For who owns a little business, experiencing explosive growth can be interesting. It could be the beginning of a fresh period for the business, and it can solidify the company’s lifestyle in the sometimes brutal world of business. In the same breath of excitement, though, the massive growth can offer new challenges as entrepreneurs strive to match it. This informative article details how three very different types of women business owners may react to massive growth and exactly how their reactions may impact their businesses. Are you ready for explosive development?
What will you do when it happens? Does every entrepreneur seeks growth opportunities? Growth often means more customers, more income, or even more opportunities to explore new ideas. Although fascinating, growth brings its challenges, and can spiral out of control whether it’s not taken care of properly, leading to a setback as big as the potential growth.
Our research demonstrates the five types of female entrepreneurs have very different attitudes toward business growth (some want to buy, some don’t!) and each will differently respond to development opportunities. This article will examine the attitudes and reactions of Jane Dough, Merry Jane, and Go Jane Go. Jane Doe is an entrepreneur who enjoys operating her business and makes good money.
She is comfortable and determined in investing, which might be why she’s five times more likely than the common female business owner going to the million-money mark. Jane Dough is clear in her priorities and may be intentionally and positively growing an asset-based or legacy business. It’s estimated that 18% of women fall in the group of Jane Dough. Because Jane Dough is business-minded and pragmatic, she has an idea to set up for managing development probably.
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In reality, business growth is something she’s trying for, with most Jane Does saying they would like to grow significantly within the next year or two. As a total result, no doubt is had by her delegated individual tasks to specific associates, putting her team and her business in an ideal position to take advantage of the correct opportunities that come her way.
She has a system and its own set up and prepared to roll. Although Jane Dough’s systematic approach is one of her many strengths, there’s a flip aspect to high levels of delegation. Sometimes Jane Dough depends too much on the machine. She moves quickly to fuel her business growth, so she might not always be touching what’s happening within every functional area. When large opportunities come knocking while Jane Dough is distracted, weaker parts of the system can break down.
The solution: When massive growth arrives – and it’ll – a Jane Dough entrepreneur should gather her team for a quick check-in, ensuring everyone and every functional system is aligned and ready to do its part in creating success. In doing so, she’ll make sure resources are allocated appropriately and can create plans to strengthen any weak spots.