Maya Misikir
Women are not up against the same things as men. Not when they run for political office, not when they apply for a job, and certainly not when they decide to start a business. More than half the 500 women surveyed for a Women in Business report published by AXA UK in June said they felt the ‘pressure to prove themselves more than a man would in their industry’. Nearly half said starting a business is riskier for women than men because gender discrimination influences the decisions investors make.
That survey was done in the UK, but there is plenty of evidence that women entrepreneurs experience similar challenges globally. A report in Brazil found that women are spending less time on their business than men because they have to be present at home too. In Saudi Arabia, researchers found women face restrictive traditional cultural norms, including restrictions on their movement. Another study in the US showed women are reluctant to apply for loans for fear of rejection, known as ‘borrowing discouragement‘.
The systemic barriers persist to this day, but so do women and their entrepreneurial spirit. The female-led economy is the world’s largest emerging market, says a report by MasterCard Foundation, with the potential to add $12 trillion to the global GDP.
To be clear, not every woman feels as though she is operating under an unfair set of rules. In the same survey by AXA UK, 40 percent of women felt ‘they encountered a level playing field’. Interestingly, an equal share said being a woman made it ‘easier for them to succeed’. Whichever side they fall on, women entrepreneurs have a lot to say about how to get to where they want to go as businesswomen.
Here are five factors they see as key to success:
1. Friends, Family, Networks: The advice shared on this is wide-ranging. For one, meeting people and being part of a network of people opens doors; women have a better chance to access funding for their business. But it’s not just professional life. Their success also hinges on their personal support systems. Entrepreneurs often talk about having a person they can share the lows of life with, a safe space for the good days and the bad. Some call it a tribe – people who we can always count on, be they numerous or few.
2. Comparison, the thief of joy: Tracking business metrics and paying attention to your competitors is necessary. But this can become a way to lose sight of how far you’ve come. A writer on The Corporate Sister platform says that she intentionally makes time for ‘social media cleansing’, obsessing less ‘on popular metrics’ and leaning more into her own ‘goals and objectives’.
3. Mentors: Behind every great woman is another great woman. I don’t think you need to be an entrepreneur to know and attest to the life-altering effect great mentors can have on our lives. But for entrepreneurs, finding a mentor is even more important. Women entrepreneurs have been shown to be more successful if they have mentors – and a study by the University of Chicago finds that’s particularly true when the mentors themselves are women. Mentors can bring you up in important spaces, bring you visibility.
4. Self-perception: How women see themselves and their businesses is key to their success. Being able to see what others see in them, having self-assurance and feeling accomplished (and even saying no), makes their businesses more profitable, says the Cherie Blair Foundation, which offers training for women. However, while confidence is important, we need to stop asking women to have more of it and pass the burden of responsibility to investors instead, argues Dr Rand Gerges-Yammine in a comment piece published by Reuters.
5. On the ever-mercurial motivation: While having and maintaining a high level of motivation may not be realistic, the one thing that does help through the highs and lows is the meaning and purpose behind the work. Taking a guiltless nap when you need one, taking stock of how far you have come (in life and in work), and thinking about the why might be where you can get more, explains this piece on The Story Exchange.
Despite the difficulties of starting and running their businesses, an overwhelming majority (92%) of respondents in the AXA survey said ‘they would encourage other entrepreneurial women to find the courage to set up their own business’.
None of this is a panacea. But it might just be the combination of these things – from a strong support network to the right mentor – that makes the difference.
