Though female entrepreneurs have additional hurdles to leap, they should "dance through the barriers" to reach success, a St. Louis area businesswoman said last week during a panel discussion.

Theresa Mayberry-Dunn, president and chief executive of Grace Hill Settlement House, said that long ago, her mother had advised finding ways over, around, under or through barriers.

"Women business owners, especially women of color, have to dance through some extra barriers," said Mayberry-Dunn, an African-American who has owned three businesses.

"Amass all of the music and costumes to ensure that your dance is a hit," she said to about 40 local members of the National Association of Women Business Owners.

Mayberry-Dunn spoke Wednesday at the Junior League as part of a panel discussion held by the St. Louis chapter. The other panelists were Michelle Bain, chief executive of Home Instead Senior Care in St. Louis, and Wendy Timm, chief operating officer of Conrad Properties Corp. in Clayton.

Besides writing a business plan, female entrepreneurs need to be mindful of money - "how to get it and how to keep it," she said.

"Thinking creatively about how to finance your business as a woman is critical," said Mayberry-Dunn, who suggested tapping resources such as family members and friends. "It's not easy for a woman to walk into a bank and get a loan."

Mayberry-Dunn's nonprofit agency, Grace Hill, counsels women on starting a company. She said entrepreneurs must "honor and guard" their reputations. "If you lose it, you will not make any money."

Timm said she hasn't forgotten advice from her first mentor: "To be successful, look like a woman but think like a man."

Bain, whose home-health agency had $2 million in revenue last year, said she has put together a 10-point plan for business success. She advises women to develop a vision of what they're selling and to set goals around that product or service. For example, Bain's "big, hairy, audacious goal" is for her business to be the benchmark of home care in the Midwest.

To stand out from the pack, go beyond the standard offerings of competitors. "Absolutely, positively don't adopt the practices of your industry," she said, beyond the essentials needed for quality. Look for ways to raise the standard of competition, even if the company stands alone in doing so.

"If you stay there long enough, the industry will follow you," Bain said.

She urged owners to "pay it forward," the concept of doing good to others without the expectation of receiving anything in return.

"Do this with abundant faith. People who pay it forward are the most successful in their business."