The women’s entrepreneurship landscape keeps growing and growing. Compared to just a few years ago, nowadays there are plenty of resources and role models available for those who choose this life path. According to Global Entrepreneurship Monitor’s 2021/2022 Women’s Entrepreneurship Report one in three high-growth businesses is now run by women.
But despite the situation continuing to improve, there are still plenty of challenges on the horizon. According to a report by European Women in VC, European all-female startups are getting access to less than 1.8% of all available VC funds. On top of this, while women in the Western world have seen a drastic improvement in their entrepreneurship landscape, developing and third-world countries are still far behind.
This is why it is so fundamental to keep inspiring women from all countries and backgrounds. But how can successful business owners serve as good mentors and role models? How can they inspire other young professionals and self-made entrepreneurs?
Love people and use money. Not the other way around.
We all have mentors who helped us in our entrepreneurial journey. People to whom we could ask questions when in doubt and who inspired and motivated us during difficult times. These connections are way more important than financial profit as they are the fuel that will keep your business growing even in periods of crisis and economic stagnation.
“There is a story about wealth, success, and love. If asked which one you would invite into your home, what would you choose?” asked Taylor Ping, an advocate for women in entrepreneurship and founder of Hierarchy Media. “Always invite love. Wealth and success always come with it.”
According to this entrepreneur, people attract what they put out. This is why it is so important to help other female business owners whenever you have the chance, congratulate them for their achievements, and don’t only reach out when you are in need. “Knowing the road isn’t easy but persevering anyways is an amazing thing self-made entrepreneurs celebrate with one another,” said Ping.
Change yourself to change the world
Even though the female entrepreneurship landscape is improving day by day, there is still plenty that needs to be done to achieve equality. When faced with the discouraging percentage of women securing VC funds or the number of successful female entrepreneurs in developing countries, we often get the feeling that we need to dismantle the whole system and start anew. This often seems like a massive endeavor and too frequently prevents young women from even starting their entrepreneurial journeys. But the truth is that the first step to changing the system is to work on yourself.
The turning point in Ping’s career came when she, “Stopped playing the small game and talking down on myself (…) It was a changing point for me, and also a huge step forward in my own self-love journey that helped me unlock my potential in business,” said Ping.
Imposter syndrome is unfortunately quite common in women. Having a distorted perception of their talent and value prevents thousands of female entrepreneurs from scaling up their businesses and reaching the achievement they had set for themselves. Empowering women means, first of all, helping them find their self-confidence, realize their value and talent, and fully embrace their potential. “You need to allow your inner genius and inner leader to come forth and create in a realm where your own self-doubt has no room to thrive,” says Ping.
The importance of finding a mission
True inspiration has nothing to do with money. We may be impressed by business owners running a seven-figure business, but true appreciation and admiration come from the impact a company has on the society we live in. This is why it is so important for each woman entrepreneur to find her mission, her goal, and her passion. This can be anything that has an impact on our society, whether trying to break harmful stigmas affecting a minority, or bringing more awareness on social and environmental issues.
Finding a purpose will give you a life-long passion for your business. It means that your career will not only be driven by money, but by a craving to change the world, something way more powerful. “An entrepreneur without passion is not an entrepreneur. He is a slave to society putting out services or products that the world does not need or does not connect with because he does not believe in it,” said Ping.