Yes, women are not good at asking for money, and it’s especially daunting going into a room full of men to do it. But, like I said before, that’s because the system doesn’t support them – so let’s focus on that instead. It’s why we’ve got to get more female angels – people who invest their own money – as women are more likely to back women. Ultimately, if you know your business case, it shouldn’t matter if you’re asking a man or a woman. But if we’re going to change the root of the problem and get more female led businesses off the ground, we need more than a measly 14% of UK Angel investors to be women.
3. No one is going to network for you
As a female entrepreneur, you need to get comfortable with being uncomfortable. It’s unlikely that we’ll have the same access to professional networks and opportunities that our male contemporaries will. Without creating these support systems, business growth is unlikely.
The good news is there are lots of organisations that are very willing to help. I founded AllBright for this reason, and Barclays Eagle Labs was set up to support entrepreneurs on a pastoral level with mentorship and networking programmes as well as to connect private investors with businesses that need an injection of cash.
Find one that works for you and your business and accept that being out of your comfort zone is only a good thing.
4. You need to take ownership of your health and how it impacts your work
The UK could unlock so much potential if it enabled women to continue their careers after having children or going through the menopause. According to online women’s health hub The Better Menopause, a quarter of women hitting the menopause want to leave the workforce because of it, and, when 75% of those over the age of 45 experience symptoms, this can become quite the problem not only for the women themselves but for productivity levels too.
But most businesses are unaware of the challenges female health brings. Be sure to have open conversations about health — part of this as an entrepreneur is setting boundaries and being prepared to say no when you need to.
5. There isn’t a one-size fits all approach to work-life balance
Female entrepreneurs must navigate work while managing external expectations. Society encourages women to pursue goals rooted in nurturing people. We’re told that everything hangs on getting married and being a good wife, then having kids and being a good mother. After that, it’s retiring early to be a good grandmother. Newsflash – you can have all these things and build your own business.
In fact, it’s one of great benefits of being self-employed: you can operate on your own clock. But you must take time for yourself, whatever that looks like or you’ll burn out fast. Be realistic and set a personal routine that works for you, and when the work or ‘mum guilt’ sets in, you have to silence the criticism of yourself or you’ll end up beaten.
6. We can age into success
There’s no two ways about it: society glorifies youth. Don’t let this bias stop you! It’s never too late to start a business – the older you are the more life experience you have and the more contacts you will have built, even without realising.