisfaction that someone is getting help because of them.
One key factor that influences women in moving from management roles to entrepreneurship is the need for fair treatment and improved compensation. All these female entrepreneurs get when they launch out on their own. Being a businesswoman means taking risks; self-employed females take calculated risks and look for ways to protect themselves and their businesses.
Female entrepreneurs understand the importance of having professional indemnity insurance to protect their business against any kind of loss.
Collaboration is the heart of innovation. Women in business seek new opportunities to learn. They need to pass on knowledge to others and learn how other business owners run their establishment.
They understand the need to access a new capital source, expand their network and know their environment, hence the constant yearning for collaboration. Female entrepreneurs build a strong bond with their customers, team, and everybody who contributes to their business. They build the right network of people to help their company grow.
One major trait you will notice about a female entrepreneur is her desire for information. They are most engaged when they’re learning. They gather knowledge and information from different sources and apply them to their business. They’re always looking to grow their company, so, they increase their knowledge independently and from experiences.
One thing most female entrepreneurs have in common is that they are not consensus builders. They do not see a need to crowdsource. They have their particular way of working through complex problems and coming up with the right decision.
They ask people for help when they need to, but basically, they trust their own guts. They make their own rules and decisions and love the freedom to explore their unique methods and approaches in business.
Becoming a successful entrepreneur is not a straight road. There are lots of hurdles that have to be crossed. Female entrepreneurs have the desire to build a strong system no matter the hindrance.
Probably because of the gender pigeonhole, most female entrepreneurs perceive a need to build a strong organisation. They feel a compulsion to prove themselves to people by creating a solid and dependable company. They do not settle for complacency. They see beyond what other people see and strive to achieve the picture of what they have in mind. They quickly recover from adversity and tackle challenges fast.
It is not uncommon to find that women become self-employed because of their family. A fifth of women decided to be self-employed to combine their responsibilities in their homes. Male entrepreneurs are twice as likely to say they became self-employed to make more money.
According to research by Emma Chicks, a larger percentage of female entrepreneurs attribute their family as a major influence on their entrepreneurial journey. 38% of female entrepreneurs state that their family is a major factor in being an entrepreneur. Furthermore, 28% claimed one or more of their close family members was an entrepreneur.
There is no limiting factor to what makes female entrepreneurs tick. Different strokes for different folks, but they are things self-employed females have in common.
What are the things that make you tick as female entrepreneurship? Please share in the comments.