Kathy Steele
I have never felt that being a woman in business has hindered my success. Actually, I consider it an advantage. I have been the lone woman in the boardroom on many occasions, and instead of feeling like the odd “woman” out, I have always been treated respectfully. Men have played a big role in my career—encouraging me, giving me some of my first breaks and mentoring me through difficult situations.
In a recent interview for WGN’s Tomorrow’s Business Today, I was posed the question “Do you think it’s different for women and men entrepreneurs?” My immediate answer was yes. I followed that yes by saying men are typically more aggressive, but as I left the interview, the word aggressive seemed so cliché.
Why did I say that?
My answer really started to gnaw on me. Aggressive means pursuing one’s aims and interests forcefully, sometimes unduly so.
I am fortunate to know many amazing woman business owners. Some are ultra successful, but most confide that while their businesses are growing or perceived as “good” they cannot seem to break into the million-dollar club—and these women are definitely aggressively pursuing growth.
Statistics from The 2013 State of Women-Owned Businesses Report commissioned by American Express “OPEN” say:
As of 2013, it is estimated that there are over 8.6 million women-owned businesses in the United States, generating over $ 1.3 trillion in revenues and employing nearly 7.8 million people.
Those numbers seem great, but women-owned firms only employ 6% of the country’s workforce and contribute just under 4% of business revenues—roughly the same share they contributed in 1997.
Only 4.2% of all women-owned firms have revenues of 1 million or more—why is that?
I wish I had the answer. For many years I let business just happen. I loved what I was doing and I did not establish goals or have a solid purpose. That’s changed—I am now pursuing Red Caffeine’s aims and interests forcefully.
Here’s How:
Financial Literacy and Playing Games
I have to admit, for years I attended meetings with my accountant and marginally understood financial reports. When I decided to open the books and play the Great Game of Business with Red Caffeine, I, along with my entire team, went through Financial Literacy Training. I was definitely not at the top of the class! Now understanding and regularly reviewing income statements, balance sheets, sales forecasts, billings forecasts, expense forecasts, and production forecasts has become part of our entire business process, not a closed door meeting with my accountant. The great thing about The Game is it is a team effort. We make decisions by the numbers so the entire company works together for financial growth and success. We love to win!
Business Purpose, Values, Vision and Mission
Building an exceptional workplace is key to growing a business. The culture of your organization can make or break you. Everything starts with creating a blueprint of the type of business you want to run and work in everyday: establishing a purpose – not what you do but why you do it; values – the guiding principles of how you work with your team and customers; vision – a three-, five- or ten-year written plan that you envision for yourself and team; and mission – clarification of your offering, customers, partners, goals and competitive advantage. This is not easy stuff to accomplish. It takes time and team collaboration, and I highly recommend getting guidance from an outside source.
Having it All – Work / Life Balance
This is a tough one. Entrepreneurs tend to be overachievers so their expectations of themselves are typically a bit unrealistic. Having a great team and incredibly supportive husband make it very easy for me to focus on our growing business and still get some personal time. Learning to let go, empower others, exercise and getting some outside help around the house help keep me sane.
Be Aggressive
I still believe men and women lead differently but that doesn’t make one sex superior. When it comes to being aggressive I don’t know if I’m that much different than my male counterparts – I see the end zone and I am going for it.
So is there a difference? I would love to hear your take in the comments section!
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