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<\/div>2. Women are not afraid to ask for help<\/h2>\n
Every business owner and entrepreneur knows that owning a business means taking risks<\/a>. But women tend to be bigger risk takers than men, with<\/p>\n Despite the common view that men take more risks, women tend to be bigger risk takers than men. In fact, over 87% of women label themselves as risk takers<\/a>. Comparatively, 73% of men label themselves as risk takers.<\/p>\n A recent study published by the Centre of Entrepreneurs in the U.K. focused on the difference in risk taking between men and women. According to the study, women typically take more calculated, well thought out risks than men.<\/p>\n In comparison to men, women are also more likely to reach out for help when necessary, especially when assessing a potential risk.<\/p>\n Here’s the paradox: asking for help is often seen as a sign of weakness. Yet, not asking for help is the reason many entrepreneurs and companies fail.<\/p>\n Because women hesitate less when they need help, they’re more likely to avoid making some of the mistakes made by men who refuse to seek help.<\/p>\n The truth is that it’s hard to completely run a business on your own. No one person possesses the complete skill and expertise needed to run a business. That’s why we grow networks, hire employees, and go to conferences, among other things.\u00a0Business owners are constantly turning to outside resources for help. Women tend to do it sooner and more often, which helps them gain an edge over men.<\/p>\n This balance between risk taking and asking for help allows many women to surround themselves with mentors and other successful entrepreneurs who can spark creativity or offer advice.<\/p>\n While only 18% of men reported wanting to start their own business in the next year, over 47% of women expressed their interest in starting a business.<\/p>\n This positive outlook is also evident in how women view the future success of their business. While 56% of all entrepreneurs expected their profits to increase within the next calendar year, over 61% of women expected their profits to increase.<\/p>\n Importantly, younger women are becoming even more empowered and ambitious. According to the 2016 BNP Paribas Global Entrepreneur Report<\/a>, the number of successful women entrepreneurs who were millennials or baby boomers increased<\/a> significantly over prior generations.<\/p>\n The 2016 BNP Paribas Entrepreneur Report also showed that on average, women-owned businesses make 13% more revenue than businesses owned by men.<\/p>\n While there is no clear-cut answer as to why women-owned businesses generally earn more revenue than men, business experts speculate<\/a> that women often look for opportunities in niche markets. In niche markets, businesses can target a more focused client base and build greater customer loyalty. As a result, businesses have a higher chance to succeed.<\/p>\n Men, on the other hand, tend to tackle bigger markets with broader, disparate audiences. The challenge with catering to these bigger audiences is that these businesses often face more competition, and consumers have more choice.<\/p>\n Women in business aren’t strangers to unfair pay, double standards, or other obstacles. As a result, women often have higher levels of perseverance and a stronger desire to succeed.<\/p>\n For example, Lori Greiner,\u00a0Shark Tank<\/em> investor\/star and well-known QVC host says that she’s had to face plenty of adversity during her many years in retail. But instead of letting people tear her down, Greiner focused on strengthening her inner voice to combat the outside voices. In an interview<\/a> for Entrepreneur, Greiner explains how adversity made her see business in a new way:<\/p>\n Sure, I\u2019ve run into some chauvinistic people in my life, but I don\u2019t let that stop me. I don\u2019t even consider it. If anything, I\u2019ll call it out or I\u2019ll go work with someone else…It can be a pitfall if you think, \u2018I\u2019m a woman and I\u2019m walking in the room and I\u2019m going to be treated different’ or \u2018this is going to be harder because I\u2019m a woman.\u2019 Don\u2019t think like that. You\u2019re an expert at what you do. You\u2019re on a mission and you are a person in business. Not a woman in business. Ever.<\/p><\/blockquote>\n Negative comments (like chauvinistic comments) aren’t exclusive to female business owners. The difference is that when dealt with on a more regular basis, the negativity often helps women grow a thicker skin and internalize their emotions into something positive – drive and perseverance. These unique challenges better prepare women to weather the ups and downs of owning a business.<\/p>\n What other traits help women entrepreneurs and business owners succeed? We’d love to hear your thoughts in the comments below.<\/p>\n3. Women are often more ambitious than men<\/h2>\n
4. Women-owned businesses make more money<\/h2>\n
5. Women know how to persevere<\/h2>\n
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