An authentic purpose, a community of peers and a transformed leadership style help women-led companies hasten growth.
Through the EY Entrepreneurial Winning Women™ program, we have gained a unique understanding of how to help women entrepreneurs succeed. This competition and executive leadership program identifies a select group of women entrepreneurs in the US and Canada whose businesses show real potential to scale — and then helps them do it.
In this report, we include survey data on the program, developed and gathered by the Babson College Center for Women’s Entrepreneurial Leadership, and advice from other thought leaders in entrepreneurship, entrepreneurial finance and leadership.
Scaling big: Three force multipliers for growth
Because women entrepreneurs are prone to underestimating what they can accomplish, our advice starts with “think big and be bold.” As Sherry Stewart Deutschmann, Founder and CEO of LetterLogic, told us recently, “It was through [the program] I realized I had a company that could easily be a $100 million company, and beyond. On my way!”
Additional guidance we’ve developed — our “5 Ways to Win” — counsels the entrepreneurs to take action in four other areas:
- Building a public profile
- Working on the business rather than in it
- Establishing key advisory networks
- Evaluating financing for expansion
While these steps are proven and necessary, our report reveals three new and noteworthy adaptations – highlighted below – that are contributing significantly to accelerated growth in these women-led companies.