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Thursday, October 2, 2014

Study Shows Most Women Business Owners Are Not Growing Up to Their Potential -- EY Wants to Show Them How To Do It

 The Ernst & Young LLP Entrepreneurial Winning Women Program Class of 2012
A recent study by Ernst & Young (EY) revealed that only two percent of women entrepreneurs generate over $1 million in revenue. The study indicates that their businesses have potential to grow much larger, but they often lack not only the ability to identify their company's full potential but also the tools to make it happen.

Three important steps to growth

According to EY, women entrepreneurs are not utilizing three important steps to growth:

#1 Clear, defined purpose - an authentic purpose, mission and long-term goal will help keep customers loyal today and tomorrow. According to EY, studies show that a strong purpose drives growth and profitability, and it builds strong and lasting relationships with customers, employees, and shareholders.

#2 Strong peer group - peers are important for growth. Peers who are business-oriented and share similar goals serve as excellent role models and are a source of inspiration towards growth.

#3 Good leadership - women-owned businesses often find it difficult to move away from the day-to-day role to the role of a good leader. It is very important to hire good people to handle daily operations so business owners can focus on leading the company now and into its future. As EY states it, "Successful leaders must learn to work on the business, not in the business."

Entrepreneurial Winning Women™ program

EY has an Entrepreneurial Winning Women™ program that gives women the knowledge and tools to accelerate the growth of their businesses. The program is in the form of a competition and executive leadership program that identifies high potential women business owners whose companies show high potential for growth, and then they help them to reach their company's growth potential.

Ernst & Young (known as EY) is a multinational professional services firm headquartered in London, United Kingdom. It is one of the Big Four audit firms and in 2012 was the third largest professional services firm in the world. The company was founded in 1849 in England.

For more information on EY's Entrepreneurial Winning Women™ program, visit www.ey.com/US/en/Services/Strategic-Growth-Markets/Entrepreneurial-Winning-Women


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