4 Clever Ways Women Entrepreneurs Can End Attract Business Success
Female entrepreneurship is thriving with a growing rate of 42.3 % between 1997 and 2006, according to the Center for Women’s Business Research, and represented 2 in 5 US businesses in 2006. When analyzing the conditions that foster high-potential female entrepreneurship, there is growing appreciation that the conditions that support women’s ability to start and grow ventures may be different from those that help men. The 2015 Female Entrepreneurship Index (FEI) report acknowledges that there is a need to examine factors that impact women’s enterprise development while the GEM 2014 Women Report clearly states “Women matter to economic development.”
However, few make it past the 2-year mark and, as wire service Bloomberg points out, 8 out of 10 entrepreneurs fail within the first 18 months.
What are then the key issues women entrepreneurs struggle with and what can be improved?
Lacking compelling communication
As Huffington Post recently wrote, entrepreneurs need to master their core message to cut through the noise and get heard. Many businesses fail to communicate their offer in an enticing way for their customers and are not consistent about it.
They don’t say it “often and loud enough,” Marketing Implementation Specialist Stephen Gill of MentureME recently explained to Business Innovators Magazine. “Unfortunately, the way entrepreneurs communicate their value and their offer to the marketplace isn’t supportive of their business growth.”
John Jantsch, famed marketing consultant, and best-selling author of Duct Tape Marketing, also speaks about the importance of innovative marketing and finding a way to stand out. “Perhaps the most important marketing step any business can take is to discover a way to be different.”
While female entrepreneurs often need to be a Jack of all trades at onset, the same mindset that helps them start their business often turns out to be their Achilles’ heel when it comes to continued growth. Instead of trying to do all the lifting themselves, business owners would benefit from spreading growth potential over 50 or more variables that each does the corresponding lifting. “This allows them to diversify both risk and growth opportunity,” Gill explains.
Brad Sugars, well known international business speaker, President, and Founder of ActionCOACH, Inc. often states the importance of understanding the different variables of your business by pointing out “You double the size of a business by adding 1% in 100 ways…not by adding 100% with just one idea.”
Insufficient Media Exposure
Too often marketing is left aside for later consideration. Entrepreneurs often fail to recognize the priceless value of consistent media exposure to support their business growth. Yet third-party endorsement from a reliable, trustworthy source is the foundation for credibility in the eye of potential customers. Shouting their expertise on a blog and social media posts is not enough. PR tools boosting visibility such as articles, radio shows, and press releases are essential when it comes to being positioned as an expert in the marketplace. Outsourced or not, making a wise use of media exposure tools gives an undeniable competitive advantage.
Underestimating One’s Expertise
Many women entrepreneurs fail to recognize their own expertise and don’t know how to leverage their knowledge to serve more people. One way to boost business growth is to create an online program. One can then serve a lot more people while leveraging your time. In addition, this is a way to create extra streams of passive income. “If you are struggling to get clients, visibility, and credibility, creating your program will help you get there.” Fast Growth Business and Technology Strategist and founder of Business Success Edge Alina Vincent explains.
With a global growth rate of 18%, Vincent teaches entrepreneurs how to surf this exploding online learning market by showing them how to create online programs.
Now it’s your turn: What challenges are you facing in your business? What solutions have you found? Please share with us and leave your comment below.