Women entrepreneurs started more than 660,000 new businesses across the U.S. last year, pushing the total number of female-owned companies to 12.3 million. But even as the population of female business owners rises, their paths to success remain complicated by challenges and obstacles. On this episode of The Small Business Show, host Shyann Malone is joined by Alis Adjahoe, entrepreneur and author of “From Idea to Launch: The Mistakes Women Make and How to Overcome Them,” to discuss how female entrepreneurs can push past these roadblocks and drive growth for their businesses.
Adjahoe’s inspiration for the book came from her own experiences as a women entrepreneur. Before launching her business, she frequently guided and supported her friends as they launched their own brands, helping them pick an industry, offering marketing advice and assisting with strategy. As those around her started to see success, Adjahoe grew uncertain about what kind of business she would start until she realized that her passion and skill lay in helping others. As a result, she launched her own service, offering advice to fellow women entrepreneurs as they start their own businesses.
When speaking with a client, Adjahoe’s first recommendation is to validate the business’s idea. Businesses need a solid foundation to build off of, in addition to goals and strategies, all of which require careful research. Analyzing brands with a similar model is key for validation, as it increases the likelihood of success. The next stage is to conduct market research. In this step, rather than analyzing other companies, women entrepreneurs must examine the customers that are interested in their products as well as the buyers they hope to reach. Once the ideal customer has been identified, business owners must then consider the pain points guiding their purchase decisions. Products and services must fix an issue to generate sales: developing effective solutions for pervasive problems is one of the best ways to guarantee demand.
While following these steps can help secure their vision, women still face tremendous challenges on the way to launching successful brands, especially when compared to men. Adjahoe notes that women entrepreneurs are often more strapped for time as they balance multiple roles as parents and caregivers. Female business owners lack access to funding avenues, making it difficult to raise capital. Fewer support systems and lower societal expectations also mean that women struggle with confidence, leading many to abandon their ideas early.
To address and overcome these challenges, Adjahoe explains that women must be on point. “Make sure you know everything you need to know, continue to take classes, to learn new skills, and be up on the new innovations of your industry,” she advises. Conducting research is crucial for women entrepreneurs to achieve long-term success and pivot to better strategies if necessary. By planning ahead and investigating ways to grow, they can ensure that their brands continue to generate revenue, even as technology and economic headwinds change their industry of choice. In times when they struggle with motivation, Adjahoe urges women to trust their vision and celebrate the small wins. “The biggest takeaway is that they can do it,” she concludes.
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