While men and women approach business a little differently, explosive growth in the number of women-owned businesses over the past decade bears witness to a non-traditional management style. What is emerging is the realization that many women are more equipped to lead businesses because of their innate ability to multitask and handle many jobs accurately at the same time. Ann Marie Puig, a successful entrepreneur and philanthropist from Costa Rica, explains why women are better suited for leading business roles.
More than half of women business owners (53%) emphasize intuition, or the use of the “right part of the brain” rather than the “left part of the brain,” which focuses on the analysis of information methodically and in the development of procedures. The intuitive process often allows them to detect opportunities that are not visible at first glance and know if they are correct without the use of reason and analysis. “The way women entrepreneurs make decisions is usually by taking into account both parts of the brain,” explains Puig. “This allows the use of creativity and analytical process, a feature that is necessary for the management of a company, especially in uncertain situations.”
Women entrepreneurs tend to reflect on their decisions and weigh options and outcomes before acting. In addition, women do not hesitate to gather information from business advisors and partners. The advantage here is to share the knowledge that is obtained through interpersonal relationships and contacts. Women entrepreneurs often define their businesses in family terms and see their relationships as a network of contacts. This “personal touch” is what often motivates employee productivity. However, the weakness is that they sometimes lack policies and procedures that are clearly established.
Women have a keen ability to properly balance different tasks and priorities simultaneously. In business, for yourself or for someone else, the ability to be flexible and adaptable is a clear advantage today, when we are all expected to perform multiple tasks.
Women entrepreneurs tend to find satisfaction and success by building relationships with customers and employees, taking control of their own destiny and doing something they consider valuable. We spend most of our lives in our work. If our work and personal values are not in harmony, sooner or later, they conflict. Women have used this internal conflict as motivation to create the lifestyle they desire.
Entrepreneurs, in general, are more similar to each other than the working population. Compared to the general population, entrepreneurs and entrepreneurs tend to be more logical and analytical in the way they make decisions, regardless of whether they are men or women.
An enterprising woman knows her finances thoroughly; it is important to have the necessary knowledge and help. “Poor financial management and mismanagement of resources can lead the most promising business to bankruptcy,” adds Puig.
You don’t have to be an expert in finance, but in your company’s finances, some of the tips you can consider including having a fixed budget, setting caps for investment in each item (production, digital marketing, salaries, etc.) and managing a ledger of your expenses, keep tight control over your investments and take stock every six months.
Learning how to set prices is something that sounds very obvious but we put it aside. Know the cost of expenses and deductions. Knowing the net profit of the products will help you to set prices, always respecting market competition and legal controls that may exist. Take strict care of paying taxes and duties.
One of the focal points of any venture is the business plan. Big ideas are useless if they are not well executed. Many women begin their careers as entrepreneurs selling catalog products with friends and neighbors, and this also requires a business plan and marketing strategy; When you have an entrepreneurial vision, you’ll notice that it’s not just about having a hobby that gives you a little extra money, it’s about investing time and money in your passion.
Before you start buying and investing crazy, you need to have a solid business plan and be clear about where you’re headed and what you want to achieve (mission and vision), how you’re going to structure your business, what marketing strategies you’ll use, who you’ll hire, and how and so on, you’ll need to take a series of steps to start your business on the right foot and adapt it to emerging needs.
Anecdotes and experiences about juggling that millions of women do every day are even a source of plays and comedy. However, the reality is that in the workplace, it still causes shame and blames women for sacrificing their family’s time to achieve and fulfill their dreams. This is perhaps the point that makes a difference when we talk about men and women entrepreneurs, since balancing the family with business is mainly a matter for women entrepreneurs.
Long working hours, all your energy, time and effort are dedicated to your new business, can create in you a feeling of stress and exhaustion, since we usually minimize and underestimate the impact that taking can have on our lives; to that, we must add that in addition to a successful businesswoman, you want to be a successful family woman, and you will have to juggle not only your company, but your partner, your children and your home.
This point is key. If you do not learn to balance your professional life with the staff, you will be forced to sacrifice one of the two. You cannot be a successful entrepreneur if you do not feel a realized and successful woman in all areas of your life; remember that the best thing about fulfilling dreams is having someone to share them with.
