EY’s Five Ways to Win helps women entrepreneurs realize their full potential

Women entrepreneurs face unique challenges in the marketplace as they work to grow the businesses they head. Recognizing these hurdles, Lisa Schiffman, EY’s Marketing and Communications Leader, Americas Strategic Growth Markets, outlines EY’s Five Ways to Win.
“When it comes to women entrepreneurship, not every company is going to be a big company,” Schiffman says. “But there are questions that can be asked and lessons that can be learned that can help these companies get stronger and grow to their full potential.”
One of the challenges women entrepreneurs face, according to Schiffman, is the self-limiting habit of putting a ceiling on potential, or as Schiffman puts it: “Am I thinking big enough?
“Am I really thinking about what can make this company grow, or am I simply operating it on a day-to-day basis?”
Before those in the C-suite can reach for the stars, however, they’ve got to get their feet off the ground.
“(That means) replacing yourself as the chief of everything, finding talented individuals to pick up on elements of the business that require focus and support, allowing you as a leader to look ahead and become a more strategic visionary of where the company can go,” Schiffman says.
That means finding people who appreciate the leader’s vision, share her values and can help her unleash the potential in her business.
A central element of a company’s growth is how well it is known and the reputation of its leader.
“A corollary of thinking bigger is building a public profile for the leader that sets that individual up as a leader in the community, a thought leader in their industry,” Schiffman says.
She encourages burgeoning entrepreneurs to become a source of knowledge on a particular topic, and be willing to share that information publicly to develop notoriety.
Thinking big is often made better when entrepreneurs can bounce ideas off of experienced advisers.
“We are all products of our own individual experiences, but to grow a company successfully, you typically need a portfolio of experiences that go well beyond your own personal history,” Schiffman says.
She suggests building a board of advisers who can round out the knowledge and experience the leader already possesses. This provides strategic guidance in areas that are important to the growth of a business, as well as critical business contacts.
Lastly, Schiffman says there continues to be funding challenges for women entrepreneurs that can be attributed to a lack of awareness and education. It’s important that women entrepreneurs know which external financing options to pursue as they grow and as their needs for investment capital evolve.
“There is growing recognition around the world that women entrepreneurs are a viable source for economic growth, job creation and overall prosperity,” Schiffman says.
Key to the trend is supporting those who follow in the footsteps of women entrepreneurs.
“They are taking some responsibility for helping those who want to follow in their path,” she says. “That is really, really helpful because it is helping to create more visibility for those who have been successful and for what is needed for this community.” ●
How to reach: EY, www.ey.com