Global consultant and tax advisor KPMG® recently published a white paper called Women Entrepreneurs: Passion, Purpose and Perseverance1 that describes the motivations and stumbling blocks of women entrepreneurs.

Their survey of 204 women business founders and leaders of major companies concluded that “women who succeed in entrepreneurship cite the same core traits – hard work, a willingness to take chances, the ability to persevere in times of crisis, and a talent for making smart hires – that have long been credited to men for their business success. Female entrepreneurs who embody those traits are better able to navigate the bumps in the road they will undoubtedly face.”

More than two-thirds of respondents believe that working hard is the most crucial factor in achieving business success, while only 16% believe that luck is a factor.

What Women Small Business Owners Believe
The National Federation of Independent Business (NFIB)2 reports that men and women entrepreneurs focus on many of the same things.
• They want to control their futures.
• They’re willing to work hard and make sacrifices for business success.
• Women entrepreneurs are confident in their skills and abilities.
• A strong vision of “what the company will do and how it will do it” is a critical consideration – more critical than working capital or a well-rounded education.
• Women want to find a satisfying balance between work and life – a balance that enables them to become successful at work, and still enjoy a home life.

The NFIB also reports that women are good at hiring the right people, but have difficulty delegating tasks. That’s a problem for both men and women entrepreneurs, and learning to delegate with trust is key to long-term business success.

Women business owners rely on friends and family to get the job done, and 33% of women responded that “close relationships were extremely important.”

Mentorship doesn’t always work for women small business owners. Two-thirds of survey takers thought that mentors were extremely or very important. However, only one in three female business owners sought the advice of a female mentor. One reason could be that female mentors aren’t always available.

How Do Women Entrepreneurs Succeed?
Business success requires planning, preparation, some financing, and a creative vision of the future and how to get there. In fact, business success is achieved by men and women owners in much the same way. Business is business, no matter who owns the majority of stock.

First, do the math. Good ideas aren’t hard to come by. They’re everywhere. However, turning a good idea into a viable business isn’t easy, and in fact, it can be downright hard to do.

Work the numbers and what you’ll need to get started. Example? If you’re planning to open a new restaurant, your list of must-haves will be much longer than if you’re starting out as a virtual assistant working from home.

Before you invest too much time or money in a business venture, crunch the numbers to make sure business success is achievable. You can save a lot of time and money by making conservative projections of where the company will be.

Get good advice. Plenty of resources are available for women starting a new enterprise. The Small Business Administration has a lot of helpful advice. SCORE, a free consulting service of seasoned business executives, can help you avoid costly mistakes.

And be sure to stop by your local Nevada State Bank branch for cash saving tips as you start your new business. Many banks have business specialists who can guide you along the way at no cost to your fledgling company.

Today, women are empowered to start their own businesses. In many cases, they have the aspirations and the know-how to become profitable quickly.

Is it time for you to start your own company and take control of your life? Women succeed in business every day. Today may just be the day to start your own journey down the road to success.

 


The information provided is presented for general informational purposes only and does not constitute tax, legal or business advice.

1. http://www.kpmg-institutes.com/content/dam/kpmg/globalenterpriseinstitute/pdf/2015/kpmg-women-entrepreneurs-passion-purpose-perseverance.pdf
2. http://www.nfib.com/article/women-entrepreneurs-the-secret-to-their-success-71415/