The creation of a strategic plan brings a clearer understanding of the business and how it relates to the industry, and the ability to communicate the vision and mission effectively. Perhaps a bigger challenge than technical needs for women entrepreneurs is nontechnical needs. While the former are the same for male and female entrepreneurs, significant differences prevail with the nontechnical needs . There are two major false perceptions. The first erroneous assumption, held by men, is that women operate their businesses the same way men do and have the same thought processes.
Women generally are more risk averse, patient, and detail oriented than their male counterparts.
Women are likelier to choose a business path that has a higher expectation of success, even if the return is not as great. Female entrepreneurs approach the start-up and growth of a business with a great deal of patience, which is exhibited in their attention to working through details on the front end. This patience and attention to detail, says the U.S. Small Business Administration, also contributes to the high success rate of women-owned businesses. The second false perception or assumption, held by women, is that different requirements are placed on them when they attempt to secure financing for their business ventures. While the mannerisms may vary from banker to banker or bank to bank, depending on the customer, the criteria for evaluation are the same, with a few exceptions.