The following is a guest post from creator Andrea Head. She teaches others how to make passive income from selling digital products online. She started selling downloads on Etsy to make a little extra money each month and it ended up replacing her full-time income. Now she also is helping others learn to do the same.
Entrepreneurship is the process of creating, developing, and managing a new business venture in order to make a profit. And while it’s often considered a male-dominated field, women are increasingly making their mark in the business world. In fact, a recent study found that women entrepreneurs are starting businesses at a faster rate than men.
As a female entrepreneur, I know firsthand the challenges and opportunities of starting a business. I started my online business selling digital products on Etsy in 2019 after my full-time job wasn’t cutting it. The financial freedom it’s offered me has been life-changing, and now I teach others to start their own businesses too. But as a woman, there are still unique challenges I face.
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The unique business challenges of female entrepreneurs
One of the biggest challenges faced by new business owners, and female entrepreneurs especially is funding. Despite the fact that women-owned businesses are growing fast they still receive significantly less funding than their male counterparts. According to a study by the National Women’s Business Council, women entrepreneurs receive only 2% of all venture capital funding. Luckily, for a business of online digital downloads, you don’t need much (if any) startup funding. It’s a great way to break into owning your own business that doesn’t require major capital upfront.
Unfortunately, female entrepreneurs still sometimes face gender bias when working in the male-dominated business world. That bias can present itself in many ways, like women not being taken as seriously as men or even discrimination when it comes to hiring, funding, and other business opportunities.
And those are just the external challenges. Just like any entrepreneur women also face the internal barriers of self-doubt and imposter syndrome. Reports show that women experience imposture syndrome at a higher rate than their male counterparts. As a result of that is that women can feel like they are not qualified or experienced enough to start a business, even if they have the necessary skills and knowledge.
Advantages of being a female entrepreneur
Even with the challenges female entrepreneurs face it doesn’t come without its advantages too.
One of the biggest advantages of being a female entrepreneur is simply being female and being able to bring a unique perspective to the business world. Different life experiences and perspectives can be valuable and help women better understand their customer base. Plus, being a woman offers the opportunity to connect to communities of other women that have similar experiences. This mentorship and sisterhood are unique and special and one of the best parts of being a female entrepreneur.
The supportive and collaborative work environment women create with one another can be one of a kind. Women often prioritize the well-being of their employees and are more likely to create a workplace culture that is supportive and nurturing.
Tips for female entrepreneurs
If you are a female entrepreneur or interested in becoming one, I have a few tips that might help you succeed. First: believe in yourself and your abilities. Don’t let self-doubt hold you back from pursuing your dreams. If you want something, go after it.
My second tip is to take advantage of the resources available to you. Join a networking group, and seek out mentorship from other successful female entrepreneurs. Take the course to help you get there, or spend the time researching what you want to pursue. Then jump in. There are so online resources available, from webinars to podcasts, that can help you get there.
Next, remember that you will have to take some risks, and you might experience some failures. Starting a business is never easy, and there will be setbacks along the way. It’s important to be willing to take risks and learn from your mistakes.
Finally, especially if you’re starting a business to free yourself from a 9-5 job, prioritize self-care and a work-life balance. It’s all too tempting to become consumed by your business. But if you push too hard you can burn out fast. Prioritize your mental and physical health, and make time for hobbies, exercise, and spending time with the people who energize you.
The fun of being a female entrepreneur
Entrepreneurship is an exciting and challenging journey, but it doesn’t come without its challenges. There are certainly obstacles to overcome, but at the same time there are also many advantages to being a female entrepreneur. Remember the importance of believing in yourself, taking advantage of resources, embracing risk and failure, and prioritizing self-care. With that, you can succeed as a female entrepreneur and make your mark.
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