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Insights – Learning from Failure, Innovation and Workplace Culture
We need to take advantage of the different initiatives and communities that are opening up to leverage our projects.
By:
Mujeres sin Filtro
Transcript
Welcome to your “First Steps in Entrepreneurship” course from Mujeres Sin Filtro. We’re Fuckup Nights in this video we’ll answer some basic questions: How do I get started with my project? What opportunities are out there? How do I find my ideal business venture?
One of the first questions we should ask ourselves is: Why do I want to start a business?
There are no right or wrong answers, but that answer will give us the initial motivation we need to start and sustain our business.
WOMEN'S ENTREPRENEURSHIP IN LATIN AMERICA
Before we begin, it’s important to note that emerging economies, such as those in Latin America, generate the most startups, according to the Global Entrepreneurship Monitor. One reason for this is that our economies face less competition in certain industries, leaving ample room to bring our startups to market.
A startup can be born out of necessity or the identification of an opportunity. Currently, due to our social and political context, 23% of startups in Latin America are created out of necessity. However, 42% are created after identifying a business opportunity—a figure that drives growth in the region but also presents many challenges in terms of innovation and quality. But where do we stand within these startups?
Women start a significant number of the businesses that make this region one of the most entrepreneurial, alongside the Middle East. Nearly half of all startups are founded by women, and the average age of female entrepreneurs is between 45 and 64.
When it comes to why we start businesses, the picture isn’t very encouraging, but it is certainly challenging for us. While 13.36% of men launch businesses after identifying business opportunities, only 8.79% of women do so for this reason. This is due to limited job opportunities, a poor pension system, and the so-called “glass ceiling” that limits our professional and economic growth and development. A perfect recipe for our startups to be created out of necessity.
And while it may sound discouraging, it’s up to us to turn this situation around. We need to take advantage of the various initiatives and communities that are emerging to support our projects. We need to make our process of creating businesses more mindful and focused on the long term. The goal is to transform women’s businesses into a proactive rather than a reactive endeavor.
WHERE CAN YOU FIND A BUSINESS IDEA?
Now, many of us are probably wondering, “How do I come up with a business idea that can cover all the bases?” There’s no magic formula, but there are strategies we’d like to share with you.
The first thing we need to acknowledge is that starting a business isn't easy—it's an emotional roller coaster. It's essential to truly identify what drives us and what that idea is that's been on our minds.
If you don't have a clear idea yet, don't worry. Ideas can come from:
Something we're good at
Something we really like
Something that people recognize in us
Something we saw that caught our attention
The choice we make should inspire us enough that we don't give up or let go at the first sign of trouble. Have you ever heard of the concept of ikigai?
Ikigai is a Japanese concept that means “one’s reason for being,” “what makes life worth living,” or, in simpler terms, “your purpose.” Applying this concept will help us find a connection between who we are as people, our skills and abilities, and that entrepreneurial idea that came to mind.
To identify our ikigai, we simply need to look at the intersection of four areas:
What we're good at
What we love to do
What the world needs
What they can pay us
Answering these four questions is the best way to discover our ikigai.
For this exercise, it’s important to take our time and do it mindfully. At first, your answers will likely be influenced by what you’re currently doing. So if your answers change at any point, don’t get frustrated—it’s normal. Our perspectives and interpretations of reality are constantly shifting.
One thing that can help is to ask people we’ve worked with—and whom we believe will be 100% honest with us— "What am I good at?" This will give us a different perspective on ourselves that we didn’t have before.
CONCLUSION
Although most businesses founded by women today are started out of necessity, the women’s entrepreneurship ecosystem is growing in Latin America. This is leading various organizations and governments to launch initiatives that provide knowledge, empowerment, and funding for women’s projects.
Mujeres Sin Filtro a platform created in partnership with the Inter-American Development Bank to build community and provide knowledge and tools to women entrepreneurs. We invite you to check out the toolkit and the accompanying article.
Thank you for your time, and we look forward to seeing you in the next course.
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