Ways that Female Entrepreneurs Can Help Each Other Succeed

by / Tuesday, 23 September 2014 / Published in Business Lifestyle

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In a great article from Forbes, some tips for female entrepreneurs were looked at provided by  Maria Coyne, Executive VP of Business Banking at Key Bank. One of the tips that rang particularly true was the second, which suggested forming an advisory group, wherein entrepreneurs can offer each other advice, shared resources and expertise in the nuances of managing industry specific tasks from a shared perspective. Along with tips that included a call to female entrepreneurs to familiarize themselves with the basic math that goes into managing a business and keeping a clean balance sheet, the suggestion to form advisory groups is stronger than one might initially think. Business owners who have mentors have been shown to benefit tangibly, through being able to avoid common mistakes, gain insight on problems that otherwise would have taken them much more time and resources to troubleshoot.

How can you begin to form an advisory group? The first step to creating an advisory group is to network with other female entrepreneurs in your area and begin to sew the seeds of the idea with the goal of creating interest on the part of others to get involved. Your social media networks are a good place to begin looking for potential participants, as well as those in your community who may already be involved with things such as SCORE or business development centers.

Spread the word. Once you have put together a team of committed participants, spreading the word about your advisory group is the next step, as it will allow you to continue to attract members as well as put yourselves out there in order to gain increased publicity as well as the ability to attract influential community members to support your cause or even volunteer resources or advice. Social media is a great tool for this, but you may also consider creating stickers, posters or banners that can be displayed in physical locations that let people know you are a participant in your group.

Involve the community. Your advisory group creates a community of female entrepreneurs, and in community there is strength. When you are in a position of strength, it makes sense to think of ways to give back. Your group can be a strong catalyst for good, educating those around you about the importance of diversity among American entrepreneurs as well as giving those around you the tools that they might need to get into business themselves.

Photo Credit to NEXT Berlin on Flickr

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