What do women entrepreneurs need to succeed other than the capital

Capital, no doubt, is at the top of the list when turning the focus to entrepreneurship. Much of the capital goes into the business for various needs. Right from investment in machinery to small tools, salaries, and working capital for day-to-day requirements, capital is required everywhere. But there are certain things more important than money when it comes to women entrepreneurship. Need no mention, women-owned businesses are not very capital intensive.

As customers have migrated to internet shopping, women entrepreneurs are finding it easier to enter into e-commerce businesses with much ease than traditional businesses. Those in traditional businesses are also finding it necessary to come online. Online stores are becoming a must-have in present-day markets. It may not require the kind of capital required in a traditional brick-and-mortar space. But it does require knowledge about the web and how it functions. A great deal of e-marketing also goes into establishing a physical presence in the virtual space. E-commerce businesses are great opportunities for women entrepreneurs. However, the flip side is that women find it hard to match up their online sales with their male competitors for various reasons. Let us try to understand the other things that women entrepreneurs require to succeed in business.

Starting a website and selling online cost time and money. Women generally start small, either single-handedly or with a small team. A large chunk of the cash in hand gets invested in building a website for creating a reputable business online. Of course, there are large volumes of “how to” videos and literature available online to take help from. But not every material is cut out for each individual woman entrepreneur’s need. It requires a great deal of time to research which most of the time is difficult for women entrepreneurs to devote because they have other things to look after as well. Women entrepreneurs may thus require the help of experts to learn the precise tricks of the trade. Women entrepreneurs may benefit from access to strong networks of other entrepreneurs, mentors, and advisors who can provide guidance, support, and opportunities for growth. Women like learning more in a setting through discussions and talks, a natural trait that almost all women possess.

Women entrepreneurs also may need to learn digital marketing to reach out to their customers. Other than this, women may need to know the strategic business tools that other established businesses apply if they want to make their presence felt in the market. Customer Relationship Management tools are some basic strategic tools that can take businesses a long way. Accounting tools such as Freshbooks, Quickbooks, etc. can make accounting quick but most women entrepreneurs still use traditional accounting practices to run their businesses. Using tools speeds up the decision-making process and women entrepreneurs need to leverage these tools in order to grow their businesses.

Women need resources that go beyond the capital requirements. In the D-2-C market environment, meeting customer requirements is a real challenge. Women entrepreneurs require a supportive business community, mentors who can advise them on marketing and sales generation, etc. Supporting policies and regulations are other aspects that can create a more level playing field for women entrepreneurs. Interventions from government and policymakers are important to create a conducive environment for women entrepreneurs to increase their participation. Also, women entrepreneurs require a work-life balance more than anybody else as they juggle responsibilities at home and work. Support, courage and confidence building, and inclusion at all levels by removing all forms of stereotyping from society can be a great way to help women entrepreneurs grow. Overall, it's not only capital that determines women's entrepreneurial growth but a supportive ecosystem that includes access to money, education, training, mentoring, availability of strategic tools for running a business, supporting policies, work-life balance, and culture that values diversity and inclusion is needed for women entrepreneurs to grow and flourish. 

Women entrepreneurs in 21st century workspace: What difference they bring to the tables

The narrative around women entrepreneurship is that women need to be men to become successful. It takes aggression, assertiveness, and risk-taking abilities to run a business which are masculine qualities possessed only by men. Since women lack these qualities, they cannot make up for the cut-throat competitive world of business. Hence, women are often advised not to take up entrepreneurship. The discourse seems to be changing now as more women are embracing entrepreneurship and becoming successful. In both developed and developing countries, women entrepreneuship is celebrated as a powerful force of socio-economic change and growth. Women are breaking the barriers and entering a wide range of industries giving competition to their male counterparts today. Women entrepreneurs are proving to be resilient and innovative, developing new business models and approaches that are changing the face of entrepreneurship. So what all factors are contributing to the success of women ventures? Let us look at the qualities women bring in the arena of entrepreneurship that is helping them build businesses of value.

Leading with emotional intelligence in business dealings:

Men and women entrepreneurs have their own ways of doing business. Their varied lived experiences and values are bound to reflect in their entrepreneurship style. Men and women entrepreneurs may solve a problem differently and may behave emotionally in different ways in their ways of handling everyday activities of businesses. However, as compared to men, women entrepreneurs lead their businesses with emotional intelligence more than their male counterparts. Women have a different way of recognising, understanding, and managing emotions, as well as the emotions of others. They tend to have a greater capacity for empathy, communication, and relationship nurturing. Women are better at using certain soft skills that are crucial for effective leadership and superior business performance. Women entrepreneurs are skilled at conflict management and managing difficult conversations as they are adaptable. This helps to create a cohesive, strong, and motivated team at the workplace that is devoted to a common cause. Women possess greater sensitivity to any situation or circumstance which helps them foster stronger relationships with customers, suppliers, and other stakeholders. Though emotional intelligence is not exclusive to women, and men also exhibit this leadership style. But the important point here is that women recognize the value of emotions more than men, and hence women entrepreneurs lead their businesses with emotional intelligence differently than their men entrepreneurs.

Methodological in dealing with risks:

Generally, it is believed that women do not have a great appetite for risk. Businesses and their survival are built on the risk-taking abilities of entrepreneurs. It is taken for granted that men tend to be more comfortable with taking risks than women. Why not? Society and societal expectations have always favoured men after all. It's easy for men to raise debts and invest. On the other hand, forget society, even family members would think twice before lending money to women for business. Leaving these facts aside! Women are more cautious in nature and their decision-making is also different than males. Women are more detail-oriented and methodological. Before making any decision, women may plan to capture the ‘ifs’ and ‘buts’ of every individual aspect of their businesses. Unlike men who tend to be quick to react, women connect the dots to decide how to react to risk. Women entrepreneurs give weightage to the expertise of their team members as well.

Growth ambition:

Often it is said that women cannot become better entrepreneurs as they are less ambitious. One of the reasons why this myth persists is because there is gender stereotyping in society. Women are said to be less competitive, assertive, and less confident than men. This can lead to a biased perception of women’s ambition levels and may underestimate their actual drive and determination. However, there are various research to suggest that women entrepreneurs have great creativity, motivation, and resilience. They are more likely to be driven by purpose and long-term growth ambitions and aim to make a positive impact in their society. Since their vision is more oriented toward long-term growth, they are more detailed oriented and strive for steady and sustainable approaches in their business dealings. Women entrepreneurs seek the well-being of society as a whole through their businesses and hence take up businesses that are long-term. They are not the quick-entry and quick-exit kind and they don’t completely look at making quick profits. They are driven by the purpose of sustainable profits.

This article was an attempt to look at the discourse of women entrepreneurship from the angle of their strengths and not weaknesses. It looks at the qualities that women possess that are making them successful in the entrepreneurial world.

What small businesses can do to expand during recession

 

Recession is a period for small businesses to reconsider and re-align their strategies. During a downturn, small firms can look for fresh growth prospects by finding new markets, creating new goods or services, or altering how they run their businesses to cut costs and boost productivity. They can also streamline their operations to benefit in the future. Small firms can cut expenses and boost their bottom line by automating procedures, cutting waste, and improving their supply chains.

In order to survive a downturn, small firms may need to turn to new markets. By locating new markets, creating products or services that address their requirements, and putting new marketing techniques into practice to reach them, they can make use of innovation's power through the use of technology. Technology is an altering force for businesses. It can change how businesses run, and small firms can take advantage of this power of innovation by making good use of technology. Small businesses can stay ahead of the market and come out stronger from the recession by employing technology to automate procedures, enhance customer experience, and develop new products or services in a new market. Small businesses can access new technology, knowledge, and resources that can help them create inventive solutions and increase their consumer base by working with other enterprises as well.

Reaching customers during recession is a tough thing as customers tend to spend less. However, with the help of innovative and engaging marketing tactics, businesses can lure customers to purchase products that otherwise customers would not. Fresh marketing campaigns, social media marketing, and other types of digital marketing can go a long way in driving customer orientation toward buying. For example, food businesses that innovated their models from dine-in to home delivery succeeded through marketing themselves on food delivery company websites. Customer experience is crucial during a downturn, and small firms can concentrate on enhancing their customer experience. This may entail creating brand-new goods or services that satisfy consumer needs, enhancing their website or mobile application, or offering first-rate client support.

Small businesses can grow during recession by reviewing their business models, streamlining operations, switching to new markets, utilising technology, collaborating with other companies, developing innovative marketing strategies, and putting a strong emphasis on the customer experience. Small firms can adjust to shifting market conditions and weather the recession by adopting these methods into their business models. Small businesses can thrive even in difficult economic circumstances if they follow proper strategies.

Why small businesses should keep an eye on marketing trends

 

Small businesses face numerous challenges in their day-to-day work. In today's cutthroat marketplace, small firms must overcome obstacles to succeed. To stay competitive, win over new clients, and successfully use their limited resources, they must continuously come up with new strategies. Observing marketing trends is one method small firms might address these issues. The newest methods and approaches used by firms to reach out to their target market and market their goods or services are known as marketing trends. Small businesses can find new ways to connect with and engage with their clients, set themselves apart from rivals, and boost their bottom line by keeping abreast of marketing trends. Some of the most important reasons why small businesses should keep an eye on marketing trends are:

To maintain a competitive edge: Maintaining a competitive edge is the way to stand up among your competitors. To compete in the fast-paced business environment of today, carving out your space requires knowing the pulse of the market. Small businesses can find fresh tactics and methods that will set them apart from their rivals by keeping an eye on marketing trends.

Effectively manage restricted resources: Time, money, and human resources are frequently scarce for small firms. Small businesses can concentrate their resources on the approaches that will most successfully reach and engage their target audience by keeping an eye on current marketing trends. With less effort, they may meet their marketing objectives and maximize their return on investment (ROI).

Adapt to changes in consumer preferences: Consumer behaviors and tastes are never static. This dynamism allows for the emergence of new marketing trends. Small businesses can better comprehend and adjust to the changing expectations of their clients by keeping an eye on these developments. Small businesses can invest in social media marketing to reach customers where they are. For instance, if consumers are increasingly using social media to research and buy products, products can be successfully marketed through social media platforms.

Build brand awareness and reputation: Small firms can benefit from keeping an eye on marketing trends. By implementing the most recent marketing approaches and strategies, small businesses can portray a contemporary, forward-thinking brand image that appeals to their target audience. By doing this, they can draw in more clients, keep those they already have, and develop a devoted following.

Adapt to technology: New platforms and technologies frequently lead to new marketing trends. Small businesses may stay current on the newest technology and take advantage of it by watching these developments. Small businesses can employ augmented reality, for instance, to develop interesting and interactive experiences for their clients.

Enhance customer engagement and retention: By offering fresh and inventive ways to connect with their audience, marketing trends can assist small businesses in enhancing customer engagement and retention. Small businesses can produce interactive content to engage their clients and entice them to share it with their networks, for instance, if trendy interactive material like quizzes and polls.

All these reasons mentioned above necessarily make it important for small businesses to keep themselves abreast of marketing trends. Small businesses can find new chances and methods to help them flourish in today's quickly evolving business environment by keeping up with the most recent marketing trends.

4 ways small businesses can exploit the power of innovation during recession

 

Recession can be a challenging time for businesses, particularly for small businesses that may have limited resources. Business executives, during a recessionary trend, attempt to make the most of their finances in the face of uncertainty. Although some businesses abruptly cut workers, others gradually reduce marketing expenditures. However, there is no need to stop supporting anything that spurs innovation, say brainstorming sessions or engagement with research and development teams. Innovation can assist companies in a recession to not merely survive but also prosper. It is the catalyst for long-term growth and puts you ahead of the race. Research shows that companies that innovate perform well in the industry. However, you need not put in all your cash into innovation. Here are some other simple ways to exploit the power of innovation during a recession to stay competitive.

Encourage intrapreneurial minds: Intrapreneurs, or entrepreneurs inside the organization, are the best assets small businesses can have. One of the best advantages of small businesses is the close-knit association among people working together driven by the purpose of growth. Small business employers can always take the help of intrapreneurial minds who know how to prioritize action, manage ambiguity, and stay close to the right problems to solve. Frugal innovation as such is based on empathy, solving the right problem, and focusing on the core need.

Encourage an innovation-oriented culture on a continuous basis: Innovation should be a continual process rather than a one-time occurrence. By cultivating an innovative culture within their organisation, businesses may frequently capitalise on the power of invention. This may entail offering employees training and resources, developing rewards for innovation, and promoting experimentation and risk-taking.

Motivate your employees to work more efficiently: The more you can inform your staff about past innovation triumphs, the more probable it is that they will reconsider their role in the innovation process. Meetings, webinars, and other tools can be used to teach your team about earlier inventions that emerged from economic downturns. You may talk about how patents increased during the 1930s Great Depression or may tell them about how startups grew during the recent pandemic. Also, if you can rely on group problem-solving, your limited resources will go further.

Give your staff more freedom to experiment with their ideas: You may use your employees' creativity and problem-solving abilities to create innovation within your company by encouraging them to share their ideas and thoughts. By allowing them to experiment with fresh concepts, goods, or services, businesses can harness the potential of innovation. They can then refine their efforts in response to client feedback. This can assist companies in creating cutting-edge products that address the evolving needs of their clients. Allowing workers to experiment with small ideas does not cost you more. Also, you may not want employees to make expensive products or follow through on ideas without conducting mini sprints to gauge effectiveness along the way.

To sum up, companies may leverage innovation during a downturn by changing their perspective, spotting new opportunities, working with others, embracing technology, empowering their staff, experimenting and iterating, and cultivating an innovative culture. Businesses can respond to shifting market conditions and come out of the crisis stronger by adopting these techniques into their company models. Using innovation's potential can assist companies in not only surviving difficult economic times but also thriving.