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Why Arenít Women Making The Big Bucks? Susan L. Reid
Women continue to open businesses in the U.S.
at twice the rate of men.
So why donít they have million dollar bank accounts that reflect their hard work?
According to the Center for Womenís Business Research, there are 10.4 million women-owned U.S. businesses. What people arenít talking about is that women-owned businesses arenít doing all that well. According to the Women Presidents' Organization (comprised of women whose businesses annually gross over $2 million):
- About 43% of all women-owned businesses have revenue of $10,000 or less per year.
- Over 70% have revenue of less than $50,000.
- Only 3% have revenue of over $1 million (compared with 6% of men-owned firms).
Todayís entrepreneurial woman wants control over who she works for, what she does, how she spends her time, and how much money she makes. Most of all, she wants to know that what she is doing is making a difference in the world. So why arenít women-owned businesses more successful? Often the barriers to business success for women are self-imposed.
What Women Do Wrong
- They dismiss their intuition. They dismiss their inner knowing. They donít take their intuition seriously. Thatís not hard to do when todayís business culture scoffs at womenís intuition, makes fun of their intuitive knowing, and pooh-poohs intuitive insight. Intuition is not a hunch, a suspicion, or a guess. Intuitive knowing is deep, sure, and trustworthy. Know this!
- They wait for approval and permission. Women have the hardest time with this. Instead of making a decision for themselves, they look to others for approval and permission before making business decisions. Wake up! You do not need anyoneís permission to do anything. Men know this much better than women do.
- They think something is wrong with them. When something goes wrong in their businesses, men focus on the business itself, looking for things they can change, correct, and fix. For women, however, itís just the opposite. When something goes wrong in their businesses, women look for things they can change about themselves.
- They think other people know best. Often their inner voiceówhat I like to call a womanís Inner Samuraióis giving them a clear indication of what is for their highest good and greatest well-being. Yet, because that inner voice conflicts with the advice and information they are getting from the outer world (often from those around them), they discount their inner voice in favor of anotherís voice.
What You Can Do Right
- Look outward for support. Look inward for guidance. Surround yourself with those who support your business vision and daily business activities. Go inward for guidance. Tap into your Inner Samurai. Understand that no one knows you as well as you know yourself. What other people think is best for you and your business is only an opinionóperhaps a well-informed opinion, but an opinion, nonetheless.
- Say yes. This is one of the hardest words for women to say. Women like to keep their options open, check everything out, and test the waters before taking action. Stop hesitating. Say yes. Move ahead. You donít have to know how something is going to turn out before saying yes. Just say yes. You can handle whatever comes up. You can even change your mind.
- Stop with all the positive thoughts and affirmations. Being positive and saying affirmations are not enough. You have to back those positive thoughts with focused, definitive action in the direction of what you most want to be, do, and have in your business. Fortune favors the bold.
- Cultivate relationships. Women are naturals at building relationships and connecting to others. Connect, certainly, with other businessmen. However, be intentional about cultivating relationships with other businesswomen. Forget what they say about women being catty. Sure, some are. Most arenít. Those are the ones you will intuitively be drawn to. Connect with them to build strong, mutually beneficial business relationships.
Women have been opening businesses at twice the rate of men for many years now. However, they have not been as successful at bringing in the big bucks as men. Thatís because they try to run their businesses the same way that their male counterparts doófrom the head down.
Women, on the other-hand, do better when they build and run their businesses from the inside out and from the heart up, firmly connected to their Inner Samurai.
Running your business this way means that you are in control of your financial future, you can have the life youíve always dreamed of, and you can be in the best place of allómaking a real difference in the world.
Copyright © 2007 by Susan L. Reid
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Copyright ©2007 by Susan L. Reid, DMA
Susan L Reid, DMA, Small Business Start Up Coach, Consultant & Accidental Pren-herô is the author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success. Known for taking the fear out of starting up businesses, Susan provides value, inspiration and direction to entrepreneurial women starting up and launching small businesses.
To get your copy of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success, go to WME Books or visit www.Alkamae.com. For ideas and start up tips, sign-up for our free e-Zine for entrepreneurial women called LAUNCH YOU! We are blogging at: http://susanreid.typepad.com