WHITE PAPER
Vol 1|No.1
How Women Entrepreneurs Improve Their Game
Success Triggers for Women Entrepreneurs July 2014
2 | WOMEN ENTREPRENEURS: Success Triggers, Dilemmas and Readiness for the Future
Cover Photograph
After years of training to become a
professional ballet dancer, artist Kylli
Sparre realized it wasn’t the path for her
and instead channeled passion for dance
into photography and image
manipulation. We are indebted to Kylli
for giving us permission to use this image
as the cover of the white paper. This
image is aptly called ‘when impossible
ends’. Please visit and support the
incredible Kylli on
http://www.sparrek.org
Endorsements
"This whitepaper on Entrepreneurial
Women contains a lot of accessible
data on the challenges of female
entrepreneurs. The paper itself is a
good start to tackle one of these major
challenges and that is the lack of
knowledge." Prof. Fons Trompenaars,
THT Consulting – Selected as one of the
50 Most Influential Management
Gurus by Thinkers50
Endorsements
“ What I like about this publication is that it
practically inspires business women to reach
greater heights. Women are powerful,
creative and independent innovating
agents of the enterprise but this is not
always seen, understood or believed - There
is no doubt that women deserve more
opportunities and support than they are
getting”. Prof Dianne Bevelander
Rotterdam School of Management,
Erasmus University. Dianne is the
Associate Dean, MBA Programs at
Rotterdam School of Management,
Erasmus University (RSM).
UnitedSucces is delighted with the
contribution WeSoar makes to Women
Entrepreneurs. The research has
demonstrated that businesswomen
often know more than they believe they
do and are persistent and resilient.
WeSoar provides hands-on pointers for
female entrepreneurs to grow further.
Corinne Heijn, Founder and President
UnitedSucces
Copyright © 2014. All rights reserved.
3 | WOMEN ENTREPRENEURS: Success Triggers, Dilemmas and Readiness for the Future
FOREWORD
I am writing this white paper to encourage and
salute all women entrepreneurs across the globe
(including myself). Regardless of your motive for
starting your business initiative, the fact is that it
took courage. Perhaps it seems enough to settle
for the success and accomplishments you have
achieved or those within reach. I’d like to ask you
to stretch much further. The chances are that
you can grow bigger, work smarter and make
more impact than you currently are. Not at the
expense of you, any one or any thing you hold
dear.
If you are like me, the biggest barrier you have
had to overcome to get this far has been
yourself. The amount of personal energy wasted
by self-doubt, lack of direction, financial fears,
lack of confidence or knowledge, playing it safe,
retreating due to failures, etc. is only redeemed
to the extent that we learn from our setbacks and
then act.
Moreover, learning from our shared experiences
is a powerful antidote to negativity and slow
growth. When a fellow or accomplished
entrepreneur says “yeah me too..” it normalises
our woes or failures and provides the perfect
context in which to be more objective, ‘lean in’,
and do things better.
In fact, ‘failure’ is your most underrated and yet
your best opportunity to succeed. Failed
partnerships, talent jumping ship or aborted
attempts to globalise your product are learning
opportunities – not opportunities to retreat.
We created this research project not to gather
data but to provide a shared learning experience
in which we discover together how other
successful women entrepreneurs across the
globe have succeeded (and failed) along the way.
We were not looking for the idealised sugar-
coated candy version, but the real stories. When
we relate to and recognise ourselves in other
stories, it triggers hope, revives energy and
strokes our endurance. We also learn how to run
better and smarter businesses and get there
quicker.
This study does not end here. It is the beginning
of a learning platform that provides a series of
online publications, newsletters, webinars,
workshops and forums, which will empower
women to take their businesses to the next level.
We hope it compels you to reach more of your
potential to grow a business that yields higher
returns on a more sustainable basis.
I would especially like to thank UnitedSucces, THT Consulting, The WeSoar Board of Advisers and my project team for supporting or co-creating this ongoing project. It has been a wonderful jouney and we look forward to the next phase!
Madeleine van der Steege Originator of WeSoar and owner of
Synquity
4 | WOMEN ENTREPRENEURS: Success Triggers, Dilemmas and Readiness for the Future
INTRODUCTION
Many factors contribute to the ability of women
entrepreneurs (WE) to achieve success. Personal factors as
well as contextual factors in the entreprenurial
environment influence success.
Think of your business as being part of an ecosystem. The
interdependence in an ecosystem sustains all life. A
healthy entrerprenurial ecosystem is present when the
environment actively supports your business and vice
versa. An environment brimming with enabling people,
networks, opportunities, clear policies and laws will
activate and enable WE. Furthermore, you are your most
important resource. Ongoing self development and
increased business competence expands your potential to
reach and maintain success. Through this publication we
hope to encourage more WE to start-up and to encourage
existing and established WE to develop further, generate
higher returns and ensure long-term sustainability!
Women all over the world are increasingly becoming more
responsible for their own personal, family, business and
regional economic sustainability. This in itself is
empowering and exciting. Along with the increasing
number of WE, there is a great need to increase our
personal and financial confidence.
The success of WE is obviously inhibited where attitudes
toward women, discrimination, stereotypes and prejudice
to WE exists. Some countries explicitly differentiate
between women and men in terms of property rights and
legal capacity and, therefore, limit WE from achieving their
full potential.
However, a businesses is run with a certain future
orientation being implicit – that is the desire and intention
to exist in the future despite the constraints.
Can you keep up with market changes, globalization,
digitization, environmental sustainability, genetics, nano
technology, online education, large scale changes in world
economies, mobile technology, disruptive technologies like
cloud, big data and emerging technologies like 3D printing?
It is challenging. However, if entrepreneurs don’t stay
ahead, or at worse, remain up to date and transform, some
businesses will become obsolete. Life long learning and
knowledge sharing amongst entrepreneurs is paramount.
This report presents the results of WeSoar – a global
reseach pilot study, which includes interviews with 30
successful WE across 11 countries. We asked them, despite
the challenges they faced, what triggered success? Who
was critical to their success and who gave them a leg up?
How did the environment trigger or enable their success?
How do they view they future and what challenges lie
ahead?
If entrepreneurs don’t keep
up, transform and innovate,
some businesses will become
obsolete
5 | WOMEN ENTREPRENEURS: Success Triggers, Dilemmas and Readiness for the Future
OBJECTIVES OF THIS REPORT
To share the outcomes of WeSoar research on the personal enablers of successful women entrepreneurs
(WE)
Personal enablers of success for WE in this study included a consideration of ‘how WE defined success’, as well as the critical behaviours, habits, characteristics and values they thought had enabled them to generate their success.
To share the environmental enablers of successful WE
Environmental enablers were viewed as anyone or anything in the ecosystem that WE thought had played a critical role in enabling their success.
To share the future perspective of successful WE
Future orientation for the purposes of this report included WE awareness of future trends that could impact on their businesses, challenges that might threaten the future of their businesses, what they need to scale up the businesess, as well as readiness for the future.
Who Participated?
WE in this study are generally highly educated and in control of significant assets. 46% have a turnover exceeding $ 1
million, 27% exceed $ 5 million and 10 % have more than $ 20 million turnover per annum. WE from Brazil, Canada, China,
Greece, Japan, Kenya, South Africa, Switzerland, The Netherlands, United Kingdom and United States participated. A
total of 30 women entrepreneurs (4 of whom are intrapreneurs i.e., driving new initiatives for existing corporates)
participated.
Personal and Environmental Success Trigger of Women Entrepreneurs
Personal Enablers Environmental Enablers Future Orientation
6 | WOMEN ENTREPRENEURS: Success Triggers, Dilemmas and Readiness for the Future
Hello! What Is ‘Success’?
Your definition of ‘success’ has
probably not ever been said out
loud. In fact, for most of us, our
belief of ‘what success is’ may be
unconscious. Yet this belief
shapes, drives and influences the
impact that we make (or don’t!).
In the interviews, we discover how successful WE view
success and how this relates to what they believed
triggered their success.
The author, Marianne Williamson, writes ‘we become
successful when we decide to become successful.’ Along
the way we have the power to generate success as well
as to fear success. Williamson quotes George Elliot who
said, ‘It is never too late to become who we might have
been’ and she adds ‘It is never too late to become who
we fully are.’
It is clear from this study that, although WE defined
success both in terms of social and economic factors,
social factors in this case, simply featured more often.
For example, more WE listed meaningfulness,
empowering others, developing potential and helping to
create a better world (46%) rather than economic factors
such as scaling up the business and making a profit
(17%). This finding backs up previous research, which
found that WE tend to focus on personal fulfilment,
meaningfulness, professional growth, challenges and
want to create a safe future. These motivations also
define their entrepreneurial priorities.
The realisation of how you view ‘success’, provides you
with the opportunity to be honest with yourself, and to
check whether you might be ‘playing it safe’ due to a lack
of: inner resources, support or development or the
culture around you. Or does your view of success reflect
your courage and best version of yourself? Check your
reality and use it as an opportunity to realign your
actions and decisions with your truly strategic, desired
end goals.
FIGURE 1 Women Entrepreneurs View of Success
17%
17%
17%
17%
17%
17%
17%
17%
21%
25%
29%
46%
Achieve Purpose of Business
Scaling Up the Business
Making a Profit
Perseverance and Tenacity
Helping to Shift the Gender Bias
Achieving My Life Purpose
A Sense of Personal…
Gaining Pleasure from Work
Contributing to a Better World
It is Using my Potential / Actualizing
It is Empowering Others to Succeed
Its More than Just the Money
Before you read
what our respondents say –
take some time to think and
write down: What is your
definition of success?
7 | WOMEN ENTREPRENEURS: Success Triggers, Dilemmas And ‘Readiness For The Future’
Personal Enabler: How Women Entrepreneurs Created Succes
Once your business is running, what are you are doing that actually makes your business succeed?
Look beyond the barriers and rather concentrate on success factors and enablers. One factor might
be that WE integrate a unique mix of personal, family and business aspirations that symbolise the
realities of our feminized life course. Most of the WE we interviewed started their businesses while
they were in a ‘full-nest’ family life cycle. To succeed they have to deal with the tensions that occur
between family, employees, clients, shareholders and society. In this section we share the actions,
behaviour, characteristics or habits that 30 successful WE thought were critical to success.
FIGURE 2: Behaviours, Actions, Habits Or Characteristics That Triggered Success
The courage to step into the ‘unknown’ and having a ‘sense of agency’ (i.e. the belief that your actions will create an impact
or the desired outcome) was one of the top factors reported as being critical to success. This mindset is build on having
failed and bounced back. To be successful you need to take risks. You need to fail. You need to bounce back stronger.
These women do not see themselves as passive observers, but as active participants who are responsible for bringing
about structural changes in their environments through active participation and using their unique women’s intuition.
Furthermore, having a goal orientated approach centered on ‘what customers want and need’ requires hard work, long
hours and discipline. What stood out in this study is the inherently collaborative manner in which these women build up
their companies by, for example, asking for help and involving and investing in others to achieve an even better end result.
17%
17%
17%
17%
20%
20%
23%
23%
30%
33%
37%
37%
37%
40%
40%
Collaboration
Get Support or Help
Driven By Significance and Meanigfulness
Strategize
Develop People and Team
Network
Flexibility and Openmindedness
Ongoing Learning and Development
Align and Include Others
Discipline and Work Hard
Customer Care Orientation
Goal Focussed
Perseverance and Tenacity
Courage to Risk Stepping into the Unknown
Personal Sense of 'Agency'
8 | WOMEN ENTREPRENEURS: Success Triggers, Dilemmas And ‘Readiness For The Future’
Personal Enabler: Which Core Values are Critical to Success?
When we honor that which we hold dear, we are expressing core values. When these core values are
just as important to our employees, customers and stakeholders, they become powerful, critical
triggers for sustainable success. What generic values did WE in this study uphold regardless of the
country or industry they operated in?
FIGURE 3: Values that trigger success
From this study, the core values that are critical to success also represent a long term view for business. For WE in this
study, business was not about making a ‘quick buck’ and sacrificing repeat business, but about establishing long term
relationships and a trusted reputation with all stakeholders in the entrepreneurial ecosystem. This helped to weather the
inevitable storms and ride the peaks of business.
“I like doing things fairly. You should compete fairly as well. I believe that in the mentoring of others, particularly in South Africa, you have to help people, be aware of the need to foster people and you have to deal honestly. This is a great problem, because people do not all deal
honestly. You have to tell people exactly what is happening” Margrit Wolf, South Africa.
“Core values? I have always been myself. I never lie. I am not “a political guy”. Perhaps this is one my ‘failures’? My values mean that everyone knows that what I say is what I stand for – that is integrity. I have always worked with key customers and they really want to work with me. If I am there, they know I can help them solve their problems. Although my current business is totally different, the same values are
coming back and I am able to translate customers’ needs” Franciose de Groeijen, Netherlands.
17%
17%
20%
20%
23%
23%
23%
23%
23%
27%
27%
Develop Others
Creativity
Openness
Inclusivity
Respect People
Make the World Better
Integrity
Customer Orientation/First
Collaboration
Honesty
Authenticity
9 | WOMEN ENTREPRENEURS: Success Triggers, Dilemmas And ‘Readiness For The Future’
People Enablers:
Support Systems that Played a Critical Role
In this study we were interested in who or what played an important role that enabled WE to achieve
success. Getting support, encouragement, advice and having role models from whom to learn can be
empowering – but who was really critical? Is there someone without whom success would not have
been possible? Malcom Gladwell cautions: “Because we so profoundly personalize success, we miss
opportunities to lift others onto the top rung...We are too much in awe of those who succeed and far
too dismissive of those who fail. And most of all, we become much too passive. We overlook just how
large a role we all play—and by “we” I mean society—in determining who makes it and who doesn’t.” Malcom Gladwell, The Outliers.
FIGURE 4: Who or what ‘gave you a leg up’?
Husbands or life partners get the top spot! Followed by family of origin. Support, encouragement and role models from the
people who are the closest are very important enablers. It follows that if we have this kind of support, it is wise to nurture it
and show our appreciation. Mentors, women’s networks, previous employers or bosses were important catalysts for the
women in the study. The onus on us is is to ‘pay it forward’ i.e., to act as a catalyst for other WE.
“I have a wonderful, wonderful husband, and he supports me. That’s wonderful because you’re not always the best of
company when things aren’t going right but you get the unconditional support at
home. What also has kept me motivated is the fact that I meet so many great
women”
– Carien van der Laan, NL.
“I come from a family of entrepreneurs and it was in our upbringing. It is also a
personality thing - when you are young and think in terms of ‘risk and return’. We were
always taught to think for ourselves. We were also taught, “don’t be afraid of what others think of you”. We were all curious.
And work ethic is one of the things you have to have to become successful in any business
or corporate life”.
– Eva Hukshorn NL.
10%
21%
24%
24%
31%
38%
45%
Business Partner of Associate
Other
Women's Network
Previous / Current Boss
Mentor
Family of Origin (grew up with)
Husband / Life Partners
I learnt incredible lessons from how my husband managed his partners. I could not have brought this experience through any MBA.
Leslie Meingast, Canada.
10 | WOMEN ENTREPRENEURS: Success Triggers, Dilemmas And ‘Readiness For The Future’
Environmental Enablers of Success
Your environment or entreprenurial ecosystem can either hinder or foster your success.
Partners, family, friends, colleagues, the business community, culture, country, policies and
market trends, to name a few, can all help trigger or inhibit business success. Some of these
factors are beyond your control (e.g laws), but entrepreneurs benefit their cause through
proactive and creative relationships and collaboration within the entrepreneurial ecosystem that
they are part of.
FIGURE 5: Environmental and institutional factors that triggered success for WE
The results of this study remind us that, in order to be successful, firstly, you need a good idea – a plan that the market is
receptive to. Furthermore, your virtual or physical location is an important strategic benefit that needs to work to your
advantage in running a sustainable business. Moreover, funding and beneficial policies are important opportunities or
barriers for WE. Although some businesses are booming, there are a number of women who are part of a disempowering
or dysfunctional ecosystem or environment that inhibits women from achieving full potential and greater business success.
The resilience and ongoing personal effort to mitigate this requires a lot of energy.
“Being a woman in Brazil, working in business that require complex negotiations in a men's arena, is a big challenge to me. Not from my perspective but it is clear that men want to liaise with men.” – Tania Magalnic, Brazil
“The whole field of bio-technology is booming. There is money in that area and there are many opportunities.” - Jacqueline Vet, NL
“In Canadian Environmental law, environmentally things were becoming much more regulated and more attractive as a field. I was in the
right place at the right time, but also the changes in the law provided me with new opportunities.” - Michelle Pokey, Canada
“The problem is people are very risk averse and business somehow still sees it as a risk to have ‘only women’. It kills me. I think the real risk is having the same sort of guys in high positions. I have seen top of business take huge risks, mergers, and acquisitions. Capital gets destroyed
every time you do an acquisition. Very little of perceived added value of buying companies is realized, but they still keep doing it. There is usually a brief moment of euphoria but then reality sets in- by then the top guy is gone. Women in top positions are seen as risks though.
Who’s kidding who?” - Carien van der Laan, NL
61%
46%
25%
21%
18%
18%
11%
Market Trend / Business Model
My location
Policies / laws
Funding and grants
My environment worked against…
Gender equality
Culture in community / region /…
11 | WOMEN ENTREPRENEURS: Success Triggers, Dilemmas And ‘Readiness For The Future’
A View of the Future
Your connection to the future is created by the desires and aspirations you have for yourself and
your business. The impact you can make in the future is also fuelled by staying in touch with global
events, trends and continuous innovation and building your capacity. Ongoing personal
development and enhancing business knowledge and skills (reading, attending courses, webinars
or conferences and collaborating with others) contribute to sustainable business success. In this
study we encountered a positive group of women, who have achieved remarkable results and
share the challenges they need to manage.
FIGURE 6: Repetitive themes that emerged in participants’ view of the future
“I love the future, because there are always new challenges. The world is evolving and you have to evolve with the world. With my business I
always have to be on top of what is new: be informed and understand the business. You do it for the clients.” Elisabeth Werter, Greece.
“I have been the eternal optimist. I am excited about the future, because I have a level of clarity now that I haven’t had in a while. Some of
the hiccups along the way existed because of the lack of the clarity” Nkhensani Nkhosi, South Africa.
“Environmental sustainability! A few years ago Al Gore’s movie woke up people. Now there is a new movie about plastic oceans coming. We
throw a lot of plastic away; it ends up in the ocean and in our food chain. I would like to see consumers turn away and ask for alternatives.”
LIzette Smook, Hong Kong.
19%
19%
19%
26%
26%
26%
26%
30%
30%
30%
I have big personal challenges ahead
I need to be more strategic in the future
I expect financial growth
I am going to need to manage myself better
I will achieve my business goals
I am going to need a new business model
I will be active in making the world better
I expect company expansion
I see myself actualising / developing further
I am optimistic, committed and excited
12 | WOMEN ENTREPRENEURS: Success Triggers, Dilemmas And ‘Readiness For The Future’
Challenges and Threats to Future Well Being
Keeping an eye on the future whilst managing present
dilemmas is a key enabler in entrepreneurship. To
what extent do you have your head down, only
focussing on the present or short-term future of your
business? What price are you paying? The growth of your business could be inhibited by the lack of
future orientation. Dare to dream and dream big. Start-ups run the risk of either living day to day,
trying to survive or having their head in the clouds, pinning all hope on that passionate idea whilst
losing track of the harsh reality. Mature businesses may have more resources and financial stability or prosperity to take
the time to look ahead. However, smaller businesses must realize that markets shift and therefore should attempt to
embrace the future by strategic planning.
Figure 7: What Do You Need To Do In Order To Scale Up And Grow In The Future
“The biggest change will be the resource pool; there is a huge need in our industry for an incredible amount of knowledge vested in one
person. Large teams of diversified knowledge are no longer saleable. These people are quite scarce and the pipeline for this kind of person is
not great” Michelle Booysen, South Africa.
“New technologies are coming up. The technology we use could end. We are also developing new technology ourselves.
You cannot predict what will happen. It is scary, because it could have a negative influence. If we put enough energy into our own technology
that could help”. CJ. Scartlet, USA
“Social media is a huge tool, but we have to learn – teaching people how to use and control it. We need to train people for the future. It has
massive potential if people know how to use it” Renee Veldman –Tentori, Netherlands.
4%
8%
8%
13%
13%
17%
21%
29%
29%
29%
42%
Exchange rate
Negotiation skills
Technology
Work / personal life integration
Managing growth
Multi-cultural skills
Succession planning
Marketing Skills
Managing and leading people
Defining business goals
Financial Skills
Face the future and manage your risks.
Risk management safeguards your
business. Through the identification,
assessment, prioritization and mitigation
of risks you can counteract them.
13 | WOMEN ENTREPRENEURS: Success Triggers, Dilemmas And ‘Readiness For The Future’
From this study it is clear that women regard their gaps in financial skills as a top threat to future sustainability of the
business. Women need more knowledge and skills regarding the financial solutions that can help them grow. Another
factor that emerged was the importance of defining core business goals clearly (not only up-front, but also along the
lifecycle of the business) to drive strategic growth. Furthermore, you usually need to bring other people on board as a
consequence of growing. Scaling up a business involves managing and leading people to achieve the goals and objectives
of the business in an aligned and engaged manner. Entrepreneurs are inventors and most of us benefit enormously by
developing further leadership and management skills as the company grows. Scaling up for the women in this study also
required ‘marketing skills’. Some women identified succession planning as a critical issue to resolve in order to achieve
sustainable future growth. Most of these women function in the global economy. Multi-cultural skills are seen as critical in
order to scale up. This is particularly relevant because a high percentage of women in this study trade across borders and
cultures. Scaling up meant further international expansion. In this study it was clear that a high turnover related to
international trade and vice versa.
CONCLUSION
Multiple personal and environmental factors need to gravitate together to help create your success. These factors include
personal traits, histories, values, skills, education, knowledge, efforts, supportive networks, positive organisational
cultures, economic and financial factors, market factors, policies and cultural aspects. Furthermore, once you attain
'success', you will face ongoing dilemmas requiring resolution and ongoing development to remain successful. However,
the benefits are worth it.
The aim of this pilot study is to create a more holistic understanding of the collective triggers for the success of WE
including personal and environmental enablers and their future orientation. Valuable insights have been gained for the
next exciting phase of this global study.
ACKNOWLEDGEMENTS
A hearty thank you to the women entepreneurs who participated in the WeSoar Research and, despite their full schedules,
made time available for interviews. We would also like to express our sincere thanks and appreciation to the people and
institutions who made the pilot stage of the WeSoar project possible.
WeSoar project team : Madeleine van der Steege, Annemieke Lof, Riana van den Bergh, Hannah Spaeth, Ruth Dixon, Tina
Thomson, Yvonne Finch, Corinne Heijn of UnitedSucces, Prof Fons Trompenaars.WeSoar Board of Advisors : Dr Bettina
von Stamm (UK), Dr Karen Ortlepp(SA), Grant Ashfield (SA)and Dr Julie Weeks (USA).
This research study was presented as an academic paper authored by Madeleine van der Steege and Dr Bettina von Stamm at
The XXV ISPIM Conference – Innovation for Sustainable Economy & Society, Dublin, Ireland on 8-11 June 2014. The full
publication is available at www.ispim.org
Top Related