What is a mogul? A mogul is defined as a person who possesses a great deal of power, influence, or wealth. In business, a mogul is often associated with a person who dominates an enterprise or industry. Moguls tend to be founders or CEOs of important corporations.
I regard myself as a mogul, or in my own definition, the female version, a “mogurl”.
I have always had big dreams, and I was not afraid to take risks to make them come true. So when I decided to start my own business, it felt like a natural next step in my journey. As I shared my dream, people would tell me reasons why it couldn’t be done and how hard it would be as a woman entrepreneur. Their warnings only made me more determined; if anything; their doubts fueled my fire to persevere.
Yes, here I am now, ten years later, with a thriving business, doing what I love: empowering women just like you and me—women who also want to make a difference and who refuse to let anyone stand in the way of their goals and dreams.
Women have been breaking barriers and achieving great success in the business world for centuries. From Madame C.J. Walker, the first self-made female millionaire, to Oprah Winfrey, the billionaire media mogul, women have shown that they are more than capable of becoming successful business leaders. Despite the progress that has been made, why aren’t there more? There are still barriers that women face in the business world.
Women millionaires comprise only 33% of all millionaires in the U.S. Women entrepreneurs receive significantly less funding than their male counterparts, and women hold only a small percentage of leadership positions in major companies. A few women have the strength, creativity, and resilience to break through these barriers and become a mogul. The rest, they have what it takes, but they don’t quite believe in themselves. If you are a woman with big aspirations but are not sure how to tap into your inner strengths, here are a few guidelines to follow.
Finding Your Passion
The first step in becoming a mogul is finding your passion. What do you love to do? What are you good at? What unique perspective do you bring to the table? These are all important questions to ask yourself when considering starting a business. Your passion will be the driving force behind your business, and it will keep you motivated when the going gets tough. So take some time to reflect on what you’re truly passionate about, and then start brainstorming business ideas that align with your interests and strengths.
Developing Your Business Plan
Once you’ve identified your passion and your business idea, it’s time to start developing your business plan. A solid business plan is the foundation of any successful business, and it should include the following elements:
Executive summary: A brief overview of your business idea and goals
Market analysis: a thorough analysis of your target market, including its size, demographics, and competition.
Marketing strategy: A detailed plan for promoting your business and reaching your target audience.
Operations plan: an outline of the day-to-day operations of your business, including your team, supply chain, and facilities.
Financial plan: A detailed analysis of your finances, including your startup costs, projected revenue, and cash flow.
Your business plan should be comprehensive, realistic, and adaptable. You should also be prepared to adjust your plan as needed based on market trends, customer feedback, and other factors.
One of the biggest challenges that women entrepreneurs face is funding. Women receive only a small percentage of venture capital funding, and they are often denied loans or offered less favorable terms than their male counterparts. But don’t let this discourage you. There are many funding options available for women entrepreneurs, including:
Small business grants: Many organizations offer grants to women entrepreneurs, including the National Association of Women Business Owners and the Amber Grant Foundation.
Crowdfunding: Crowdfunding platforms like Kickstarter and Indiegogo can be a great way to raise capital from a large number of people.
Business loans: Many banks and alternative lenders offer business loans specifically for women entrepreneurs, with competitive rates and terms.
Angel investors: Angel investors are wealthy individuals who invest in early-stage companies. Many angel investors are specifically interested in supporting female entrepreneurs.
The key to securing funding is to be prepared. Make sure you have a solid business plan, a strong pitch, and a thorough understanding of your financial roadmap. Don’t be afraid to seek advice and support from mentors or networking groups.
Building Your Team
As your business grows, you’ll need to build a team to help you manage your operations and achieve your goals. This is an opportunity to tap into your feminine strength by creating a supportive, collaborative, and inclusive work culture that empowers your employees to thrive. When building your team, look for individuals who share your passion and vision for the business. You want people who are committed, driven, and have the skills and experience needed to help you achieve your goals.
As a female entrepreneur, it’s important to create a workplace culture that values diversity and inclusion. Studies have shown that diverse teams are more innovative, productive, and profitable. So make sure to prioritize diversity and inclusivity in your hiring process and in your company culture.
Navigating the Challenges
Becoming a mogul is not easy, and you’ll face many challenges along the way. Some of the most common challenges that women entrepreneurs face include:
Bias and discrimination: Women often face bias and discrimination in the business world, whether it’s in securing funding, hiring employees, or negotiating deals.
Work-life balance: Balancing work and personal life can be a challenge, especially if you have children or other caregiving responsibilities.
Imposter syndrome: Many women entrepreneurs struggle with imposter syndrome, feeling like they don’t belong or aren’t qualified to lead a successful business.
But despite these challenges, it’s important to stay focused and persevere. Surround yourself with supportive mentors and colleagues, and remember that your passion, creativity, and resilience are your greatest strengths.
Celebrating Your Success
Finally, don’t forget to celebrate your success along the way. Becoming a mogul is more than anything, a process of self-discovery, and it’s important to take time to appreciate the milestones and achievements along the way. Whether it’s securing your first big contract, hiring your first employee, or hitting a revenue milestone, take time to acknowledge your hard work and celebrate your success.
Your journey as a mogul may feel overwhelming at times, but it is well worth the effort. Through navigating the challenges, and celebrating your success, you can unleash your inner mogul and achieve your loftiest dreams.
Remember that as a woman, you have the strength, creativity, and resilience needed to break through barriers and build a thriving business. Amazing accomplishments are possible.
My advice? Don’t let fear, outdated beliefs, or your self-doubt keep you from pursuing your passions—you never know where they could lead you! Mogurl, Go Girl!!