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"Small" Business, Big Dreams

A recent survey of Make Mine a Million $ Business members offers a window into the minds of highly motivated women business owners. Here are some of the more interesting findings.

By Donna Fenn

In search of balance. The top two reasons these women started their own businesses? The need for Life/Work balance (29%) and the desire to be their own bosses (22%).

But performance is pre-eminent. Compared to all survey respondents, women who crave greater Life/Work balance are still just as likely to "focus continually on growth," employ five or more people and have $250,000 or more in revenue.

Motherhood isn't a drag. Women with preschool-age children are as focused on growth (61%) and as confident in reaching their million-dollar goals (53%) as women without children (57% and 56%, respectively).

Good help goes a long way. The more help women business owners have, the more confident they are of reaching a million in revenue. Eighty-five percent of those with 10+ employees are "very confident," vs. 43% of those with none.

Looking out for others. This is a selfless bunch, for better or for worse. A whopping 92% say they "aspire to be a role model for other women business owners." Just 9% agreed with the statement, "I'm currently paying myself the salary I deserve."

Forget fear of failure. The biggest fear among these women? Not failure. Twenty-seven percent said "losing touch with family and friends" is their greatest worry. In fact, 89% say they have "complete faith" that they will succeed.

Health takes a back seat. When work calls and time is short, these women are most likely to sacrifice exercise (52%) and sleep (29%) to stay on task. Twenty-two percent devote 60 hours or more to their businesses.

The sky's the limit. A majority (57%) said reaching $1 million will be "just the beginning." You go, girl!