Is
there a difference between men and women small business owners?The answer to that is a resounding yes.In my experience, there are many differences in the way men
and women approach, manage and grow a business.In a few ways, the women have the men beat (sorry guys...).
One
major distinction between men and women owners is that women tend
to seek assistance in business matters more often than their male
counterparts.Call
it what you will, but a man’s ego sometimes gets the better
of him.
As
a business advisor, I get a lot more questions from women business
owners.And they seek
my advice before they make an important business decision.Men owners, on the other hand, tend to seek my assistance
later in the process.
This
isn't to imply that men are not careful about making business decisions.They absolutely are.It’s just that women owners reach out and do a lot
more homework and research before they put a strategy into
action.Many men,
on the other hand, consider asking for help as a sign of weakness.
I’ve
had several instances in my consulting career, where male clients
didn’t tell me that their business was in trouble until the
very last minute. One male client for example, kept telling me
his
business was doing great, when in fact, he was losing money in
buckets.The truth finally came out during an interim review of his
financial statements.I
have never had this situation happen with a female entrepreneur.
Females,
on the other hand, seem to dwell on specific issues more than they
should.I know this
might sound a little sexist (so please save me the nasty emails
:-) ), but in my experience, I find this to be the rule rather than
the exception.Men
make and execute decisions quickly, albeit sometimes too quickly.
As a result, male owned small businesses tend to be more dynamic.
For
instance, when men succeed, they succeed big.But when they fail, they fail big.Women on the other hand, run much more stable businesses.Like the men, when they succeed, they succeed big.The difference is, however, that when women fail, they fail
on a smaller scale than male owned businesses.
Not
only does my experience show a definite difference between men and
women owners, but research shows it as well.In February of 2001, the National Foundation for Women Business
Owners released a report entitled, Entrepreneurial Vision in
Action:Exploring Growth
Among Women and Men-Owned Firms.
The
report highlights some interesting survey results regarding the
differences between men and women in business.Included in the report are the following:
Banking
and loans are still an impediment to women owned business.
Women
in business are less likely than their male counterparts to
have had an entrepreneurial role model, a managerial or executive
professional background, or past experience owning a business.
60%
of women owners consult with professionals compared to 44% of
male owners.
48%
of women, compared to 39% of men, rely on business magazines.
45%
of women, compared to 36% of men regularly consult a company
board.
36%
of women, compared to 29% of men gain frequent input from other
business owners.
Women
owners place greater emphasis on quality, service and vendor
reputation.
High
net worth women business owners are even more philanthropic
than their male counterparts.
As
of 1999, there are 9.1 million women owned businesses in the
U.S., employing over 27.5 million people and generating over
3.6 trillion dollars in sales.
As
of 1999 women owned businesses accounted for 38% of all firms
in the US.
Women
owned businesses are as financially sound and creditworthy as
the typical firm in the US economy, and are more likely to remain
in business than the average US firm.
In
business, men have traditionally enjoyed more advantages, resources
and perks than their female counterparts.For example, it’s always been much easier for a male
business owner to raise capital, to have high earnings, and to
command
respect.
Yes,
women have definitely come a long way, but there’s still
a long way to go.
One
of the things to learn from all of this is that men and women can
definitely learn from each other.Men should understand that it’s okay to reach out for
help when it’s needed.Women can learn from men by realizing that it’s perfectly
ok to be more aggressive, forceful and yes, even ruthless in certain
situations.
So
the next time you come across a gold mine enterprise, don’t
automatically assume that it’s a male owned business.There’s a good chance that a women is responsible for
its success.
This article may be freely reprinted on your website or in your newsletter provided
you follow these instructions.
If
you'd like more information or would like to discuss this
article personally with me, please write to
me at alex@goldminetactics.com
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below for author information.
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