Lesson 3 Women Leap Off Corporate LadderMany turn to start-ups for freedom1 Women’s start-ups have higher successBy Stephanie ArmouCorporations are losing thousands of female employees and managers eager to start businesses of their own.Professional women say they’ re leaving corporate jobs because of advancement barriers, scant help balancing work and family, and a desire to pursue an entrepreneurial goal.2Like a growing number of women, JoAnn Corn abandoned a successful corporate career to launch her own business, Health Care Resources, a Denver-based firm3.“I was petrified,” says Corn, who has continually expanded her business. “1 was just champing at the bit.4 My mind was filled with these ideas, but they were suppressed.”An unprecedented number of professional women are taking the same initiative. The number of female-owned businesses is growing at nearly twice the national average, a pace that alarms some private employers.“The loss of women’s talents in corporations is becoming increasingly worrisome,” says Sheila Wellington, president of Catalyst, a New York-based nonprofit and research advisory group5. “Clearly, the message to Corporate America is maintain these women.”The number of female-owned businesses grew by 78% from 1987 to 1996, according to the National Foundation for Women Business Owners (NFWBO) 6. There were about 8 million female-owned businesses in 1996, or 36% of all businesses. Many women are shunning the privatesector7 because of:•Barriers to advancement. Nearly 30% of female entrepreneurs with prior private-sector experience cited glass-ceiling issues8 as the major reason they left corporations, based on a 1998 survey by Catalyst, NFWBO and The Committee of 200, and organization of businesswomen. “There didn’t seem to be a lot of opportunity for moving up,” says Diahann Lassus, who started her own financial planning firm in New Providence, N. J.9, after quitting a corporate management job. “I felt like the opportunities weren’t there anymore.”Diahann Lassus giving a lecture•More flexibility. Even though entrepreneurs toil long hours, many can choose when they work. “I can’t wait for the day when I’m just doing my own business,” says Tammie Chestnut, 27, of Tempe, Ariz.10, who recently launched a resume consulting busi ness”, The Resum6 Shop, while working for the Tempe Chamber of Commerce. “I want freedom. 1 want to take the day off to spend with my child.”The need for flexibility was cited by more than half the female business owners as a major reason for leaving corp orate positions, based on the survey by Catalyst and other women’ s groups.“I wanted to work part time and choose my own hours,” says Aura Ahuvia, 33, who launched a monthly publication, The Washtenaw Parent12, in 1995 from her home in Ann Arbor, Mich13. “It gave me more flexibility than any job around here. If my kids get sick, I can take the day off.”•An entrepreneurial spark14. Many women say entrepreneurial interests were stifled at corporatejobs.“As you get larger, it’s really a struggle to think outside the box15,” says Lois Haber, CEO of Delaware V alley Financial Services in Berwyn, Pa.16, which uses a focus group to foster creativity. “You just want to get the work done.”Female-owned firms generate about $2.3 trillion in revenue, a 236% jump from 1987 to 1996. Female business owners employ about 18.5 million people, which means one out of every four company workers in the USA is at a female-owned firm. “The rise in women entrepreneurs is one of the big demographics changing our society,” says Ly nn Neeley, president-elect of the United States Association for Small Business and Entrepreneurship.Female entrepreneursAnd it’s an issue causing mounting concern for private employers trying to hold onto top hires17. Deloitte & Touche, for example, started programs such as flexible work arrangements to help stanch turnover. Others are taking advantage of the disillusionment: McDonald’s ads woo franchisees with the slogan “Golden Arches, not glass ceilings.”18“Women starting businesses today compared to 20 years ago are more likely to leave because they’re frustrated,” says Julie Weeks, research director at NFWBO. “Those are the kind of employees companies would love to keep.”But going solo is no guarantee of success.19 Women report they struggle to be taken seriously. Hours can be grueling. Failure rates are high.While start-ups often have a shaky future, there is promise. Female-owned businesses are more likely to remain in operation than the average firm. The fastest growth today among female-owned firms includes manufacturing, construction, whole-sale distribution and agribusiness.“They see an opportunity to make a difference and become involved,” says Sharon Hadary, executive director of NFWBO. “Not only do we have more women-owned business, the businesses we have are more sophisticated and larger. The businesses themselves are becoming more substantial.”The Small Business Administration reports that nearly three-fourths of female-owned firms launched in 1991 were still operating three years later, vs. two-thirds of all companies.“The biggest obstacle is they’re not taken seriously,” says Phyllis Hill Slater, president of the National Association of Women Business Owners. “I tell women, ‘The more money you earn the more seriously you’ 11 be taken.’ ”Worth the riskMany women feel it’ s worth the gamble. Just last month, Geraldine Laybourne, the president of Walt Disney’ s20 cable networks, said she will leave to start a firm producing shows for women and children.Studies show women take greater risks. According to a survey, 59% of male business owners polled are in a business closely related to previous careers, while 56% of the women own businesses either totally unrelated to previous careers or that had been a personal interest.The shifts can be dramatic. Gail Johnson quit a job as a systems programmer to start Lasting Impression, which helps clients with presentation skills and business etiquette.21“This was always my love,” says Johnson, 50, of Lafayette, Calif.22 “It seemed appealing to be in charge and in control. You’ re out on a limb23 more and you have to wear many hats24, but I love it.”And today’s female entrepreneurs are more apt to be former managers and executives, reflectingwomen’ s advancement over the years.“I kept thinking, ‘Why am I making all this money for someone else?’” says Nina McLemore, who in 1995 co-founded Regent Capital Partners—an equity and debt investment firm—after being president of Liz Claibourne Accessories25.Business experts say companies will continue losing professional women if they don’t do more to encourage them to stay. They suggest retention and mentoring programs, flexible scheduling and a willingness to encourage creativity.Some women say nothing would entice them back. Sharon Fein, 41, started her travel agency instead of taking a management job with a large travel firm.“They wanted me to work more and longer hours for less pay. That’s management,” says Fein of Walnut Creek, Calif.26 “That wasn’ t going to do it. I felt like I didn’ t have a choice.It’ s not without challenges, but it’ s gone very well.”From USA Today, June 9, 1998V. Analysis of Content1. According to this article, private employers __________A. are indifferent to the leaving of top female employeesB. are trying to hold onto female employeesC. have done nothing to attract the femalesD. can easily find male employees to replace female hires2. According to this article, which of the following statements is wrong ?A. Today, female-owned firms are more likely to remain in operation than the average firm.B. The failure rate of female-owned firms is lower than that of the average firm.C. In comparison to men, women take fewer risks in starting a business.D. More than half of female owners are in a business irrelevant to previous careers.3. The sentence “… you have to wear many hats, …” in the last paragraph means ___________.A. you have to put many hats on your headB. you have to take up many responsibilitiesC. you have to take many risksD. you will feel cold at a high position4. The central idea of this article is that__________.A. private employees should do more to encourage their female employees to stayB. women are more independent in the business worldC. female-owned companies are more robust than the average firmD. it ‘ s a growing trend for women to leave corporate jobs to start their own businesses VI. Questions on the Article1. According to this article, what causes professional women to leave their corporate jobs?2. What was the major reason for 30 percent of women’ s decision to leave corporations?3. What does “More flexibility” in this article refer to?4. According to the article, is it easy for women to run their own business?Topics for Discussion1, Do you think it is a good phenomenon that women start their own businesses?2. Do you think that women in the United States enjoy equal treatment as men?。
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