The 10 Critical Ingredients for Entrepreneurial Success
1 - Believe in yourself and your ideas. Don't be afraid to take risks and trust your instincts.
Why it matters:
Having confidence in yourself and your ideas is crucial when starting and growing a business. For example, Sara Blakely, the founder of Spanx, had an idea for a new type of women's undergarment and she believed in it so strongly that she invested her own money and time to develop and launch the product. Today, Spanx is a multi-million dollar business.
Without self-belief and risk-taking, entrepreneurs may miss out on important opportunities or be too afraid to take the steps needed to grow their businesses.
Actionable steps you can take:
Develop a positive mindset and self-talk
Take small risks to build your confidence
Surround yourself with positive and supportive people
Develop your intuition by practising mindfulness and self-awareness techniques
2 - Build a strong network of mentors, advisors, and peers who can offer support, advice, and guidance.
Why it matters:
Having a strong network can provide many benefits for entrepreneurs, including access to new ideas, support during challenging times, and potential business partnerships. For example, the founders of the organic meal delivery service, Sun Basket, were able to secure funding from venture capitalists after being introduced to a key investor through their network.
Networking can also help entrepreneurs to stay connected to the broader community and keep up-to-date with industry trends and best practices.
Actionable steps you can take:
Attend networking events and conferences
Join online communities and social media groups related to your industry
Reach out to people you admire and ask for a coffee or virtual meeting
Consider joining a mentorship program
Offer to help others in your network and build strong relationships
3 Focus on building a strong team with a diverse set of skills and experiences.
Why it matters:
A diverse team can bring different perspectives and ideas to a business, which can lead to greater innovation and creativity. For example, the women-led startup, Ringly, created a line of smart jewellery that can sync with a user's smartphone to send notifications. The team included women from diverse backgrounds, including fashion, engineering, and marketing, which helped them create a product that combined both style and technology.
Building a strong team also means finding the right people who can help the business grow and scale, and who share the values and vision of the company.
Actionable steps you can take:
Develop a clear job description and criteria for hiring
Use a variety of recruitment methods to attract diverse candidates
Conduct thorough interviews and reference checks
Provide ongoing training and development opportunities
Foster a culture of diversity, equity, and inclusion
4 - Be resilient and persistent in the face of challenges and setbacks.
Why it matters:
Resilience and persistence are important traits for entrepreneurs, who will likely face many challenges and setbacks on their journey. For example, the founders of the gluten-free food brand, Enjoy Life Foods, had to overcome many obstacles, including finding the right manufacturing partners and securing distribution channels. However, they persisted and today Enjoy Life Foods is a successful brand with products available in many grocery stores.
Being resilient also means being able to adapt to change and learn from failures, rather than giving up or becoming discouraged.
Actionable steps you can take:
Develop a growth mindset and focus on learning from failures
Seek feedback and support from others
Practice self-care and stress management techniques
Celebrate small wins and accomplishments
Stay adaptable and flexible in the face of change
5 - Embrace new technologies and digital tools to help your business grow and stay competitive.
Why it matters:
Technology and digital tools can provide many benefits for businesses, including the ability to automate processes, reach new customers, and analyze data. For example, the women-led startup, The Riveter, used technology to create a virtual community for women entrepreneurs and remote workers. The platform included tools for virtual networking, webinars, and resources for building skills.
Embracing new technologies and tools can also help businesses stay competitive in a fast-paced and ever-changing business landscape.
Actionable steps you can take:
Stay up-to-date on industry trends and emerging technologies
Invest in digital marketing and social media strategies
Use online tools to streamline business operations and workflows
Consider outsourcing certain tasks to freelancers or agencies
Use data analytics and tracking tools to measure performance and make data-driven decisions
6 - Be open to feedback and willing to pivot your business strategy as needed.
Why it matters:
Being open to feedback and willing to make changes to your business strategy is important because it allows entrepreneurs to adapt to changing market conditions and customer needs. For example, the women-led startup, Rent the Runway, started out as a dress rental service but later pivoted to include a subscription service for everyday clothing after listening to feedback from customers.
To be open to feedback and willing to pivot, entrepreneurs should seek out feedback from customers and other stakeholders, keep an eye on industry trends and competitor strategies and be willing to make changes to their business model as needed.
Actionable steps you can take:
Collect feedback from customers, employees, and advisors
Use data and analytics to measure performance and make data-driven decisions
Stay agile and adaptable in the face of changing market conditions
Experiment with new strategies and tactics to test assumptions
Stay focused on your long-term goals
7 - Stay up-to-date on industry trends and developments to identify new opportunities for growth.
Why it matters:
Staying informed about industry trends and developments can help entrepreneurs identify new opportunities for growth and stay ahead of the competition. For example, the women-led startup, Maven Clinic, offers virtual health services for women, including mental health counselling and lactation support. By staying up-to-date on the latest trends in healthcare and technology, the founders of Maven Clinic were able to create a new type of business that meets the needs of a modern consumer.
Being knowledgeable about industry trends and developments can also help entrepreneurs make more informed decisions and adapt to changes in the market.
Actionable steps you can take:
Read industry publications and attend conferences
Follow thought leaders and influencers on social media
Conduct market research and customer surveys
Experiment with new product offerings or service models
Build partnerships and collaborations with other businesses in your industry
8 - Prioritize self-care and find ways to manage stress and maintain a healthy work-life balance.
Why it matters:
Prioritizing self-care and maintaining a healthy work-life balance is important because it helps entrepreneurs avoid burnout and stay motivated. For example, the women-led company, Bumble, has implemented a policy of "no work on weekends" to help employees maintain a healthy work-life balance.
Some ways to prioritize self-care include taking breaks throughout the day, setting boundaries between work and personal time, and engaging in activities that promote relaxation and stress reduction, such as meditation or exercise.
Actionable steps you can take:
Build healthy habits such as regular exercise, healthy eating, and adequate sleep
Practice mindfulness and stress management techniques
Take breaks and prioritize time for relaxation and hobbies
Set clear boundaries between work and personal life
Delegate tasks and responsibilities to others when possible
9 - Develop a clear and compelling brand identity that resonates with your target audience.
Why it matters:
A clear and compelling brand identity can help businesses differentiate themselves in a crowded market and attract the right customers. For example, the women-led beauty brand, Glossier, has built a strong brand identity that resonates with its target audience of millennials. The brand's emphasis on natural beauty, inclusivity, and social media has helped it become a leader in the beauty industry.
To develop a strong brand identity, entrepreneurs should focus on understanding their target audience and creating messaging and visuals that speak to their values and preferences. Consistency across all branding materials, including website, social media, and packaging, can also help reinforce the brand identity.
Actionable steps you can take:
Develop a strong brand story and message
Create a visual brand identity with a logo, color scheme, and imagery
Build a user-friendly and visually appealing website
Develop a content strategy that aligns with your brand values and message
Engage with your audience on social media and other platforms
10 - Give back to your community and support other women entrepreneurs by sharing your knowledge and resources.
Why it matters:
Giving back to the community and supporting other women entrepreneurs can help entrepreneurs build relationships and gain valuable insights and resources. For example, the women-led company, The Helm, provides funding and mentorship to other women-led startups.
To give back to the community and support other women entrepreneurs, entrepreneurs can participate in industry events and organizations, mentor other entrepreneurs, and share their knowledge and resources through blog posts, social media, or other channels.
Actionable steps you can take:
Join local business organizations and women's networks
Volunteer your time and resources to support local causes or charities
Offer mentorship or coaching to other women entrepreneurs
Share your expertise and knowledge through blog posts, social media, or speaking engagements
Collaborate with other women entrepreneurs on joint projects or initiatives
