Female entrepreneurs face more challenges in the workplace than men, but two experts offer advice. … [+]
Successful entrepreneurs, both men and women, are at risk for mental health issues due to the pressures that come with their roles: 72% of successful entrepreneurs have experienced depression, chronic anxiety or other mental health issues. According to Deloitte’s recent workplace report, “Women @ Work 2024: A Global Outlook,” mental health issues are particularly difficult for women, with 43% of women reporting experiencing non-inclusive behaviors in the workplace in the past year.
The survey also revealed shocking rates of burnout among female executives. 50% say they will be more stressed in 2024 than they were a year ago. More than a third report burnout – a debilitating condition in which stress is not well managed and they are unable to function at their usual level and there is no immediate solution. Yet they are uncomfortable talking about their mental health, fearing it will affect their careers. Many say they don’t receive enough mental health support from their employers.
Therefore, it is no exaggeration to say that the challenges of entrepreneurship are much greater for women than for men. It is essential that companies establish gender equality initiatives for sustainable support, accessibility, and transparency to foster female leadership success in the workplace. Despite obstacles, the female entrepreneurial spirit is more vibrant than ever. And more and more women entrepreneurs are able to overcome obstacles and make it to the top.
4 tips for female leaders to excel in their leadership roles
Athlint’s new CEO, veteran executive Ara Shay, says she spent 20 years in a predominantly male-dominated industry and learned countless lessons from not only female mentors and colleagues, but also male managers and colleagues. Throughout her journey, Shay has had the opportunity to learn from and work alongside some of the most notable female leaders and executives, including Ann Hopkins, who sued PWC for sex discrimination in the 1980s, won the case, became a partner, and mentored Shay early in her career.
As she takes the helm at Asurint, Shai has a wealth of experience to share with aspiring women leaders in their fields. I spoke with her over email, and she shared four key tips for female leaders and executives looking to embark on a similar career path:
1. Build and maintain connections. Shai points out that the work world is inherently collaborative, and building and maintaining relationships is essential to success. “Take the time to connect with your colleagues, get to know your managers and peers, and find mentors who you can learn from and who can learn from you,” she advises. “These connections will give you much-needed support, celebrate your successes, and open doors to short- and long-term opportunities that will foster your growth and development. Most importantly, remember to reach out to other women as you rise through the ranks, and give back yourself through mentorship and connections, making it easier for women coming after you to climb those ladders.”
2. Embrace those “oh no” moments. She describes these moments as powerful catalysts for personal and professional growth. “The moments in your career when you’ve faced the most challenges or felt unsure about whether you’d get the job done are the ones you look back on and feel you’ve grown and progressed the most,” she admits. “Even if you’re the only woman in the room or the task or challenge is difficult for you, don’t be afraid to tackle these challenges head-on. It may seem daunting at first, but this is the perfect opportunity to learn, adapt, and emerge stronger and ready to take on the next stage and challenge in your career.”
3. Be confident in your unique perspective and strengthsSchay emphasizes that individuality is not an obstacle. Rather, she says, it’s your biggest asset in driving innovation and inclusivity. “Understand your strengths and the value you bring to the table, and lean on those areas when you feel unsure of yourself or when taking on a new task,” she suggests. “Don’t be afraid to get up on stage and express your opinion. You were given the right to have a voice and a seat at the table for a reason, so seize the opportunity and be confident in the value you bring.”
Four. Practice continuous learning and adaptability. Shai points out that today’s modern workplace is constantly evolving, especially in the technology sector, and requires agility and openness to new ideas. “I learn something new every day, which is why I love my job and this industry and have been able to have a career for so many years,” she acknowledges, adding that to succeed in the business world, especially as a female leader, it is essential to commit to lifelong learning and instill that mindset in your team. “There is strength in numbers, and there is also power in building connections, sharing stories, and empowering each other to do the same. As women, we should remain committed to collaboration, integrity, and solidarity. We can redefine the future of entrepreneurship and pave the way for the next generation of female leaders who will continue to change the world for the better,” she concludes.
The 5 Ps that women entrepreneurs should practice
Another remarkable woman who embodies the very essence of female empowerment is Ontario-born entrepreneur Laura Robinson (no relation to me). She has built a 40-year entrepreneurial career on inventing games and selling laughs. Not only has she turned fun into wealth, she’s also working to help people connect and bring a country together in times of turmoil and disconnection.
In their mid-20s, Robinson and partner Paul Toyne shot the international smash hit ” Shit. Next came Like a party game Pictionary ManiaIIdentity Crisis and Size mattersShe is perhaps best known for her role as executive producer and creator of the Emmy-nominated hit show. Celebrity Name Gamehosted by Craig Ferguson. But her work didn’t stop there: Earlier this year, Robinson lent her creative talents as executive producer (with Richard Gerrits) on the Game Show Network’s new show “Blank Slate,” hosted by Mario Lopez.
Robinson lists the five Ps for women entrepreneurs as passion, packaging, pitching, persistence and pivoting.
1- Passion. Robinson explains that the process starts with passion for your idea, which then generates the idea.
2- Packaging. Do your research and create a package that shows why your product is better than what already exists and whether there is room for market acceptance.
3- Pitch. Then pitch your idea until someone accepts, she says.
4- Persistence. Even if your pitch doesn’t work, muster up the persistence to keep knocking on doors.
5- Pivot. If persistence isn’t working after a while, pivot and do something different to get your message out.
Robinson emphasizes that whatever you do as a female entrepreneur, you can achieve it if you believe in it and are passionate about it. “I have so much going on and so much more to do,” she concludes. “My husband says to me, ‘You’ve made millions of people laugh all over the world, isn’t that enough?’ I say it’s not enough, but when I think about the 40 years I’ve made people laugh – what a contribution I’ve made to the world – I feel good.”
