More women than ever are starting their own businesses. They’re willing to embrace the title—and the risks—of “entrepreneur.”
A 2019 study commissioned by American Express showed that in the previous five years the number of women-owned businesses in the U.S. climbed 21%, while all businesses increased only 9%. Total employment for women-owned businesses rose 8%, while the increase for all businesses was only 1.8%.
Ladies, Start Your Engines. Get Your Business On The Road To Success
The trend is not new. Between 1972 and 2019, the share that women-owned businesses represent of all businesses has skyrocketed from 4.6% to 42%.
Dr. Charlene Walter can tell us a thing or two (and many more) about entrepreneurship. She’s the author of Launch Your Inner Entrepreneur. The book’s subtitle offers a peek at what’s inside: 10 Mindset Shifts for Women to Take Action, Unleash Creativity, and Achieve Financial Success.
Although the book is aimed at women, it’s brimming with smart, practical, and realistic advice for aspiring entrepreneurs of either gender. This is not just a rah rah treatise on how to start and run a business. It’s an action-focused guide with worksheets and other tools to help you translate your good ideas into a successful business.
Rodger Dean Duncan: In highlighting the importance of mindset, you describe entrepreneurship as “an inside job.” In this context, what does that mean?
Walters: So much about one’s ultimate success or failure as an entrepreneur has to do with changing the way that you think and developing the right attitude. That holds true for anything that you want to be successful at. Without working on your mindset so you will be able to overcome obstacles and develop tenacity, confidence, and persistence, you won’t have the strength to be in it for the long haul that’s required for your business (and you) to thrive.
Duncan: Under the category of silver linings, what opportunities has the Covid-19 pandemic created for entrepreneurs
Walters: There have been many opportunities that have resulted from Covid-19. In general, businesses had to expand their product and service offerings, adapting to morphing customer needs and finding creative ways to get their products to people.
These new processes, products, and services will continue to be offered after we begin to normalize and come out of Covid. This is a bonus as they will keep generating added revenue.