Diversity in a Globalized World
Entrepreneurship benefits from diversity. Being an entrepreneur and running a business is no longer the preserve of a man in a suit. In fact, the range of skills and expertise that any mompreneur provides is in itself innovative. Because entrepreneurship has traditionally been male-dominated, female entrepreneurs offer an entirely different view of the business itself and offer completely different benefits. And someone with years of work experience behind them can deliver many benefits to a business. Diversity breeds innovation because each person is different, and as such, innovation results.
Today’s business environment is more competitive than ever, and flexibility and innovation are key drivers of success; a diverse workforce is a fundamental part of achieving this. It stands to reason that the more diverse your employees are in small business, the greater the skill set at your disposal. This goes further; it is not just the range of talents that will be diverse, but also the range of approaches and most important perspectives. Therefore, when you hire people different from you, you protect your business from resting on its laurels or getting mired in an unchanging or inflexible mindset.
Furthermore, it is crucial that diversity in the workforce is not merely a question of ticking boxes; diversity must be embraced by the owner. In your business then, it’s important for you to recognize the difference and encourage and celebrate diversity in your employees. With a diverse group, you encourage a free exchange of ideas which becomes a vital fuel to develop innovative solutions to business challenges.
Other Benefits of Diversity In Your Small Business
In a global world, no business can afford to become archaic or they will be left behind. Without dynamic and differing perspectives, the insights and talents that a diverse workforce offers can easily leave your business behind. An MIT study showed that even something as simple as changing a workforce from all-male or all-female to mixed-gender could increase revenues by up to 41%. If it can happen to you, imagine how a truly diverse workforce could help a business achieve more and excel.
There is a huge crossover of skills that moms bring to being an entrepreneur. Both roles require attention, creativity, resourcefulness, willpower and drive. Female-owned businesses are launching all the time. In fact, there has been an 18.7 % increase in receipts to $1.4 trillion between 2007 and 2012. That is incredible and that reflects the positive power that a diversified staff can be seen in this rise. And we are focused here only on gender, which is just one aspect of diversity.
So diversity in your business can also offer a range of skills, perspectives, languages, and approaches that can be a huge boost for your business. If you are seeking to market to new demographics or expand into other countries, consider adding staff members that represent these diverse interests and cultures.
Businesses have become more globalized than ever before, and placing your business at the forefront with a polyglot workforce will definitely give your business the edge. Similarly, diversity in your business allows you to be able to better serve a wider range of customers. So, hire new staff members who are able to offer insights into a range of demographics, and you may find your business start to reflect a more diverse customer base which is not limited by race, class, gender or sexuality.
Please share your thoughts and comments
Do you feel that diversity plays an important role in small business? What changes will you make to make sure that your business is successful in this area? Please share your thoughts with us in the comment box below!
Special thanks for the contribution from freelance writer Jess Walter. Contact Jess at firstname.lastname@example.org.