The Rise of Women-Owned Businesses: Lessons from Pioneering Leaders

In the 1990s, the surge in women-owned businesses outpaced the overall business growth, and this momentum has persisted, making women-owned businesses a formidable force today. Accounting for 42 percent of all businesses, nearly 13 million companies run by women employ 9.4 million workers and generate an impressive £1.9 trillion in revenue, according to the Express State of Women-Owned Businesses Report (2019).

Beyond economic impact, women-led businesses are reshaping the business landscape, influencing leadership dynamics, and setting new standards for pursuing goals. We've reached out to six accomplished women business owners from the Women Presidents Organization (WPO) to share the valuable lessons they've learned on their journeys.

1. Vulnerability as Strength: Historically, leaders concealed vulnerabilities, projecting an image of unwavering strength. However, the tide has turned, with the pandemic highlighting the authenticity of leaders. Merrilee Kick of BuzzBallz/Southern Champion emphasises the importance of caring, debunking the myth that vulnerability is a weakness. Leaders who embrace vulnerability create a conducive environment for meaningful exchanges, leading to innovation, productivity, and overall business success.

2. Strength in Unity: Women's organizations globally are uniting women business leaders, identifying synergies to meet diverse needs during various stages of business growth. Monica Hernandez, head of MAS Global Consulting, stresses the social responsibility of successful entrepreneurs and advocates for diversity in tech, not just as a moral imperative but as a business necessity.

3. Purpose-Driven Leadership: Companies driven by purpose outperform those solely focused on profit. Jill Osur of Teneral Cellars emphasises the market preference for leaders who take a stand on issues that matter. The paradigm has shifted, favoring for-profit companies with authentic, impactful purposes.

4. Collaboration Over Competition: The past narrative of women leaders competing due to limited opportunities has evolved. Nancy Geenen of Flexability highlights the importance of creating a psychologically safe work environment, fostering diversity in leadership, and reaping the benefits of better decisions and increased value to stakeholders.

5. Embracing Diverse Perspectives: Problem-solving benefits from diverse perspectives, as highlighted by Christina Seelye of Maximum Games. Examining challenges from different angles fosters creativity and innovation, leading to unexpected solutions.

6. A Connected Universe: In a globally connected world, success lies in acknowledging the interconnectedness of businesses. Tara Turkington of Flow Communications emphasizes the centrality of people, prioritising work that positively impacts the world and fostering meaningful connections.

While women-owned businesses represent 42 percent of all businesses, challenges persist, with only 4.2 percent reaching revenue of £1 million or more. Nevertheless, the lessons and successes of women entrepreneurs pave the way for increased opportunities, guided by the commitment and collaboration of trailblazing women who initially took the reins. The journey continues, and the impact of women-led businesses reverberates far beyond the bottom line, shaping a more inclusive and innovative business landscape for the future.