Why Moms Make Great Entrepreneurs
It is estimated that 1 in 3 women-owned businesses is owned by a mom. While moms keep their hands full, there is no reason a mom cannot be a successful entrepreneur. There are many reasons why motherhood skills are assets to being an entrepreneur and running a successful business.
Entrepreneurship by moms is on the rise. While the pandemic halted small businesses and childcare access, we still saw women become inspired and resourceful in balancing the two.
We are far past times when it is thought that a woman’s place is only in the home and the home. The simple truth is that there is no one size fits for what works for a mom and her family. No matter what route she chooses, it doesn’t deny the fact that she is capable of being a success in every direction.
So, why do moms want to become entrepreneurs? The Ewing Marion Kauffman Foundation released a report called “Economic Engagement of Mothers: Entrepreneurship, Employment, and the Motherhood Wage Penalty.
According to the report, mothers who have chosen entrepreneurship over the last five years have several motivators. Of the women surveyed, 57% said they leaped so they could be their boss; 52% said they wanted to make more money and essentially obtain a higher standard of living.
The report also found that a reason mothers start businesses (46%) is the ability to gain greater flexibility. More flexibility is one of the chief benefits of being in business for yourself; entrepreneurs can create sustainable work-life balance in their lives.
While creating a business can check the boxes for why moms choose to get started, they are also showing up with skills that set them up for success.
Here are the top reasons why moms make great entrepreneurs:
Time management
If you have kids, you know that time is everything. Balancing the daily chaos of children’s schedules of school, sports, playdates, appointments, and more is no joke. Then add on your household errands, meal times, and the occasional date night. Moms know how to manage their time in the face of chaos while still remaining productive. In the workforce, this is more than crucial. Knowing how to manage your time and workload is a must, especially when in a leadership role overseeing others.
Organization
On a similar note, the organization is key to a business going the distance. This is something moms know a thing or two about. We’ve seen all those family color-coded calendars and know who is managing it all. The trick to keeping your day on track is to have built-in organization.
Budgeting
Moms are one head figure in running the family’s finances. From budgeting for groceries to managing bills, these tasks equip you with a knowledge of finance that can be applied to a business. Knowing how much you have, how to use it, and where to save when you can are critical to a new business.
Problem solvers
Moms solve problems, plain and simple. If you have more than one kiddo, this is especially true. A mom that knows how to handle a sibling dispute or a lunchbox left behind has no problem when faced with a challenge at work. Keep in mind, at work; you deal with full-functioning adults where teamwork and collaboration are possible. Moms can think quickly and use their resources to solve a problem all in a day’s work.
Adaptability
Motherhood makes you wear many hats, so being an entrepreneur is just another one to add to the collection. Kids teach you the importance of being able to adapt in different situations and have a solution and approach to each and every one.
Natural instincts
When you become a mom, everyone tells you that your instincts will kick in and save the day. As a mom, you learn to trust your gut and commit. You’re able to put ego aside and do what you think is best for everyone, not just you, making you a great fit for leadership.
Empathetic
Women and mothers bring an extra layer of empathy to the workplace. Understanding the ups and downs that life can bring, moms bring an approach of empathy while knowing when to double down. Working with people who understand that work isn’t your whole life and that outside elements play a role is huge in fostering a work environment that is enjoyable and productive.
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