Regardless of gender, all entrepreneurs should have the same access to both available resources and full support in order to more easily achieve the creation of their companies. But in practice, it is observed that there are fewer women who decide to set up their own company and finally end up doing it, and they also find more difficulties in starting up.
According to the latest GEM Global report, the rate of female entrepreneurship is approximately three-quarters of that of men, and only in 9 countries of the 59 that have been analyzed is their parity or the female rates are higher.
However, it should be noted that Spain leads parity in the European environment. For the sixth consecutive year, with 9 women entrepreneurs for every 10 men. A figure that exceeds the average for Europe, where there are only 6 women for every 10 men entrepreneurs. In this article, we analyze the current scenario and the reasons that motivate women to set up their own companies, and we try to provide some advice for women entrepreneurs to follow.
The Decision Of Women To Undertake: More Out Of Necessity Than Opportunity
Although the rate of female entrepreneurship has increased in recent years. The truth is that they undertake more out of necessity than out of opportunity compared to men. According to the GEM Spain 2019-2020 Report. All this tells us that, among the reasons that lead an entrepreneur to start her own business, there is often a lack of employment or a better professional alternative.
The main problem with this trend is that need-driven entrepreneurship is often more prone to failure than opportunity-driven entrepreneurship, as the report highlights. In addition, it tends to create more precarious jobs.
But what is the main reason for this trend? One of the factors that partly explains the problem has to do with the lower participation of girls in studies related to STEM subjects, as explained in the report. Let’s take an in-depth look at the profile of women entrepreneurs in Spain and their representation in startups.
Some Advice For Women Entrepreneurs
According to what we have analyzed previously, undertaking in women is not very easy, although we hope that every day more women are encouraged to take the step. The life of the entrepreneur is not easy, we know it perfectly. It’s like a roller coaster of emotions and events, but in the end, it’s worth it, especially when your business is your passion.
But, what is it that you cannot miss when it comes to undertaking? Today we do not intend to provide you with a magic formula (I wish there was!), we would only like to share with you what we consider essential when it comes to having a more bearable business path. We analyze 5 tips for entrepreneurs :
- Try to invest in tools. Anything that saves time and allows you to boost your business is worth paying for.
- Learn to measure your expenses and profits. In this way, you will know exactly how much and what you can invest.
- Planning will help you optimize your time and be more effective.
- Be organized and disciplined. It is true that it is useless to plan if you do not fulfill tasks.
- Try to maintain a healthy work-life balance. Set work hours that can work, but never forget your personal life. If you take care of yourself, rest, and disconnect, your business will also take advantage of this. Your company works if you also work. Don’t forget about your personal life!
The Experience And Advice Of Two Entrepreneurs
Before getting into the matter, we want to confess that, in our case, we do not comply with most of the statistics commented on in the SalesForce study (we are seniors, we are not mothers and we have more than 6 people working). But this only reinforces the idea that there is no age or sector to undertake, rather there is enthusiasm and motivation.
Giving advice to women entrepreneurs is not an easy task, because as has been well commented here, it is the existing gender gap that makes it a little more difficult for us to start a business and that is reflected in the ease of access to financing, for example.
Continuing with this topic on tips for entrepreneurship, there are some tips for entrepreneurship that we recommend you keep in mind:
Resilience
This is a long-term race, you will fall many times so you have to learn to get up, always. Do not throw in the towel too soon, be patient and believe in yourself.
Motivation
The motivation has to be internal, that is to say, it is not valid that “I have nothing else to do” or “it is the last resort I have” to undertake. Motivation is something intrinsic that you will need throughout the life of your company.
Sometimes it is difficult to get up and find the origin of what led you to undertake. But you must remember to “live it” when the motivation is far away. Only undertake if you believe that your project helps others to achieve their goal.
Economic And Emotional Feasibility Analysis
This is another of the tips for entrepreneurship that many people find difficult to do, but it is vital: make a business plan to launch your project. You need to see the feasibility of your dream so that it becomes a reality and not only from an economic point of view (which is vital) but also from an “emotional” point of view:
- How many hours of your life will it take you?
- How are you going to reconcile your personal and work life?
- Money is an important part, but it is not everything.
Network
Luckily, we have more and more communities led by women for women who want to undertake and who support us: Business Angels, Mentors, communities to make our entrepreneurship visible, or others to promote gender equality in society.
Participate in them, contribute and learn from all of them. It’s important to feel part of something bigger and more powerful, to get tools that you couldn’t get otherwise.
Think big
As the American writer, Napoleon Hill said “Think big and your deeds will grow. Think small and you will be left behind, think that you can and you will; Everything is in a mental state”. Linked to the tip to undertake resilience, it is important to think that you can, do not let the impostor syndrome dominate you.
You are neither less nor more, you simply “are” and you have a dream to make come true. Just prepare as best you can to get it, you will save yourself trouble and time.
Get trained
Think that everything you have studied and learned, undertake sometimes will not help you. Because this is another world. Here you are alone fighting against the world. You must be prepared and not only academically with hard knowledge. But (from our point of view and with our age we see it more clearly) especially with soft skills.
These are the ones that will make you change your mindset, and your perception of the business. And your stress management, which is vital in any undertaking.
You may also be interested in How to start a business? Guide in eight steps
