Although the number of women-owned companies is growing faster than the national average, we see more times than not that women are less likely to grow their business to scale. Roughly 2% of women-owned businesses have passed the million-dollar revenue mark, equated to 6% of men owned firms.
The idea that women can’t make exceptional entrepreneurs is insane. They identify as risk-takers more than males; they can be even more determined about becoming entrepreneurs. There’s also a strong correlation between increasing commercial returns and improved women in business leadership.
The issue when it comes to women business owners is that many don’t think that they are the CEO. Instead they think of themselves as sort of a primary multi-tasker and the person who should be doing the whole shebang in the company. While that may work at home, in a business that is not the way to go. A CEO of a growing business has to be able to step back and make strategies and involve other people in doing the work.
Too many women limit their dreams and opportunities by getting flabbergasted. They end up walking away from opportunities, prospects or more work because their mentality is wrong. Instead of thinking there is only 24 hours in a day, as opposed to, who can I get to help me so I can go out to sell the business?
Ladies who start out as seeing themselves as the CEO are likely to hit the $1 million dollar mark faster. If you think you have to do everything yourself you limit your vision to what you’re capable of doing. Women-business owners also need help planning the creative approaches to bankrolling, instead of choosing not to do assignments.
The recession was hard for many business owners and nearly half of women-owned companies still haven’t been able to see pre-recession sales, but they persisted and adjusted to a new economy. Monitoring costs was the most popular tactic adopted among women owners to get through the recession and there was a 52% surge in the number of women entrepreneurs using social media to lift business while saving on marketing budgets.
Below are three recommendations for women-run startups:
1. Think of yourself as the boss.
2. Make sure you’ve got a product or service that people want to purchase.
3. Do it because you love it but also to get paid.
Numerous women owned businesses that align with personal morals and offers independence and flexibility when it comes to things like scheduling. The glass ceiling that once limited a woman’s career track has paved a new road towards ownership, where women can exploit their sharp business acumen while constructing strong family ties.