We all know that millennials are entering the workforce with the cards stacked against them. From mounting student debt to (false) negative stereotypes and a fickle job market, it’s tough out there. There’s one group who has it the hardest: female entrepreneurs. Real talk, ladies - if you have a great idea for a business, you’re going to have to fight tooth and nail to make sure your ideas are heard. At BULLIT, we want to fight by your side, because guess what? Women have an arguably better set of skills as entrepreneurs than their male counterparts.
Female entrepreneurs are constantly getting the short end of the stick. Consider this: “Venture capitalists invested $58.2 billion in companies with all-male founders in 2016. Meanwhile, women received just $1.46 billion in VC money last year, according to data from M&A, private equity, and venture capital database PitchBook.” We did the math: that’s just 2% of the funding pie. Rude.
Things haven’t improved for women seeking funding. In fact, things have worsened. There are all kinds of reasons for this inequality - but performance isn’t one of them. A second study found that “in the first two months of 2017, hedge funds owned or managed by women returned 3.65%, significantly outperforming the overall hedge fund industry, which returned 2.23% over the same period.” The vast majority of hedge funds are run by men, of course, but this data suggests they shouldn’t be.
Women have valuable skills that set them apart as leaders and entrepreneurs. Here are just a few traits that make women great entrepreneurs:
Women Are Better Leaders
Despite the stereotype that men are better at the helm, extensive studies suggest that women are better than men at leading effectively. “In fact at every level, more women were rated by their peers, their bosses, their direct reports, and their other associates as better overall leaders than their male counterparts — and the higher the level, the wider that gap grows,” reported Harvard Business Review. Some of the characteristics women scored highly on to arrive at this result? “Displays high integrity and honesty” and “practices self development.”
In practice, that means women are good at taking feedback and being transparent about their strengths and weaknesses.
Women Are Better Opportunity-Seekers
Maybe it’s because women haven’t traditionally had opportunities handed to them on a silver platter. Or maybe it’s because women are better at evaluating risk. Either way, women are great at launching a business to meet an opportunity, rather than being forced to start a venture due to job loss. “Eighty-five percent of new women entrepreneurs were launching due to opportunity, compared with 78% for men.”
Women are driven and passionate, and that makes them an asset to any team or business idea.
Women Are Better At Using A Full Range Of Skills
The things that make you the best at what it is you do are your “soft skills,” as a recent Wall Street Journal article pointed out. And, crucially, soft skills are in short supply in today’s job market. A recent survey found that 89% of recruiters are having a difficult time finding and hiring candidates with the people skills and “soft” skills to succeed.
Here’s the thing: “women score higher than men on nearly all emotional intelligence competencies, except emotional self-control, where no gender differences are observed.” No matter what obstacles might lie in wait, women have a bigger range of skills to draw from to overcome anything in their paths. Soft skills like social savvy, creativity, and adaptability are all things that can be honed and improved, but not taught outright.
Women outperform their male counterparts in areas including coaching & mentoring, influence, inspirational leadership, conflict management, organizational awareness, adaptability, teamwork and achievement orientation. We’d say these skills are pretty critical, no?
It can be tricky to convey what makes you such an amazing leader, innovator, and entrepreneur. BULLIT is here to support you. We’re a community built to help you highlight the very skills that don’t show up on a traditional resume or LinkedIn profile. It’s time to recognize the importance of soft skills in the workplace, that’s why you need a resume for your personality!
How? Ask for anonymous reviews from your professional network on six key traits: your brains, urgency, leadership, logic, imagination, and trustworthiness. Hide or highlight any reviews you want, and respond to feedback thoughtfully to begin to curate your reputation in a meaningful way. We keep you safe: no bullies allowed. Any harassment or criticism that is not well-meaning is immediately flagged in our system and removed from your profile.
It’s never been a better time to be an entrepreneur, especially if you’re young. The future is female, and BULLIT is here to help any entrepreneurs get the boost they need to set their business in motion! Sign up for our community today.
Author bio: BULLIT is a professional social network focused on what makes you great at your job: your unique combination of personality and skill that makes you who you really are. You are a real person. Let your resume reflect that! Sign up for our community at bullit.me.