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While the percentage of women-owned businesses in the United States is quickly approaching nearly half of all U.S. businesses, women in business still face many obstacles their male counterparts may not have to contend with, such as greater difficulties with securing funding and higher rates of workplace discrimination.
As women entrepreneurs themselves, the following members of Young Entrepreneur Council have experienced many of these hurdles and have overcome them in order to achieve success. Here, they each discuss one piece of advice they'd give to any young woman looking to start her own business and why they wish they had heard that advice when they first started out.
1. Take Risks And Be Decisive
Be willing to take risks. Think big and act fast. The less decisive you are and the longer you take to execute on your vision, the harder it will be to accomplish big goals. Also, it's crucial to hire the right people, treat them well and then trust them to do their job. Delegate as much as humanly possible. - Jennifer A Barnes, Optima Office, Inc.
2. Use Discouragement To Help You Grow
Expect discouragement and use it as a stepping stone to grow further. Face and accept the fact that life is not fair. When you are not part of the majority of any group, many times you will experience unjust discrimination or biased opinions based on grandfathered-in stereotypes. It will be constant—especially when starting out. This will cause massive discouragement and doubts. Expect this is coming and learn to overcome it without losing faith in yourself. It will be hard at first, but it gets easier every time. When you overcome these obstacles, the sense of achievement is twofold because, at the same time, it hardens you to become stronger and a more solid entrepreneur and leader. - Meeky Hwang, Ndevr, Inc.
3. Keep Your Community Close
One of the most memorable pieces of advice I received early on in my career is that nearly everyone has imposter syndrome. Even many of the most successful women in the world have moments of fear, discouragement and doubt. A female entrepreneur will disproportionately face increased criticism and skepticism on their journey, which can reinforce those feelings of self-doubt. I learned early on to hold my community and trusted advisors close and to tune out the noise whenever possible. Remember those who believe in you and picture them standing with you whenever doubt creeps in. Step by step, with each woman who enters the realm of entrepreneurship, the world is learning that women in business can be business as usual. - Rachel Lipson, Blue Balloon Songwriting for Small People
4. Invest In Networking
My advice to any young woman looking to start her own business is to invest in networking. Building strong and lasting relationships with professionals in your industry can open doors and lead to new opportunities. So, take every chance to attend relevant conferences and join professional organizations, and don't be afraid to reach out to others for guidance. I learned this the hard way over time, but the key is to quickly surround yourself with a supportive network of like-minded individuals who can offer insight and mentorship along the way. Also, remember to contribute equally to the networks you join by helping others. Ultimately, you need to invest the time and effort to cultivate a strong network that is based on a lasting symbiosis where you continue to learn and contribute. - Kelly Richardson, Infobrandz
5. Persevere Despite All Obstacles
One piece of advice I'd like to give to young women looking to make a name for themselves in the world of business is to never give up. There's no such thing as instant success, and you'll be facing countless challenges and even failures down the road. You have to find the will to keep your chin up and continue giving it your all. Think of failure as the stepping stone to reaching your goal and don't listen to anyone who tells you otherwise. I wish I had known this when I first started out because I faced a lot of challenges, which often led to self-doubt. But I found the courage, picked myself up, continued putting in more effort and eventually reached where I am today. If I can do it, so can you. So, just keep hustling. - Stephanie Wells, Formidable Forms
6. Move Quickly With Your Ideas
Being an entrepreneur is about action, which is something you learn after a while in business. While having a carefully crafted plan is crucial before executing a business idea, so much can be learned by doing rather than reading how others have done it. Planning too long limits progress instead of helping it. When you have an idea, implement it and analyze it. When there's rejection, seek feedback, modify and then do it again. I believe the biggest hindrance or blocker for women—and anyone who wants to get into business—is doubt and indecisiveness around the outcome if they take the leap and put their idea out there. I have worked with many mentors, and this taught me that lessons from others help plot a course, but the implementation will always be your way. - Tonika Bruce, Lead Nicely, Inc.
7. Be Vulnerable And Ask Questions
The piece of advice I wish I had when I started my business right out of college is that no one has it all figured out and it's good to ask questions. You don't need to pretend that you know everything, and it's okay to be vulnerable and ask for mentorship in a business setting, whether that's around legal entity setup, accounting and taxes, sales and marketing or hiring and management. The best part of entrepreneurship is that you're on a lifelong learning journey, and you can learn faster by being willing to ask for help or answers. Doing research is great and talking to people who have been there or run their own business is even better. You will continue to understand how to run a successful business better year after year, so be in it for the long term. - Nathalie Lussier, AccessAlly
8. Have Confidence In Yourself And Your Abilities
Starting a business is an exciting yet challenging journey, and it can be even more daunting as a young woman. However, you can successfully launch your own business with the right advice and guidance. One of the pieces of advice I would give to any young woman looking to start her own business is to be confident in herself and her abilities. Believe that you can succeed and don't be afraid to take risks. Additionally, it's essential to stay organized by creating a plan for how you will manage your time and resources effectively. Finally, remember to network. Build relationships with other entrepreneurs who can support and guide your journey. With these tips in mind, you'll have the tools necessary for starting your own business. - Kristin Kimberly Marquet, Marquet Media, LLC
9. Respond To Assumptions With Humility And Grace
I look young and dress young, so I'm often mistaken for the receptionist or assistant when I'm actually the CEO. As a woman, especially a young looking one, you are automatically biased against whether the person being biased is doing so consciously or subconsciously. Sometimes it's not even intentional or malicious, so I like to respond to these assumptions with humility and grace. The best way to show people your competence and expertise is to speak confidently. I use the EEC rule, which stands for efficient, effective and compelling. Make every word count and avoid filler words like “um.” Also, silence between sentences can be effective if you're gathering your thoughts. And do not giggle or laugh after saying something. Finally, practice what you have to say to the point that it's memorized. - Givelle Lamano, Oakland DUI Attorneys
