The Entrepreneur’s Source® Presents 10 Entrepreneurship Tips from Successful Women in Business
Over the past 30 years that The Entrepreneur’s Source® has been in business, women have come a long way as entrepreneurs and are becoming a force to be reckoned with in the business world. As of 2015, it is estimated that there are just over 9.4 million women-owned businesses in the United States, generating nearly $1.5 trillion in revenues and employing over 7.9million people, according to the State Of Women–Owned Businesses In 2015 Report Commissioned by American Express.
Between 1997 and 2015, when the number of businesses in the United States increased by 51%, the number of women-owned firms increased by 74% – a rate of 1- 1/2 times the national average.
Source: American Express OPEN/Womenable.
These women possess many traits that make them great business owners, such as a willingness to take initiative and deploy effective communication. Similarly, several studies have even found that women in leadership positions tend to deliver a higher return on sale, invested capital and equity when at the head of a business. All in all, women in business are thriving, and this is something to be celebrated.
The growth in the number of women-‐owned firms over the past 18 years exceeds the growth rates of all but the largest, publicly-traded firms – topping growth rates among all other privately-held businesses over this period.
Another bright spot of privately-held women owned firms is they have added an estimated 340,000 jobs since 2007. While men-owned and equally-owned firms, employment has declined over the past eight years.
Source: American Express’ OPEN/Womenable.
As October marked the U.S. Small Business Administration (SBA)’s 27th annual National Women in Business Month, The Entrepreneur’s Source® deemed it appropriate to highlight words of wisdom from ten successful women in business to hopefully inspire prospective women entrepreneurs into action. Business Ownership Advice and Wisdom from Women Entrepreneurs:
- “You have to be willing to do as much as possible by yourself up until you simply have no choice but to hire someone; and even then, you will have to stay intimately involved in the day-to-day operations, because even the best employee will never be as vigilant as you will. Hire prudently, go slow and don’t go overboard.” – Lori Greiner, Shark Tank investor and entrepreneur
- “Have people around you that believe in you.” – Tracy Anderson, fitness entrepreneur
- “Hire based on culture and core values fit — the intangibles not shown on their resume — then be very clear about your expectations and leadership weaknesses up front.” Kelsey Ramsden, founder of Sparkplay
On the Business Grind
- “You kind of have to be irrationally optimistic or naively positive to keep on the hustle.” – Whitney Komor, founder of The Best Day
- “Balance is a long-term game…It’s easy to get distracted by the details; you need to prioritize.” – Katia Beauchamp, Co-Founder of Birchbox
- “Ignore everyone who says you’re crazy and it will never work. Adopt the stance, “oh yeah, just watch me.” –Debra Gould, President of Six Elements Inc
On Finding the Right Fit
- “I often use the example that I love donuts, but I do not think it is a good idea to eat them for breakfast, lunch and dinner; however, if a donut business were to be a feasible business model for me, I would need to put my emotion to the side and look at the return on investment. It is important to do the same with any kind of business model. Thinking that people need to enjoy or love a product to capitalize on it is a limiting belief.” – Tamara Loring, Brand Lead at The Entrepreneur’s Source®
- “Research, research, research… You want to look at all the different options and don’t limit yourself because you think, oh that’s something for men to do, or that’s something that only married people do together.” – Barbara Moran-Goodrich, President and CEO of Moran Family Brands
On Being a Woman in Business
- “I don’t put any energy into wondering if I have different challenges than any other leader or business owner because I am female. I think at the end of the day, if you are good at what you do, that’s all that matters.” – Andi Atteberry, founder ofBlingsting, writes
- “Women have an innate ability to empower others—their staff, their employees, their co-workers and in many cases, their customers.” – Judy Stoleson, The Entrepreneur’s Source® coach and Co-Founder of Women Empowered by Business (WEBB)
Take the First Step: If this article inspired you to take the leap into franchise business ownership, then contact a career coach at The Entrepreneur’s Source® today. Consulting with an E-Source Coach is a great resource to help you define your I.L.W.E. Goals and begin to explore business opportunities, helping you to become a successful woman in business.