1. Availability of policies and assistance programs
Most policies and assistance programs equate innovation with technological advances. But many women entrepreneurs say they don’t feel welcome or included in mainstream networks, incubators and accelerators. Women tend to look at innovation more broadly.
2. It’s hard to ask for money
Women are less likely than men to request financing. Women-owned firms are also less likely to look at debt and equity as means of growth financing. Sometimes it comes down to self-doubt. Women are less likely to use debt to fuel their business. They often assume their loan application will be rejected and use their personal savings to finance business growth.
3. The misconception of risk
Women tend to be more risk averse when it comes to investing. Risk-taking is important for entrepreneurial success. It’s something that many women have to push themselves to do. We need to get better at pushing away the fear of change and the unknown and just go for it.
4. The myth that only certain kinds of firms grow internationally
There’s a common misconception that only big companies can be successful globally. This isn’t true. Even the smallest producer of niche goods can go global today. Entrepreneurs think they need to reinvent the wheel. Not necessarily! All it takes is a good export plan and access to the right resources. Luckily, Canada has plenty!
5. Steady growth is essential
Another mistake we often see is business owners taking on too much, too fast. They may find themselves taking on a contract that’s too large for them to meet the increased demand. That’s why a good export plan is so important.
