7 Super Powers of Women Entrepreneurs
by Phil Dyer
Look out guys, there's a new business building and job growth super hero in town and she just might be wearing heels and carrying a sensible handbag! According to the 2013 State of Women-Owned Businesses report from American Express Open, women entrepreneurs and business owners are leading the charge on the dynamic small business battlefield.
Here are some of key stats from the report:
- There are over 8.6 million women-owned small businesses in the U.S. today
- They employ over 7.8 million additional people
- They generated over $1.3 trillion in revenues last year
- The percentage of small business owned by women of color jumped from 17 percent in 1997 to 31 percent last year (now totaling over 2.6 million businesses)
- Women-owned firms were the 2nd largest driver of net job growth nationally from 2007 - 2013
Despite all the good news, a number of substantial challenges still remain, including the fact that 88 percent of privately held women-owned have annual revenues of less than $100,000 and many earn less than $25,000. In addition, many women entrepreneurs report challenges in effectively marketing their businesses and connecting with the right clients/customers.
So how do savvy women business owners create businesses they love while earning what they are worth?
In researching my latest book Wonder Women: How Western Women Will Save the World (with Jessica Eaves Mathews), we identified seven "super powers" that can help women entrepreneurs stay on track. They include:
- Authenticity: To succeed in business, you must know yourself, including what your strengths are, what you excel at, what you're not good at (these things should be outsourced or delegated), and who your ideal client or customer is.
- Sustainability: Your business must have a firm foundation to survive long-term. This means choosing the right business entity, getting good legal/tax advice, having appropriate legal agreements, and protecting your valuable intellectual property.
- Integrity: The old "I win by you losing" way of doing business simply won't work in today's collaborative business environment. Business is actually very personal, so being above board with your clients, team members, and yourself is a must!
- Curiosity: What's measured is improved...so know your numbers! Every business, regardless of size, has a relatively simple set of Key Business Metrics (KBMs) that must be tracked to ensure enduring success. Unfortunately, the vast majority of small business owners don't actually know their KBMs, much less track them.
- Creativity: Just say "No" to the mini-me and worker bee trap that many entrepreneurs fall into by hiring people that are just like them. Build your team the right way by hiring people that excel at things you stink at and hate to do.
- Optimism: According to top marketing studies, the percentage of prospects you talk to on any given day that need your product/service and are ready to buy is only 3 percent! Therefore, make sure you proactively focus on building the right "tribe" of loyal customers and focus on them. Also, make sure you surround yourself with the right strategic partners and mentors.
- Courage: Being a small business owner is hard work! There are lots of "wantrapreneurs" out there who are in love with the idea of running their own business...but aren't willing to stick it out through the the challenging start-up years. If you get knocked down seven times, you've got to get up eight...entrepreneurship isn't for the faint of heart!
The women (and men) who take these lessons to heart will be the ones to carry us through the current economic mess we're currently in as a country!
Intrigued and interested in learning more? Come see Phil at person at our 3rd Annual Military Spouse Career Summit taking place October 18th and 19th in Old Town Alexandria. For more information and to register, go to: www.milspousesummit.com.
Phil Dyer is an award-winning CEO, serial entrepreneur, best-selling author, writer, and speaker. He's mentored hundreds of entrepreneurs and executive teams from start-ups to Fortune 50 companies to top non-profits/universities on peak performance and building elite teams. His most recent book Wonder Women: How Western Women Will Save the World (with Jessica Eaves Matthews) is an Amazon #1 best-seller. Connect with Phil at www.linkedin.com/in/phillipdyer/.
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