The business world traditionally was a male-dominated sphere where women were underrepresented. But increasingly, women have ventured into the space, becoming primary founders, entrepreneurs and business owners. 

These ventures range from small home based businesses to multinational ventures such as Canva, co-founded by Australian billionaire technology entrepreneur, Melanie Perkins.

Women have stepped into leadership roles, breaking through the stereotypes and glass ceiling and paving the way for younger generations to follow. In fact 42% of businesses in America are women owned. 

This is also the case across the pond, where 44% of entrepreneurs in the UK in 2022 were women, an increase from 33% in 2018. 

Regardless of the challenges that exist in the business world, women have started a plethora of ventures in industries like technology, finance, fashion, and others, through their resilience and innovation.  

Challenges like balancing family and business life (unfortunately, the bulk of housework still falls on women), building a support network, accessing funding (only 3% of funding went to all-women owned businesses in 2019), owning their accomplishments, and dealing with cultural biases remain. 

However, as Melanie Perkins has shown us, women can still succeed and thrive in all ventures, including male dominated ones such as technology.

In this article, we will explore a few tips to set your venture up for success.

1. Identify your purpose and passion

To identify your purpose and passion;

  •  Reflect on your hobbies and interests

Take a moment and think of activities that make your heart skip and bring fulfillment and joy to your life. 

What is the one thing you enjoy doing the most during your free time? What interests and hobbies have you pursued throughout your life?

For example, if you love the outdoors, flowers, and gardening, consider a venture in landscaping, a nursery, or a flower business. 

If you are passionate about writing, embrace content writing, write a book, ghostwriting, or journalism. 

Do you love murder mysteries? A “whodunit” gets you excited? A PI company may be suitable for you.  

There are no limits. Any hobby can be turned into a venture. But it has to start with your passion.

  • Determine your uniqueness

Think of your uniqueness in terms of talents, skills and experiences, and leverage them to start a venture. This could be;  High IQ 

  • Ability to solve problems 
  • Power to play with numbers
  • Strong leadership skills
  • Unique perspective and understanding of a particular industry. 

For example, if you are good at numbers, have a finance background, and are passionate about investing, an investment firm or a finance consulting company is a natural choice.

Identifying your uniqueness enables you to explore and follow a winning path that aligns with your passion and purpose. 

  • Consider your beliefs and values

Your beliefs and values play a major role in creating successful entrepreneurship and identifying your purpose and passion.

What are your life’s core principles? How do you feel about certain issues?  

For example, if you value environmental sustainability, start a company with green-based services or products. 

Once you align your beliefs and values with your passions and skills, you will be well on your way to setting your venture for success. 

  • Explore past accomplishments and successes

Look back. What tasks and projects shaped your life? What did you win at? What  brought you the most satisfaction?

For example, if your company praised your organizing ability, skills, or coordination power, you might consider venturing into event planning, or start a logistics company.

  • Trust your gut and intuition

We all know that women have a finely developed intuition. So, learn to trust your gut feelings. 

Working with our inner feelings is like having a guide sitting on your shoulder. Learn to recognise and act on your deeply held feelings. Listen to your inner woman and pay attention to ideas or activities that spark enthusiasm, excitement, and joy. 

For example, you may find yourself reading, researching, or dreaming about a certain topic most of the time, that may be a sign that you should explore further. 

2. Learn to overcome the challenges

Startup ventures can be overwhelming, and you will need to develop a thick skin. Here are some ways you can overcome the challenges.

  • Establish your credibility

The business world is male-dominated, and for a woman startup to succeed, it needs to establish strong credibility. 

Traditionally, most investors and business contacts prefer working with men to women.

To overcome these challenges, women-led startups must highlight their accomplishments, education, and experience to showcase their knowledge and expertise. 

Highlight any recognitions and awards you have received, do not shy away from letting others know that you are an expert in your field. 

  • Build a strong and supportive network

Building a solid and supportive business network is vital for any business but more vital for a woman-led venture. 

Bringing together advisors, mentors and peers who understand the challenges of starting a business as a woman may provide much-needed support, guidance and encouragement. 

There are many communities and organizations designed to empower and support women in their business ventures by providing networking events, mentorship, finances and educational resources. Use them.

Additionally, be visible by being actively involved in your industry.   

3. Overcoming stereotypes and gender bias

Unfortunately, the world is rife with stereotypes and gender bias. This is worse in male-dominated industries. 

As such, most women who venture into such industries, and their startups, face additional hurdles. Therefore, women entrepreneurs must acknowledge this behavior, and learn to address and conquer these biases. 

Bring your business acumen and uniqueness, and focus on providing quality services.  Also, highlight the benefits and values of your products and services, and don’t compromise your beliefs. 

Embrace your startups to focus on and provide innovative solutions. 

Furthermore, women can overcome and challenge stereotypes by positively showcasing their resilience, leadership, accomplishments, and abilities to navigate negative perceptions and challenges, thus breaking down gender-based barriers.

However, you can’t win them all. Sometimes, despite your best efforts, some potential clients, investors, or even potential employees, cannot get over your gender. Move on with grace, and focus your energy on the people who appreciate your work. 

4. Balancing personal life and work

Most entrepreneurs face challenges in achieving work-life balance, but women may face more complex and additional pressure because of traditional gender roles and societal expectations. 

Women still take on the bulk of the unpaid labor required to keep a home running. This can put significant pressure on women. 

Start by delegating at work, and then delegate at home. Ask your partner to put in an equal time in taking care of the home. 

If you can afford to have help such as cleaning, childcare, or running errands, pay for it. Additionally, learn to accept support from friends, family, and colleagues.

Flexible work arrangements are also helpful to creating a better work-life balance.  

5. Learn to accommodate change

Do not fear change. Learn to roll with it. 

We often stick to our original plan and idea and push it to work, even when it’s not working. After analyzing your business metrics and spotting an area you need to tweak and change, go for it.

Turn change into innovation opportunities. Monitoring your customers’ reviews and adjusting your services and products to fit their needs will increase your business’s value. 

For example, if you own a restaurant and your customers keep asking for a change in a particular dish, listen and do as they wish. 

Times and tastes change as well. What worked in the past may not work now. Learn to treat your customer interaction as a way of learning, be open to their feedback, and make necessary adjustments.

Embracing changes does not mean putting aside your uniqueness. It means taking a test-and-learn approach and incorporating new ideas, whether it’s marketing, embracing sustainability, or changing your business operations. 

Embrace new technology, new markets, and emerging trends.

Ready to start your venture? 

The business world can present greater challenges to women led ventures. However, when you determine your purpose and passion, leverage your skills, and clarify your values and beliefs, you can create a successful venture. 

And with a healthy dose of determination and resilience, delegation, and a willingness to adapt to change, you will be well on your way.

Additionally, an often overlooked factor is the legal aspects of starting a venture.  There may be contractors, leasing, funding, and employee agreements that need to be just right. If you are in the Tristate area, consult a law firm in New Jersey, to assist you. 

Here’s to successful woman led ventures!