Women owned businesses make less money than their male counterparts.
Despite generating $1.2 trillion in sales yearly, many women owned companies struggle with finances, according to a recent report from the National Women’s Business Council.
The report found nearly 70 percent of women owned firms earn less than $25,000 and only 1.8 percent earn $1 million or more.
While some of this can be attributed to less working capital, mindset is also a barrier to Big Business.
“They’re not thinking big to begin with,” says Liz Elting, co-founder and co-CEO of the world’s premier language solutions company, TransPerfect.
“In the majority of cases I know about… [women] start businesses to have control over their time. It’s about Work/Life balance.”
Elting began her business for a different reason.
“From the day we started our company [in my college dorm room], the goal was to be the premier language solutions company in the world and have offices worldwide,” she remembers.
Today, TransPerfect is the world’s largest privately held provider of language and business services – and continues to be owned entirely by its co-founders, operating in 70 countries with more than 2,000 employees worldwide.
She offers tips so women can think big:
Surround yourself with great, strong, motivated, goal-oriented people in the business and at home. “I started with a partner. It is a lot easier with people alongside you. We brought on smart, motivated people we trusted and moved out of the way.”
Set goals. “They’re extremely important. If you have goals and set them forth you’re likely to accomplish things.”
Recognize the achievements of people around you. “Let them know they’re appreciated.”
Stay on the cutting edge. “Continue to develop and incorporate new technologies. Be proactive.”
Bonus PINK Link: Check out Sarabeth’s $40 million dollar kitchen.
Do you have a big idea?
By L. Nicole Williams
Nicole is the Editor at Little PINK Book. Follow her on Twitter @williamsnicolel.
“My best successes came on the heels of failures.” Barbara Corcoran
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