Empowering Women in Business: The Role of Entrepreneurship in Driving Success

In the future, there will be no female leaders. There will just be leaders.

Sheryl Sandberg, the COO of Facebook:

Thankfully we aren’t living in the dark days where a woman couldn’t even be a company secretary let alone not be frowned upon for setting up her own business.

There’s still a long way to go in terms of achieving gender equality in business and leadership. While women make up nearly half of the global workforce, they are still underrepresented in top leadership positions and face significant barriers to advancement so it’s not surprising that many women make the decision to launch their own business.

According to a 2021 study by LeanIn.Org and McKinsey & Company, women continue to face significant challenges in the workplace, including biases in hiring, promotion, and performance evaluations, as well as a lack of support for working parents and insufficient access to mentorship and sponsorship.

Some will tell you the glass ceiling is being obliterated but many will share their experiences of how it still glistens above them with women often pigeon holed into certain roles as we hear stories of women being asked to take the notes – sometimes by junior staff members!

Women are gaining leadership roles, yet we need to do more to ensure women have equal opportunities to succeed in business. By continuing to advocate for gender equality, providing mentorship and support to women in business, and working to eliminate biases and barriers, we can create a more level playing field for everyone.

Entrepreneurship is a fundamental opportunity to speed up this process!

Entrepreneurship is the process of starting and running a business venture in order to make a profit. By identifying a need in the market, developing a product or service to meet that need, and then taking the essential steps to bring that product or service to market. Entrepreneurs are typically seen as risk-takers, innovators, and problem-solvers who are willing to put in the time, effort, and resources required to create a successful business. so while it is about the data and research, to ensure success it is just as much about the woman behind the business. If you lack confidence how will you take many of the actions necessary for successful entreprenership?

Below we outline key strategies and actions to successful entrepreneurship and you know we can back these up with solid facts and the support you need to turn your business dreams into a reality. Whether you are new to business or an established business, we can support you and open doors to new opportunities – so far this year we’ve helped our members win awards, feature in the press, get on the radio, gain big contracts with the council and other organisations that are traditionally off limits to small businesses.

And of course the best bit?

Make them money. At only £20 a month it’s lovely to hear the return on that investment can run into £thousands within weeks of joining our membership!!! Wonderful news that makes us very happy.

Let’s explore the importance of entrepreneurship and how to utilise that knowledge for your own business growth.

Entrepreneurship is a critical driver of economic growth and job creation, particularly in small and medium-sized businesses. Considering your own mindset and beliefs around this can have a massively positive impact on your results, so first things first – what’s your thoughts and feelings around entrepreneurs?

Entrepreneurs innovate and push boundaries. They don’t assume someone is not going to buy, they don’t assume that one rejected email means that other party is not interested. They don’t assume a new product or service is not right to explore and launch. Learning how to collect and utilise data is a critical part of successful business. Having a chat with mates on social media is rarely good quality research!

Entrepreneurship can give you that empowering sense of independence, purpose, and fulfillment that may be difficult to find in traditional employment. We may be looking to make money or make a difference but never dismiss the emotional attachment you have to your business. What is your reason why? How does it make you feel?

You are on your agenda! Starting your own businesses, you’ve the opportunity to pursue your passions, build something from scratch, and make a positive impact in your communities. Rewriting the story that is told around anything from global warming or beavers to accessible transport or knitting for mental health!

Furthering careers – not just for business owners! Understanding the entrepreneur mindset can be beneficial for anyone. An Entrepreneurs accepts they are going to fail, look daft as they try things no one else has and can be a lonely old road (at times). Everyone can benefit from learning the entrepreneurial mindset – resilience, perseverance, determination, faith, confidence, innovative thinking (and that’s just for starters!) By understanding the mindset, skills, and challenges associated with entrepreneurship, individuals can be better equipped to navigate the business world, identify opportunities for growth and advancement, and make valuable contributions to their organisations.

So now you know why here’s the how…

The Business Plan: According to a study by the Small Business Administration, small businesses with a written business plan are 16% more likely to succeed than those without one. And Insiders will tell you the in-depth study into how to create a business plan that makes a successful business in Mandie’s Quit the day job is worth the price tag alone. Many established businesses and bosses could do with revisiting their plan. If you’ve a scatter gun approach, consider your business plan!

Let the cash flow: Poor cash flow management is one of the top reasons why small businesses fail. According to a study by U.S. Bank, 82% of small businesses that fail do so because of cash flow problems.

Embrace Digital Marketing….this comes with a warning: According to a study by Clutch, 49% of small businesses plan to increase their digital marketing spending in the next year. Digital marketing channels, such as social media and email, can be cost-effective and targeted, however don’t dismiss traditional marketing methods. As with everything from fashion to the size of your phone/trainers/car – trends change. Humans on the other hand don’t. Humans want connection, to feel appreciated and special. If you only project on social media (which many do) you are missing out on key ways to encourage natural organic growth to your business.

Adaptable and flexible: The COVID-19 pandemic highlighted the importance of adaptability for small businesses. According to a survey by the National Small Business Association, 44% of small businesses have pivoted to a new product or service since the pandemic began. In the Insiders we had some with the closed mindset of “We’re screwed, there’s nothing that can be done.” Those that embraced our ideas and ideas from other business owners in our confidential mastermind group did not just pivot they had their best year trading ever! One business owner (Sheena Ramgobin) will be the first to tell you that we helped her adapt her business model to go from the average sale price of £9.95 to £995 in 3 months! The right support, ideas, open mindset and implementation enables adaptability and flexibility to work in your business too.

Customer Love: According to a study by PwC, 73% of consumers say that customer experience is an important factor in their purchasing decisions. Small businesses that prioritize customer experience can differentiate themselves from competitors and build customer loyalty. It is a subject that we often discuss on the Insiders – how to make customers loyal, because loyal customers don’t just spend again, they become your word of mouth super power!

Build a strong team: According to a study by Gallup, engaged employees are 21% more productive than their disengaged counterparts. Small businesses that invest in their employees and build a strong team can see benefits in terms of productivity, innovation, and customer satisfaction. We know when the belts get tightened that can be hard for growth and support for your team. That’s why we have exceptional knowledge, experts, training and courses on resilience, marketing, business growth, communication, management and leadership that you can enable your staff to train independently or via the Insiders.

The right team: According to a study by SCORE, small businesses that receive three or more hours of mentoring achieve higher revenues and increased business growth. Small business owners know that our training and support is exceptional. We can share with you hundreds of case studies where the Insiders have enabled businesses to achieve higher revenues and increased growth.

We all want to build sustainable, thriving businesses, by joining us you can. There is no minimum sign up, you don’t need to be a woman, you don’t need to own the business, it doesn’t even need to be a business (charities love us!) what you need is a desire to make something of your own. To make a difference and excel.