The recent developments and research suggests that business is not getting any better in United States. There is more destruction than progress. However, women business owners seems to have gained a foot hold in the American markets and women entrepreneurship is ramping well. Having the ownership of around 30% of business firms in America, one can assume how valuable their input may be to the country’s economy. However, facts and figures do not support this idea. These firms have only been able to induct 6 out of every 100 employees in the country which is a big reason for the fact that women only contribute 4% to the country’s annual revenue.
Some of the common reasons why women entrepreneurs face a hard time developing their business are centered on societal support in the form of resources and skills. Also women business owners generally find it hard to cope with failure in public. Negative impacts on relationships with the close ones is also a reason for business failures among women.
Here, am I doing my part, addressing and identifying the key elements, taking care of which will help business women to expand their firms and achieve more productivity.
#1. Research and Seek Advice
Whenever you hit a dead end, seek recommendations and ideas from the experienced ones. It is always best to connect with those in the same field so that you can guide yourself better towards a way out of the problem. The internet is one of the best sources for seeking out relevant advice. Not only will it get you out of the problem, it will further allow you to tackle similar situations much more efficiently in the future.
#2. Give it Some Time
Every business doesn’t flourish right from the start. Patience is the name of the game. You and your team will have to exercise a lot of resilience especially through the bad times. Setbacks especially financial ones can be demoralizing but only your patience and the urge to keep going can get you out of trouble.
#3. Make Room for Errors
There will be times when your decisions will backfire. This can be tough for women business owners but admitting mistakes and accepting the fact that you can make mistakes is the only way forward. Each mistake will only improve your decision making and add to your experience.
#4. Prioritize and Don’t Overburden Yourself
Whenever there is a development in your business, revise your limits before taking up any new tasks. There has to be added pressure so you should prioritize and go for the best options that are offered to you. You may even have to turn down offers at times but that’s alright. Everything has a limit.
Please feel free to add to the list and comment below.