The number of women-owned businesses in the U.S. increased a whopping 20.1 percent between 2002 and 2007. According the U.S. Census Bureau, there were 7.8 million business owned by women in 2007. Over 30 percent of those businesses were in repair and maintenance, personal and laundry services, and health care and social assistance.
Compare those figures to the increase in male-owned business that totaled 13. 9 million in 2007 with a small increase of 5.5 percent from 2002. What makes business ownership a good match for women? There are several reasons women have found their niche in entrepreneurship.
Emotional Characteristics of Women Entrepreneurs
The rule of no crying in business still applies but the emotional aspect of women business owners can actually be a positive in areas such as:
- Emotional Intelligence – Women are usually more empathic than men and are able to build strong interpersonal skills that are highly beneficial in business ownership. Plus, their levels of emotional intelligence often make women better leaders and make them more self-confident
- Connecting with people – Women enjoy the support group and social networking at work as well as at home and often find it easier to seek out advice and help when needed.
- Patience – Inherently, women seem to exhibit much patience and are more able to keep a slow and steady attitude when needed and are willing to wait longer for the business to grow than the male counterpart.
- Intuition – That undeniable built-in attribute that is hard to understand but easy to follow. Women have the ability to quickly determine friends and enemies in the business world and are not afraid to base decisions on a gut feeling.
Additional Skills of Women Business Owners
Women also have a stronger ability to multi-task, to self-motivate, have better listening skills, and are willing to self-brand. All of these skills provide women with a sharper competitive edge.
Exuding multi-tasking, women can easily talk on the phone, open the mail, or respond to email all at the same time with effectiveness. Passion and drive contribute to the self-motivating side of female entrepreneurship. Women are able to convey to others how they feel about their business and their customers making for a win-win atmosphere between business owner and customer.
Listening skills is one of the most sought after characteristic for new hires these days. Women have an inherent ability to listen. They use their intuition to know when to stop talking and stop thinking and just listen to the customer and what they need. Being able to listen to the customer allows women to also pick up on buying cues and they remember statements made by the customer that many men just don’t seem to pay attention to.
Women can self-market much more easily because of their levels of enthusiasm, and their openness to share their passions about their products and services. Their sales and marketing pitches usually get the customer excited and willing to buy.
Skills to Work On
The one skill that women need to work on is the ability to take higher risks. Opening a business always has an element of risk so women do take risks but they are bit slower when making decisions to expand or grow the business. All-in-all, women make great business owners and have proven themselves to be profitable, happy and responsive entrepreneurs.
Sources:
- Advantages of Being a Woman Entrepreneur, Carole Nicolaides
- The 6 Advantages Women Entrepreneurs Have Over Men, April 7, 2011
- Advantages of Women Entrepreneurs, July 25, 2010
