from American Express, there are nearly 13 million women-owned businesses in the U.S. — which marks a 21 percent jump in the past five years. They employ 9.4 million people and generate $1.9 trillion in revenue. Those are impressive figures — but there’s significant room for improvement. Women-owned businesses account for just 39 percent of privately owned firms, and only one in five firms with revenue of more than $1 million is owned by a woman, according to the.
I left the corporate world to start my own business, so I have plenty of advice as someone who’s been there, done that. I was always told to wait for that perfect moment or that I wasn’t right, so the only thing I could do was follow my heart and go for it. One of the things I learned very quickly is that starting your own business is not just about having a great idea, but also about inspiring a team and always finding the solution.
When I founded OTX in 2000, I created the uncorporate rules. I no longer wanted to be the exception to the rule; I wanted to create the new norm: A workplace culture where everyone could thrive and bring their best self to the table. As a result, I had a 99.99 percent retention rate. We were a family sharing the good, the bad, and the ugly. I also had a philosophy that I needed to be the first, the second, and the third.
, points out, ”A 2018 Fed report showed that 43% of small business credit applicants were borrowing loans to cover the cost of operating expenses. A common way to help prepare for cash flow problems is to have at least three to six months of working capital in case an emergency occurs. Having a cash flow business plan and tracking your cash flow can help prevent cash problems in the future.”Set up your organization in a way that works for you. There’s no textbook for success.
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