Over 60% of the small businesses in this country are owned by women. And our numbers are growing 50% faster than the total number of small businesses. Why is that? Of course, no one knows for sure, but here are some thoughts.
More and more, women are putting themselves in charge of their income. Gone are the days when women were dependent on their husbands for an income, but a lot of women still don't feel comfortable managing their own finances. That's changing. Fast. But women still only earn 78% of what a man would make for the same exact work.* A lot of women are going, "Wait a minute..." Owning her own business can be a way around that. It can also be a way to stay home with the kids when they're little, either because she wants to or because quality child care is some expensive that it can almost cancel out the extra income.
Also, this may be the first time in our history that so many women have been so vital after traditional retirement. They're taking better care of themselves. And the societal norm no longer tells them retirement should be spent baking cookies and playing with the grandkids. The new norm is that retirement is not an ending, but an opportunity to start a second chapter. Women are turning hobbies into profitable ventures. Or finding a new area of business they find fascinating. She may get a teaching certificate, or become an accountant. The possibilities are endless.
And women tend to better entrepreneurs than men. One reason is that we are much more naturally inclined to gather a team about. Men tend to see what needs to be done and just jump in and do it. No one's saying that's a bad thing, but it's not usually a good management approach.
Your team will make or break you as an entrepreneur. This does not mean you have to have a 50/50 partner. It means recognizing what are not your long suits and finding someone to handle that for you. That may mean hiring an accountant or bookkeeper, or a marketing person. If you’re manufacturing a product, it may mean hiring a designer. Whatever. The point trying to do it all by yourself is a sure way to failure.
Not all of our natural inclinations as women help us in the business world, so be sure to capitalize on ones that do. The Dalai Lama recently said Western women will save the world. This is one of the things he was talking about.
Make no mistake about it, ladies, we are starting to claim our power. When a women claims her power, watch out. Things are gonna to happen. When a team of women step into their power, just get out of the way.