Female entrepreneurs need to become riskier

Female entrepreneurs need to become riskier in business

Annah Stretton believes doubt is preventing many Kiwi businesswomen from realising their full potential 

The secret to achieving greater success in business is typically a matter of altering your mindset, according to one of New Zealand’s most successful entrepreneurs.

Annah Stretton, head of the multimillion dollar Stretton Group and Veuve Clicquot’s 2009 Businesswoman of the Year, says New Zealand’s female entrepreneurs need to create a clearer divide between the emotional and the professional and have greater faith in their abilities and intuition.

While Annah believes many Kiwi female entrepreneurs have the potential to do very well, most lack the self-confidence to realise their full potential.

“The biggest challenge for many female entrepreneurs is that they’re not great risk takers and business is all about taking risks,” she says. “Most women run their businesses with far too much emotion and background noise and don’t cope with failure - or even the idea of failure - at all well.”

“Removing doubt is key,” she says. “I have never doubted I could achieve my dreams. Which isn’t to say I’ve never failed. In fact, I often say my failures have been the cornerstone of my success. But I have always had faith in myself, my goals and my ability to achieve them eventually.”

That self-belief and drive have seen Annah become a leading figure in the New Zealand fashion industry and, as she puts it in her latest book Wise Heart, a “serial entrepreneur”. Famously starting her fashion business on a Morrinsville dairy farm, she now has 30 retail outlets nationwide to her name. She’s established the brand in Australia, the UK, Ireland, Europe and California and with her innovative Stitch’n’Bitch sewing kits proving popular overseas, she’s well-positioned for further growth.

Annah also heads up the publishing arm of the Waikato-based Stretton Group, edits its popular business magazine for women, Her, is a motivational speaker and mentors budding entrepreneurs.

Her work sees her interact with women at all levels of business and Annah says most, including those in very senior positions, struggle with self-doubt. It is for this reason she believes women are so poorly represented in the highest echelons of government and business.

“Their emotional approach and self-doubt mean they keep applying handbrakes which effectively prevent them from going as far as they could. There needs to be a change in thinking. Women need to learn to adopt a black-and-white approach to business. Men often get ahead because they tend to have more confidence in themselves and don’t stress about what others think of them. They just get the job done.”

Annah recognises that, as traditional caregivers, many women have an intrinsic desire to nurture. She has two adult children herself, who she says will always be her priority, but she keeps the personal and professional areas of her life separate.

“It is possible - and incredibly rewarding - to run a successful family and business simultaneously,” she says. “In fact, the skill sets needed for each are very similar.”

“Essentially, you need to adopt a forward-thinking approach, acknowledge your strengths and weaknesses, make a conscious effort to deal with the latter and have the confidence in yourself to go after your dreams. Believe me, it’s worth it. You are the cause of your effect.”

Some key business tips from Annah

Mentors: Find a mentor who fits your brand. Seek out someone who inspires you. The worst that can happen is that they say ‘no’ and then you simply approach someone else. You’ll find most successful business people are happy to share their knowledge - but you have to have the courage to ask.
 
Seek help: It’s important to acknowledge what you can and can’t do and build relationships with people with complementary knowledge and skills. Surround yourself with people you can learn from.
 
Partnerships: As you evolve your business, collaboration is very important, particularly as you move outside your areas of expertise. This is where leadership skills also become very important.
  
ends

© Scoop Media