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Why Start-ups with Female Founders Grow Faster?

June 20, 2017 in Leadership

Women Founder

Workplaces have witnessed a significant growth in women workers. And, yet a large number of them don’t have top female managers in the same proportion as the women employees at lower levels. Even start-ups have very few female founders, at around just 14%.

However, the same research which puts this number at 14% also states that among the start-ups that have a growth trajectory of more than 100%, the number of female founders is much more than their male counterparts. This proportion increases further in the case of new firms with a growth rate of more than 200%.

So, what’s so special about female founders that helps start-up enterprises grow faster and what it means for companies that don’t have a female founder?

Below are the reasons that evaluate why the female founders are more successful.

Diversity

Diversity plays a vital role in the success of the business. The number of women in the management significantly impacts diversity. A higher proportion of female founders and managers leads to more successful companies, which is evident from the fact that their presence results in an average of 10.1% Return on Investment (ROI) per year as compared to 7.4% ROI of those firms with fewer or no female members.

This finding clearly indicates that more women at the top lead to the generation of more diverse ideas, which further improves critical thinking and decision making. The same is also true with not just gender but also racial, ethnic, and other forms of diversities. However, when these different types of diversities are combined with gender diversity, the results are outstanding for the enterprises, especially the start-ups where decision making is more critical than larger firms. It is because one wrong decision can annihilate the start-up which isn’t as resilient as its larger counterpart.

Balanced Approach

Working women are more adept at striking the right work-life balance. It is because they have to juggle their responsibilities at home and work. In comparison, men prioritise work over personal lives. However, it also means that they spend most of the time at the workplace not only working but also socialising.

Women, on the other hand, have to balance various responsibilities. It makes them more effective when it comes to prioritisation and focusing on work so that they can meet their obligations in time. Therefore, when women are the founders of a start-up, they’re better at prioritisation and execution focus. They are more likely than men to have a balanced approach to all the factors of running a start-up.

Willingness to prove themselves

This factor also plays a critical role in the success of women-led start-ups. The presence of gender bias and glass ceiling can’t be denied even now. Women have to face these adversities and fight stereotypes to succeed.

Their struggle gives them the strength and motivation to prove themselves in a world dominated by men. Hence, as founders of start-ups, women work with more perseverance, resilience, and a never say die attitude.

The above factors play vital roles in making female founders and their start-up ventures more successful than those headed by men. It’s also an important lesson for start-up founders, investors, and managers that to grow fast, they need to have the right representation of women.

How to Know if You are a Follower or a Leader?

June 19, 2017 in Leadership

Leaders vs Followers

Leadership is not a designation. It’s a manifestation of certain qualities. And, no matter what you do in life or what your job designation is, you’re a leader if you have leadership qualities.

But, how do you know whether you’re a leader or a follower? Let’s take a look at the key attributes that differentiate leaders from followers.

Going beyond what’s needed

Whether you go beyond your regular duties or just feel satisfied once you’ve completed them is one of the best tests to determine if you’re a leader or a follower. Good followers follow orders and do what is needed of them. Finding a good follower with the right ethics is difficult.

But, it’s even harder to find a good leader, who’d not only accomplish the assigned task but also go way beyond it to contribute to the group, team, or the organisation they’re a part of.

Flexibility

Leaders are flexible. They manage change efficiently and also encourage others to change. Followers usually show stubbornness and resist change. This is where leaders play a critical role in changing not only themselves but also their followers.

Decisiveness

In your daily life, including professional life, you’ll face several unexpected challenges. At times, you’ll have to deal with ambiguity and take a call. This is where leaders act differently from followers.

They are decisive and take the responsibility when things go wrong. Followers tend to seek approval for every decision.

Confidence

Confidence is closely associated with decisiveness. Leaders are confident of their decisions even if they may go wrong. They believe in their skills and abilities. To the contrary, followers need constant reassurance and support from their leaders to realise their potential.

Followers require external support for gaining confidence, while the leaders gain confidence from their inner strength.

Conviction

Leaders will always stand up for what they believe in. They have a strong conviction to stick to their decisions even in adversities. It is not always the case with followers, who change their decisions to please their superiors.

As a leader, you will have to stand firm if you believe that you are right. Firm conviction is a mark of a leader.

Pleasing everyone

You can’t please everyone every time. A leader knows it. A follower doesn’t. At times, you’ll have to say no and displease people. But, it’s always better to stay focused on the things that help you reach towards your goals.

Leaders don’t fall into the trap of people pleasing, especially if it takes them away from their objectives.

Humility

Real leaders are humble. Followers focus on accolades and recognition, whereas leaders focus on goals. They don’t brag about their achievements or accolades as these are only small milestones for them.

Humility is also essential as it enables leaders to adopt a level headed approach, which further helps them to think clearly.

The above qualities define the differences between a leader and follower. To check whether you’re a leader or follower, introspect and measure the presence or absence of these traits.

How to Raise your Kids as Leaders?

May 16, 2017 in Leadership

child leader

Leaders and followers step into their roles at a very young age. While every child is a natural born leader, certain children have an unmistakable charisma that makes them stand out among their peers.

Being a leader has less to do with bossing around and telling others what to do. It is about knowing what to expect, act responsibly, and relate positively to others. Leadership is crafting an authentic voice that guides the way others think and act.

Raising tomorrow’s leader means encouraging certain traits, skills, and values. Here are the skills every future leader needs, and how you as a parent can help them achieve them.

Begin Early

All learning begins at home. The way you interact with your kids teaches them a great deal of how to interact with others. In their formative years, children look to you for security, face time, and plenty of love. The more children receive love, comfort, support, and soothing – the more secure, healthy, and effective they become in their lives. Over a long-term, those tight bonds will make your kid’s independent and leadership ready, too.

Encourage Group Activities

Encourage your child to take part in group activities to learn the importance of teamwork. Extracurricular activities like sports, scouts, and drama club will help develop their self-confidence. On the home front, divide responsibilities among the members of the family. Working as a team will teach them how to lead and to value one another. Encourage their participation in important decisions of the family.

Encourage Decision-making ability

Urge your kids to take risks. Involve them in decision-making activities around the house. Start out with small decisions, like letting your child choose their clothing. Teach your kids the importance of weighing the pros and cons of every action. Make it a point to reinforce positive behavior with rewards or constructive feedback. This will help them to take good decisions in life.

Accept failure and Never Give Up

Don’t rush to help your child every single time they fall. Allow them to taste failure and to rise and meet challenges instead of shying away from them. Allow them to learn from their failures and to challenge themselves to be the best. Teach them to make commitments and live up to them.

Practice prudent communication

Good leaders can effectively communicate their thoughts and ideas to others. The next time you visit a restaurant allow your child to place the order. Allow them to speak directly to the captain to enhance their communication skills.

Manage Money Wisely

Good leaders are neither stingy nor thrifty in their monetary matters. The best way to teach kids to make wise monetary decisions is by giving them a monthly/weekly allowance. Teach them the importance of saving and spending money wisely.

Raising kids to be leaders isn’t science. It is about finding what is best for your child and working towards it. The right actions and the right words at the right time can make all the difference for your young leader.

Three Strategies to Forge Successful Partnerships in Business

May 1, 2017 in Leadership

Perfect Busness Partnership

Starting a business require entrepreneurial skills. Inculcating these skills are necessary for the success of a business. As an entrepreneur, you’ve to learn new things almost every day. However, there’s a limit to what you can do alone and sooner or later, you’ll have to bring in more partners into the business.

This presents a serious challenge.

How should you forge partnerships that’ll make your business successful?

How’ll you ensure there aren’t too many conflicts which will be detrimental to all the hard work you’ve put into setting up your business? With the below three strategies, you can find a solution to these questions.

Finding like-minded people

Identify people who share your values and have a similar vision. Partnerships should be based on similar values and morals more than anything else. Even if you ask your best friend to become your business partner, your venture is doomed to fail unless you two share the same vision and are on the same path.

It’s imperative that you form partnerships only with the like-minded persons. It’ll help you find amicable solutions whenever there are any disputes.

Since you and your partners are on the same mission, you’ll find a way to resolve personal differences for the greater good of your organisation.

Fill the skill gap

Find partners that have skills that you lack and you’ve skills that they lack. For example, if you’re good at marketing and weak at finance, find a partner who’s good at finance and weak at marketing.

It’d have two benefits.

First, it’ll ensure that both of you’ll need each other to operate the business. If one person leaves, the other can’t operate the business alone since both of you would’ve different skills.

Second, having different skills prevents overlapping, which can lead to disputes.

Your partner won’t bother you about marketing and you won’t bother them about finance. Both shall complement each other. This is something which will also work in case of multiple partners. One can be good at HR while someone else could be good at technical aspects.

Forge relationships

Forge relationships with your partners that are stronger than a mere business partnership. As an entrepreneur, you’ll be spending your entire time managing your business. It inherently means you shall be spending more time with your partners than anyone else in this world.

But forming personal bonding and strong relationships, you’ll build a camaraderie that will fuel more passion into you and your partners.

The above three strategies are key to building a successful business partnership. It’s critical that partnerships succeed for the business to succeed.

It requires great care and nurture. Thus, adopt the above strategies meticulously and it’d help your business venture to succeed.

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