Guest post by Patrick Rosario
According to American Express, the number of woman owned $1 million dollar businesses are growing. More women are taking the plunge and starting businesses of their own. This increase in not only female entrepreneurs, but high grossing female entrepreneurs has led to a shift in business leadership styles. Men and women alike have taken notice to the success of females in the market and with that have made an effort to shift a primarily male dominant industry to a business community that can thrive on the female style of management.
Here are some of the key components of the women’s entrepreneurship style that are taking the business world by storm.
In a world of man versus man, the competition was fierce. But now, while it is still necessary to compete to be successful in the marketplace, the way in which this is happening is shifting. Women are creating their competitive advantage by collaborating with other similar businesses to build their offering. In the former male dominated industry, while partnerships existed, it was more about how to beat the other players within your industry, instead of how to work with others who can improve your overall value.
Women are well-known for their ability to multi-task and this has been named one of the key features of their success as entrepreneurs. Women are inherently better at doing multiple things at once. As an entrepreneur, there are constantly questions, ideas, opportunities, and work flying in your direction. The classic female quality of being able to take each of these things on at one time and organizing them into manageable chaos has led to a new style of entrepreneurialism in the market overall. With the fast pace of today’s society, being able to juggle multiple tasks and to-do lists has become a necessity to be successful. With more entrepreneurs open to this and teaching themselves how to tackle lengthy to-do lists, there has been a general shift in the style in which businesses are run today.
Growth of Networks
In what used to be a male dominated industry, females have come together in support of one another, and to give the encouragement every entrepreneur will at some point need. This growth in networking and coming together to share lessons learned about entrepreneurialism has proven to be beneficial to businesses overall, more networking groups are popping up. The power of having a group of women, or people behind not only your new business, but also you as a person propels entrepreneurs beyond their own realm of what they initially thought possible. Because of this incredible support system, more people are taking advantage and putting other people’s expertise to use for their business by joining a networking group either online or in their area.
Most businesses start with an idea to fulfill an unmet need. For women who initially took on the role of running the household, starting a business while maintaining the health and well-being of their family meant starting their own business from their kitchen table or home office. With the advancement of technology today, more women are able to do this by connecting online and helping each other. Partnerships are easier to form, and there are websites, such as etsy.com, that have made it easier to get your product out on the market. By using websites such as this and current technology to communicate better together, female run companies have seen more growth because they are able to connect with other women who are in their same position, all via the internet. This improvement in the way society communicates and interacts today has lent itself to a growth in the female style of leadership of working better together to team up instead of team against each other.
About the Author: Patrick Del Rosario is part of the team behind Open Colleges, one of Australia’s pioneer and leading providers of globally competitive Management Courses first rate certificate in training and assessment. When not working, Patrick enjoys blogging about career and business. Patrick is also a photography enthusiast and is currently running a photography studio in the Philippines. If you have a blog and would like to feature his works, you can find him here.