Fundera reports that women-owned businesses generate nearly two trillion dollars of income each year, and that nearly 40 percent of US businesses are female-owned. They also state that women of color make up the majority of new female-owned businesses opened in recent years and that there are 114 percent more female entrepreneurs today than there were 20 years ago. Those are some pretty awe-inspiring statistics that might have you thinking that it’s time to finally move your business idea from your vision board and into Excel/SquareSpace/Etsy…wherever it needs to go to get started. Before starting any new journey, it is important to know about some of the road bumps you’ll face along the way. These shouldn’t be reasons not to start a business, as anything worth having has its challenges. However, knowing about them can prepare you to face them.
The women who make up the above-referenced statistics overcame a lot. Research out of Columbia Business School states that female-led businesses are still receiving less venture capitalist funding than male-led ones. That being said, when they do, they perform just as well as male-owned businesses. So what does it take to attract that money, and then make it work for your business? Because it’s clear that, once women have it, they do great things with it. Harvard Business School actually took an in-depth look at the personality traits that prevail in entrepreneurs who succeed, and we break them down below.
A greater purpose than money
If you’re just in it for the money, you may not get as far as others. The Harvard Business School showed that entrepreneurs who start a business for reasons not related to money tend to go further. Some of their reasons might include flexibility of schedule that allows them to spend more time with family and friends, or security for one’s family, which is technically financial but not about the acquisition of superficial belongings. Other reasons might include the ability to change the landscape in an industry – if you don’t like the way things are done, you create a new way. For some, the reason is personal fulfillment and knowing they went after their dreams.