As a female entrepreneur driving your small business, your success can be impacted by a combination of external and internal factors.
External influences, like socio-economic drivers, market forces, and financial challenges, often lie beyond your immediate control and can significantly impact the health of your businesses. While some factors can be anticipated and managed, others demand entrepreneurs to exhibit economic and structural flexibility, a feat not always easy to achieve.
On the other hand, internal factors, such as personality factors and specific skills, can enable you to recognise and capitalise on growth opportunities. Honing these qualities can be pivotal to developing the resilience needed to navigate the inevitable ups and downs associated with running your small business successfully.
Enhancing certain character traits, along with a commitment to life-long learning, are among the most effective things to focus on in your pursuit of entrepreneurial success.
Character strengths of successful entrepreneurs
Exceptional achievers possess an innate drive, along with a repertoire of strategies and tools, to pave their path to meaningful accomplishments. Success is not purely a matter of chance; science has identified specific key personality attributes and practical skills that can be nurtured through conscious awareness and coaching.
In short, science tells us that success can be curated.
To create something novel, entrepreneurs need to hone the ability to identify unmet needs, innovate, and implement strategies to exploit opportunities. Embracing risk-taking, tenacity, and a growth mindset are critical in adding value to both your customer’s, and your own life.
Throughout the entrepreneurial journey, various character strengths come into play.
- In the beginning, hope, creativity and open-mindedness are important.
- To carry the business forward, integrity, curiosity and bravery is key.
- To survive and grow, an entrepreneur needs to demonstrate persistence, zest, humour, and leadership.
Bundle these strengths together with self-awareness, confidence, and the capacity to regulate emotions, and you have the makings of entrepreneurial longevity.
You can explore your own character strengths using this handy tool: https://www.viacharacter.org/survey/account/Register
The importance of ongoing coaching and education for entrepreneurial success
Education, mentoring and performance coaching, form vital pathways for honing core business skills and personality strengths to support your business.
Research has identified risk and protective factors associated with the longevity of small businesses. Possessing business and financial management skills, marketing know-how, effective communication, domain-specific expertise, clear goals, and leveraging information technology are highlighted as being indispensable tools for success.
Undoubtedly, entrepreneurship can be a challenging pursuit, characterised by unpredictable work pressures, stiff competition, long hours, and limited resources.
Female entrepreneurs can encounter additional hurdles as they are often balancing a disproportionate share of emotional and household responsibilities on top of managing their businesses.
Bridging skills and knowledge gaps is crucial to address the unique challenges faced by female entrepreneurs, in order to help reduce the risk of burnout and business closures.
Continuous personal and professional development is key to effectively navigating difficulties and boosting performance. Engaging in mentoring and educational opportunities enables you to remain a proactive learner, fostering your adaptability and resilience. Embracing a culture of continuous learning can help steer your businesses towards sustained growth and the achievement of your goals.
The research reminds us that it’s vital to invest in your personal growth and development in order to unlock your entrepreneurial potential and drive sustained business growth.
You’re worth it and your ideas matter!
Over 30 years I have worked with women in business and many entrepreneurs who are struggling with, or looking to prevent, burnout. To find out more about working with me one-on-one click here. My Burnout Busters course also offers the tools and strategies you need to boost your resilience. Visit lifemadesimple.com.au/burnout-busters.