Entrepreneur Women Coaching and Training's Blog

Common Traits of women entrepreneurs generating over $ 1 Million

In case you missed out in any of the articles explaining the 8 common traits that women with businesses generating over $1 Million, (according to the Center for Women's Business Research), I have summarized those 8 traits here for your convenience:

1. They plan for growth
2. They make it official
3. They set goals
4. They sell to the big players
5. They capitalize on being a woman-owned firm
6. They break with tradition
7. They work well with others
8. They find ways to expand their skills

To read more about each one of these traits, and see how you can incorporate them in your life and business, go to the other articles on this blog.  There is an article for each one of them.

Carmen Shearer

Entrepreneur Women Coaching and Training, LLC

http://www.entrepreneur-women-coaching.com

8th common trait for women entrepreneurs generating over $1 million

Finally the 8th common trait: They find ways to expand their skills.

Successful women entrepreneurs are willing to take advantage of opportunities to learn and to seek advice from mentors and professionals.

Women business owners generating over $1 million dollars, find the resources they need to get up to speed on a subject and integrate that knowledge into operating their businesses.

The truth is that if you will have all the answers, several things will be different:

1. You will be reading something different right now.
2. Your life will be in perfect control; and
3. Your business will be generating over $1 Million dollars already.

As human beings we are unable to see ourselves objectively, but we crave objectivity anyways.

My Coaching for women entrepreneurs will provide you with the extra push that you need in order to achieve the next level.  Super performing athletes, power businessmen and businesswomen and politicians recognize that.  What makes you think that your case is different?

7th Common trait of women entrepreneurs making over $1Million

The term, it takes two to tango couldn't be better applied than to this situation.

The 7th common trait to women entrepreneurs generating over $1 million on their businesses is that they work well with others. 

Successful women business owners are more likely than others to have at least one business partner, a mentor or a coach in their power team.

Having strategic partnerships (click on the link to see this article about building your power team) will give you a competitive advantage over your competitors like no other. 

You will be able to leverage knowledge, experience and failures from your partners; so you don't have to fail yourself to gain a valuable lesson.

Make sure you got a power team and you will have that in common with the most successful women entrepreneurs

6th Common Trait of women entrepreneurs making over $1Million

Women entrepreneurs making over $1Million, have 8 things in common; and the 6th characteristic is that they break with tradition.

These women are more likely than those with smaller firms to own a nontraditional business such as construction or manufacturing; and less likely to own a services or retail firm; however for those that do own a traditional firm; they do everything the nontraditional way.

But, what is exactly to do things the nontraditional way for women entrepreneurs?

1. They go out there knowing they can win any bid and any client
2. They have a great time management and priority system
3. They take risks
4. They diversify
5. They have a women entrepreneurs coach

5th common trait for women entrepreneurs making over $1million

The 5th common trait that successful women entrepreneurs making over $1Million dollars in their businesses, is that they capitalize on being a woman-owned firm.

Women-owned firms with $1Million or more in revenues are 2.5 times as likely as smaller firms to be certified by a third party as a woman-owned firm (50% vs. 21%).

Certification means that large corporations will try to work with them through their supplier-diversity initiatives.

Instead of trying to blend with "the guys" these women go out there, to the world, announcing left and right, that they can service women better, because they understand women, because they are women.

Many of women in business, perhaps avoid this avenue, because they are afraid of starting a competitive advantage fight with men.  In fact, I can honestly say that intimidation from men, is one of the most common issues I help my clients to overcome.

Once you realize that men and women can be equal in the business world and that your fears are probably related to a particular experience that you had in the past, your power, dedication, courage and determination will escalate to limits that you, frankly, can only imagine right now.

If this is something that you would like to control in your life: your fears and anxieties, I will suggest you sign up for the FREE Discovery Coaching Session, the most insightful 30 minutes that you will have.

Carmen Shearer

Entrepreneur Women Coaching and Training, LLC

http://www.entrepreneur-women-coaching.com

4th Common Trait of successful women entrepreneurs

According to the Center for Women's Business research, the forth common trait for successful women entrepreneurs, is Selling to the Big Players.

Successful women in business are less likely to market to the consumer and more likely to sell to other businesses.

Women who own million-dollar firms are more likely to sell to the federal government (15% vs 3%), large corporations (34% vs 12%), and other businesses (50% vs 34%).

They cultivate larger markets, such as government contracts, and focus on national and global scenarios more than the local scene.

In order to be able to call themselves successful women entrepreneurs, they not only need to keep their businesses running great, but their lives as well.

They MUST achieve harmony and balance between their lives and businesses, by having perfect clarity and direction.

If you want to improve your work/business-personal life balance, so you can go further in your success while keeping your priorities in place, you may want to consider coaching.

3rd Common Trait of Women entrepreneurs making over $1 million

The third common trait of those women entrepreneurs that make it over the $1Million dollar mark, is personal goal setting.

Successful women entrepreneurs, set goals and when things go well, they reach higher. On the other hand, when things come out with a different outcome than expected, they learn from it and if needed, they try again, try it over, try it differently until they achieve their dreams.

76% of successful women entrepreneurs have as a goal, expanding their business, while maintaining ownership of it.

If you have any trouble setting your personal goals, or staying accountable to them; coaching is probably all you need to reach that next level.

When you engage in a coaching relationship with me, you will receive honest and direct feedback and answers to questions regarding who you are, and why you do the things you do in your business and life.

You will gain clarity, direction and focus.  You will get rid of the things that a problem or a baggage for you, to make room to those that really support your goals.

Still have questions about coaching? Try our Free Discovery Coaching Session the most insightful 30 minutes that you will have.

Common traits #2 for women entrepreneurs making over $1 million

The second common trait for women entrepreneurs making over $1Million dollars is that they make it official.

That's right, successful women entrepreneurs are more likely to be incorporated or have any type of legal structure for their business.

Your choices are:

• LLC
• LLP
• Corporation
• Partnerships
• Sole Proprietorship

Once a woman entrepreneur make the decision to choose a legal structure for their business, she is showing her commitment to the world and to herself.

In other words, why wouldn't you commit with all your might, with all your heart from the beginning of the game?  Perhaps you have some doubts about your success? 

Guess what?  If you are doubtful about your success as a woman in business, your success will be questionable as well.

Take the time to research about your choices for legalizing your company.

I  have a link in my website to the place I used for creating my LLC.  To check it out, click here

Common Traits #1 of Women entrepreneurs generating $1MM or more

According to the Center for Women's Business research, there are 8 common traits of women entrepreneurs with businesses generating $1 Million or more.

Trait #1: They plan for their growth.

Successful women entrepreneurs are significantly more likely to include growth in their business plans, compared with women who own smaller firms.

In fact, successful women business owners are most likely to write a business plan to begin with.

Check out the Business Plans section of my website for free information about writing a business plan and a free business plan template.

However writing a business plan can be an overwhelming task, I offer a Business Plan Writing Bootcamp, a 6 hours structured workshop, from the comfort of your own house, where you will write your own business plan.  Workshops do fill up and quick, to find out when the next available workshop is, email me or call me at (800) 980-3928.

Women entrepreneurs type 5, around the clock female entrepreneurs

If you want to make a difference in the world through excellent customer service, but you feel inundated with clients, projects, volunteer opportunities and family commitments; chances are that you belong to the women entrepreneurs type 5, the around the clock female entrepreneur.

Even though you have systems in place to get the work done easily and well, and you are four times more likely to own a million dollar plus business, and you are confident and organized; you have the tendency to continually load more and more on your plate.

Others may call you an overachiever, but you feel strongly that rising to new challenges and/or selflessly serving others is the right way to live life.

Because you adept at what you do and are willing to always "go the extra mile," you are on demand, always!

The downside is that your  "can do" attitude, passion for helping others and difficulty "saying no" lead to longer hours and a sometimes chaotic life.

Of all the types of women entrepreneurs, around the clock female entrepreneurs have e least amount of personal time. She may experience stress associated with being pulled in too many directions at once and regularly feel some level of guilt about the goals not yet achieved or the tasks not yet accomplished.

It is very likely that if you continue your life at this pace, you will burn out of steam and have nothing to give to others.  There's a delicate balance between giving deeply and martyring yourself to others' demands, and when you cross that line too often, you feel burned out and resentful.

Life balance, setting goals, determining priorities, streamlining your life; are just few of the benefits of coaching; and you can read more about that on our website at: http://www.entrepreneur-women-coaching.com/small-business-coaching.html