Female business owners are creating the community they want to be part of
We’ve all said it. “I have an idea for a business!” It’s something I hear all the time from the women in my life, as a female entrepreneur. So, what holds most women back from taking that idea and running with it? The answer is fear of failure.
This fear, a very rational and appropriate response to any risk, is overly attributed to women. Researchers at the University of Pennsylvania have examined this and determined that men are more likely to undertake risky behaviour and this ability to see the risk as less of a barrier carries into the world of entrepreneurship. Women are less likely to take the risk in the first place and therefore are underrepresented in the world of startups.
In my experience, lots of women start businesses when they have little children. All of a sudden, the normal 9-6 job doesn’t work for their new lives. Women with young children need flexible working hours, something that mainstream employment rarely provides. So, is there something about this time of life for women in business that takes the fear away?
The researchers at the University of Pennsylvania also found that women are as innovative and creative as men, if not more so.
Life on the Coromandel Peninsula forces you to be creative when starting your own business. Courtney discovered a gap in her community and found a way to fill that gap: “The HappyLocal Hub offers a range of practitioners, coworking desks and workshops”. Bianca has taken a different approach and utilises the internet to market and sell the Le Edit range of luxe clothing to customers and stores all over New Zealand and Australia.
Even with all their success, self-doubt is a huge hurdle to overcome for any business owner. “Tall poppy syndrome and thinking I’m not good enough” is still something Bianca thinks about. The events of the past few years haven’t made that any easier. Courtney explains, “I think the skill of resilience has taken on a new meaning; that preparing for absolutely anything someone could face is now a given”.
I’ve learnt through my 7 years of business ownership that these fears never go away. The bigger you get the bigger your mistakes are, but the rewards are bigger too. Bianca told me, “I’m still learning and always will be”, but her takeaway tip is to not shy away from the boring stuff, saying for her, most recently, “learning and understanding how your accounts work is really important”.
All things considered, given the natural risk-averse nature of women and the complexities of living in remote communities and raising families, I think the women of the Coromandel have an amazing ability to create a path for themselves. The Coromandel is full of female entrepreneurs carving a successful, flexible and most importantly profitable life for themselves and their families.
Coromandel communities are known for their welcoming atmosphere to tourists, and we also support each other, including encouraging other women to take that spark of an idea and turn it into something life-changing for them and their family. The same research by the University of Pennsylvania found that female founders outperformed men on platforms like Kickstarter where community interaction was vital to its success. Here on the Coromandel, we have the ingredients for that success.
The lesson of this story is if you’re thinking about taking the leap into entrepreneurship, find yourself a cheerleader. If you have someone in your life who is starting a business, be their cheerleader. The fear of failure is what holds so many people back from creating a life they want to live, and we have some amazing examples of what success can look like. Right here.
About the author:
Chloe Watts is the co-founder of Blueberry Co Memory Books. She lives in Matarangi with her husband and business partner and their two daughters.
The study referenced is by Ethan Mollick at Wharton Interactive, University of Pennsylvania on the Gender Gap in Entrepreneurship.
