The
Challenges Facing Women Entrepreneurs
By Sherry Thacker
As the president
and founder of the Women's Entrepreneurial Networking System (WENS), I meet a lot of women who have decided to strike out
on their own, and be their own boss. Every woman has her own story; a unique personal experience and set of events that led
to the decision to open her own business. Yet, as diverse as these amazing women are, the thing that is common to us all is
the challenge that is distinctive to women. How do we balance work and family?
According
to a report put out by the CIBC, by 2010 one million women will own a small business. Today there are approximately 800,000
women who are entrepreneurs, and the number of women-owned companies is growing 60% faster then those of their male counterparts.
Out of the small-business category, women as sole proprietors are the fastest growing segment.
What do
these figures mean - and what does it say about the enterprising women behind them? Do women hang out their shingle for business
as a last resort to get around paid-employment reasons of gender inequity or hitting the "glass ceiling"? As of 2004, one
in three men said they started their own business due to negative employment reasons, yet only one in five women say the same.
My experience
has been that one of the biggest challenges facing women is time: time to spend with family; time to develop a career or business;
time to spend with friends; time to spend on themselves. Women want to find a balance between work and family, and statistics
seem to indicate this is true. Studies suggest that 60% of women business owners are a result of lifestyle choices.
This helps
to account for the discrepancy in revenue growth, not just between male-led businesses, where women earn 80 cents to every
dollar a man makes, (although part of this gap is a result of women working less hours due to outside obligations such as
family) but between married female entrepreneurs and single self-employed women. Revenue growth for single women rose a cumulative
70% between 2001 and 2004. This is approximately three times faster than married women.
Some reports
cite the disparity between men and women business owners, and list gender inequity as a major hurdle for women. The implication
is that women as a gender do not actively search for ways to grow their business.
I prefer to think that women are instead seeking flexibility and happiness.
The average
age of today's Canadian woman entrepreneur is 41. Over 70% of these women are married and nearly one-third have kids under
the age of 12. For these women, it is important to try to maximize all of their business efforts, not only to close the revenue
gap between men and women, but also because one in three women have no other source of income other than their business.
Here are
five great tips on how to get the most out of the time you put into your business:
Networking
Across Quebec there are a variety of networking organizations such as WENS,
where women can meet other business owners. Not only are they a great way to exponentially increase your business contact base, but women's organizations often offer seminars and mentoring opportunities to share knowledge
and expertise.
Industry
Associations
Women need
to keep on top of the latest trends in their professions to benefit from industry trends, new technologies and knowledge that
will make their job easier. When entrepreneurs are informed, it allows them to ameliorate their products
and services and target niche markets.
Time
Management Techniques
Balancing
life and career is always difficult, but for women it is a lifestyle priority. Because of this, women need to have excellent
time management skills. If yours are not up to par, consider hiring a professional
time-management consultant, or reading up on the latest methods at your local library.
A
Space of Your Own
Most women
work from a home office. Define this space as work space; it will help keep work and family life separate if your desk isn't in the corner of the children's playroom. When you are working you should be able to give
the task at hand all of your attention, and not be distracted
by household chores, the television, personal phone calls, or family members who unwittingly interrupt your train of thought.
Also, it makes good financial sense as a portion of your home office can be used as a tax deduction.
Reclaim
Your Weekends
Women entrepreneurs
tend to work through the weekends. If they are married and have children it is the time that they can hand over some of the
parenting responsibilities to their partner. What's the result? Women who juggle career and family 24/7. It isn't easy to
take a break, but it is critical that business women claim some time to relax and rejuvenate. Not only to reduce the risk of burn-out but also to have some time to see fresh perspectives
about their business.
