The State Of Entrepreneurship For Women Business Owners

By Kelly Fidel

A female mine worker is seen underground  at Lonmin's Karee mine in Rustenburg, 100 km (62 miles) northwest of Johannesburg, March 5, 2013. Thousands of miners remained on strike at two shafts in South Africa's Marikana platinum mine on Tuesday, operator Lonmin Plc said, revising an earlier statement that they had gone back to work. REUTERS/Siphiwe Sibeko (SOUTH AFRICA - Tags: CIVIL UNREST BUSINESS EMPLOYMENT COMMODITIES) ORG XMIT: SSIB07
REUTERS/Siphiwe Sibeko 

When Dane Stangler, Vice President of the Ewing Marion Kauffman Foundation (Kauffman Foundation) said, “Entrepreneurship drives economic growth, propels job creation and creates opportunities for upward economic mobility,” he wasn’t just talking about the best of times. This statement is not entirely correct since there are plenty of other things to consider, such as the difficulties facing entrepreneurs and their journey.

Being an entrepreneur is a wild ride and one of the most incredible experiences, despite the roller-coaster ups and downs and unknown turns around the corner.

As a woman-owned business, the new decade kicked off with hope and renewed energy, but if you’ve struggled to grow or scale your business, it’s time to look at the root cause. Let’s explore why women are a force to be reckoned with and what is working now for entrepreneurs to achieve the greatest success during the new decade that is long overdue for many women who run businesses. It is time to ensure that you are setting your business up for the best chance of success!

The kind of work that translates to success

All too often, women entrepreneurs worked hard; they might be doing the right things in the wrong order. And what used to work in the marketplace doesn’t work anymore because it’s the same old thing. Have you noticed, some entrepreneurs achieve far greater success than other women business owners?

Great people have worked smart and simplified their growth, running a business that has achieved success with profit, dream clients and a lifestyle with total freedom.

Unfortunately, other entrepreneurs are still trading time for money and spinning their wheels — frustrated, wondering why they aren’t further ahead by now — stuck in the weeds of day to day tasks that seem never-ending. Generally, the only difference between highly successful entrepreneurs and those that continuously struggle and second-guess themselves is simply the business model they’ve chosen.

One selected the old-school or traditional way to do business. The harder road to growth, not knowing how to scale in the right direction. In contrast, the powerhouse woman entrepreneur takes the road less travelled. The path people never take. And that’s where the results can accelerate.

Most entrepreneurs don’t know they’re missing out on the $325 billion growth industry with a vast untapped opportunity sitting right in plain view. Everyone has a Zone of Genius, that unique expertise each person has. It is that thing that comes so naturally and provides instant value to the marketplace, and other people say,  “Whoa, how did you do that?”

There are three enormous opportunities for women entrepreneurs who want to grow their business and monetize their unique skill set and expertise through coaching, consulting or professional services.

Here are some entrepreneurial trends and statistics:

  • Coaching is a $12.7 billion global industry that’s growing by 3 per cent a year. Nearly 50 per cent of small businesses say they plan to invest in online training in the future. (Goldman Sachs)
  • The e-learning market is expected to reach $325 billion by 2025 up from $160 billion in 2017 (eLearning Industry)
  • The global online learning market size was $171 billion in 2019 and is expected to grow at a CAGR of 10.85 per cent during 2019 – 2025. (PR Newswire)
  • Consulting is a more than $251 billion industry in the U.S. alone and is on pace to keep growing steadily through 2025 (IBIS World)

 

Regardless of any ups and downs on Wall Street, one thing is clear. The online business market is booming for entrepreneurs, self-employed experts and small businesses. So we can agree there’s no shortage of opportunity.

But the real question is, will all that opportunity translate into more revenue, more security and more impact for entrepreneurs?  So here is the excellent news: Women control over $20 trillion in worldwide spending. (Source: Muhtar Kent, Chairman of the Board and CEO, The Coca-Cola Company, October 2010)

 

Source: entrepreneur.com

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