What gives? As the Women Entrepreneurs as Economic Drivers, a report from the Kauffman Foundation shows, getting those women-owned businesses on a high-growth track would energize our sluggish economy.
But it's not happening. Why?
I've been asking women who haven't been stopped what they think the barriers are and here's what they say:
When women start a businesses, they think too far ahead, to the day when they'll be managing a family as well as a business.They opt for career paths that seem safer and more flexible than running a major corporation.
Liz Elting, CEO and founder of global language service provider TransPerfect, advocates another tack: Go for broke when you are young and have nothing to lose. Don't worry about what your life will be like in 10 years. Dream big and follow your dreams. When your business grows, so do your options for work/life balance.
And being a high-powered CEO doesn't mean you can't be a good mom. "If you want to have a family and run a business, you can -- and a growing number of us do," says Elting.
Nice girls please people. CEOs have to make tough decisions, from firing people to cutting services. In a man, that's being strong; in a woman it is seen as being bitchy. "If you want everyone to like you, you will have a hard time doing what is necessary," Elting says.
Wake up the men.
At home, men must share in household responsibilities, recognizing that the woman's career is as valuable as the man's. At work, men need to be more inclusive. Networking events shouldn't just be guy things. Deals are done in informal settings after the conference or out of the office -- on golf courses and in the corporate box at the ball game. Yes, some women like sports, but a lot are left out of that schmoozing and dealing.
It's not that men are circling the wagons; they're just not thinking it through. They're losing, too, when possibly great deals get left at the clubhouse.
Support each other.
Whether in peer groups, such as the Women Presidents' Organization, or through mentoring women starting out, women need to support and mentor each other. As Sheila Lirio Marcelo, CEO of Care.com says, "We must lift as we climb, bring others along with us and collect talented people as we rise."
Men know how to network.Women seem to be falling behind. That needs to change.
Change the way business is done.
Let's start firms that don't follow the same old businesses model; let's build a model that can accommodate the differing needs of GenY, parents, Type A workers and those who want to work reduced hours. You can retain and grow talent by being flexible -- flexible about taking a year off for family without losing a rung on the career ladder; flexible in working hours; flexible about telecommuting.
If we don't restructure business culture, we're going to keep losing the talented people we've paid money to train.
Rosalie Mandel, principal of the alternative investments accounting firm Rothstein Kass, has changed the culture of her company. "Our firm had the vision to see the benefits of flexible scheduling -- and it's never said no. We've had an official flex policy since 1999," she said in an article for The Glass Hammer.
Changes now, in attitudes, awareness and culture could end the stagnation of small women-led businesses and make them into the economic drivers we need.
For more articles about high-growth women entrepreneurs, visit Guiding the Way for Women Entrepreneurs, Ventureneer's curated source for information women entrepreneurs can use to power-up their businesses.