How do Female Entrepreneurs Stand Out in the Pack?

Six helpful tips on initiating a business as a woman

By: Marlon Gomez

What do Cher Wang (Co-Founder and Chair of HTC), Yang Lang (Co-Founder of Sun Media), and Weili Dai (Co-founder of Marvell Technology) all have in common? Aside from the fact that they are all remarkably successful, they have also figured out a way to stand out as female entrepreneurs in their respective fields. Not only are these women highly influential due to the roles they hold in their companies, moreover, they are also incredibly important because they still represent a minority in the world of entrepreneurs.

“The Global Entrepreneurship Monitor (GEM) project is an annual assessment of the entrepreneurial activity, aspirations and attitudes of individuals across a wide range of countries.” (Global Entrepreneurship Monitor) In 2012, GEM conducted a world-wide study of 126 million active female entrepreneurs, in order to try and comprehend the entrepreneurial activity of women across the world. (Global Entrepreneurship Monitor)

While the study found numerous regions including the Sub-Sahara Africa, Latin America, and the United States where a high percentage of female entrepreneurial activity exists, the reality is that there is still a long way to go before the scale is evened out.“In nearly every economy there are fewer female than male entrepreneurs, and they appear to show reluctance to scale their businesses or to enter new and less tested markets.” (Donna J. Kelley)

With this information in mind, you and many other entrepreneurs may have pondered the following question for several hours: “How do I stand out as a Female Entrepreneur?”

Quite frankly, the news are good! Of course that is assuming you are truly passionate and determined to work as hard as the ladies we mentioned at the beginning of this article. There is no such thing as a direct route to success. However, you may want to consider Arbitrage’s research and tips if you want to stand out from the pack.

1.     Embrace the idea of being a female in the entrepreneurial world.

In case you have already forgotten a few of the facts we mentioned earlier on, being a female already means you stand out! So next time you find yourself in a meeting or waiting room full of men, remember that you already have an advantage to being noticed from the crowd.

As a female, you are privy to information that men may not be able to see or understand, even if it is right under their nose (And trust me, as a male it is not easy to admit that…but it is true.) Having an insight to how women may view technology, or how women may react in specific scenarios puts you a step above the competition.

If you have not bothered to research and read studies about female entrepreneurs, Arbitrage Magazine highly suggests you begin to do so. Why? Well for starters it helps to know the challenges that other female entrepreneurs are facing. More importantly, being aware of this type of information can make the difference between having zero investors and no support, to having the initial capital and plenty of encouragement to get your business on the ground.  Being actively aware of your situation shows character and initiative to future partners and employees. It shows that you have looked into the many ins and outs, in order to make your business a long lasting success.

2.     Make the effort to work for a start up.

If you are really serious about becoming an entrepreneur, then what is a better way to learn than by working for a small business?  By doing so, you might have to tackle the same problems that you could potentially run into with a future launch of a business. Better yet, you will have solutions for future challenges, which means you will not waste time trying to figure out how to overcome certain scenarios.

Working for a start up also allows individuals to have first hand experience to the life of an entrepreneur. After having this experience, people can judge whether that is the kind of life they want to lead. Sometimes it can be a big eye opener for people when they realize just exactly how much responsibility they need to take on. On the other hand, individuals fall in love with the idea of being the boss and having the opportunity to run a business exactly the way they want to.

Working for other start ups can also make you more marketable. This means that when you are first trying to convince people why a certain idea or business should be launched, you can provide a track record of other businesses that you have helped launch.

The worst that can happen is that you realize being an entrepreneur is not in the cards for you, and instead you can begin a journey on the corporate ladder.

3.     Try to find a Niche in a market or field that relates to the ENTIRE population, not just the female population.

If you want to drastically increase your chances of standing out…then avoid entering the pink ghetto. The term pink ghetto, was coined in 1983 by Holly Sklar, Barbara Ehrenreich, and Karin Stallard in their book known as “Poverty in the American Dream: Women & Children First”.The term refers to females consistently acquiring jobs such as secretaries, retail sale representatives, receptionist, waitresses etc. (Sociologyindex). The context in which we use this term here, is with regards to professions and ideas where a large portion of the female entrepreneurial population has already established themselves.

By actively choosing to seek non-female led businesses means you will either be in a male dominated field or in a field that has not been conquered by either gender. If you find yourself in the latter scenario, you can really set yourself apart and establish history by being one of the first (if not the first) females to tackle a specific business or idea.

Although let’s be clear about our suggestion here. We are not saying you should persistently avoid pursuing incredible ideas in sectors that are already led by female entrepreneurs. If you found a niche, follow your destiny. We are simply trying to help, by pointing you in a direction where you can be noticed amongst other male or female counterparts.

GEM’s findings throughout their study do show that entrepreneurial habits are slowly starting to change for females. “Even though many female entrepreneurs have home-based and service- related businesses, they are unafraid of technology and have recently entered many industries that were once male-dominated, such as construction design, manufacturing, and architecture. In addition, the retail industry still makes up the largest share of women-owned firms.”  (Global Entrepreneurship Monitor)

Heather Payne, the founder of HackerYou and Ladies Learning Code knows exactly what it is like to distinguish herself as a female entrepreneur. Heather’s story is a bit ironic once you hear about it. The same idea that she pursued in order to stand out in the employment field as a recent grad, is what led her to eventually discover her business idea and ultimately her passion. Upon finishing her HBA from Ivey at Western University, Heather decided that she would create a personal website, where she could market herself a bit better and ultimately be noticed. However, it never crossed her mind to ask someone to make this website. She took it upon herself to learn how to design a website and launch it.

As the process went on, Payne began to really enjoy some of the online courses and was even gliding right through them. Although, she readily admits of getting frustrated when she would get stuck on certain sections, not knowing what her next step should be. During a trip to Los Angeles for work, by pure chance Heather happened to come across a workshop for women who wanted to learn Python (a programming language). Heather fell in love with the assistance that she received and all the support that she had access to. She enjoyed it so much, that upon her return to Toronto, she tweeted out that she was interested in starting a similar workshop like the one she experienced in L.A.

The amount of positive feedback was overwhelming, and within a few months, she and a group of colleagues had their first code-learning workshop. As the saying goes, the rest is history after that. Today she runs two non-profit organizations known as “Ladies Learning Code” and “Girls Learning Code”. In addition, she launched HackerYou, which is open for everyone to attended, and the programs go into much more detail. The workshop is unlike any other coding program due to the genuine care and attention that all the students receive. It is a very positive learning atmosphere, where everyone feels comfortable to ask for as much assistance as possible. HackerYou is there to make sure you succeed at every turning point.

Heather was able to shine not only by creating a workshop that was not available in Toronto (Ladies Learning Code), but in addition she took it a step further by creating HackerYou and launched a concept that related the entire population. Having told Heather’s story, our hope is that you begin to understand type of environment that would make a female entrepreneur really stand out from the crowd.

4.     Step out of your comfort zone and take risks.

GEM’s study found very interesting data with regards to female’s perceptions of entrepreneurship, and the fear of failing as an entrepreneur. The first measure (perceptions of entrepreneurship) “assesses whether people believe they have the capabilities for starting a business. This can reflect not only their prior experience or training, but also confidence in their abilities,” (Global Entrepreneurship Monitor). The second measure on the other hand, (fear of failing as an entrepreneur) “assessed for those people seeing opportunities for starting businesses in their area. It is an indicator of whether those perceiving entrepreneurial opportunities would be deterred from starting because of the fear of failure,” (Global Entrepreneurship Monitor). In other words, it assessed whether females would or would not attempt to start a business, based on their fear of failing.

These findings are the exact reason of why Arbitrage decided to include this tip on our list. For the first measure, the results show that across all nine regions in the study, females had a lower percentage than men in believing that they had the capabilities to start a business. When it came to the second measurement, all females across the nine regions in the study had a higher percentage of fearing failure in comparison to men.

We are definitely aware that the state of the economy in each region, along with many other factors can definitely have an impact on women’s fears and perceptions. However, that does not take away from the fact that in all nine regions, women’s fear of failure surpassed men’s fear. Whatever the reason is, all we suggest is that you try to put that fear of failure aside and take a risk to become an entrepreneur! Needless to say, before the risk is taken, you must be sure to carry out the proper research and try to seek out enough guidance. In addition, set out a good financial plan to make sure enough capital is being invested.

The important message to take away from these findings is that you need to get use to the idea of taking risks as an entrepreneur. Especially, if you find yourself in a market that does not have any pre-existing guidelines to fall back on.

In order to gain a better understanding of what it is like to take risks, Arbitrage took the initiative to interview Katie Grennan. Katie is the founder of Alma Natural Quick Spa. According to Katie, the spa’s vision is to “enhance the natural beauty of women inside and out, thereby improving their overall health and well-being, increasing their self-confidence, and empowering them to make healthier decisions for themselves and their families.” (Alma Quick Spa) If you have the chance to visit the spa, or perhaps navigate through their website, you will find that they emphasize on the use of natural products. Furthermore, they take the time to create a relationship with their customers, so that every time you go in, it feels like home. The time and care that their staff takes with each client is another reason why they are able to make it such a unique experience.

Katie has a bachelor of science in Chemical Engineering from Iowa State University. In addition, while in the work field, she took the time to complete an MBA from New York University at the Leonard School of Business. Her professional background is also impressive, having worked for top pharmaceutical companies such as Pfizer and Cima Labs. Grennan also had the opportunity to work for L’oreal for a year and four months, where she admits to really enjoy many aspects of this corporate position.

However, deep down inside Katie have always longed for a more passionate and meaningful career where she could have a bigger impact on big decisions. The idea of working on projects for L’oreal and half way through having someone come say to stop working on it all together because the project was not going to launch anymore, was very disappointing for her. As her husband accepted a position in Toronto, Katie decided it was time to take the risk and quit her job and start her journey as an entrepreneur. The bigger risk at stake here is that her business is totally self-funded. Katie opted out to have investors  in order to avoid making decisions based on owing someone else money.

By enforcing natural products and truly emphasizing on customer relationships, Katie was able to carve out a niche in this market. The spa has been opened for two years now, and Katie was happy to tell us that her business is slowly growing. Katie perfectly embodies the idea of leaving a comfort zone and taking a risk. She could have easily started working for another corporation upon her move to Canada, but instead she decided to follow her passion, researched her options, and took a calculated risk.

A comment worth mentioning while on this topic, is Heather Payne’s advice to future female entrepreneur’s looking to stand out. Payne nicely outlines why it is important to take risks, and the possible advantages that one could gain by doing so. Question: What would you say to current and future female entrepreneurs in order to succeed in the future?

I’d like to see more women taking on risks, challenges, and deciding that they actually do want to build a business environment. Not just a business where they are the only employee. I understand there’s lots of reasons why women do that, including the fact that it is a wonderful career to work for yourself and people get to own a business…but I would just like to see more women taking charge and saying “ I am building something that is going to change millions of lives” and pursuing that relentlessly”. (Heather Payne, Co-founder of HackerYou and Ladies Learning Code.)

5.     Have a story that resonates with everyone.

Believe it or not having a story laid out that explains exactly why you have chosen to start a specific business can go a long way. By no means does it have to be the most majestic story, or the next best seller on New York Times. Simply have a story to tell that is genuine and incorporates the sole purpose of the business and why you are pursuing it. Typically when someone is passionate about an idea, it is easier to sell that story than the actual product or business.

As a client, it is sometimes nice to know the connection of how it all comes together. What you will find is that people are more likely to remain a loyal customer because they want to support your cause. Ok, we are not suggesting that you get sentimental and over dramatic. Just have a story that is honest and that can be told to carry on through word of mouth.

So for those of you who have not even had the chance to start your business, this also affects you in a big way. Being able to tell that story is what might lead people to work with you, in order to make this business of yours a reality. Being prepared with a store can set you apart from people who are eager to just talk about numbers and the rate of return.

Here is what Katie Grennan had to say about having a story prepared:

“I think the most important thing is to have a story that people really resonate with.  That is what is really going to continue to draw people in the future. As opposed to putting out something that is just sort of a nameless and faceless thing, that can only be driven by pricing and costs or however you are going to compete. I think that having authenticity and a story behind it, can really help.  Even the client can resonate with the story, even if you’re not there.” (Katie Grennan, founder of Alma Spa).

6.     Surround yourself with a professional network that has a positive attitude, and a healthy appetite for ambition.            

The final piece of advice that Arbitrage is going to leave you with is to actively be a part of a solid network of entrepreneurs. While some people are lucky to have many entrepreneurial friends in their lives, others may not have the same luck. Not too worry though. If you live in a big city, chances are there are already groups and event nights taking place, with the sole purpose of networking between entrepreneurs.

By attending to these types of events you have a chance to bounce ideas off, or perhaps learn how others are making their business thrive. Make no mistake, having a group like this in your entrepreneurial career can make a world’s difference. It is not uncommon for small businesses to have each other’s back and consistently promote one another. Once again, even if you currently do not have an idea, we still encourage you to attend events. By doing so, you might find answers to many unanswered questions. If you are blessed to find a group that is positive and ambitious to grow their business, this momentum can rub off on you and put you in a creative state of mind.

If you do not live in a big city, do some research and perhaps try to make the commute. While I cannot speak for all the groups that meet around the world, here are a few that do meet in Toronto. Crave Toronto; We Women’s Entrepreneurs Inc; Power, Wealth and Soul Circle; Toronto Entrepreneurs; Women in biznetwork; Working Moms and Entrepreneurs of Vaughan & GTA.

While Arbitrage Magazine was able to gather these six helpful tips, we are certain that there are many others tips that we haven’t covered. Which is why we encourage you to talk to entrepreneurs and ask for their honest advice. Our hope is that this article will raise your awareness level and ideally, we would love to hear from those who put these tips into play. Nothing will make us feel more accomplished than knowing that our research and information is actually helping students, recent grads, and people who are already in the working field moving forward with their careers. We can definitely say without a doubt that it is our passion and priority to inform and empower our readers, like no other magazine can. This is how we stand out!

Marlon Gomez acquired an Honors Specialization from Kings University College. Upon graduation, he pursued his passion for writing and interviewing by completing a post-graduate diploma in Broadcast and Journalism from Seneca College. Among his topics of interest, Technology, Culture and Business are at the top of the list. Visit https://vimeo.com/user13427137/videos to view his broadcasting work.