The Three Reasons Women-Owned Businesses Fail to Grow

Building your confidence, capability, and capital to succeed

According to the Global Women Entrepreneurs Scorecard, “If women’s businesses flourished at the same rate as men’s, they would spark 15 million jobs in the United States, 74 million jobs in China, and 1.9 million jobs in France.” So, reports France 24.

There’s no doubt about it, more women starting their own businesses would be good for the world economy. But as France 24 continues on to say, “In 70 percent of the 31 countries surveyed by the Scorecard, women are only half as likely as men to grow their businesses and create jobs.”

Why?

Cherie Blair, who founded a foundation to empower women, believes it’s because of a lack of three things:

  • Confidence
  • Capability
  • Capital

In an age where it seems the media publishes an overwhelming amount of articles about how the deck is stacked against women entrepreneurs, it’s refreshing to see such a simple formula to success like Cherie Blair’s.

While it’s true that there are obstacles that women face when wanting to start their own business, it’s also true that everyone faces obstacles.

What I love about Blair’s three focuses is that they flow from each other. When you have confidence, you have a mindset that allows you to see a world of opportunity and your ability to participate in those opportunities.

When you see opportunity, you are motivated to seek out how you can seize the day. This is the kick in the pants you need to up your financial education and build your capabilities for your chosen industry, products, and services.

And when you build your capabilities, you are better able to attract the funding you need to build your business and your dreams.

Today, as you think through your business-building dreams, look at Blair’s list and ask yourself, “Where do I need to grow more?”

Do you lack confidence?

Maybe you need a coach to help you see the potential you have. Maybe you need to call your best friend and get a pep talk. Or maybe you need to sit down for a couple hours and write out all the great wins you’ve had in your life and wonderful blessings you enjoy. Each will help you gain more confidence.

Do you lack capability?

Maybe it’s time to up your financial education through seminars or classes. Maybe it’s time to read some great books on investing and building a business, as well as books specifically focused on your chosen field. Or maybe it’s time to join a club that will help you grow both personally and professionally.

Do you lack capital?

Maybe it’s time to think outside the traditional bank and venture box. Maybe you should look into alternative funding solutions, such as crowdsourcing. Or maybe it’s time to re-familiarize yourself with the key factors to raising capital and assess where you are.

Rich Woman was created to help women just like you achieve their financial goals and dreams. Today, you have all the resources you need to succeed at your fingertips. Now is the time to reach out and grab them.

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