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The Entrepreneur’s Source Presents 10 Entrepreneurship Tips from Successful Women in Business

The Entrepreneur’s Source Presents 10 Entrepreneurship Tips from Successful Women in Business

Over the past 30 years that The Entrepreneur’s Source has been in business, women have come a long way as entrepreneurs and are becoming a force to be reckoned with in the business world. Today, nearly 9.1 million businesses are owned by women, generating more than $1.4 trillion in sales, according to the National Association of Women Business Owners. These women-owned businesses account for employing 7.9 million Americans, and 56 percent of women-owned businesses are expecting to hire in 2014.

Women possess many traits that make them great business owners, such as a willingness to take initiative and deploy effective communication. Similarly, several studies have even found that women in leadership positions tend to deliver a higher return on sale, invested capital and equity when at the head of a business. All in all, women in business are thriving, and this is something to be celebrated.

As October marked the U.S. Small Business Administration (SBA)’s 26th annual National Women in Business Month, The Entrepreneur’s Source deemed it appropriate to highlight words of wisdom from ten successful women in business to hopefully inspire prospective women entrepreneurs into action.

Business Ownership Advice and Wisdom from Women Entrepreneurs:

On Hiring

“You have to be willing to do as much as possible by yourself up until you simply have no choice but to hire someone; and even then, you will have to stay intimately involved in the day-to-day operations, because even the best employee will never be as vigilant as you will. Hire prudently, go slow and don’t go overboard.” – Lori Greiner, Shark Tank investor and entrepreneur

“Have people around you that believe in you.” – Tracy Anderson, fitness entrepreneur

“Hire based on culture and core values fit — the intangibles not shown on their resume — then be very clear about your expectations and leadership weaknesses up front.” Kelsey Ramsden, founder of Sparkplay

On the Business Grind

“You kind of have to be irrationally optimistic or naively positive to keep on the hustle.” – Whitney Komor, founder of The Best Day

“Balance is a long-term game…It’s easy to get distracted by the details; you need to prioritize.” – Katia Beauchamp, Co-Founder of Birchbox

“Ignore everyone who says you’re crazy and it will never work. Adopt the stance, “oh yeah, just watch me.” –Debra Gould, President of Six Elements Inc

On Finding the Right Fit

“I often use the example that I love donuts, but I do not think it is a good idea to eat them for breakfast, lunch and dinner; however, if a donut business were to be a feasible business model for me, I would need to put my emotion to the side and look at the return on investment. It is important to do the same with any kind of business model. Thinking that people need to enjoy or love a product to capitalize on it is a limiting belief.” – Tamara Loring, Brand Lead at The Entrepreneur’s Source

“Research, research, research… You want to look at all the different options and don’t limit yourself because you think, oh that’s something for men to do, or that’s something that only married people do together.” – Barbara Moran-Goodrich, President and CEO of Moran Family Brands

On Being a Woman in Business

“I don’t put any energy into wondering if I have different challenges than any other leader or business owner because I am female. I think at the end of the day, if you are good at what you do, that’s all that matters.” – Andi Atteberry, founder ofBlingsting, writes

“Women have an innate ability to empower others—their staff, their employees, their co-workers and in many cases, their customers.” – Judy Stoleson, The Entrepreneur’s Source coach and Co-Founder of Women Empowered by Business

Take the First Step:

If this article inspired you to take the leap into franchise business ownership, then contact a career coach at The Entrepreneur’s Source today. Consulting with an E-Source Coach is a great resource to help you define your I.L.W.E.™Goals and begin to explore business opportunities, helping you to become a successful woman in business.