Women's Business Blog

The Secret Ingredient to Becoming a Successful Women Entrepreneur

Posted by Vicki Donlan on Wed, Aug 31, 2011 @ 08:08 AM

Every entrepreneur is seeking the answer to what makes one business succeed and another fail. The statistics for business success in the first five years still remains grim -- according to the Small Business Administration (SBA), seven out of ten new businesses survive at least two years and 51 percent survive at least five years. Yes, just about one out of every two new businesses will fail within the first five years. So, what is the secret ingredient that 51% of entrepreneurs bring to their businesses that the other 49% do not?

One person can change the world resized 600The belief that they can change the world.

Entrepreneurs that are willing to stand up, speak out and share with the market how their business is a solution to the potential buyer's pain will succeed.

This secret ingredient is by no means something innate to one gender or the other. However, the majority of women entrepreneurs have started a business from the determination of turning a passion into a business and therefore this ingredient of "belief in oneself's ability to change the world" is more important for women entrepreneurs

As a business coach, I have worked with both male and female entrepreneurs and one dramatic difference that I have witnessed in the business planning stage is that male entrepreneurs are more likely to launch businesses to fill a need in the market while women are more likely filling a need in themselves.

This diversity does not necessarily have a cause or effect on the likelihood of the success of the business as long as the woman entrepreneur can make a business case for the market's desire for her product or service.

What I have noticed is that when an entrepreneur's love for what they do motivates them to overcome all obstacles no matter how severe and sell their product and/or service to customers as if it is the only answer -- this entrepreneur will succeed.

Believing in oneself and one's ability to create a positive impact on the world is inspiring and a characteristic that engages followers.

The do what you love and the money will follow mentality has never been more important for startups. Most business plans map out the likelihood of a three year slow growth to profitability so entrepreneurs must stay motivated to stay in the race to reach that fifth year that says - YOU'VE MADE IT!

Ask yourself NOW - do I believe I can change the world?

Do I love what I do? Would I do it for free? (You most likely are if you are in business for less than three years)

And finally, does my work make a positive impact?

If you answered yes to all four questions you are, or certainly will be, a successful entrepreneur  ---part of 51% of all small businesses.

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