By Karen Axelton
According to statistics from the Center for Women’s Business Research (CWBR), women own 20 percent of firms with revenues of $1 million or more. But fewer than 3 percent of women-owned companies reach the million-dollar mark.
So how do that lucky 3 percent reach $1 million in sales? The CWBR reports one key factor is this:
Million-dollar women are able to work “on” the business, not “in” the business. In other words, they learn to delegate and focus on growth, rather than get lost in the day-to-day tasks of running a company. They also believe that the bigger their business gets, the more freedom they’ll enjoy.
As a partner in a startup, I know how easy it is to find yourself working “in” rather than “on” your business. A certain level of funding is required to be able to delegate, rather than do everything yourself. In today’s economy, I wonder if we’re going to see even fewer million-dollar women-owned businesses?
