In my earlier article, I explored the rise of entrepreneurship among women, and what the definition means to employed women and business owners alike. Drawing on my coaching experience with women entrepreneurs I'd like to follow on with the three key characteristics I frequently see amongst this enterprising group.

Three Key Characteristics of Entrepreneurial Women

In my experience working with dozens of entrepreneurial women, the characteristics that set them apart are a willingness to take risks, a high value on flexibility and resolute tenacity. Risk- taking is an element of any working woman's life, the degree of those risks is what sets entrepreneurial women apart. Deciding to leave paid employment is the first of many risks, and one too great for many women.

Statistically, women's businesses grow at a slower pace and start with smaller amounts of capital than businesses started by men. Women tend to be more risk-averse and will often use savings or loans secured against their homes to finance a business rather than go to bank or venture capital investors. Starting small is not as problematic for many women who start in consultancy or the service sector, which accounts for nearly half of all businesses in the UK started by women. However, is can be problematic for those in manufacturing or other industries that are capital- intensive. Entrepreneurial women research their options, but still take calculated risks.

Interestingly, the main factor that motivates women business owners is not financial gain, as many would assume, but independence. In my experience this often translates into not just doing things your own way, but also on your own time scale. Most women who start their own businesses know they will work longer hours, but it will be on their schedule. This is vital for working mothers in particular, and is borne out by the evidence that the key years for women to create businesses are in their late 30's - often childbearing years. Women I work with often cite being able to pick up sick children from school, attend sports days as well as take time off during school holidays. One business woman I know with a 7-figure turnover works relentlessly for her clients throughout the year but takes each and every term break off as well as the entire month of August to be with her children.

Lastly, entrepreneurial women are tenacious. Ignoring naysayers is an early challenge as not everyone will be encouraging. Pessimism, often in the guise of well-meaning advice, can kill a business in its early stages and ignoring this when things are rough is one of the first lessons any successful entrepreneur learns. They show a willingness to keep trying, tweaking products or services until they fit the market perfectly. Tenacity does not mean blind optimism; it means a willingness to change a product or presentations until it is right using both guidance as well as intuition.

Thinking about Entrepreneurship?

1. What do you think are the key characteristics of women who set up their own businesses?

2. Which characteristics do you have?

3. What would you love to do with your life if you could not fail?

Copyright (c) 2008 Suzanne Doyle Morris