Being a Woman in Business: Tips for Success After 50

Being a woman in business today is unlike anything we've seen before. We've certinaly had some highs and lows in the past few weeks. But one thing is clear, there is no better time than RIGHT NOW to STAND UP and take our place! Being a woman in business in 2024 (and soon to be 2025) is both a blend of breaking barriers and the need to face persistent challenges. Which presents amazing opportunities. I think what we will find is that these opportunities are goign to shape not only individual businesses - but entire industries, cultures and countries. Its a terrifying and an exciting time for female business leaders.

This article explores the complexities of being a woman in business, including advantages and hurdles. We'll celebrate women business owners making waves, offer practical tips, and delve into essential skills for success.

Let's explore what it means to be a woman in business and how women entrepreneurs are changing the landscape.

The Current Landscape: Where We Stand Now

The number of women leading Fortune 500 companies has risen above 10%—a historic first. (OMG- that just made me throw up a bit in my mouth. 10%. That's it... but that's better than ever. GAH!!!!!!)

This good (???!!!!) news highlights the increasing gender representation in leadership roles. However, it also underscores the inequality women face in male-dominated fields. These fields often include science, technology, engineering, and mathematics (STEM) careers, where women continue to be underrepresented. (Just ask my friend and client Dana Kirchmar about that!!!!)

Globally, women lead one-third of high-growth companies, a significant milestone in the pursuit of gender equality in entrepreneurship. This statistic is a testament to the progress made in recent years, as women continue to break down barriers and shatter glass and #SilverCeilings in the business world.

Challenging Traditional Norms

Traditionally, the entrepreneurial landscape has been dominated by men, with women facing numerous obstacles in their path to success. However, with increasing access to education, funding, and networking opportunities, women are now better equipped to start and grow their own businesses.

A Shift in the Startup Ecosystem

The startup ecosystem has also undergone a significant transformation, with a growing number of women-focused accelerators, incubators, and funding programs. These initiatives have helped to create a more inclusive environment, providing women with the resources and support they need to succeed.

Interested in funding for your female-run nonprofit? Check out my friend Ashley Kasprzak !

Breaking Down Barriers

Despite the progress made, women still face unique challenges in their entrepreneurial journeys. From accessing capital to overcoming societal expectations, women entrepreneurs must navigate a complex web of obstacles to achieve success. However, with determination, resilience, and a growing support network, women are increasingly breaking down barriers and achieving their goals.

The Future of Entrepreneurship

As women continue to lead high-growth companies, they are redefining the entrepreneurial landscape and paving the way for future generations. With their unique perspectives, skills, and experiences, women are bringing innovative solutions to the market, driving economic growth, and creating a more diverse and inclusive business environment.

The Power of Soft Skills and Emotional Intelligence

Women often excel at soft skills. These are essential intelligence competencies that many male leaders may lack but recognize their high value. These competencies are crucial for women starting their own ventures, particularly when engaging in salary negotiation.

These skills, such as communication, empathy, and teamwork, are essential for effective leadership and strong business strategy. Research indicates that CEOs with strong emotional intelligence competencies, like compassion, tend to have better financial performance. My friend Renelle Everett Darr can help you build your leadersip. Check out her new podcast, Conscious InSIghts!

Women also excel in customer service and relationship building, skills crucial for growth success. These strengths often give women-owned businesses an advantage and contribute to higher client satisfaction. As women lead, they cultivate strong connections that foster long-term business growth.

Tackling Gender Bias and Pay Gaps

Gender bias persists in the business world, manifesting in unconscious bias during hiring, limited promotion opportunities, and unfair assumptions. This bias hinders career success for women, limiting their access to leadership roles and senior management positions.

Studies show that women are less likely to negotiate salaries. They may feel empowered through higher education and mentorship programs, but also experience less favorable outcomes compared to their male counterparts in salary discussions. This contributes to the persistent gender pay gap, a critical challenge women business owners face. Being a woman in business means often navigating these inequalities that men rarely encounter.

Creating Your Legacy: Advice and Inspiration

For women over 50 considering entrepreneurship, decades of experience offer valuable insights. Embarking on a new business venture at this stage presents a unique set of opportunities and challenges. Women feel more empowered by the wealth of experiences that have given them hard skills, and soft skills that many young women may find hard.

• Embrace Your Story: Life experiences bring wisdom and insights that are valuable to younger generations. Your accumulated knowledge is a strength, not a weakness.
• Challenge Limiting Beliefs: Self-doubt can creep in after years in corporate settings. Don’t let it hold you back. Focus on your growth potential. Women excel at learning new skills, proving it’s worth the effort.
• Build a Supportive Network: Community matters. Seek mentors, join business organizations (like this one), participate in programs designed to offer business support and engage with other women in business. Give and receive support and feedback.

🌟🌟🌟. If you need help, please reach out. I have a few of my FREE 35-minute consultations I am gifting until the end of the year. CLICK HERE to qualify. 🌟🌟🌟

I help women transform their corporate expertise into purpose-driven, fulfilling businesses that align with their values and create lasting impact.

Conclusion

Women bring essential skills and unique traits, and women-led businesses outperform their counterparts, indicating there is more to this than just feeling empowered at owning your own business. So embrace your journey, challenges and all. Use your voice, take advantage of opportunities, and transform negativity into positive action.