Our Best Advice for a Young Woman in Business

When you look around the world at the way we celebrate youth and denigrate age, you might come to think that age has nothing to offer us. But, those of us who have the pleasure of aging can tell you there is nothing further from the truth. Aging is beautiful, powerful, and can be full of wisdom if we commit ourselves to the process of aging well. 

As women in business, our age and experience position us perfectly to become helpful mentors to the young female entrepreneurs who follow us.

The mission of Success Your Way is to create education and a community that will help women entrepreneurs build successful businesses. But rather than build the types of business run by our male counterparts, we want to create space for women leaders to rise up and redefine what successful business looks like. 

Why the World Needs Women Entrepreneurs 

The statistics about women-owned businesses are very exciting. Today, women own nearly 40% of all businesses in the United States. We saw a steep increase of over 13% from 2019-2023. Women business owners are on the rise and set an example as positive role models for young female entrepreneurs. When young women grow up in a world where business ownership is possible and visible, they can more easily envision a place for themselves in the business world. 

But there's more great news! Last year, 64% of new women-owned businesses were started by women of color. It's crucial that we see representation of women from every race, nationality, and community. Young girls today are growing up in a world with a much higher glass ceiling. That's a powerful testament to the importance of women entrepreneurs in the world. 

Advice for the Young Woman Who Wants to Start a Business

The core team at Success Your Way is comprised of women who each have a decade or more experience building their own businesses. It's difficult to summarize all the lessons we've learned in one piece of advice. But here are a few of the most foundational lessons we've learned. 

Build a Strong Network 

There's a saying that we are each a combination of the five people we spend the most time with. The wrong people will drag you down in life, but the right people will help you grow professionally and personally. Your old friends from high school may not share the same dreams and goals that you do. That's ok. They're on their own journey. If you want to step out of your comfort zone, having people around you who share your vision is helpful.

Educate Yourself

Everyone who ever starts a business has at least one great idea. But what trips people up is when they take their idea to the market and find out they have no idea how to produce it, how to sell it, or how to build an organization to support it. One of the key traits of a good entrepreneur is the ability to learn new skills. This may sound controversial, but you don't need to go back to school for your MBA to learn how to build your first business. The internet is packed with information. Buy a book, take an online course, or attend a free program at your local small business organization. Commit yourself to becoming a lifelong learner, and you will be unstoppable. 

Develop Strong Financial Management Skills

This is going to be hard for some of you to hear, but if you can't manage your personal finances, you won't be able to manage your business finances. One of the most important lessons you'll learn in business is how to establish healthy financial habits. Your ability to use money as a tool for growth will enable you to have a more sustainable future. If you want to raise your net worth, you must befriend your money. This year, we plan to launch an online course on this concept. Join our mailing list, and you'll be the first to hear about it!

Seek Mentorship

​Here's where the brilliance of aging enters the conversation. In the world of business, there is no better teacher than one's real-world perspective. As you go out into your community, join professional organizations, or network at Chamber of Commerce events, keep your eye out for women who are living and working in a way you admire. Look for a mentor who has leadership skills and business savvy but also has peace and joy. If you can't find someone in your community, seek mentorship online. There are women in the world building strong businesses and happy lives, and you can be one of them. 

Women entrepreneurs are a special breed. We can have all of the power and vision of men and mix it with the softness and emotional intelligence that often come with being a woman. If you're anything like the rest of us, you have big goals, and new opportunities are coming your way. All you need to do is prepare yourself to receive them with an open heart. If you're a young entrepreneur who wants to grow a successful business and life, we encourage you to join our mailing list. New courses are launching soon!