I had the privilege of speaking at a women’s business association luncheon about entrepreneurship. My wife, who is unaware of my profession, questioned why I was chosen to speak to a group of women entrepreneurs. Her remark made me realize that I had to do my homework to avoid looking like a fool in front of these accomplished women.
As I researched, I discovered that women-owned businesses are on the rise. The Center For Women’s Business Research reports that there are over 10 million women-owned businesses in the US, employing 18 million people and generating $2.32 trillion in sales. Women start businesses twice as often as men and women-owned businesses account for 28 percent of all businesses in the United States.
What interested me the most was the fact that women-owned businesses were thriving in traditionally male-dominated industries like construction, wholesale trade, transportation/communications, agribusiness, and manufacturing. In the past 25 years, the number of women-owned firms in the US has doubled, employment has increased four-fold, and their revenues have risen five-fold.
One question I sought to answer was: do women approach business differently than men? Elizabeth Cogswell Baskin’s book, “How to Run Your Business Like a Girl,” explored common female traits and how they can benefit women entrepreneurs and, potentially, men too. Baskin found that women tend to use three unique strengths more than men: trusting their intuition, focusing on relationships, and balancing work and life.
Women are much more likely to make a decision based on a gut feeling, but they gather the facts and figures necessary to back up that feeling. They know what they want to do based on intuition. In contrast, men approach business like a sport, out to win and dominate. Women, on the other hand, are much more interested in establishing connections.
Women are also more likely to start a business to achieve a better work-life balance, finding ways to juggle family and work. For them, quality of life is more important than the quantity of work they do.
Baskin’s advice to women in the early stages of their business is to recognize that they don’t have to know everything. Women tend to think they need to be perfect at everything, but Baskin says asking for help is a sign of strength.
In conclusion, women entrepreneurs are breaking stereotypes and finding success. The rise of women-owned businesses in traditionally male-dominated industries is a testament to the unique strengths that women bring to the table. The success of women entrepreneurs is not just about women’s empowerment but about economic growth for all.
Cheers to success, whether you are a guy or a gal!
