Top 6 Qualities That Successful Female Business Owners Have
This will come as no surprise to females who are already running their own enterprises. Women are strong, resilient, and nurturing – many of the qualities that make leaders truly successful.
In this post, we’ll explore six of the top skills women business owners have that make them effective entrepreneurs.
For years, women have excelled in care-related industries. A report by the National Women’s Business Council showed women-owned businesses dominated men and equal-ownership firms in the health care and social assistance industries. One explanation for this is because women are generally stronger empathizers than men. To run a business in these industries, it is imperative that business owners are empathetic to their patients or customers. Without empathy, it can be difficult to work in health care and social-related businesses.
Regardless of industry, having empathy is a valuable quality to have as a business owner. Being empathetic in this role translates into better team-building and stronger customer relationships.
According to research compiled by the Harvard Business Review, women were rated higher than men in 12 out of 16 top leadership qualities. These qualities included taking initiative, driving for results, and practicing self-development. Notably, the third biggest gender gap was displaying “integrity and honesty.” Not only do women possess the skills to lead, they can engender trust in the teams that they manage.
Studies show what busy moms have known for ages; females are better at multitasking!
Entrepreneurs often must wear different hats and juggle multiple moving parts when running a business. From marketing to budgeting to employee management, women business owners often do it all. Being able to toggle effectively between responsibilities gives female business owners the advantage of handling complex workloads.
Research compiled by the Pew Research Center indicate that women are underrepresented in business and public leadership – but not because they trail men in competence, toughness, or work-life balance. About 40 percent of surveyed Americans “point to a double standard for women… where they have to do more than their male counterparts to prove themselves.”
Successful women entrepreneurs persist even when the chips are stacked against them. Whether the constraints are social, financial, or cultural, successful female entrepreneurs find a way to persevere.
5. Not Afraid to Ask for Help
Women business owners aren’t afraid to turn to others when they need help. In fact, studies show that men are less likely than women to ask for help. Researchers theorize that this is because men are generally conditioned not to show vulnerability, and penalized when they do. By asking for support when needed, female entrepreneurs to are able to receive the assistance they require, which benefits their businesses long-term.
Women understand the benefits of collaboration when growing their businesses. They are more likely to form partnerships with fellow women business owners, which translates to strength in numbers. Rather than seeing each other as competitors, many female entrepreneurs strive to help other women business owners.
In her TED Talk, reporter Gayle Tzemach Lemmon argued that female entrepreneurs around the world receive less support from their communities, less access to financing, and less credit for their triumphs. Despite double standards, women-owned businesses are growing exponentially. The power of female business owners should not be underestimated!
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