In a recent post on TechCrunch by Vivek Wadhwa, Lesa Mitchell, VP of the Kauffman Foundation was cited as saying that “Women need encouragement, entrepreneurship education, and access to solid mentor networks—particularly in fields in which the deck is stacked against them.”
Vivak also cited statistics from her research, “Women start only around 3% of the nation’s tech firms; they are almost absent in high-level technology positions; they contribute to fewer than 5% of all IT patents and 1.2% of open-source software; and the proportion of women-led companies receiving venture capital has dropped dramatically over the past few years.”
There’s also been research done that shows that the number of women on corporate boards is decreasing from it’s peek in the early years of this century.
What is going on?
What Women Entrepreneurs Need to Do
I agree with the general premise that women need encouragement, education and mentor networks. And yet, after nearly a decade of working primarily with women business owners, I’ve noticed a few other things that need to happen.
Women need to be willing to invest in their personal development. And by that I mean that they need to invest with their time, energy and money. I’ve seen too many women purchase good education material, only to set it on a shelf to gather dust. Or, they spend a few hundred dollars to join an organization such as NAWBO, but never show up for the meetings. Or, worst of all, they spend their budgeted “personal development” money on new clothes. (Yes, we need to take care of our personal appearance–I do it too–but not to the exclusion of taking care of our minds.)
Women entrepreneurs need to stop resisting advice. In a recent article in Inc., Sales & Marketing advice was given to a woman entrepreneur starting a new company. When she gave her feedback on the ideas, the woman entrepreneur repeatedly noted what “wouldn’t work.” There was a “but” to almost every sentence. It probably wouldn’t have caught my eye, but (!) I hear the same pattern a lot from women entrepreneurs, particularly when you give them advice for free.
Want to grow your business and increase revenues? Join a peer group. Start one yourself or invest in a professionally mentored one. Studies prove that a peer group, particularly one that’s professionally facilitated, brings phenomenal return on investment.
In fact, a partner and I are starting one in the San Jose area this summer. Join us for a sample session. Learn more and register by clicking here.
