Two women entrepreneurs jumped next to a large business idea light from a rocket.
The past few years have seen an increase in business opportunities available to women who want to lead and succeed in their businesses. According to the American Express “2019 State of Women-Owned Businesses”, the number of women-owned enterprises grew by 21% between 2014 and 2019, compared to a 9% growth rate for businesses. Another encouraging sign: businesses owned by women of colour have grown by 43% over the same period.
While this may not mean that there should be a level playing field, it is clear that, in the business world, there is a more generous space for women to cover all workplaces and levels of education. Women who hope to succeed in business can help their opportunities by understanding four different types of companies.
What Does It Mean to Be an Entrepreneur?
An entrepreneur defined as anyone who starts or organizes a business and then continues to be a participant in the operation of that business. In other words, an entrepreneur is anyone who opens and continues to run his or her own company.
Investopedia notes that entrepreneurs often finance their activities with investments, savings, or money from their families. This emphasizes the importance of having a sound financial system in place, as well as a complete understanding of the risks involved in the business.
Examples of Trading
Whitney Wolfe Herd, founder of Bumble. Fast Company explains that Bumble’s dating platform is different from competitors because it requires women to start having children. Wolfe Herd began to her own company not only to empower women in their social lives but also in the technology industry and society as a whole. Her company is working to fight the “Brotopia” which owns the Internet, a visible goal in the company’s recruitment policies: 82% of Bumble employees are women.
Naomi Hirabayashi and Marah Lidey, two women of colour, founding technology company Shine. Women’s Health describes Shine as “a messaging service that sends subscribers advice on everything from finding a balance to dealing with a toxic friend.” Women were encouraged to start the service by relying on each other as co-workers, or “working women,” who often confided in each other and sought personal and professional advice from each other. In less than two years, the messaging service took over two million users in 189 countries.
Becoming an Entrepreneur
While there is no one “right” way to become an entrepreneur, the typical job description often looks like this:
- Develop a different or sought-after business idea.
- Learn about and get information on a variety of business types, including finance and accounting, management, and marketing.
- Create a business plan and establish a source (or sources) of funding.
- Seek out talented employees and managers with the necessary skills to develop, test, use, support and maintain the company’s products.
- Plan strategies for launching a product or service and attracting and retaining customers.
- Once a company has established, look for ways to raise money by expanding into new areas and product lines.
- As the company grows, the founder’s role may include long-term strategic planning as well as short-term strategic management and financial decisions. Pursuing a Master of Business Administration (MBA) or similar management-focused qualifications provides women entrepreneurs with the skills they will need to succeed in all process steps as they see their business objectives.
Learn More About Business
Forbes, “Seven Things You Should Know When Becoming an Entrepreneur.” Find out some of the fundamental principles to follow a business.
Investopedia, Entrepreneur. Dig deeper into specific definitions of business and entrepreneurship
What Are the 4 Types of Trading?
Anyone interested in starting and running their own business should consider which business model they prefer: a small business, a risky start, a large company, or social enterprises.
Small businesses represent the majority of U.S. businesses. A small business can be any company, restaurant, or retail store introduced by the founder, with no intention of growing the business into a chain, franchise, or conglomerate. For example, opening a single grocery store falls under the category of small businesses; creating an entire series of grocery stores is not the case. Small business owners often invest their money to get their companies down, and they only make money if the business is booming.
Hot startups are less common than small businesses or tend to attract a lot of media attention. These businesses start on a microscopic scale, often as seeds of the concept. The virus is growing and being measured, especially with the involvement of foreign investors, until it becomes a grave matter. Many Silicon Valley technology companies fall under this category; they start in a rooftop, garage, or home office before moving on to larger corporate headquarters.
Sometimes, entrepreneurs work within a large, established company. Imagine that you are working for a large car manufacturer. By carefully researching the market, you can see that there is an excellent need for motorcycles and that your company has a lot of technology and processes in place to produce motorcycle production. You go to your manager and ask for money to start a brand new motorcycle unit, and you get approved. This is an example of what a great business model might look like.