Smart and savvy female entrepreneurs are leaving a serious mark and shaking up the economic landscape. We often hear of movie stars using their celebrity status to launch businesses. Female entrepreneurs are doing business on their own terms while bringing diversity and a different point of view to the table.
Women have been starting and growing businesses faster than men for over two decades. According to TD Economics in Canada forty-seven per cent of small and medium-sized businesses were entirely or partially owned by women in 2012. The report also found that women tend to stay in business longer than men and are more likely to be looking to the future to expand their companies.
How do women approach business differently than their male counterparts? Their focus on quality and premier customer service takes precedence over profit. They understand that if client satisfaction is their focus the profit will come. They are also information gathers that conduct solid research and look for advice from many sources before making decisions. Many women business owners are committed to their communities and are first in line sharing their expertise or financially supporting women to succeed. These female attributes bring a unique perspective to business and a distinctive type of business acumen.
Though entrepreneurship has been looked at as a playing field for men it is a canvas where women thrive. Often the type of woman who has the stamina and ability to maneuver the land minds of risk are on their second career or a renegade who often disagrees with the “old boy” mentality status quo. They weigh the benefits of flying their own flag and take the leap into entrepreneurship.
These women entrepreneurs are a few of many who we tip our hat to – not a shrinking violet among them:
Tory Burch a one time publicist turned fashion maven has grown her business to an empire that is worth over three billion dollars and it all began with ballet flats that she offered in a myriad of colours. These days she is partnering with brands such as Fossil and launching perfume and cosmetic lines. Like many women entrepreneurs she has a place in her heart for giving back. Tory oversees Elizabeth Street Capital, providing early-stage women entrepreneurs with low-cost capital and to help grow their business a common thread among women entrepreneurs who selflessly give back to their communities.
Jennifer Lopez, the woman known for her American Idol fame and her platinum albums has amassed a 300 million dollar empire. She has been building her business by leveraging business endorsement deals and clothing and fragrance lines.
Lopez’s mantra is to never be complacent. She watched her parents sacrifice to educate both her sister and herself and learned to always be a hard hustler…to never stop. Lopez has recently launched a chain of mobile phone stores, Viva Movil, aimed at the US Latino community in America. This savvy woman only gets involved with businesses that she has an integral understanding of. She treats forging ahead with new business endeavours as she would auditioning for a role – always well prepared.
Sofia Vergara, the stereotypical Latina bombshell of Modern Family fame has a different persona in her life outside of her television appearances. She is co-founder of a 17-year-old talent management and new media company, which pulled in an estimated $27 million last year. With her partner she has shrewdly built up her company, Latin World Entertainment, from a Miamitalent-management firm into a licensing, marketing, production and new-media force to be reckoned with. Their clients include Paramount and Disney and they are looked to as the connection between brands and the Hispanic community. Vergara, a gorgeous woman with street smarts, saw the opportunity to pull gold out of a lucrative niche market. Many businesses built by female entrepreneurs are created with an ear to the ground understanding what the customer is looking for and then deliver it with the quality their client is looking for.
And hats off to two brilliant Canadian women entrepreneurs:
Shannon Rogers, the president of a Canadian firm that services enterprise organizations to archive their digital information is recognized as a top women entrepreneur. She has won the prestigious Chatelaine Profit Canada Women Entrepreneur of the year three times. Her company Global Relay services 22 of 25 major banks. Roger’s sales philosophy is different than the old school hard sell. She looks to educating her customers to win them over. Rogers is known as an expert and for having the ability to navigate the maze to the ultimate decision makers. She is also a keen listener as well as a smart negotiator understanding that the needs of the client are in the best interest of everyone. Roger’s skill as an information gatherer often has the advantage through soft sales. Sales are based on building trusted relationships – women entrepreneurs have this trait in their DNA.
Meeru Dhalwala, is the woman behind Vancouver’s world famous Vij’s restaurants, cookbooks, and food products.Her husband Vikram is the face of the business. Meeru public presence is a little quieter and works behind the scenes. An iconic businesswoman Meeru is known to support immigrant woman in their restaurant kitchens, as a leader in Vancouver’s farmer’s market scene, and an author of numerous cookbooks. Like many of other business owners who have built successful business they are laid on a foundation of passion. Meeru watched her mom become isolated when they settled in North America. This is the reason that none of the chefs in Vij’s are professional chefs they are all woman, like her mom, who work in an environment where they are not socially isolated.
Statistics support that women run business are more successful. Catalyst Canada reports companies with women on boards provide an 84 per cent better return on sales, a 60 per cent better return on invested capital and a 46 per cent better return on equity.Women bring their ability to listen to help understand the needs of their customers, put their ego on the backburner while reaching out for advice, and give back to help create vibrant, strong communities. They bring a holistic approach and a different perspective than male dominated businesses do.
With women owned businesses employing over 1.5 million Canadians and contributing 148 billion to the economy this is only a beginning of what savvy entrepreneurs with the X factor can achieve because, after all, there are still many more pieces of pie waiting.
