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Beyond the Glass Ceiling: 7 Habits of Highly Successful Female Entrepreneurs

Guest post by: Michele DeKinder-Smith

Article Overview: US businesses owned by women are growing at a phenomenal rate. But women in business tend to face different challenges than their male counterparts, and are far less likely to reach the million dollar mark. Based on a study of over 750 women in business, this article details some of the habits of highly successful female entrepreneurs—and how to emulate their secrets for success.

Beyond the Glass Ceiling: 7 Habits of Highly Successful Female Entrepreneurs

Over the past 20 years, the number of businesses owned by women has grown by more than 42%. In fact, in 2008, women-owned firms accounted for more than 1.9 trillion dollars in sales.

But while more and more women are eager to become small business owners, they're also still facing more challenges than men. Businesses owned by women are nearly 50% less likely to reach the million dollar mark-and often produce less return on investment for hours worked.

A new study by Michele DeKinder-Smith, market research professional and founder of the website below, has recently released a study that reveals five different types of female entrepreneurs. Each personality type has a different approach to business, along with different strengths and challenges.



Success can be defined in many ways and it's clear that each of the five types have their own definition of success. Taken overall, if we consider business revenue and personal satisfaction with work/life balance, one might say that the type that is most conventionally successful is the type known as "Jane Dough".

Why should we pay attention to Jane Dough? Comprising 18% of all female entrepreneurs, she's five times as likely to hit the million dollar mark as the average female entrepreneur. She's also one of the groups most satisfied with her work/life balance. So, if growing a large business while working reasonable hours is important to a business owner, she can learn from Jane Dough's characteristics, behaviors and decisions.

Here are some of the traits that tend to make Jane Dough so successful.

1) Focus on growth

Running a business is filled with a ton of minor details, every day of every year. But Jane Dough has learned how to personally stay focused on the big picture: growing her business. This means getting past the details, the billable hours and the overdue invoices-and paying attention to the process of getting (and handling!) more business, in less time.

2) Building teams and systems

Jane Dough knows there's only so much a woman can do by herself. Because business growth is an important goal, she's learned how to build a team and delegate responsibility. This means using systems that create leverage and prevent her from falling victim to the 'dollars for hours' trap.

3) Prioritization

Along with a focus on growth and systems, Jane Dough tends to prioritize those activities that will make her the most amount of money with the least amount of personal time expended.

4) Looking ahead

How does Jane Dough stay so focused on exactly what she needs to do to grow a successful business? Well, many of these women started their companies with a big vision and/or they are intentionally building a business they can later sell or pass on to their children. These big, longer-term priorities help her stay consistently focused on the big picture.



5) Putting in the hours-but leaving work at work

Jane Dough is the type of entrepreneur who's willing to put in the hours it takes to make her business successful. However, unlike some other types of female entrepreneurs, for whom business can be intensely personal, Jane Dough understands that work is work and that tomorrow is another day. Because she's supported herself with systems that give her the flexibility to problem-solve when she needs to, she feels confident that she can and will be able to manage things during the hours she has designated for work. Yes, she might check her email in the evening after she's home, but she's not going to consistently find herself spending her personal time as a slave to demanding customers. Her ability to mentally keep work and personal life reasonably separated and her perspective and confidence that she can solve any problems tomorrow contributes to her higher-than-average work/life balance.

6) Confidence in marketing and selling

While many women in business express concerns about their ability to successfully market their business for profitability, Jane Dough is highly confident in selling both herself and her business. This confidence (which can be learned!) is a major factor in her financial success.

7) Perspective

When the going gets tough, Jane Dough stays focused, and doesn't let doubt creep in. She tends to view challenges and setbacks objectively rather than personally, and keeps focused on her big picture goals. Jane Dough loves her business and she keeps it in perspective, as well.

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Article Tags: business owner, business revenue, challenges, datetime, dollar mark, female entrepreneur, female entrepreneurs, market research, michele, minor details, nbsp, owner ins, personal satisfaction, personality type, research professional, return on investment, running a business, small business owners, trillion, work life balance
Referred by: http://www.MichelePW.com



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Re: My 3 best business books - 1. Think and Grow Rich - Napoleon Hill 2. The 7 Habits of Highly Effective People - Stephen R. Covey 3. Permission Marketing - Seth Godin Think and Grow Rich seems more powerful each time I read it or dip into it. The 7 Habits not only offers some very effective ways to organize your life (which I have yet to master!), but also some great quotations and thought provoking statements including this by Nazi concentration camp survivor, Viktor Frankl: [i:2naxzsom]Between stimulus and response, man has the freedom to choose.[/i:2naxzsom] Seth Godin's Permission Marketing is a good read for anybody seeking to understand how to approach doing business on the Internet in the right way with regard to winning people's trust.
Re: Money Does Not Guarantee Happiness - Thanks for singling this point out, Chris. One book that comes to mind that covers it in an overall approach is "The 7 Habits of Highly Effective People" by Stephen Covey. He addresses our inner life and the way it can change our effectiveness home and at work. There are corporations who have taken this model and effectively molded their business around it.
Re: What I'm reading this weekend - Sept 10, 2010 - Glad you liked it David! I only managed to get partway through the list today because my one year old was looking for some playtime but I did read the Zen Habits one - I love reading Zen Habits while relaxing at a coffee shop!
Re: What I'm reading this weekend - Sept 10, 2010 - I was also interested in the Zen Habits affiliate programme as it might mix well with my business/japan blog...
Women Entrepreneur - Female entrepreneurs are all over nowadays. Not just in high-visibility positions such as CEO of a multi-billion dollar corporation, but also behind the scenes in support posts. I read a few profiles of success stories on Young Entrepreneur and was actually impressed by Kristy Taylor and Paula Yakubic. Their entrepreneurial sense and dedication are paying off quite well now.


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