When it comes to starting and running their own businesses, women simply shine. You probably know a number of successful female entrepreneurs whose stories would provide anecdotal evidence to back this up, but it turns out that there’s actually some science behind the claim, too.
What is it about women that makes them so well-suited to the challenge of entrepreneurial ventures? They tend to be optimistic yet realistic. They aren’t ego-driven and can admit failure — meaning that it’s easier for them to pivot and change course, or to abandon a plan altogether if it’s not working out. However, they’re also perseverant, and will learn from their mistakes, so that subsequent ventures will be more successful.
Then there’s the proverbial “women’s intuition.” Turns out that’s a real thing — female business owners are able to use subtle cues to size up a situation on the fly, and to make better decisions — even if those decisions defy traditional business logic.
Similarly, women appreciate creative approaches to the everyday problems of running a company, and take smart, calculated risks. They consider the input of their colleagues are are less likely to dismiss suggestions out of hand, even when those suggestions are radical or unorthodox.
Men’s egos can sometimes work as blinders, and they can become invested in a business to the point of stubbornness. It’s something of a cliché that women struggle with work-life balance and “having it all,” but in fact women are often more able to find equal fulfillment in their many roles: mother, wife, artist, businessperson.
They can be intensely passionate, and don’t generally begin a business simply to make a quick buck. Rather, they truly believe that the products or services their company offers to the world are valuable and will help others. Women also take a long-range approach, and can ride out the tough times with their eye on future rewards.
Women are good at negotiating, because they understand the true value of compromise and don’t see negotiations as battles that must be won at all costs. They give respect where it’s due, and demand respect in return.
Their communication skills, too, help them be direct and to-the-point, but with the empathy and compassion that build long-lasting professional relationships. And they’re naturally good at networking. This means finding common ground with the people they meet and striving to build and maintain connections that will benefit both parties.
Lastly, women excel at integrating the skills they’ve acquired throughout their life — in school, in their previous positions, in their personal lives, even raising children — into their approach to doing business. In other words, they have the “street smarts” and life skills that rival the formal education provided by an MBA.
Thinking about starting your own business, or maybe investing in a franchise opportunity? If our infographic rings true, and you can recall times when you exhibited these qualities, then you might make an excellent entrepreneur!