According to an American Express study, female entrepreneurship grew by 114 percent between 1997 and 2017. In 2017, there were over 11.6 million female owned firms in the US, employing nearly 9 million people and generating approximately $1.7 trillion in revenue. These are great statistics, yet women-owned businesses are still making significantly less than their male counterparts, with 88 percent generating less than $100,000 in annual revenues.
While some women’s businesses are struggling, others are soaring. Research has been done by many to uncover the reasons. Here are 4 key differences between the two types of women entrepreneurs.
Many women who build six, seven and eight-figure businesses are very clear on their purpose and how it will impact their life. This purpose is so impactful, it becomes their driving force. Some successful women are driven by a situation that has personally affected them – an experience that shattered their confidence or scared them so deeply that their purpose becomes to never be in that situation again. From this came an understanding that to build a highly profitable business, they sometimes have to say “no” to opportunities that are not directly part of their plan. This might not please everyone, but they understand that this is part of the price of success.
High-earning women do what it takes to achieve their goals. They realize that stepping out of their comfort zone is necessary to reach their goals. They don’t see themselves as courageous, strong or fearless. Yet, their deep commitment to their purpose provides them with no alternative than to do things that they would otherwise avoid.
Respect for money and themselves
High-earning women understand the importance of money and enjoy the freedom it provides them. Many women don’t see money as a sign of their accomplishments or as a boost to their ego, but instead as the gifts of their hard work. They ask to be paid their worth because they have self-respect and believe in the value they bring to others. Everything they do has an underlying profit motive. They never work for free.
Have a support system
High income earners know how arduous the road to success is. They know that there will be ups and downs; areas of certainty and parts unknown. Because of this, they have two groups of people who they can turn to. First, there are the people who they can ask for help – whether it is a mentor or a group of trusted peers. Successful women want to learn from the experiences of others. They realize what they don’t know can hurt them. They also have a group of encouragers. These are people who tell them they are great; who lift them up when they get knocked down. These people provide successful women with the resiliency to keep going.
Ultimately, highly successful women have much in common with underearners. High-income earners are not born with these traits. Many have developed them through learning – experiential and instructional. Programs like The Wealth Women – Secrets of 6-Figure Women can help women explore their view and relationship with money and provide them with clear strategies to empower them to build the business of their dreams. Every female business owner should have the opportunity to build a business that provides them with financial independence. The Wealth Women workshops are the ticket to help them get there.
Cindy Gordon partners with women who want to build successful businesses and get paid what they are worth. To find out more about her Wealth Women workshops contact her at info@BusinessRescueCoaching.com