It’s important to recognize the power and impact that women have in the business world. Remember that old cliché ‘It’s a Man’s World?’ Well, thankfully, the business landscape has changed drastically and is far from the reality of today’s world. Women are wielding more and more business power and that ultimately has an effect on our culture and society. Even in industries that have been traditionally male dominated, such as construction, Engineering and technology, are led by women today. To put this into prospective, statistics estimate that in the United States alone, over 8.3 million businesses are owned by women; employing nearly 7.7 million; and generating nearly $1.3 trillion. It can be easily stated that in many cases, women are not just influencing the market; they are the market!
There are a number of trends in today’s world that influence the rise of women to power positions in business. For instance, Mary Quist-Newins, author of “Women and Money: Matters of Trust, alluded that women control more than half of the investment wealth in the United States. In her book, she includes the following stats:
- Women represent more than 40% of all Americans with gross investable assets above $600,000.
- 45% of American millionaires are women
Another trend that has gained momentum is Crowdfunding. It has become a game changer for many women seeking access to capital or those who want to invest in various ventures. These virtual platforms are formed online and use the power of the Internet and social media to raise capital. Colleague and friend Jennifer Edwards, CEO of AlphaConnect.com stated, “My Company uses the power of communities to get thousands of people to invest smaller amounts of capital than your assumed investment. So instead of one investor giving $100,000, you now can have 1000 people to invest $100.00, which makes raising start up capital much easier and in return for the investment the investor gets fractional ownership in the company.” Financial experts suggest that women dominate this non-traditional financial platform, owning 42% of all Crowdfunding services.
Yes, women really get it! As natural nurturers, women easily form relationships that can be pivotal in business success. There is power inbuilding lasting relationships! Even in the technology driven world we live in today, relationships still matter and this is the domain where women excel. Women are more involved in building relationships and tend to be real communicators.
Collaboration is Key.
How important is collaboration? Well, it’s an important component of successful business ownership. By collaborating with like-minded people, you can draw upon a wealth of knowledge from those with completely different life experiences. Studies show that women are more collaborative than men. In the connected and networked world we live today, it is important to find new ways of collaboration, such as:
- Pool Your Resources
- Join a Group for Local Business Owners
- Build Relationships with Like-Minded Businesses
- Celebrate the Success of Others
Think BIG… Big Picture.
The big picture matters, and here women are in advantage again, as they are intuitively better “system-thinkers” than their male counterparts. Rather than just seeing one piece of the puzzle at a time, women are adept to looking at the entire system in a holistic way.
Passion Counts Too!
Women can become extremely driven from emotion when they get passionate and excited about a company, a service, or a product. The emotional drive can be very powerful in any initiative, product launch, or leading a business.
Take Risks… But Carefully!
Women are now starting to become risk takers. But they tend to be careful in taking risks, analyzing things thoroughly while weighting in all the factors before making a decision. That’s a good thing!
In conclusion, the growing power of women in business is a big game changing transformation. The need to balance the business world will make the number of women in business to steadily increase.