There are 31 million entrepreneurs in the US, indicating how crowded the space is, with everybody looking for ways to reach the market. Undoubtedly, this makes it more difficult to break through and remain relevant for years. Fortunately, others have taken the lead and broken barriers in their respective businesses. As a new business owner, you can also do the same if you plan properly and take measured risks. That said, here’s how to break these barriers.
- Challenge as many business stereotypes as you can
Have you wondered why people often assume that entrepreneurship is a male-dominated field? That’s because the dynamics make it seem that way. There are more males than females in the entrepreneurial space, which affects many women who try to venture into it. According to statistics, male entrepreneurs make up 60.51% of startups in the US.
However, if you are a female who desires to break into the entrepreneurial space, you can do so. Indeed, the odds may seem against you from the get-go, but you have a responsibility to break those barriers if you want to be successful. Another stereotype you may want to break is the perception that certain business ideas are for specific genders. For example, businesses like ladies’ intimates are business ideas associated with females. However, entrepreneurs like David Spector (ThirdLove) have ventured into a female-dominated space and are leading a growing brand. Another example is makeup, and while a female may be the face of the brand, there are several men who contribute to the market’s growth. The stereotypes are many, but it’s your choice to break them and remain relevant.
- Expand your reach through diversity and inclusivity
Understandably, basic marketing teaches that having a defined target helps sell a product or service. Unfortunately, only a few realize that diversity and inclusivity matter even with a target market. People are increasingly getting informed on the need for brands to appeal to persons, regardless of race, sexual orientation, etc. And you may miss an opportunity to grow if you’re too rigid. Once you understand it from this point, it becomes easier to expand your reach. Diversity and inclusivity offer a broader audience, which is something you need as an entrepreneur. Moreover, your audience will be grateful that you thought about them providing a service or product.
- Ace your social media activities
The 21st-century entrepreneur knows the vital role social media plays in business. Unfortunately, only a few leverage the power social media wields. This is particularly true of small business owners. A Verizon study shows that 95% of small businesses fail to ace their skills in this space. Perhaps, part of the problem lies with the fact that small business owners believe that their establishments do not require much public announcement. However, if you want to break barriers, it would be good to have a change of mind and move outside your comfort zone.
To conclude, it requires taking a proactive approach to be a successful entrepreneur. Remember that it is a highly competitive space, and being slow brings no achievements.