Have you ever considered becoming an entrepreneur and literally shirked at the prospect of putting yourself out there? Do you feel you don’t have the confidence it takes to launch your own entrepreneurial dreams, especially in industries and areas where women are in the minority and unfavored? Are you wondering how to be more confident as a woman entrepreneur?
I remember starting a side hustle a few years back, wondering how in the world the introvert in me would ever find the confidence to start and grow it. Even though I could somewhat hide behind my laptop screen while blogging, I still needed to put myself out there, which was scary to say the least. Fast forward over a decade, I’m still growing and putting myself out there, somehow building the confidence that I believed was severely eluding me when I first started…
In general, men are shown to own three times as many businesses employing people than women. However, in 2021, more businesses were started by women (49%) than by men (42%), mostly as a result of pandemic-related business opportunities. Women were also shown to own more younger businesses than their male counterparts, at the rate of 75% of 15-year old or younger businesses for women and 66% for men. However, despite these significant advances, there is still a notable difference in average annual revenue and funding opportunities between men and women-owned businesses, to the disadvantage of the latter. According to Biz2Credit, women’s businesses earned $199,136 less than men-owned businesses in 2021. On the funding side, while men were approved for 67% of the loans they applied for, women could only achieve about half of this.
With these dismal statistics in mind, how does one muster enough confidence as a woman entrepreneur? Is it even worth the try?
From my own unconventional experience as a side hustler, an introvert, and a multiple minority in the entrepreneurial world, here are a few tidbits from my own experience that may help:
- Start with your strengths and desires!
This may be the most unconventional business advice you may have ever received. Much of the business advice out there will recommend that you create and grow a business in a profitable field or industry. While this is valuable advice, it often skips the part where your strengths and desires should also be considered.
What has served me best (and still does) has been to focus on my strengths in areas where I can find the joy, motivation and strength to keep going despite the odds. It’s also what I refer to as my “zone of confidence”.
Focusing on your strengths, your core skills and desires, especially when you’ve already gotten positive results in those areas, will help you develop and cultivate the confidence and resilience to get started and keep going. This is especially important when the going gets tough, and all that’s left most days is the sheer will to keep forging ahead…
- Grow slowly and incrementally
In the era of continuous metrics and overnight success, slow, incremental growth is not the most popular business concept out there. Yet, in terms of raising your confidence levels, it may be just what the doctor ordered.
In my own experience, solidifying one area before growing another one has helped me develop the assurance needed to keep going. It may be tempting to give in to the “shiny object syndrome” affecting so many, especially in the online space, trying new tools and gimmicks every other day. However, focusing and developing one key skill and area at a time, may help boost your expertise, thereby increasing your confidence in the process.
- Get your numbers straight!
As you could tell from the discouraging statistics above, women-owned businesses, while growing more in recent years, are still lagging behind men-owned businesses in revenues and funding. This is also where many women lose their faith and confidence in starting and growing successful businesses.
As a CPA and consultant, I’ve had the privilege to witness the evolution of some women-owned businesses, many of them plagued by financial inaccuracy and lack of financial confidence. This in turn has significantly reduced their opportunities to go after various sources of funding, and increase their revenues.
Getting clear on your business’s financial goals and objectives, as well as its financial results, can help alleviate some of these doubts. This can impact the business’s revenue generating ability, as well as increase its chances to obtain more funding.
- Own your stuff!
With the advent of social media, many women entrepreneurs, and many entrepreneurs in general, are hosting their businesses on online platforms like Instagram or TikTok. However, as has been shown through algorithm changes and technical outages, these may not be as reliable as most may believe. As a matter of fact, many entrepreneurs and creatives have been painfully griping about the loss of revenues and influence they’ve been experiencing on these same social media platforms for the past year or so. Talk about a loss of confidence…
As a woman entrepreneur, the more control you can have of your business, the more confidence and motivation you can muster to continue growing. This can be achieved by actually owning and managing your own business platforms, whether it’s your own blog, website, or physical location.
- Avoid the trap of comparison
One of the most precious pieces of business wisdom I’ve gathered over time is to avoid the trap of comparison. There is always going to be a business that is more successful, generates more revenue, has more followers on social media, etc…That in itself is enough to destroy any entrepreneur’s confidence…
While I have certainly succumbed to the temptation to compare my micro enterprise to other solopreneurs, especially in the online space, distancing myself from it has helped boost my confidence levels over time. For me, this means observing some social media cleansing periods, not overly focusing on popular metrics, and developing my own goals and objectives.
Overall, developing a solid sense of confidence as an entrepreneur, whether at the micro-level as a solopreneur or side hustler, or on a larger scale, does not have to be an impossible task. By focusing on your own “zone of confidence”, growing incrementally and avoiding the trap of comparison, you can actually leverage your entrepreneurial venture to boost your sense of confidence.
How are you developing more confidence as a woman entrepreneur?
The Corporate Sis.
