---

Guest post by: Holly Murdoch Become an Author

Tweet

---

---

The growth of women's entrepreneurship in the last few decades has been extraordinary. According to the Small Business Administration, women-owned businesses accounted for a mere 4.5 percent of all businesses in 1977. In 2008, more than 40 percent of all businesses are 51 percent women-owned. However, only 3 percent of these companies gross more than a million in annual revenue. The Center for Women's Business Research studied this elite group (those businesses grossing over a million in annual revenue) and determined some key characteristics that were common in all of the companies. These characteristics are as follows:

Investment in professional advisors

Leading-edge women-owned companies are willing to invest their resources in unbiased professional advisors both when they are launching their companies and continuously throughout their growth. These advisors prove worthwhile in their diligence when developing human resource protocol, financial reporting systems and bylaw details.

Application of sophisticated management practices

It is important in a growing business to have clearly outlined and updated divisions of labor as well as human resource materials. As the company grows and changes, the clearer the policies are internally, the easier they will be to adapt to new challenges and needs.

Utilization of current technology

Technology today changes and adapts at an astonishing rate. Those who are able to keep up with these changes will be able to benefit their company and utilize new marketing techniques. This is evident within the WPO in that nearly all of our members have Web sites, many invest in e-commerce and all of them are involved and aware of advancements of media technology.

Diversification of funding sources

Similarly to the importance of using professional advisors throughout the course of your business development as well as during its launch, it is important to use a variety of funding sources to support your business growth. These sources can be diversified through the three "F's" - friends, family and personal fortune, as well as credit card investment and angel investors.

Certification as a woman-owned business

Accomplished women entrepreneurs frequently do business with their local and national government entities and invest the time in certification as a woman-owned business, such as that from the Women's Business Enterprise National Council (WBENC). In fact, leading-edge companies are 2.5 percent more likely to be certified as a woman-owned business than those that are not.

Involvement in professional organizations

A common theme in all of the aforementioned characteristics is that these women take a proactive approach to learning, investing and adapting as they face new challenges and opportunities. They are more likely to be involved in their industry trade and professional organizations, such as w2wlink and the WPO. And they use their involvement both as an educational tool and as an arena to promote their companies and investigate new resources.

Written originally by Dr. Marsha Firestone

Related Articles

  1.2 Mission Objectives: Support for Growth-oriented Women Entrepreneurs in Tanzania, 2005
  4.0 The state of women’s enterprises in Tanzania: Support for Growth-oriented Women Entrepreneurs in Tanzania, 2005
  Franchise Businesses Appeal to Women Entrepreneurs
  Business Coaching For Women Entrepreneurs Is On The Rise
  Women Entrepreneurs Are Changing The World
  8.0 Promotion of women’s entrepreneurship: Support for Growth-oriented Women Entrepreneurs in Tanzania, 2005
  Entrepreneur Traits
  Women Small Business Loans
  Small Business Loans for Women
  Why Women Entrepreneurs Don’t Fit Into A Box
  11.1 Recommended actions – business support and information: Support for Growth-oriented Women Entrepreneurs in Tanzania, 2005
  Why Women Entrepreneurs Differ from Men
  High Growth Women Entrepreneurs Poised to Transform Economies
  Women Baby Boomer Entrepreneurs
  Women Entrepreneurs Prove Its Not Just A Mans World
  Loans For Women Business Owners
  TEN MVP (MOST VALUABLE PERSONAL) TRAITS OF SUCCESSFUL ENTREPRENUERS
  10.3 Training for existing enterprises: Support for Growth-oriented Women Entrepreneurs in Tanzania, 2005
  The Ten Attributes of Successful Women Business Leaders
  9.2 Barriers to financing women entrepreneurs: Support for Growth-oriented Women Entrepreneurs in Tanzania, 2005

Related Forum Posts

A ton of Great Women
For all Women Entrepreneurs
Fundraising for 3rd world Entrepreneurs
Women Entrepreneur
Re: Newbie

Share this article. Fund someone's dream.

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

Should You Hire a Temp or a Virtual Assistant?

Should Leaders Have Friends at Work?

How to Increase Your Sales in Insurance

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.