Why Women Owned Businesses are So Successful
About 15 million people were reported to be self-employed in 2015. Although the self-employment rates are still higher for men, women are holding their own. In fact, numerous studies have shown that the number of women business owners and entrepreneurs is growing rapidly. If that is true, it naturally follows that women are having more success at owning their own businesses. So, what are some of the reasons why women owned businesses are so successful?
Women Ask for Help
One of the reasons women are successful in business is because they research whatever they have questions about.
Think about that traditional story about asking for directions. According to lore, if a woman is lost, she will ask for directions and get there quicker.
In a business setting this example also holds true.
According to Forbes, one in twenty men feels they lack certain technical knowledge for their jobs. Compare this figure to only one in five women who feel the same. But the difference is that women don’t let this slow them down.
If a woman has a question, she will do research or collaborate with others to get the answers she needs. Having trouble figuring out problems on her own doesn’t stop her from asking for help until she gets results.
Women Are Persistent
Women are persistent and diligent in their business dealings. But, women can also be perfectionists. Nevertheless, they still do whatever it takes to get the answers they need when questions arise.
Freelance blogger Christine Renee agrees.
“I think it’s a woman’s natural ability for resolve and organizing, as well as doggedness toward her own creativity that makes her business successful,” she said. “In short: stubbornness.”
Women Know How to Network
Most people know that women tend to show their emotions sooner than men do. There are books written about the subject. In addition, for many years women were the nurturers and caregivers of the home. Some have said the woman is the heart of the home. But what does this have to do with business success?
Females build relationships and form connections faster with people. This can help them be more successful as business owners. Women aren’t afraid to talk and network with friends, former teachers, and other professionals. They create support networks where men are more likely to go it alone.
“Women do have a tendency to be more collaborative, which is always a benefit, especially when you business is in its infancy and you need all the advice and support you can get from fellow entrepreneurs,” said Melissa Hoffman.
Women Are Good Communicators
Along those same lines, women are good communicators, which leads to relationships and connections more quickly. Women are more open to discussion and will talk more than men do.
Men tend to bottle up their ideas or feelings which can make small problems bigger. Women, on the other hand, tend to share not only ideas and thoughts but also their feelings about an issue. They use their skills in communication to build relationships and trust in others, which is important if they wish to succeed in their business.
Women also tend to be better at customer service because of their empathetic nature.
“Our gender doesn’t guarantee our success, but we do have some advantages,” said Lynn Swords, founder of Ink and Key, LLC. “We’re naturally wired to be empathetic. In any business, employees and clients want to be seen, heard, and understood. As women, we are natural caretakers and great listeners if we take the time to nurture the gifts we’ve been given.”
Women Are Multitaskers
It has long been known that women are great multitaskers, especially if they work and have a family. Women can handle a lot of things simultaneously, and many do.
Some women have a spouse, kids, pets, and at least one outside job. Possessing the quality of being good at multitasking aids women in their business dealings, especially if they have sole ownership in a business.
When a woman owns a business on her own she must be organized and wear many hats and know how to do many different jobs. Often she is the accounts receivable clerk, does payroll, is the human resources officer, and the advertising expert. Being hardwired to juggle many different roles enables women to have continued success in their businesses.
Kristi Porter, owner of Signify, a consulting firm, said, “I think women-owned businesses are successful for a couple of reasons. One being that they are great at juggling multiple demands or tasks at a time, or can switch back and forth easily. This is essential in running a business.”
Women are Patient
Women can be more patient than men in the workplace. Men are a little more fight or flight. Conversely, rather than taking action right now, women will sometimes take a wait and see approach to a problem or issue.
This can help them avoid making rash decisions that may be incorrect and cost them money, time, and grief in their businesses. When you are the boss, it’s true that sometimes you have to take immediate action on an issue. But other times, small steps are the answer to solving the bigger problem and it can take patience to achieve the desired result.
It’s been said that women possess more intuition than men do. Some people may disagree about this subject. While there are men who are more intuitive than others, women more often pick up on facial expressions or vocal changes of others than men. Also, because women key in on emotions more than men do, they may pick up signals other would overlook. For example, if someone is lying to them, a woman may get a gut feeling that something isn’t quite right. This can be a valuable tool as a female business owner in order to prevent being deceived by others.
Along those lines, a woman’s intuition also leads to her being a planner.
“I think women owned businesses see success because working women know they have many obstacles to overcome and have to think ten steps ahead, plus account for contingencies, to make their goals happen,” said freelance editor, Megan Harris.
Women Give Credit When Credit is Due
Because women are not afraid to ask questions and are not usually over confident, they tend to give credit to others when it is due, just as I’ve done in this article. This is another trait that helps women build their relationships and networks in order to success and triumph in their businesses. Successful women are’t trying to compete with each other, but instead are working to build each other up so everyone can succeed.
“Women have many obstacles to overcome and we need to continue to encourage each other as fellow entrepreneurs,” Caitlyn Andrews said.