The unique challenges faced by women in entrepreneurship

This month at GoForth Institute, we’re highlighting women in small business. With good reason, too – women own or manage 40% of Canada’s businesses and are starting small businesses at a record rate. However, with every type of entrepreneurship comes a unique set of challenges, and female entrepreneurs are no different.

What are the major challenges faced by women entrepreneurs?

A woman who starts a small business faces many of the same challenges encountered by any entrepreneur:

  • Access to quality small business training
  • The need for support services
  • Access to capital
  • Long-term business coaching
  • Staying current in their small business industry
  • Managing growth
  • Finding mentors

However, women who start small businesses also face a host of challenges unique to female entrepreneurs. Women are typically the primary caregivers of children and still tend to earn less than men, meaning that women starting a small business have even more to think about.

Giving women entrepreneurs the tools for small business success

At GoForth Institute, we’re entrepreneurs too. This means we’re committed to giving all entrepreneurs the tools they need to make sure the small business they’ve started has the best chances for success. We offer leading small business online learning programs, which are great for many women-owned small businesses – like home-based businesses. Women who have become self-employed or who have busy work/life schedules need only spare 10 hours in total to get comprehensive small business training from entrepreneurs who’ve been through the same things themselves!

The Canadian government is also making strides in supporting women in business, with initiatives such as business loans for female entrepreneurs and women-only networking events. Of course, businesses themselves love to support female entrepreneurs – check out the RBC Canadian Women Entrepreneur Awards as an example.

If you’re a woman in business, what unique challenges have you faced? Let us know!

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GoForth Institute celebrates female entrepreneurs

This month at GoForth Institute, we’re celebrating women in business.

Did you know?

Canada has the highest proportion of self-employed women in the world! In Canada, 821,000 female entrepreneurs have provided 1.7 million jobs since 1996, proving that women make key contributions to their local and national economies, communities and families through small businesses they’ve started.

The success rate of female-owned micro-business higher than that of men.

“Micro-business” refers to businesses that have fewer than five employees. Home-based businesses and self-employed professionals often fit into this category. So why do micro-businesses operated by women have higher rates of success? In our research, we uncovered a few key differences in the way women entrepreneurs operate:

  1. Women entrepreneurs as a whole undertake more research and planning in the pre-start-up stage of their businesses. We know that planning, research and preparation is associated with higher levels of success but why would women do more planning in business than men? Women are generally willing to spend more time to lower the risk of an action than are men.
  2. Women are in general well organized and good time managers – additional demands placed on women due to their multiple and overlapping roles as wives, mothers, sisters, friends and business owners requires development of exceptional organizational and planning skills. These skills are transferred into their businesses.
  3. Women tend to be more conservative and are better managers of cash flow and budgets, particularly in the early stages of business development. Why lease a new vehicle to look more successful when the old clunker will do just fine for now?

(Read more reasons for female-owned small business success in this month’s Message from the President – a female entrepreneur herself!)

Check out our May newsletter for more articles about outstanding female small business owners. Let’s hear from you – who are some female small business owners that inspire you? Are you a woman who has started a small business? Do you have any advice for women on how to start a small business? Leave a comment and let’s chat!

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Can entrepreneurs benefit from online learning?

web video small business trainingWhen it comes to getting well-rounded small business training, what best fits your lifestyle – business courses delivered in a classroom or via online video modules? Entrepreneurs lead busy lives, no matter what stage of entrepreneurship they’re in. Canadian small business courses have traditionally been taught in classrooms, but online learning is becoming more attractive each year.

Is online learning right for you?

A certain blog post by Clive Shepherd has been giving us food for thought lately. The post is titled Online learning is more efficient than face-to-face training – discuss. In it, Shepherd outlines the ways in which he feels online learning is more efficient: it uses fewer resources than face-to-face training, is more conducive to learning at one’s own pace and students don’t waste time or money traveling to a classroom.

At GoForth Institute, we’d heard similar feedback from entrepreneurs themselves. They told us their time and money were valuable to them. They wanted convenience and affordability without sacrificing quality. That’s why GoForth Institute offers online learning for entrepreneurs that can be accessed from any computer – anytime, anywhere. It’s engaging, comprehensive small business education that’s designed for the entrepreneurial lifestyle.

Online learning integrates technology with great education

Personally, we love the thought that something as convenient and inexpensive as online learning exists to make entrepreneurs’ lives easier. We know some people still prefer classroom learning, but for entrepreneurs who are starting a home-based business, live in rural areas or simply don’t want to change out of their pyjamas – we support you!

What do you think – do you prefer web-based training over classroom environments? Do you feel online learning is more efficient? As an entrepreneur, what specific things do you value in online learning? Tell us about your experiences!

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Starting a small business during a recession can lead to success

In last week’s interview on the Orange Files Small Business Podcast, Dr. Leslie Roberts talked about starting a small business during a recession. Contrary to what you may think, starting a business in a recession can actually improve your chances of small business success!

Advantages of starting a small business during a recession

As Dr. Roberts mentioned in her interview, entrepreneurs who start their small business during a recession have several advantages over those who start a business during “boom” periods. If you’re thinking of starting a small business in today’s economic climate, here are some advantages you might have:

  • A better understanding of what your business can handle during more challenging times.
  • Increased fiscal responsibility.
  • Knowing very quickly whether your product or service is viable in your market.
  • Often cheaper prices on things such as office space and supplies.
  • Your product or service potentially fulfilling a need that your customers still have, even if your competitors are backing away.
  • Learning how to be flexible out of necessity.

Successful businesses started during a recession

To bolster your confidence, here are six well-known businesses that were started during, or just after, recession periods:

  • Hewlett-Packard
  • Wikipedia Foundation
  • Microsoft Corp.
  • FedEx Corp.
  • CNN
  • Hyatt Corp.

Today’s economy might not be the strongest, but starting your small business in a recession climate can actually improve your chances of business success. As always, good small business training is essential for a strong foundation, no matter the economic climate – so get your education and get started!

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