The world of entrepreneurship is undergoing a welcome revolution thanks to a record number of women starting businesses. According to recent statistics, 50 percent of new companies are led by women, who show their skills and leadership abilities in unprecedented ways.
The number of women-owned businesses has increased globally by 114% since the early 2000s, yet there are still three male entrepreneurs for every female entrepreneur.
Unfortunately, there is still a long way to go regarding adequate funding for women entrepreneurs. Only 2 percent of venture capital funding currently goes to women, a staggeringly low number given the level of talent in the market.
In speaking with Soon Hagerty, she is thrilled to introduce the Boundless Futures Foundation, a new resource designed to help women new to business build sustainable brands.
Boundless Futures Foundation is making a significant impact in the world of entrepreneurship. Launched by Hagerty and her husband, her mission is to help women entrepreneurs push boundaries and reach unparalleled success, and the foundation recognizes that women entrepreneurs often face unique challenges in starting, growing and scaling businesses. These challenges include funding biases, limited resource access, and the need for more support from mentors or industry leaders.
To counter these challenges, the Boundless Futures Foundation has created a suite of resources and tools to equip women to establish and expand their brands. The launch of the Boundless Futures Foundation is a first-of-its-kind organization providing financial support and leadership resources to aspiring young female entrepreneurs and mission-aligned non-profits throughout the US that aim to solve social issues.
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Boundless Futures’ differentiated approach offers no-strings-attached grants, unlike many other female entrepreneur-focused foundations that often take equity in the start-ups they fund. The foundation will also focus its support on female entrepreneurs whose businesses seek to solve social issues through their products and services and business models and practices.
Hagerty recognizes the need for early entrepreneurs to have a support system and includes the Leadership and Advisory Circle of seasoned women professionals who can lead and guide those who need assistance through the challenges of owning a business.
Hagerty is passionate about helping women succeed and offers these tips to new entrepreneurs:
1. Your network is key
In the competitive and ever-changing business world, having a strong network is essential for any entrepreneur, especially for women. Your network can help you gain valuable advice, make connections that lead to new opportunities, and provide the support and encouragement you need to succeed.
Whether it’s attending industry conferences, joining professional organizations, or simply reaching out to individuals in your field, taking the time to cultivate and nurture your network can pay dividends in ways you may never have imagined.
Embrace the power of networking and watch your business soar to new heights.
2. Grow your brand and customer base
As a new business, growing your brand and customer base is crucial to success. One of the most important things you can do is to establish a strong brand identity. This includes developing a clear brand message, creating a visual representation that accurately represents your business, and consistently using that message and image across all platforms.
Once your brand is established, you can focus on reaching potential customers. Networking and partnering with other businesses in your industry can help increase your reach and customer base. Remember to consistently evaluate your strategies and adapt as needed to ensure ongoing growth and success.
3. Be clear on the problem your business solves
Clarity is key when it comes to running a successful business. As an entrepreneur, you must be able to succinctly explain what problem your business solves. This requires a deep understanding of your target audience, their pain points, and how your product or service addresses their specific needs.
Without this clarity, potential customers may not fully understand the value of what you’re offering, leading to missed opportunities and revenue loss. By clearly defining the problem your business solves, you can effectively communicate your unique selling proposition and build a loyal customer base.
4. Get a good financial education
It is crucial to understand the financial ins and outs of your company. Without a solid understanding of managing and budgeting your finances, your business may face difficulties and potentially fail.
A good financial education can give you a competitive advantage in business. From learning how to create a budget to understanding how to handle taxes properly, a financial education can equip you with the skills to make smart business decisions.
Please don’t wait until it’s too late to start learning about finance. Invest in your education and set your business up for success.
The bottom line is that Boundless Futures Foundation is an excellent resource for any woman starting or growing her own business. It offers a valuable platform for women to access resources, tools, networks, and communities to help them achieve their entrepreneurial dreams. More importantly, it represents a strong and powerful message of support and empowerment for women who are often underrepresented in the business world. Together, we can ensure that women entrepreneurs have access to the support they need to succeed in business and beyond.
This story originally appeared at: Forbes