Overall, the number of women entrepreneurs is rising and so are the women-owned business. According to the latest report issued by “State of Women-owned Businesses report” four out of ten businesses are owned and organized by women, in the United States of America. This report was issued by the American Express. Just over a decade ago the number of women held businesses was less than 58 percent of what it is today. If we count the number of businesses only in the US it sums up to a total of 12.3 million.
Let alone the past decade, talking about the present, just a year ago a total of 1,821 women started new businesses in the US, just in one day. The most shocking and pleasant thing, at the same time, is that these much women starting the new business in UAE one day. Women are rising more than men and that is the fact of the day. These much women coming forward and achieving these things is a huge step forward and this is just the start. Even after such a big change, there is still some development to be made.
The other side of the picture is that these businesses that are owned by women are still lagging behind in many aspects. These businesses are only contributing 4.3 percent of the total revenues and employment in the private sector workforce is just 8 percent. So this could mean that such businesses could have the owner i.e. women’s, the sole employee and they would struggle to climb a $100,000 yearly revenue. As Plugnpoint in UAE has a landmark to increase revenues and employment in the private sector
Now the question arises that how these business owners and entrepreneurs can make sure that their company breaks through the set boundaries and work hard to make the business better and bigger? CNBC Make-it took liberty and held a talk with some of the successful business women to find out what is the strategy that makes them successful and took advice.
Following are some of the main catch points and pieces of advice that business owners gave.
One step at a time!
Founders of fitness studios Shred415, Tracy Roemer and Bonnie Michel told that:
Becoming enthusiastic and impatient is easy when you are working so hard to achieve something and you have set a goal in your mind. The one thing that every business owner needs to remind him/herself is starting a business whether it be a small, big, or successful business, you need to have patience. Along with the patience time and handling situations great sensibility with are also needed badly. Remember to take one step a time.
Don't sell yourself short
Many people are desperate and make decisions that they have to regret later. Most women are more likely to think that they do not have the ability and skills. You should not think that you could not do it and believe in yourself. However, we are not saying that you should get overconfident and throw all the efforts away. Be skeptical comfortable, and confident while accepting and telling about your weaknesses and strengths. Doing this you will gain success and respect, eventually.
The real-estate firm “WIN Home Inspection” owner - Haley Palmer.
Rejection should not break your heart
At times when you are trying hard, the best you have ever done just right then people have the tendency to make you feel small and failure. Let this not throw water on your dreams instead of keeping working hard to accomplish your dreams. Establishing yourself in the market and business takes time. Surviving the market is even harder for women when there is male dominance. No doubt that this industry and especially entrepreneurship is a male-dominated area, you should not lose hope! Do not let you doubt yourself. You are in the game, so put your best foot forward. First attempts are mostly rejected, do not take it on your heart. Find out what caused the rejections and learn from it, adapt accordingly.
Anytime Fitness - Zakieia Rouah, Morocco.
Give to getting!
To make contacts and business relations you have to be in the market. Just being there is not enough you have to participate and let others know of your presence. The more you are involved in the more connections you will have. Taking the advice in a positive way and respecting those who are there for you, this goes for everyone out there. Whether you are in the business for a long time or just starting out respect and be positive is important. This does not mean to trust blindly! Help others and give good pieces of advice, after all, if you help someone, some other person will help you. learn from your surroundings and do not try to reinvent the wheel. Learning and adapting is vital.
Neave Décor - Kathy Neave.
Learn from your team
Do not hesitate to learn from your juniors and non-field related personnel. Do not think and try to be the smartest in the room. A good team does not pop up from anywhere you have to build it. For this, you can hire people that are better than you in certain aspects. Get those who have a diverse skill set and experiences.
Travel operator, Expedia CruiseShipCentres - Helen Robertson.
Form a culture not just business
Being a business owner is not easy it can cause many challenges and problems. But as they say, one door closes many others are opened. For every problem, there is a solution. Every problem gives you an opportunity to find or form a solution for it, appreciate innovations and those who take initiative. This way your destination will become easy and you can continue on the path of success and excellence.
Nikita Hair, founder - Inger Ellen Nicolaisen.
What you came for?
“I believe in working while keeping your end goal in mind. Keep them as a reminder, and if you have to write it down, do it. All that you have to do as an owner of some business it is easy to get distracted or lost. However, if you have the goal and what to achieve in your mind all the time, you will not lose what you came here for.“
Chem-Dry, franchise owner - Kati Buckland.