Glance through the pages of any business publication — it’s not hard to discern that women-owned and -led businesses are thriving. According to studies, American women currently are starting twice the number of businesses as their male counterparts.
There is a significant difference between female- and male-owned businesses, according to author Julia Pimsleur in her just released book, “Million Dollar Women: The Essential Guide for Female Entrepreneurs Who Want to Go Big.” That difference is that most women are in small-business mode — and seemingly stuck there. Only 3 percent of female businesses owners have companies that generate more than $1 million.
There are a number of reasons women get caught in the “Entrepreneur’s Hamster Wheel,” and Pimsleur confronts them all. Whether it is having limiting beliefs about yourself or limited knowledge about scaling a business, Pimsleur brilliantly dissects the issues confronting women in business today.
Pimsleur knows this territory well — she is the CEO and creator of Little Pim, an international company that produces award-winning programs for young children to learn foreign languages. Started as a part-time endeavor from her home, Little Pim now has markets in 22 countries.
In telling her own story, Pimsleur is genuine, realistic and perhaps most of all, inspiring. Her candor in sharing how she developed a creative idea, learned how to raise millions in capital while taking care of a young family makes her insights approachable for anyone wanting to be in business. Beyond the autobiographical dimension of the book, it serves as a blueprint for women (and men) who want to understand how to exponentially grow a business.
In addition, Pimsleur introduces seven women who also have taken the entrepreneur’s path and grown their businesses into million-dollar concerns. Many of their stories contain similarities, including their striking frankness in discussing the struggles and triumphs of entrepreneurship.
One reason why 97 percent of women entrepreneurs are solo practitioners may be negative thinking. “Most women are still not thinking big enough or going out to raise the dollars that will fuel their business,” Pimsleur says. “I want to help more women see that raising capital in order to grow high-revenue generating businesses is within their reach.”
Entrepreneurs today want what Pimsleur calls “the Triple Win”: money, meaning and mobility. While money is a traditional measure of success, women today also want to do work that has meaning. Mobility translates into flexibility — freedom to stay home with a sick child and to leave work at the office.
While some women entrepreneurs don’t want to “go big,” fearful that business success comes at a cost to home and family, Pimsleur argues that running a high-earning company may actually give you greater freedom. The first step to this success is “busting self-limiting beliefs,” she says. Once limiting beliefs have been identified and replaced with expansive beliefs, you’re ready to consider being a million-dollar entrepreneur.
Pimsleur encourages entrepreneurs to “Be like Notre Dame, not the Eiffel Tower.” Notre Dame is known for its “flying buttresses,” the 13 visible supports bracing the Gothic structure. Women entrepreneurs use such support to succeed, often giving them an advantage over the Eiff el Tower “steely solo flyer” types.
The author also encourages working with mentors, advisors and particularly coaches. Coaches are best used for “spot training,” in specific areas. Coaching should be built into the annual budget starting on the day you decide to go big.
The discussion on “Turning Moxie into Money,” explores how women entrepreneurs often falter when it comes to fundraising. Failing to raise capital can have significant long-term implications. Pimsleur presents the stages of raising capital exploring means ranging from loans to crowd-sourcing.
Pimsleur provides ”to do” lists, chapter exercises and a glossary of terms. She also includes 10 key “Million Dollar Women” mantras throughout the book illustrated in cuff bracelets, like the cuffs worn by Wonder Woman. While she acknowledges the idea “may seem goofy,” they present a symbol of power appropriate to women entrepreneurs.
While the audience for “Million Dollar Women” is women, every entrepreneur or wannabe entrepreneur should read this book. Pimsleur goes beyond business models and provides guidance for overcoming all the barriers, including the emotional ones that entrepreneurs experience. This book is a must read for entrepreneurs who are intent on taking business to the next level.