Are Women Thinking Big Enough?

Why Aren't More Women Running Million Dollar Businesses?

Susan Wilson Solovic, author of The Girls' Guide to Building a Million-Dollar Business, was the keynote speaker at Women's Small Business Expo a few years ago.

Solovic posed the question, "Why aren't more women running million-dollar businesses?" Her answer was, "Not thinking big enough."
 
I totally agree and so does Sharon Hadary in her recent article in the Wall Street Journal.
 
Hadary notes that women have been launching businesses at twice the rate of men, and their growth rates of employment and revenue have outpaced the economy.
 
But despite all this progress, on average, women-owned businesses are still smaller than their male counterparts. Although the gap has narrowed, women-owned firms are still only 27% of the average of male-owned businesses.
 
Think Bigger

Let's make a vow to change things starting now. Don't assume that you won't get financing, corporate sponsors, access to government contracts, or big accounts.

• Invest in yourself and your business
• Hire professionals
• Form success teams
• Create compelling marketing
• Establish yourself as the expert in your industry
• Become a sales superstar
• Embrace change and take more risks

Look at your pricing and think about raising your rates. That's right. I said raising your rates, even in a challenging economy. People will always pay for quality, service and value.

Let's get more women into the Million Dollar Club.

Comments

[mincir]

Price is the main factor in raising of the business and planning and thinking big is the mile stone to run the business.
As the consumer is rational one and he will walk there where he will find the best for him.

[Heather]

I think it also has to do with the fact that women take pride in "Doing it All" while men take pride in 'Owning it all.' My company creates, designs and executes conferences. I never use the word 'events' because for one I hate it, but for two, it immediately downgrades what I do (much like calling a general contractor a handyman). When I produce a conference, I notice the most powerful woman in my client's company will want to know the tiniest, nitty gritty detail, while the men in the company will be happy knowing they don't have to 'DO' anything. They can just 'OWN' it and speak from stage. That is how women need to think, and unfortunately, I see the micromanagement tendencies that take away our power all the time. More big thinking is needed indeed!

[Linda Hollander-Wealthy Bag Lady]

Great point. It was hard for me to loosen up control and let professionals like you handle things, but this is necessary for growth. You offer advice about true wealth consciousness.

[Healthy Eating Coach Mary Collette Rogers]

I also wonder if women define "success" in different terms. While I've written Linda's pointer in my planner for this week and will candidly evaluate how I measure up, I am mindful that success for me includes running a business that allows me to contribute meaningfully in creating a sustainable community and having time for a real life, not just madly pursuing a dollar goal. Maybe "success" is an evolving concept.

[Linda Hollander-Wealthy Bag Lady]

I believe that women are changing the definition of success and the way we've changed the landscape of business is nothing short of phenomenal. Success Secret # 3 in my book, Bags to Riches, is "A Woman's Yardstick is Different Than a Man's." This basically says that women define success as living their passionate lives on their own terms. Bravo for a great observation.

[sterling silver gemstone rings]

Thinking big enough will help people succeed.