[SPECIAL FEATURE] Female Entrepreneurs: The Key To Success
Today I’d like to feature an issue from my brilliant wife Kim.
In a moment when it is more important than ever for empathetic people to take the lead in business, her voice is even more crucial for women to understand the power they can have.
Enjoy it — and learn from it.
Editor, Rich Dad Poor Dad Daily
Female Entrepreneurs: The Key To Success
Today women rank “financial issues” as the number-one most pressing concern in their lives—more pressing than family, health, or time.
We, women, know we need to do something, so why don’t we? What holds women back from getting actively involved in building their financially secure future?
These are the top 3 most common reasons why:
- Women have little knowledge about money and investing
- Women find the subject of finances too complicated, confusing, and overwhelming
- Women say that they have no time to devote to their financial life because of children, job or career, and daily obligations.
Women are notorious for putting everyone first and ourselves last.
According to the research of authors Christopher Hayes and Kate Kelly, “Women’s decision-making tends to be based on security and concern for others. Their decision-making tends to be directed toward gaining enough money to get by rather than to get rich. This desire for security also means that most of their decisions favor ‘safe’ investments rather than those that might return more.”
The good news is that a healthy, well-designed business can eventually provide the best of both worlds: the entrepreneurial thrill and the balance you and your loved ones need and deserve. For me, the freedom, flexibility, and successes of owning my own business far outweigh the trials and tribulations—and it’s way better than working for someone else.
You are the Answer
If you’re looking for that financial savior to come to your rescue, guess what? Tag, you’re it. Not that you’ll be figuring out this miraculous equation all by yourself. Just the opposite. You will definitely want a support structure of friends, experts, brokers, mentors, and teachers with you on this journey. When I say, “You’re it,” that means this is your journey, and you are the architect.
No one and nothing is more important than you. Not your children, your spouse or partner, your religion, or your mission in life.
“Heresy!” some of you might say. “How selfish is that? How arrogant!”
Not really. When you make someone or something more important than you, then you give that person or thing power over you and allow them to have control over you. You lose a piece of yourself to whatever you grant the power to. Your children, your spouse, or partner, even your purpose in life may all be very important to you, but they are not more important than you, the being.
How female entrepreneurs define success
Forbes in an article called “Fulfillment, Not Family: Why Women Business Owners Really Start Up, And What’s Still In Their Way” Darla Beggs, the chair of the National Association of Women Business Owners, says, “There’s no such thing as perfect work-life balance. I think some women business owners feel frustrated by this conversation because they feel trapped into chasing someone else’s view of success.”
The Forbes article goes on to share what women entrepreneurs define as success. Among those surveyed, the following factors were defined as success:
- Ability to do something you’re passionate about (92%)
- The ability to be your own boss (89%)
- Potential for higher earning power (77%)
- Having the flexibility to care for your family (65%)
- Opportunity to create a legacy for your children, something to pass down (42%)
Not only are these women enjoying chasing their dreams and loving the fact that they have increased earning potential, but it’s also clear that one of the most enticing parts of being a female entrepreneur is the ability to create a flexible schedule — one that allows them to be the mom they want to be while doing the work they want to do.
Female founders are also making waves in employment opportunities. The annual State of Women-Owned Businesses Report estimates America’s total number of businesses headed by women climbed 21% between 2014 and 2019 to nearly 13 million establishments. Overall business growth clocked in at just 9% during the same period.
Women entrepreneurs provide livelihoods not just for their families but also for millions of other families in this country and around the world. They work hard, give all of themselves, and sacrifice much to do this. And if you think about it, that’s quite a motherly thing to do.
In the process, they are not only the backbone of society, but they’re also quickly becoming the backbone of our economy too.
Female entrepreneurship leading the way to financial freedom
Today, more than ever, we, as women, can no longer depend on someone else, be it our husband or partner, our parents, our boss, or our government, to take care of us financially. What was true for our mothers and grandmothers is not applicable to us today. In my opinion, women must learn to invest or become entrepreneurs to ensure a secure life for themselves and their children. It is no longer just an option. The rules have changed and it’s time we take control of our financial futures.
So, have you ever stopped to think about what your financial goals are?
Maybe you’ve only thought as far out as, “not living paycheck to paycheck,” or “getting out of debt.” But there’s a lot more to achieving financial freedom than those goals.
If you don’t have any goals for financial freedom, ask yourself what you really want to accomplish in life, and then start making your dreams a reality. And there’s no reason to dream small. As our friend President Donald Trump says, “I like thinking big. If you’re going to be thinking anything, you might as well think big.”
One reason so many people avoid thinking about their goals is the fear of not achieving them. Well, don’t let fear get in your way—believe it or not, there’s actually an upside to fear. Plus, surrounding yourself with supportive people and increasing your financial education every day will go a long way toward reducing those fears.
And for those of you who have already started investing in real estate, businesses, or commodities, congratulations—now it’s time to dream bigger and turn good deals into great deals.
Finding The Upsides When Investing
Well, instead of just looking at the cash flow on a potential investment, start looking at the upside—in other words, what you can do to increase the value of an asset.
For example, you may be able to add coin-operated washers and dryers or covered parking to your apartment buildings for additional revenue opportunities. Perhaps, you learn about a new, medical breakthrough and can invest in a business that has expertise in this new technology? Finding solid investments that provide cash flow is good, but when you find investment opportunities that increase value with outstanding upsides, that’s exciting!
How do you find upsides?
Being successful in anything in life is all about solving problems, knowing what your customers want and delivering it.
Think about it: Steve Jobs gave us the personal computer. Henry Ford made it possible for the masses to have their own automobiles. Sara Blakely gave us Spanx® body wear. Anita Roddick gave us natural skin-care products through the Body Shop, and the list goes on and on. The same goes for finding investments with upsides.
The bottom line for turning a good deal into a great deal is that winners solve problems. So, think about a problem that needs to be solved.
For example, do your tenants want a washer and dryer in their apartment unit instead of having to carry their dirty clothes to an offsite or shared laundry facility? If so, look at the costs involved and how much you can increase the rent by adding the machines or hook-ups to each unit.
If the Net Operating Income (the gross income minus expenses) increases with this change, then you increase the value of the property. This means that you are not only giving your tenants what they want and helping to solve their problems, but you are also increasing your cash flow in the process!
Instead of stressing out about solving problems or purchasing a specific investment, be creative. Start thinking “outside the box” and get to know what your customers want so you can help make their lives easier. It can actually be an enjoyable process because you get to think of crazy solutions. And if none of them work, then you don’t have to purchase the investment. However, if your idea works, you may end up with a great upside, a more valuable investment, and additional cash flow.
Stop Worrying And Start Increasing Your Cash Flow Through Female Entrepreneurship
Stepping out there and going after your financial dreams take GUTS. It takes daring, chutzpah, strength of character, and, above all, the ability to laugh. Call it what you will, but this game is not for whiners, sissies, or teachers’ pets.
With so much going on in our busy lives, it can be easy to put our dreams aside to make sure we fulfill our responsibilities to family members, friends, partners, bosses, and more — and this is especially true of moms. But in order to achieve financial freedom, it’s essential to have a goal, get the financial education necessary to make that dream a reality, and then take action on what you learn to make it happen.
And once you start pursuing your goals, don’t forget to think big. Instead of fearing problems, get the support you need to be successful. Have fun and be creative. Then, you will be more likely to find solutions that will help your customers and turn your good deals into great deals.
All the best,